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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Archrock Partners, L.P. Representing Limited Partner Interests (delisted) | NASDAQ:APLP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.30 | 15.05 | 15.30 | 0 | 01:00:00 |
Date of Report (Date of Earliest Event Reported):
|
February 26, 2015
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Delaware
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001-33078
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22-3935108
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
|
|
||
16666 Northchase Drive,
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||
Houston, Texas
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77060
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrant’s telephone number, including area code:
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(281) 836-7000
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EXTERRAN PARTNERS, L.P.
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||||
By:
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Exterran General Partner, L.P., its general partner
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|||
By:
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Exterran GP LLC, its general partner
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|||
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||||
February 26, 2015
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By:
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/s/ DAVID S. MILLER
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||
David S. Miller
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||||
Senior Vice President and Chief Financial Officer
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||||
Exhibit No.
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Description
|
|
99.1
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Press release dated February 26, 2015, announcing Exterran Partners, L.P.’s results of operations for the quarter and year ended December 31, 2014.
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● Organic growth of 93,000 operating horsepower for the quarter
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● Distribution coverage, excluding the benefit of cost caps, of 1.41x for the quarter
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EXTERRAN PARTNERS, L.P.
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||||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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||||||||||||||||||||
(In thousands, except per unit amounts)
|
||||||||||||||||||||
Three Months Ended
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Years Ended
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|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
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December 31,
|
||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Revenue
|
$ | 161,133 | $ | 153,163 | $ | 118,870 | $ | 581,036 | $ | 466,193 | ||||||||||
Costs and expenses:
|
||||||||||||||||||||
Cost of sales (excluding depreciation and amortization)
|
63,148 | 61,852 | 52,706 | 238,038 | 202,045 | |||||||||||||||
Depreciation and amortization
|
34,969 | 33,598 | 26,817 | 128,196 | 103,711 | |||||||||||||||
Long-lived asset impairment
|
4,775 | 3,558 | 2,101 | 12,810 | 5,350 | |||||||||||||||
Restructuring charges
|
- | 125 | - | 702 | - | |||||||||||||||
Selling, general and administrative
|
21,364 | 20,734 | 17,213 | 80,521 | 61,971 | |||||||||||||||
Interest expense
|
17,225 | 16,141 | 9,610 | 57,811 | 37,068 | |||||||||||||||
Other (income) expense, net
|
(162 | ) | (649 | ) | (1,165 | ) | (74 | ) | (9,481 | ) | ||||||||||
Total costs and expenses
|
141,319 | 135,359 | 107,282 | 518,004 | 400,664 | |||||||||||||||
Income before income taxes
|
19,814 | 17,804 | 11,588 | 63,032 | 65,529 | |||||||||||||||
Provision for (benefit from) income taxes
|
889 | (299 | ) | 229 | 1,313 | 1,506 | ||||||||||||||
Net income
|
$ | 18,925 | $ | 18,103 | $ | 11,359 | $ | 61,719 | $ | 64,023 | ||||||||||
General partner interest in net income
|
$ | 3,915 | $ | 3,631 | $ | 2,175 | $ | 13,240 | $ | 7,969 | ||||||||||
Limited partner interest in net income
|
$ | 15,010 | $ | 14,472 | $ | 9,184 | $ | 48,479 | $ | 56,054 | ||||||||||
Weighted average common units outstanding used in earnings
per limited partner unit (1):
|
||||||||||||||||||||
Basic
|
55,661 | 55,661 | 49,411 | 54,107 | 47,651 | |||||||||||||||
Diluted
|
55,664 | 55,663 | 49,435 | 54,109 | 47,667 | |||||||||||||||
Earnings per limited partner unit (1):
|
||||||||||||||||||||
Basic
|
$ | 0.27 | $ | 0.26 | $ | 0.19 | $ | 0.89 | $ | 1.18 | ||||||||||
Diluted
|
$ | 0.27 | $ | 0.26 | $ | 0.19 | $ | 0.89 | $ | 1.18 | ||||||||||
(1) Basic and diluted earnings per limited partner unit is computed using the two-class method. Under the two-class method, basic and diluted earnings per limited partner unit is determined by dividing earnings allocated to the limited partner units after deducting the amounts allocated to our general partner (including distributions to our general partner on its incentive distribution rights) and participating securities (phantom units with nonforfeitable tandem distribution equivalent rights to receive cash distributions), by the weighted average number of outstanding limited partner units excluding the weighted average number of outstanding participating securities during the period.
|
EXTERRAN PARTNERS, L.P.
|
||||||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
||||||||||||||||||||
(In thousands, except per unit amounts, percentages and ratios)
|
||||||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Revenue
|
$ | 161,133 | $ | 153,163 | $ | 118,870 | $ | 581,036 | $ | 466,193 | ||||||||||
Gross margin (1)
|
$ | 97,985 | $ | 91,311 | $ | 66,164 | $ | 342,998 | $ | 264,148 | ||||||||||
Gross margin percentage
|
61 | % | 60 | % | 56 | % | 59 | % | 57 | % | ||||||||||
EBITDA, as further adjusted (1)
|
$ | 80,508 | $ | 75,125 | $ | 59,013 | $ | 280,248 | $ | 238,833 | ||||||||||
% of revenue
|
50 | % | 49 | % | 50 | % | 48 | % | 51 | % | ||||||||||
Capital expenditures
|
$ | 94,566 | $ | 77,465 | $ | 53,247 | $ | 303,952 | $ | 168,036 | ||||||||||
Less: Proceeds from sale of property, plant and equipment
|
(440 | ) | (4,221 | ) | (10,885 | ) | (6,331 | ) | (61,452 | ) | ||||||||||
Net capital expenditures
|
$ | 94,126 | $ | 73,244 | $ | 42,362 | $ | 297,621 | $ | 106,584 | ||||||||||
Distributable cash flow (2)
|
$ | 53,410 | $ | 45,682 | $ | 37,849 | $ | 177,628 | $ | 152,976 | ||||||||||
Distributions declared for the period per limited partner unit
|
$ | 0.5575 | $ | 0.5525 | $ | 0.5325 | $ | 2.1900 | $ | 2.1000 | ||||||||||
Distributions declared to all unitholders for the period,
including incentive distribution rights |
$ | 35,323 | $ | 34,764 | $ | 28,840 | $ | 136,829 | $ | 112,705 | ||||||||||
Distributable cash flow coverage (3)
|
1.51 | x | 1.31 | x | 1.31 | x | 1.30 | x | 1.36 | x | ||||||||||
Distributable cash flow coverage (without the benefit of the
cost caps) (4)
|
1.41 | x | 1.24 | x | 1.02 | x | 1.20 | x | 1.13 | x | ||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Debt
|
$ | 1,300,295 | $ | 1,220,013 | $ | 757,955 | $ | 1,300,295 | $ | 757,955 | ||||||||||
Total partners' capital
|
683,341 | 703,028 | 591,755 | 683,341 | 591,755 | |||||||||||||||
(1) Management believes EBITDA, as further adjusted, and gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, management uses EBITDA, as further adjusted, as a valuation measure.
|
||||||||||||||||||||
(2) Management uses distributable cash flow, a non-GAAP measure, as a supplemental performance and liquidity measure. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
|
||||||||||||||||||||
(3) Defined as distributable cash flow for the period divided by distributions declared to all unitholders for the period, including incentive distribution rights.
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||||||||||||||||||||
(4) Defined as distributable cash flow excluding the benefit of the cost caps for the period divided by distributions declared to all unitholders for the period, including incentive distribution rights. The benefit received from the cost caps on operating and selling, general and administrative costs provided by Exterran Holdings were $3.6 million, $2.7 million and $8.4 million for the three months ended December 31, 2014, September 30, 2014 and December 31, 2013, respectively, and $13.9 million and $25.2 million for the years ended December 31, 2014 and 2013, respectively.
