- For the fourth quarter of 2011, we generated total Available Cash before Reserves of $37.3 million, an increase of $8.1 million, or 28%, over the fourth quarter of 2010. For the full year of 2011, we generated Available Cash before Reserves of $138.2 million compared to $101.5 million for 2010. Available Cash before Reserves is a non-GAAP measure that is defined and reconciled later in this press release to its most directly comparable GAAP financial measure, net cash provided by operating activities. Net cash provided by operating activities was $19.2 million and $56.4 million for the fourth quarters of 2011 and 2010, respectively, and $58.3 million and $90.5 million for the full years of 2011 and 2010, respectively. The decreases in net cash by operating activities primarily reflect higher working capital requirements during the 2011 periods.
- The Partnership reported net income for the quarter ended December 31, 2011 of $7.8 million compared to a net loss of $74.7 million for the quarter ended December 31, 2010. Net income per common unit was $0.10 for the 2011 fourth quarter. Included in net loss in the 2010 quarterly period was $75.6 million related to non-cash management compensation expense that was borne entirely by our general partner. As a result, our common unitholders’ share of our net income for the fourth quarter of 2010 was $1.0 million, or $0.02 per unit.
- For the year ended December 31, 2011, we had net income of $51.2 million. For the year ended December 31, 2010, we had a net loss attributable to the Partnership of $48.5 million. Net income per common unit for the year ended December 31, 2011 was $0.75. Included in the 2010 annual period was $76.9 million of non-cash management compensation expense borne by our general partner. Net income allocable to our common unitholders was $19.9 million, or $0.49 per unit for 2010.
- Our performance allowed us to make a distribution in February of $0.44 per unit, a 10% increase over the 2010 fourth quarter distribution. This represents the twenty-sixth consecutive quarter in which Genesis has increased its distribution. During this period, twenty-one of these quarterly increases have been 10% or greater year-over-year.
Genesis Energy, L.P. (NYSE:GEL) today announced its fourth quarter and annual results. Results for the quarterly and annual periods included the following: