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Inergy, L.P. Message Board

  • saturninapachelo saturninapachelo Jan 30, 2011 8:14 AM Flag

    NRGY news

    This comes as a bit of a surprise: "Inergy, L.P. Earnings Call scheduled for Tue, Feb 1"
    http://eagleinvestor.info/NRGY

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    • Cold weather = lots of propane and gas + salt for the roads. NRGY owns a salt business too.

    • no_mercy1@rocketmail.com no_mercy1 Feb 1, 2011 9:11 AM Flag

      Inergy Reports Record First Quarter Results
      Ticker Symbol: U:NRGY


      KANSAS CITY, Mo. -- (Business Wire) --

      Inergy, L.P. (NYSE:NRGY) (�Inergy�) today reported results of operations for the quarter ended December 31, 2010, the first quarter of fiscal 2011.

      Inergy, L.P.

      Inergy reported Adjusted EBITDA of $130.1 million for the quarter ended December 31, 2010, an increase of $24.0 million, or approximately 23%, from $106.1 million for the quarter ended December 31, 2009. Net income was $38.5 million for the quarter ended December 31, 2010, and $45.8 million in the same quarter of last year. Net income in the quarter ended December 31, 2010, was negatively impacted by $8.6 million of acquisition closing costs. As further described below, the simplification transaction between Inergy and Inergy Holdings, L.P. (�Holdings�) was completed on November 5, 2010, and was accounted for as a reverse merger. As such, the historical financial statements of Holdings became those of Inergy; and all of the prior period financial information of Inergy has been adjusted to reflect this accounting treatment.

      �Our first quarter performance was solid across all of our business units building on our track record of delivering consistent and predictable results,� said John Sherman, President and CEO of Inergy. �We also have recently added to our expansion project pipeline while increasing the flexibility of our balance sheet. Inergy is off to a great start, and we expect to achieve our full year objectives on behalf of investors.�

      As previously announced, the Board of Directors of Inergy�s general partner declared Inergy�s quarterly cash distribution of $0.705 per limited partner unit ($2.82 annually) for the quarter ended December 31, 2010. This represents an approximate 3% increase over the distribution for the same quarter of the prior year. The distribution will be paid on February 14, 2011.

      In the quarter ended December 31, 2010, retail propane gallon sales were 107.1 million gallons compared to 102.5 million gallons sold in the same quarter of the prior year. Retail propane gross profit, excluding certain items as discussed below, was $132.3 million for the quarter ended December 31, 2010, compared to $110.0 million for the quarter ended December 31, 2009, excluding certain non-cash gains of $0.4 million and $2.0 million, respectively. Gross profit from other propane operations, including wholesale, appliances, service, transportation, distillates, and other was $29.7 million in the quarter ended December 31, 2010, compared to $30.7 million for the same quarter in the prior year.

      Gross profit from midstream operations increased to $42.5 million for the quarter ended December 31, 2010, from $32.5 million for the same quarter in the prior year.

      For the quarter ended December 31, 2010, operating and administrative expenses increased to $84.5 million, inclusive of acquisition closing costs of $8.6 million, compared to $68.7 million in the same period of fiscal 2010.

      Inergy, L.P. will conduct a live conference call and internet webcast today, February 1, 2011, to discuss results of operations for the first fiscal quarter of 2011 and its business outlook. The call will begin at 10:00 a.m. CT. The call-in number for the earnings call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy�s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-800-642-1687 and entering the pass code 40349650.

 

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