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Star Gas Partners, L.P. Reports Fiscal 2013 Fourth Quarter And Full Year Results

Stocks in this article: SGU

STAMFORD, Conn., Dec. 11, 2013 (GLOBE NEWSWIRE) -- Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE:SGU), a home energy distributor and services provider specializing in home heating oil, today filed its fiscal 2013 annual report on Form 10-K with the SEC and announced financial results for the fiscal 2013 fourth quarter and year ended September 30, 2013.

Three Months Ended September 30, 2013 Compared to Three Months Ended September 30, 2012

For the fiscal 2013 fourth quarter, the Partnership reported a 2.1 percent increase in total revenue, to $177.6 million, due to higher service and installation sales. Total gross profit increased 2.2 percent, to $33.5 million, reflecting the additional gross profit from higher home heating oil and propane margins, somewhat offset by lower gross profit from service and installations. Operating expenses, including depreciation and amortization, increased by $3.3 million, or 6.6 percent, to $53.5 million due to higher insurance, plant and marketing expenses. Star's net loss was $13.9 million, or $8.3 million higher than the fourth quarter of fiscal 2012, largely due to an unfavorable change in the fair value of derivative instruments of $10.3 million.

The Partnership's Adjusted EBITDA loss increased $3.0 million, to a loss of $15.2 million, as an increase in total gross profit of $0.7 million was more than offset by higher delivery, branch and general and administrative expenses of $3.3 million. Adjusted EBITDA is a non-GAAP financial measure (see reconciliation below) that should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) but provides additional information for evaluating the Partnership's ability to pay distributions.

Fiscal Year Ended September 30, 2013 Compared to Fiscal Year Ended September 30, 2012

For the twelve months ended September 30, 2013 the Partnership reported a 16.3 percent increase in total revenue to $1.7 billion due to an increase in total volume of 16.2 percent along with higher service and installation sales attributable to acquisitions, the storm known as "Sandy," and colder temperatures. Home heating oil and propane volume increased by 47.6 million gallons, or 17.2 percent, to 324.8 million gallons, driven by 22.3 percent colder temperatures and the additional volume from fiscal 2013 and fiscal 2012 acquisitions, slightly offset by net customer attrition, conservation and other factors. In the New York Metropolitan Area, which is an important area of operations for the Partnership, fiscal 2012 was the warmest period in the last 113 years.

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