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First Quarter Adjusted EBITDA Increased 32% Over Previous Quarter
TULSA, Okla., May 8, 2014 (GLOBE NEWSWIRE) -- Rose Rock Midstream
®, L.P. (NYSE:RRMS) today announced its financial results for the three months ended March 31, 2014.
Rose Rock Midstream reported first quarter 2014 Adjusted EBITDA of $27.8 million, compared to $21.0 million for the fourth quarter 2013 and $16.4 million for the first quarter 2013, an increase of approximately 32% and 70%, respectively.
"Rose Rock posted an exceptional first quarter, largely reflecting growth from our acquisitions during 2013," said Carlin Conner, chief executive officer of Rose Rock Midstream's general partner. "I am very pleased with our progress thus far and look forward to working with the team as we continue to focus on organic growth projects and growth-oriented acquisitions."
Adjusted gross margin was $37.0 million for the first quarter 2014, up 4% from the fourth quarter 2013 of $35.6 million and 66% above first quarter 2013 Adjusted gross margin of $22.3 million. Adjusted gross margin and Adjusted EBITDA, which are non-GAAP measures, are reconciled to their most directly comparable GAAP measures below.
First quarter 2014 net income totaled $16.2 million, compared to $7.5 million for the fourth quarter 2013 and $12.0 million for the first quarter 2013.
Rose Rock Midstream's distributable cash flow for the three months ended March 31, 2014 was $24.9 million. On April 24, 2014, Rose Rock Midstream increased the partnership's quarterly cash distribution to $0.495 per unit from $0.465 per unit, effective for the first quarter 2014, resulting in an annualized distribution of $1.98 per unit. This is a 6.5% increase over the fourth quarter 2013 and marks the ninth consecutive increase in the quarterly cash distribution to RRMS limited partner unitholders. The distribution will be paid on May 15, 2014 to all unitholders of record on May 5, 2014. Distributable cash flow, which is a non-GAAP measure, is reconciled to its most directly comparable GAAP measure below.