- For the second quarter of 2012, we generated record total Available Cash before Reserves of $43.2 million, an increase of $11.3 million, or 35%, over the second quarter of 2011. Adjusted EBITDA increased $13.6 million to $54.3 million, or 33%, over the prior year period. Available Cash before Reserves and Adjusted EBITDA are non-GAAP measures that are defined and reconciled later in this press release to the most directly comparable GAAP financial measure, net income.
- The partnership recorded net income for the quarter ended June 30, 2012 of $18.6 million, or $0.23 per unit, compared to $17.4 million, or $0.27 per unit, for the same period in 2011.
- In July 2012, we amended and restated our senior secured credit facility with a syndicate of banks to, among other things, increase the committed amount from $775 million to $1 billion and the accordion feature from $225 million to $300 million. The changes also extended the term of our credit facility to July 2017.
- On August 14, 2012, we will pay a total quarterly distribution of $36.6 million attributable to our financial and operational results for the second quarter of 2012, based on our quarterly declared distribution of $0.46 per unit. Our Available Cash before Reserves provided 1.18 times coverage for this quarterly distribution.
Genesis Energy, L.P. (NYSE: GEL) today announced its second quarter results. Results for the quarter ended June 30, 2012 included the following items: