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Atlas Pipeline Partners LP
reported on March 2, 2009 that its Q4 FY08 net loss expanded to $456.00 million from $101.45 million in Q4 FY07 due to goodwill and other asset impairment charges of $690.55 million. Net loss attributable to common limited partners and general partners increased to $456.33 million or $9.73 per unit from $102.09 million or $2.69 per unit. Adjusted net income attributable to common limited partners and general partners was $31.39 million or $0.66 per unit, which beat the consensus estimate of $0.35 per share.
Adjusted total revenue and other income dropped 30.8% to $237.74 million from $343.72 million. Natural gas and liquids revenue plunged 50.5% to $160.41 million from $324.26 million. Affiliates revenue rose 27.1% to $10.80 million and third parties revenue jumped 9.5% to $16.69 million. Other income reported a profit of $191.62 million compared to a loss of $134.45 million in the prior year's quarter. Total revenue and other loss surged 77.7% to $379.52 million from $213.55 million. Mid-Continent revenue climbed 80.8% to $367.70 million from $203.41 million, helped by increased natural gas volumes and higher NGL and condensate sales from the Chaney Dell System. Appalachia revenue rose 16.7% to $11.83 million, boosted by a 30.9% rise in throughput to 97,104 million cubic feet per day (Mcfd).
The company recently paid a quarterly cash distribution of $0.38 per common limited partner unit. APL appointed Eugene Gene N. Dubay as President and Chief Executive Officer.
FY08 net loss attributable to limited partners and the general partners increased to $584.19 million or $15.62 per unit from $150.56 million or $6.75 per unit in FY07. Adjusted net income attributable to common limited partners and general partners was $130.09 million or $2.41 per unit. Total revenue more than doubled to $1.41 billion from $668.80 million in FY07.