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EXTERRAN PARTNERS, L.P.
|
||||||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
||||||||||||||||||||
(In thousands, except per unit amounts)
|
||||||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
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December 31,
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December 31,
|
||||||||||||||||
2014
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2014
|
2013
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2014
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2013
|
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Financial Information:
|
||||||||||||||||||||
Net income
|
$ | 18,925 | $ | 18,103 | $ | 11,359 | $ | 61,719 | $ | 64,023 | ||||||||||
Depreciation and amortization
|
34,969 | 33,598 | 26,817 | 128,196 | 103,711 | |||||||||||||||
Long-lived asset impairment
|
4,775 | 3,558 | 2,101 | 12,810 | 5,350 | |||||||||||||||
Restructuring charges
|
- | 125 | - | 702 | - | |||||||||||||||
Selling, general and administrative
|
21,364 | 20,734 | 17,213 | 80,521 | 61,971 | |||||||||||||||
Interest expense
|
17,225 | 16,141 | 9,610 | 57,811 | 37,068 | |||||||||||||||
Other (income) expense, net
|
(162 | ) | (649 | ) | (1,165 | ) | (74 | ) | (9,481 | ) | ||||||||||
Provision for (benefit from) income taxes
|
889 | (299 | ) | 229 | 1,313 | 1,506 | ||||||||||||||
Gross margin (1)
|
97,985 | 91,311 | 66,164 | 342,998 | 264,148 | |||||||||||||||
Cap on operating costs provided by Exterran Holdings
("EXH")
|
- | - | 3,938 | 2,536 | 12,382 | |||||||||||||||
Cap on selling, general and administrative costs provided by
EXH
|
3,610 | 2,685 | 4,412 | 11,314 | 12,798 | |||||||||||||||
Expensed acquisition costs (in Other (income) expense, net)
|
61 | 866 | 246 | 2,471 | 821 | |||||||||||||||
Non-cash selling, general and administrative costs
|
54 | 348 | 301 | 1,376 | 1,174 | |||||||||||||||
Less: Selling, general and administrative
|
(21,364 | ) | (20,734 | ) | (17,213 | ) | (80,521 | ) | (61,971 | ) | ||||||||||
Less: Other income (expense), net
|
162 | 649 | 1,165 | 74 | 9,481 | |||||||||||||||
EBITDA, as further adjusted (1)
|
80,508 | 75,125 | 59,013 | 280,248 | 238,833 | |||||||||||||||
Less: (Provision for) benefit from income taxes
|
(889 | ) | 299 | (229 | ) | (1,313 | ) | (1,506 | ) | |||||||||||
Less: Gain on sale of property, plant and equipment (in Other
(income) expense, net)
|
(209 | ) | (1,414 | ) | (1,342 | ) | (2,466 | ) | (10,140 | ) | ||||||||||
Less: Cash interest expense
|
(16,162 | ) | (14,962 | ) | (8,774 | ) | (53,525 | ) | (32,810 | ) | ||||||||||
Less: Maintenance capital expenditures
|
(9,838 | ) | (13,366 | ) | (10,819 | ) | (45,316 | ) | (41,401 | ) | ||||||||||
Distributable cash flow (2)
|
$ | 53,410 | $ | 45,682 | $ | 37,849 | $ | 177,628 | $ | 152,976 | ||||||||||
Cash flows from operating activities
|
$ | 48,599 | $ | 52,980 | $ | 30,031 | $ | 185,764 | $ | 158,286 | ||||||||||
(Provision for) benefit from doubtful accounts
|
(480 | ) | (145 | ) | (149 | ) | (1,060 | ) | 25 | |||||||||||
Cap on operating costs provided by EXH
|
- | - | 3,938 | 2,536 | 12,382 | |||||||||||||||
Cap on selling, general and administrative costs provided by
EXH
|
3,610 | 2,685 | 4,412 | 11,314 | 12,798 | |||||||||||||||
Expensed acquisition costs
|
61 | 866 | 246 | 2,471 | 821 | |||||||||||||||
