- We generated total Available Cash before Reserves of $45.7 million in the second quarter of 2013, an increase of $2.5 million, or 6%, over the second quarter of 2012. Adjusted EBITDA increased $4.7 million, or 9%, to $59 million over the prior year quarter. 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.
- We recorded net income of $26.9 million, or $0.33 per unit for the second quarter of 2013, compared to $18.6 million, or $0.23 per unit, for the same period in 2012.
- On August 14, 2013, we will pay a total quarterly distribution of $42.3 million attributable to our financial and operational results for the second quarter of 2013, based on our quarterly declared distribution of $0.51 per unit. Our Available Cash before Reserves provided 1.08 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, 2013 included the following items: