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STAMFORD, Conn., May 7, 2014 (GLOBE NEWSWIRE) -- Star Gas Partners, L.P. (the "Partnership" or "Star") (NYSE:SGU), a home energy distributor and services provider, today announced financial results for its fiscal 2014 second quarter and the six-month period ended March 31, 2014.
Three Months Ended March 31, 2014 Compared to Three Months Ended March 31, 2013
For the fiscal 2014 second quarter Star reported a 13.6 percent increase in total revenue to $892.2 million, compared with $785.1 million in the prior-year period, driven largely by a 14.9 percent increase in total volume.
Home heating oil and propane volume for the fiscal 2014 second quarter increased by 23.5 million gallons versus the fiscal 2013 second quarter, to 187.9 million gallons, as the impact of colder temperatures and the additional volume provided by acquisitions more than offset the impact of net customer attrition in the base business for the twelve months ended March 31, 2014, conservation and other factors. Temperatures in Star's geographic areas of operation for the fiscal 2014 second quarter were 14.6 percent colder than the fiscal 2013 second quarter and 12.3 percent colder than normal, as reported by the National Oceanic and Atmospheric Administration.
During the fiscal 2014 second quarter net income increased by $10.5 million to $52.2 million, as the impact of colder temperatures and higher home heating oil and propane per gallon margins was partially offset by an unfavorable change in the fair value of derivative instruments of $7.6 million.
Adjusted EBITDA increased by $26.9 million to $103.0 million during the fiscal 2014 second quarter, as the impact of colder temperatures, higher home heating oil and propane per gallon margins and acquisitions more than offset the volume decline in the base business attributable to net customer attrition for the twelve months ended March 31, 2014 and other factors as well as increases in operating and service costs largely attributable to the additional volume and numerous snow storms during the three months ended March 31, 2014.