Restructuring charges
|
- | 125 | - | 702 | - | |||||||||||||||
Payments for settlement of interest rate swaps that include
financing elements
|
(949 | ) | (950 | ) | (936 | ) | (3,793 | ) | (2,207 | ) | ||||||||||
Maintenance capital expenditures
|
(9,838 | ) | (13,366 | ) | (10,819 | ) | (45,316 | ) | (41,401 | ) | ||||||||||
Change in assets and liabilities
|
12,407 | 3,487 | 11,126 | 25,010 | 12,272 | |||||||||||||||
Distributable cash flow (2)
|
$ | 53,410 | $ | 45,682 | $ | 37,849 | $ | 177,628 | $ | 152,976 | ||||||||||
Net income
|
$ | 18,925 | $ | 18,103 | $ | 11,359 | $ | 61,719 | $ | 64,023 | ||||||||||
Items:
|
||||||||||||||||||||
Long-lived asset impairment
|
4,775 | 3,558 | 2,101 | 12,810 | 5,350 | |||||||||||||||
Restructuring charges
|
- | 125 | - | 702 | - | |||||||||||||||
Expensed acquisition costs
|
61 | 866 | 246 | 2,471 | 821 | |||||||||||||||
Net income, excluding items
|
$ | 23,761 | $ | 22,652 | $ | 13,706 | $ | 77,702 | $ | 70,194 | ||||||||||
Diluted earnings per limited partner unit
|
$ | 0.27 | $ | 0.26 | $ | 0.19 | $ | 0.89 | $ | 1.18 | ||||||||||
Adjustment for items per limited partner unit
|
0.09 | 0.08 | 0.04 | 0.29 | 0.12 | |||||||||||||||
Diluted earnings per limited partner unit, excluding items (1)
|
$ | 0.36 | $ | 0.34 | $ | 0.23 | $ | 1.18 | $ | 1.30 | ||||||||||
(1) Management believes EBITDA, as further adjusted, diluted earnings per limited partner unit, excluding items, and gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, management uses EBITDA, as further adjusted, as a valuation measure.
|
||||||||||||||||||||
(2) Management uses distributable cash flow, a non-GAAP measure, as a supplemental performance and liquidity measure. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions.
|
EXTERRAN PARTNERS, L.P.
|
||||||||||||||||||||
UNAUDITED SUPPLEMENTAL INFORMATION
|
||||||||||||||||||||
(In thousands, except percentages)
|
||||||||||||||||||||
Three Months Ended
|
Years Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||
Total available horsepower (at period end) (1)
|
3,139 | 3,052 | 2,417 | 3,139 | 2,417 | |||||||||||||||
Total operating horsepower (at period end) (1)
|
3,040 | 2,947 | 2,264 | 3,040 | 2,264 | |||||||||||||||
Average operating horsepower
|
2,985 | 2,877 | 2,242 | 2,710 | 2,155 | |||||||||||||||
Horsepower Utilization:
|
||||||||||||||||||||
Spot (at period end)
|
97 | % | 97 | % | 94 | % | 97 | % | 94 | % | ||||||||||
Average
|
96 | % | 96 | % | 93 | % | 95 | % | 94 | % | ||||||||||
Total available U.S. contract operations horsepower of
Exterran Holdings and Exterran Partners (at period end)
|
4,209 | 4,125 | 3,429 | 4,209 | 3,429 | |||||||||||||||
Total operating U.S. contract operations horsepower of
Exterran Holdings and Exterran Partners (at period end)
|
3,700 | 3,588 | 2,884 | 3,700 | 2,884 | |||||||||||||||
(1) Includes compressor units leased from Exterran Holdings with an aggregate horsepower of approximately 79,000, 64,000 and 109,000 at December 31, 2014, September 30, 2014 and December 31, 2013, respectively. Excludes compressor units leased to Exterran Holdings with an aggregate horsepower of approximately 100, 1,000 and 8,000 at December 31, 2014, September 30, 2014 and December 31, 2013, respectively.
|
1 Year Archrock Partners, L.P. Chart |
1 Month Archrock Partners, L.P. Chart |
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