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Form 8-K FERRELLGAS PARTNERS L P For: Jun 09

June 9, 2015 7:01 AM

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported):  June 9, 2015

 

Ferrellgas Partners, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-11331

 

43-1698480

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas Partners Finance Corp.

(Exact name of registrant as specified in its charter)

 

Delaware

 

333-06693

 

43-1742520

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas, L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-50182

 

43-1698481

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Ferrellgas Finance Corp.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-50183

 

14-1866671

(State or other jurisdiction

 

(Commission

 

(I.R.S. Employer

of incorporation)

 

File Number)

 

Identification No.)

 

7500 College Blvd., Suite 1000,
Overland Park, Kansas

 

66210

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  913-661-1500

 

n/a

Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 Results of Operations and Financial Condition.

 

The information included in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

 

Item 7.01 Regulation FD Disclosure.

 

On June 9, 2015, Ferrellgas Partners, L.P. issued a press release regarding its financial results for the third fiscal quarter ended April 30, 2015. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated June 9, 2015, reporting its financial results for the third fiscal quarter ended April 30, 2015.

 

Limitation on Materiality and Incorporation by Reference

The information in this Current Report on Form 8-K related to Items 2.02 and 7.01, including Exhibit 99.1 furnished herewith, is being furnished to the SEC pursuant to Item 2.02 and Item 7.01 of Form 8-K and is not deemed to be “filed” with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18. In addition, such information is not to be incorporated by reference into any registration statement of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. or other filings of such entities made pursuant to the Exchange Act or the Securities Act, unless specifically identified as being incorporated therein by reference.

 

The furnishing of particular information in this Current Report, including Exhibit 99.1 furnished herewith, pursuant to Item 7.01 of Form 8-K is not intended to, and does not, constitute a determination or admission by Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. as to the materiality or completeness of any such information that is required to be disclosed solely by Regulation FD of the Exchange Act.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

FERRELLGAS PARTNERS, L.P.

 

 

By Ferrellgas, Inc. (General Partner)

 

 

 

 

 

 

 

 

Date:

June 9, 2015

By

/s/ Alan C. Heitmann

 

 

 

Alan C. Heitmann

 

 

 

Executive Vice President and Chief Financial Officer;
Treasurer (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

FERRELLGAS PARTNERS FINANCE CORP.

 

 

 

 

 

 

 

 

Date:

June 9, 2015

By

/s/ Alan C. Heitmann

 

 

 

Alan C. Heitmann

 

 

 

Chief Financial Officer and Sole Director

 

 

 

 

 

 

 

 

 

 

FERRELLGAS, L.P.

 

 

By Ferrellgas, Inc. (General Partner)

 

 

 

 

 

 

 

 

Date:

June 9, 2015

By

/s/ Alan C. Heitmann

 

 

 

Alan C. Heitmann

 

 

 

Executive Vice President and Chief Financial Officer;
Treasurer (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

FERRELLGAS FINANCE CORP.

 

 

 

 

 

 

 

 

Date:

June 9, 2015

By

/s/ Alan C. Heitmann

 

 

 

Alan C. Heitmann

 

 

 

Chief Financial Officer and Sole Director

 

3



 

Exhibit Index

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press release of Ferrellgas Partners, L.P. dated June 9, 2015, reporting its financial results for the third fiscal quarter ended April 30, 2015.

 

4


Exhibit 99.1

 

FERRELLGAS PARTNERS REPORTS THIRD QUARTER RESULTS;
REAFFIRMS GUIDANCE FOR FISCAL 2015 ADJUSTED EBITDA

 

OVERLAND PARK, KAN., June 09, 2015 (GLOBENEWSWIRE) Ferrellgas Partners, L.P. (NYSE: FGP) announced today Adjusted EBITDA of $96.3 million for fiscal 2015’s third quarter ended April 30, down 4% from the $99.8 million in the prior year quarter reflecting temperatures that were 6% warmer than prior year quarter. Distributable Cash Flow (DCF) to equity investors in the quarter was $70.0 million producing DCF coverage of 1.12x for the trailing twelve month period.

 

Propane margin cents per gallon benefited from wholesale commodity prices that were 54% lower than the prior year. Operating expense of $106.9 million was down more than 6% from the year-ago level, driven primarily by the company’s ability to flex down our variable delivery costs, including personnel and fuel cost, which more than offset additional operating expenses associated with our midstream acquisition in May of 2014.  Strong margin cents per gallon and lower operating expenses helped minimize the effect of warmer temperatures in the more highly concentrated geographic areas we serve.

 

“We are pleased with our third quarter results given the challenges presented by the warmer weather” said President and Chief Executive Officer Stephen L. Wambold. “Strong propane margins, operational flexibility, and a continued focus on expense discipline in our retail operations are continuing to offset the effect of the warmer temperatures, and as such we are comfortable reaffirming our full-year adjusted EBITDA guidance of $300 million to $320 million.”

 

Ferrellgas recently announced the acquisition of Bridger Logistics, LLC for $837.5 million. The Bridger transaction, scheduled to close in our fourth quarter 2015, is expected to be immediately accretive to DCF, supportive of distribution growth, and pushes the company to its

 



 

near-term diversification goal. In addition to that achievement, Ferrellgas remains dedicated to the aggressive pursuit of accretive, complementary acquisitions in both the traditional propane space and midstream.

 

“We’ve made smart business decisions over the last few years and put ourselves in position to move boldly and decisively on the acquisition front,” Wambold said. “Our acquisition pipeline is strong and keeps getting stronger, and we remain committed to exploring a wide range of opportunities that fit our model and our culture.”

 

For the first nine months ended April 30 of fiscal 2015, Adjusted EBITDA improved to $267.6 million, up from $262.6 million posted in the first nine months of the prior fiscal year. Similar to our quarterly results, strong margin cents per gallon and operating expense declines offset temperatures that were 8% warmer than the fiscal 2014 period.  Net earnings were $89.4 million or $1.06 per unit for the first nine months of fiscal 2015.

 

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia and Puerto Rico, and provides midstream services to major energy companies in the United States. Ferrellgas employees indirectly own 22.8 million common units of the partnership, or 25.6% of the outstanding units, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and Exchange Commission on September 29, 2014.  Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com.

 

Statements in this release concerning expectations for the future are forward-looking statements. A variety of known and unknown risks, uncertainties and other factors could cause results, performance and expectations to differ materially from anticipated results, performance and expectations. These risks, uncertainties and other factors are discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas

 



 

Finance Corp. for the fiscal year ended July 31, 2014 and in other documents filed from time to time by these entities with the Securities and Exchange Commission.

 

Contacts:

 

Jack Herrold, Investor Relations

[email protected] or (913) 661-1851

 

Scott Brockelmeyer, Media Relations

[email protected] or (913) 661-1830

 

Jim Saladin, Media Relations

[email protected] or (913) 661-1833

 

- more -

 

# # #

 



 

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE, NINE AND TWELVE MONTHS ENDED APRIL 30, 2015 AND 2014

(in thousands, except per unit data)

(unaudited)

 

 

 

Three months ended

 

Nine months ended

 

Twelve months ended

 

 

 

April 30

 

April 30

 

April 30

 

 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

$

445,667

 

$

625,117

 

$

1,400,895

 

$

1,796,786

 

$

1,751,452

 

$

2,109,290

 

Other

 

86,884

 

97,000

 

240,984

 

210,044

 

289,457

 

248,213

 

Total revenues

 

532,551

 

722,117

 

1,641,879

 

2,006,830

 

2,040,909

 

2,357,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

253,684

 

422,256

 

849,190

 

1,232,516

 

1,073,062

 

1,421,677

 

Other

 

59,586

 

69,388

 

153,736

 

131,443

 

180,445

 

152,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

219,281

 

230,473

 

638,953

 

642,871

 

787,402

 

783,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

106,883

 

113,923

 

316,913

 

333,632

 

429,474

 

434,470

 

Depreciation and amortization expense

 

23,324

 

20,913

 

70,576

 

61,771

 

93,007

 

82,593

 

General and administrative expense

 

8,252

 

12,194

 

29,701

 

35,070

 

40,614

 

44,701

 

Equipment lease expense

 

6,347

 

4,638

 

17,674

 

12,978

 

22,441

 

17,113

 

Non-cash employee stock ownership plan compensation charge

 

8,566

 

3,710

 

16,728

 

10,389

 

28,128

 

13,485

 

Non-cash stock-based compensation charge (a)

 

3,271

 

5,832

 

19,701

 

16,182

 

28,027

 

21,293

 

Loss on disposal of assets

 

2,203

 

1,732

 

4,578

 

3,426

 

7,638

 

8,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

60,435

 

67,531

 

163,082

 

169,423

 

138,073

 

161,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(23,510

)

(20,189

)

(71,797

)

(64,372

)

(93,927

)

(86,379

)

Loss on extinguishment of debt

 

 

 

 

(21,202

)

 

(21,202

)

Other income (expense), net

 

212

 

225

 

(415

)

498

 

(1,392

)

546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

37,137

 

47,567

 

90,870

 

84,347

 

42,754

 

54,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

917

 

1,677

 

1,448

 

2,391

 

1,573

 

1,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

36,220

 

45,890

 

89,422

 

81,956

 

41,181

 

52,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to noncontrolling interest (b)

 

408

 

505

 

1,027

 

950

 

581

 

694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Ferrellgas Partners, L.P.

 

35,812

 

45,385

 

88,395

 

81,006

 

40,600

 

52,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: General partner’s interest in net earnings

 

358

 

454

 

884

 

810

 

406

 

522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders’ interest in net earnings

 

$

35,454

 

$

44,931

 

$

87,511

 

$

80,196

 

$

40,194

 

$

51,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net earnings per common unitholders’ interest

 

$

0.43

 

$

0.57

 

$

1.06

 

$

1.01

 

$

0.49

 

$

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding

 

82,717.6

 

79,177.8

 

82,536.1

 

79,127.1

 

82,200.8

 

79,113.2

 

 



 

Supplemental Data and Reconciliation of Non-GAAP Items:

 

 

 

Three months ended

 

Nine months ended

 

Twelve months ended

 

 

 

April 30

 

April 30

 

April 30

 

 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Ferrellgas Partners, L.P.

 

$

35,812

 

$

45,385

 

$

88,395

 

$

81,006

 

$

40,600

 

$

52,202

 

Income tax expense

 

917

 

1,677

 

1,448

 

2,391

 

1,573

 

1,570

 

Interest expense

 

23,510

 

20,189

 

71,797

 

64,372

 

93,927

 

86,379

 

Depreciation and amortization expense

 

23,324

 

20,913

 

70,576

 

61,771

 

93,007

 

82,593

 

EBITDA

 

83,563

 

88,164

 

232,216

 

209,540

 

229,107

 

222,744

 

Loss on extinguishment of debt

 

 

 

 

21,202

 

 

21,202

 

Non-cash employee stock ownership plan compensation charge

 

8,566

 

3,710

 

16,728

 

10,389

 

28,128

 

13,485

 

Non-cash stock based compensation charge (a)

 

3,271

 

5,832

 

19,701

 

16,182

 

28,027

 

21,293

 

Loss on disposal of assets

 

2,203

 

1,732

 

4,578

 

3,426

 

7,638

 

8,119

 

Other income (expense), net

 

(212

)

(225

)

415

 

(498

)

1,392

 

(546

)

Change in fair value of contingent consideration (included in operating expense)

 

 

 

(6,300

)

 

(1,300

)

 

Litigation accrual and related legal fees associated with a class action lawsuit (included in operating expense)

 

83

 

97

 

806

 

1,422

 

1,133

 

1,652

 

Unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments

 

(1,609

)

 

(1,609

)

 

(1,609

)

 

Net earnings attributable to noncontrolling interest (b)

 

408

 

505

 

1,027

 

950

 

581

 

694

 

Adjusted EBITDA (c)

 

96,273

 

99,815

 

267,562

 

262,613

 

293,097

 

288,643

 

Net cash interest expense (d)

 

(22,422

)

(19,941

)

(68,599

)

(61,507

)

(90,778

)

(82,173

)

Maintenance capital expenditures (e)

 

(5,151

)

(4,762

)

(14,863

)

(13,345

)

(19,191

)

(17,419

)

Cash paid for taxes

 

(67

)

(225

)

(333

)

(403

)

(746

)

(865

)

Proceeds from asset sales

 

1,331

 

785

 

4,060

 

3,267

 

5,317

 

5,234

 

Distributable cash flow to equity investors (f)

 

69,964

 

75,672

 

187,827

 

190,625

 

187,699

 

193,420

 

Distributable cash flow attributable to general partner and non-controlling interest

 

1,400

 

1,513

 

3,757

 

3,813

 

3,754

 

3,868

 

Distributable cash flow attributable to common unitholders

 

68,564

 

74,159

 

184,070

 

186,812

 

183,945

 

189,552

 

Less: Distributions paid to common unitholders

 

41,359

 

39,594

 

124,074

 

118,702

 

164,688

 

158,237

 

Distributable cash flow excess/(shortage)

 

$

27,205

 

$

34,565

 

$

59,996

 

$

68,110

 

$

19,257

 

$

31,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane gallons sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail - Sales to End Users

 

178,583

 

185,961

 

518,726

 

558,142

 

611,942

 

653,377

 

Wholesale - Sales to Resellers

 

67,823

 

71,963

 

211,068

 

233,664

 

272,616

 

294,715

 

Total propane gallons sales

 

246,406

 

257,924

 

729,794

 

791,806

 

884,558

 

948,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream operations (barrels processed)

 

4,515

 

 

13,234

 

 

 

15,734

 

 

 


(a)  Non-cash stock-based compensation charges consist of the following:

 

 

 

Three months ended

 

Nine months ended

 

Twelve months ended

 

 

 

April 30

 

April 30

 

April 30

 

 

 

2015

 

2014

 

2015

 

2014

 

2015

 

2014

 

Operating expense

 

$

621

 

$

1,166

 

$

4,233

 

$

3,503

 

$

6,065

 

$

4,168

 

General and administrative expense

 

2,650

 

4,666

 

15,468

 

12,679

 

21,962

 

17,125

 

Total

 

$

3,271

 

$

5,832

 

$

19,701

 

$

16,182

 

$

28,027

 

$

21,293

 

 

(b)    Amounts allocated to the general partner for its 1.0101% interest in the operating partnership, Ferrellgas, L.P.

(c)     Adjusted EBITDA is calculated as net earnings attributable to Ferrellgas Partners, L.P., income tax expense, interest expense, depreciation and amortization expense, loss on extinguishment of debt, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments and net earnings attributable to noncontrolling interest.  Management believes the presentation of this measure is relevant and useful, because it allows investors to view the partnership’s performance in a manner similar to the method management uses, adjusted for items management believes makes it easier to compare its results with other companies that have different financing and capital structures. This method of calculating Adjusted EBITDA may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(d)    Net cash interest expense is the sum of interest expense less non-cash interest expense and other income (expense), net. This amount includes interest expense related to the accounts receivable securitization facility.

(e)     Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment.

(f)      Management considers distributable cash flow to equity investors a meaningful non-GAAP measure of the partnership’s ability to declare and pay quarterly distributions to equity investors. Distributable cash flow to equity investors, as management defines it, may not be comparable to distributable cash flow to equity investors or similarly titled measurements used by other corporations and partnerships. Items added into our calculation of distributable cash flow to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow to equity investors may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

 

The following table includes a reconciliation of forecasted net earnings attributable to Ferrellgas Partners, L.P. to forecasted Adjusted EBITDA for the fiscal year ending July 31, 2015.

 

 

 

Forecast

 

 

 

Fiscal Year

 

 

 

Ending

 

 

 

July 31,

 

 

 

2015

 

Net earnings attributable to Ferrellgas Partners, L.P. (estimate) (g)

 

$

70,500

 

Interest expense (estimate)

 

95,000

 

Income tax expense (estimate)

 

1,500

 

Depreciation and amortization expense (estimate)

 

93,000

 

Non-cash employee stock ownership plan compensation charge (estimate)

 

25,000

 

Non-cash stock based compensation charge (estimate)

 

24,000

 

Loss on disposal of assets (estimate)

 

6,400

 

Change in fair value of contingent consideration (included in operating expense) (estimate)

 

(6,300

)

Litigation accrual and related legal fees associated with a class action lawsuit (estimate)

 

900

 

Adjusted EBITDA (h)

 

$

310,000

 

 

(g) Represents estimated net earnings attributable to Ferrellgas Partners, L.P. after adjusting for change in fair value of gains and losses on commodity and interest rate derivative instruments not associated with current-period transactions. It is impracticable to determine actual gains and losses on these instruments not associated with current-period transactions that will be reported in GAAP net income as such gains and losses will depend upon future changes in commodity prices and interest rates which cannot be forecasted.

 

(h) Represents the midpoint of Adjusted EBITDA guidance range for fiscal 2015.

 



 

FERRELLGAS PARTNERS, L.P.  AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

 

 

 

April 30, 2015

 

July 31, 2014

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

7,409

 

$

8,289

 

Accounts and notes receivable, net (including $182,305 and $159,003 of accounts receivable pledged as collateral at April 30, 2015 and July 31, 2014, respectively)

 

189,569

 

178,602

 

Inventories

 

98,636

 

145,969

 

Prepaid expenses and other current assets

 

45,406

 

32,071

 

Total Current Assets

 

341,020

 

364,931

 

 

 

 

 

 

 

Property, plant and equipment, net

 

614,287

 

611,787

 

Goodwill

 

285,436

 

273,210

 

Intangible assets, net

 

300,663

 

276,171

 

Other assets, net

 

51,451

 

46,171

 

Total Assets

 

$

1,592,857

 

$

1,572,270

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$

54,164

 

$

69,360

 

Short-term borrowings

 

 

69,519

 

Collateralized note payable

 

117,000

 

91,000

 

Other current liabilities

 

146,198

 

125,161

 

Total Current Liabilities

 

317,362

 

355,040

 

 

 

 

 

 

 

Long-term debt (a)

 

1,344,392

 

1,292,214

 

Other liabilities

 

34,458

 

36,662

 

Contingencies and commitments

 

 

 

 

 

 

 

 

 

 

 

Partners’ Deficit:

 

 

 

 

 

Common unitholders (82,717,620 and 81,228,237 units outstanding at April 30, 2015 and July 31, 2014, respectively)

 

(16,717

)

(57,893

)

General partner unitholder (835,532 and 820,487 units outstanding at April 30, 2015 and July 31, 2014, respectively)

 

(60,238

)

(60,654

)

Accumulated other comprehensive income (loss)

 

(27,247

)

6,181

 

Total Ferrellgas Partners, L.P. Partners’ Deficit

 

(104,202

)

(112,366

)

Noncontrolling Interest

 

847

 

720

 

Total Partners’ Deficit

 

(103,355

)

(111,646

)

Total Liabilities and Partners’ Deficit

 

$

1,592,857

 

$

1,572,270

 

 


(a)    The principal difference between the Ferrellgas Partners, L.P. balance sheet and that of Ferrellgas, L.P., is $182 million of 8.625% notes which are liabilities of Ferrellgas Partners, L.P. and not of Ferrellgas, L.P.

 


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