HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (NGLS) ("Targa Resources Partners" or the "Partnership") and Targa Resources Corp. (TRGP) ("TRC" or the "Company") today reported third quarter 2013 results. Third quarter 2013 net income attributable to Targa Resources Partners was $59.7 million compared to $24.2 million for the third quarter of 2012. Net income per diluted limited partner unit was $0.30 in the third quarter of 2013 compared to $0.08 for the third quarter of 2012. The Partnership reported earnings before interest, income taxes, depreciation and amortization and other non-cash items ("Adjusted EBITDA") of $155.9 million for the third quarter of 2013 compared to $116.2 million for the third quarter of 2012.
The Partnership's distributable cash flow for the third quarter 2013 of $110.8 million corresponds to distribution coverage of approximately 1.0 times the $108.5 million in total distributions to be paid on November 14, 2013 (see the section of this release entitled "Targa Resources Partners - Non-GAAP Financial Measures" for a discussion of Adjusted EBITDA, gross margin, operating margin and distributable cash flow, and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP")).