- Adjusted earnings before interest, income taxes, depreciation and amortization (“EBITDA”), a non-GAAP measure, of $21.5 million (1)(2) for the fourth quarter 2011 and $80.2 million for the full year 2011;
- Distributable cash flow, a non-GAAP measure, of $19.0 million, or $0.37 per common unit (1)(2) for the fourth quarter 2011 and $69.9 million, or $1.44 per common unit, for the full year 2011;
- ATLS declared a cash distribution of $0.24 per limited partner unit for the fourth quarter 2011, a $0.17 per unit increase, or over 200%, from the prior year comparable quarter. Coverage on the fourth quarter 2011 distribution was 1.5x; and,
- On a GAAP basis, net loss was $9.6 million for the fourth quarter 2011 compared to $47.0 million for the prior year comparable period. The loss for each period was caused primarily by non-cash expenses, including asset impairment write downs on certain oil & gas properties and losses on mark-to-market derivatives. Please see the reconciliation of GAAP net loss to adjusted EBITDA in the financial tables of this release for further information.
|(1)||A reconciliation of GAAP net loss to adjusted EBITDA and distributable cash flow is provided in the financial tables of this release.|
|(2)||On February 17, 2011, ATLS acquired certain assets and assumed certain liabilities (the “Transferred Business”) from Atlas Energy, Inc., the former owner of ATLS’ general partner. ATLS’ gross margin, adjusted EBITDA and distributable cash flow include the results of operations of the Transferred Business from the date of acquisition. However, in accordance with prevailing accounting principles, all other ATLS financial information, including revenues and net income, are presented combined with those of the Transferred Business for historical periods prior to the date of acquisition, although ATLS did not own the Transferred Business for these periods.|