For the year-ended December 31, 2013, Operating Income was $319.9 million, compared to $920.4 million for the corresponding period in 2012. Adjusted Pro Forma Net Income for the year was $143.9 million, or $1.48 per share on a fully-exchanged, fully-diluted basis, as compared to $492.5 million, or $5.07 per share, for the corresponding period in 2012.
Matt Lucey, PBF Energy's CFO, said, “PBF generated approximately $150 million of operating cash flow in the quarter. We maintained our disciplined approach to managing our balance sheet and finished the year, much as we started, with 30% debt to capital ratio.”
PBF Energy Inc. Declares Dividend
The company announced today that it will pay a quarterly dividend of $0.30 per share of Class A common stock on March 14, 2014 to holders of record as of March 4, 2014.Adjusted Pro Forma Results Adjusted Pro Forma results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision. Non-GAAP Measures This earnings release, and the discussion during the management conference call, may include references to non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Pro Forma Net Income, Adjusted Pro Forma Net Income per fully exchanged, fully diluted share, gross refining margin, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization) and Adjusted EBITDA. PBF Energy Inc. believes that non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF Energy Inc.'s non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures.
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