For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent filings the Partnership makes with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
 
 
GLOBAL PARTNERS LP
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit data)
(Unaudited)
                   
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2011   2010   2011   2010  
 
Sales $ 4,106,744 $ 2,755,274 $ 14,835,729 $ 7,801,559
Cost of sales   4,047,246     2,703,380     14,626,131     7,634,841  
Gross profit 59,498 51,894 209,598 166,718
 
Costs and operating expenses:
Selling, general and administrative expenses 21,520 18,348 78,605 66,063
Operating expenses 18,602 18,914 73,534 47,781
Restructuring charges 311 - 2,030 -
Amortization expenses   1,217     1,096     4,800     3,526  
Total costs and operating expenses   41,650     38,358     158,969     117,370  
 
Operating income 17,848 13,536 50,629 49,348
 
Interest expense   (7,731 )   (7,984 )   (31,209 )   (22,310 )
 
Income before income tax expense 10,117 5,552 19,420 27,038
 

Income tax (expense) benefit
  (68 )   387     (68 )   -  
 
Net income 10,049 5,939 19,352 27,038
 

Less: General partner's interest in net income, including incentive distribution rights (1)
  (229 )   (159 )   (684 )   (677 )
 
Limited partners' interest in net income $ 9,820   $ 5,780   $ 18,668   $ 26,361  
 
Basic net income per limited partner unit (2) $ 0.46   $ 0.32   $ 0.88   $ 1.61  
 
Diluted net income per limited partner unit (2) $ 0.45   $ 0.32   $ 0.87   $ 1.59  
 
Basic weighted average limited partner units outstanding   21,550     17,896     21,280     16,346  
 
Diluted weighted average limited partner units outstanding   21,723     18,147     21,474     16,597  
 

(1) For 2011, the calculation includes the effect of the public offerings in November 2010 and February 2011 and, as a result, the general partner's interest was reduced to 1.06% for the three months ended December 31, 2011 and, based on a weighted average, 1.09% for the twelve months ended December 31, 2011. For 2010, the calculation includes the effect of the public offerings in March 2010 and November 2010 and, as a result, the general partner's interest was reduced to 1.27% for the three months ended December 31, 2010 and, based on a weighted average, 1.53% for the twelve months ended December 31, 2010.

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