Upgrade to SI Premium - Free Trial

Form 8-K FERRELLGAS PARTNERS L P For: Mar 10 Filed by: FERRELLGAS PARTNERS FINANCE CORP

March 10, 2016 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):  March 10, 2016

 

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 March 10, 2016, Ferrellgas Partners, L.P. issued a press release regarding its financial results for the second fiscal quarter ended January 31, 2016. 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 March 10, 2016, reporting its financial results for the second fiscal quarter ended January 31, 2016.

 

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:

March 10, 2016

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:

March 10, 2016

By

/s/ Alan C. Heitmann

 

 

 

Alan C. Heitmann

 

 

 

Chief Financial Officer and Sole Director

 

 

 

 

 

 

 

 

 

 

FERRELLGAS, L.P.

 

 

By Ferrellgas, Inc. (General Partner)

 

 

 

 

Date:

March 10, 2016

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:

March 10, 2016

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 March 10, 2016, reporting its financial results for the second fiscal quarter ended January 31, 2016.

 

4


Exhibit 99.1

 

 

FERRELLGAS PARTNERS, L.P. REPORTS RESULTS FOR SECOND QUARTER FISCAL 2016

 

Year-Over-Year Increase in Adjusted EBITDA Reflects Successful Execution of Diversification Strategy

 

OVERLAND PARK, Kan., March 10, 2016 — Ferrellgas Partners, L.P. (NYSE: FGP) today announced Adjusted EBITDA of $138.3 million for the second quarter of fiscal 2016 ended January 31, 2016, an increase from $136.9 million in the prior year period.

 

President and Chief Executive Officer Stephen L. Wambold commented, “Despite this being one of the warmest winters on record, our ongoing midstream diversification efforts allowed us to deliver a year-over-year increase in Adjusted EBITDA. Bridger continues to exceed our expectations and we are carefully controlling costs to help offset the challenging operating environment for our Propane and related equipment sales segment.”

 

Mr. Wambold continued, “Looking ahead to the second half of our fiscal year, we will maintain focus on operations and strategic execution. Additionally, we will continue to consider value-enhancing organic and external growth initiatives to mitigate the impact of continued warm weather and capitalize on opportunities created by low crude oil prices. We have ample financial flexibility to drive growth without accessing the capital markets, and we are confident that we have the pieces in place to create significant value for all Ferrellgas unitholders.”

 

Continued strong expense controls in the Propane and related equipment sales segment helped offset the impact of elevated temperatures, which were 19% warmer than normal and 16% warmer than the prior year period.

 

Adjusted EBITDA from the Midstream - Crude Oil Logistics segment was $28.7 million during the second fiscal quarter, which exceeded management’s expectations. These results reflect the strength of Bridger’s customer relationships amid sustained volatility in commodity pricing, and management’s ability to carefully control expenses and drive efficiencies.

 

Operating expense for the second fiscal quarter increased to $116.5 million from $107.1 million in the prior year period, due to incremental operating expenses from Bridger and non-cash items related to the changes in fair value of fuel derivatives and contingent consideration in the current year and prior year, respectively.

 

Interest expense totaled $34.7 million for the second fiscal quarter, compared to $24.4 million a year ago, largely due to $500 million of notes issued in connection with the Bridger acquisition in June 2015.

 

Net earnings for the quarter was $57.8 million, or $0.58 per common unit, compared to net earnings of $86.4 million, or $1.02 per common unit, in the prior year quarter. The decrease in net earnings is due in part to the increase in interest expense discussed above and warm weather, as well as depreciation and amortization expenses related primarily to the Bridger transaction.

 

Ferrellgas also today announced that, due to sustained warmer temperatures and the current commodity price environment, it is revising its previously announced estimates for full-year fiscal 2016 Adjusted EBITDA to a range of $360 million to $375 million. Based on the midpoint of the Company’s

 



 

fiscal 2016 estimates for Adjusted EBITDA, Ferrellgas expects its DCF coverage ratio to increase to above 1.0 by the end of the fiscal year.

 

About Ferrellgas

 

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, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and Exchange Commission on September 29, 2015. 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, 2015, in the Form 10-Q of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the quarters ended October 31, 2015 and January 31, 2016 and in other documents filed from time to time by these entities with the Securities and Exchange Commission.

 



 

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE, SIX AND TWELVE MONTHS ENDED JANUARY 31, 2016 AND 2015

(in thousands, except per unit data)

(unaudited)

 

 

 

Three months ended

 

Six months ended

 

Twelve months ended

 

 

 

January 31

 

January 31

 

January 31

 

 

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

$

376,856

 

$

560,867

 

$

622,157

 

$

955,228

 

$

1,323,945

 

$

1,930,902

 

Midstream operations

 

188,333

 

7,153

 

382,003

 

15,069

 

474,123

 

22,504

 

Other

 

84,049

 

97,953

 

116,224

 

139,031

 

237,378

 

277,069

 

Total revenues

 

649,238

 

665,973

 

1,120,384

 

1,109,328

 

2,035,446

 

2,230,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of product sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane and other gas liquids sales

 

174,829

 

330,692

 

296,580

 

595,506

 

678,298

 

1,241,634

 

Midstream operations

 

148,443

 

2,219

 

302,047

 

4,187

 

374,450

 

6,157

 

Other

 

55,774

 

68,071

 

70,222

 

89,963

 

150,956

 

184,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

270,192

 

264,991

 

451,535

 

419,672

 

831,742

 

798,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

116,463

 

107,147

 

231,444

 

210,030

 

453,696

 

436,514

 

Depreciation and amortization expense

 

37,367

 

23,943

 

74,346

 

47,252

 

125,673

 

90,596

 

General and administrative expense

 

12,062

 

10,621

 

24,302

 

21,449

 

59,284

 

44,556

 

Equipment lease expense

 

7,278

 

5,795

 

14,310

 

11,327

 

27,256

 

20,732

 

Non-cash employee stock ownership plan compensation charge

 

3,141

 

3,788

 

8,397

 

8,162

 

24,948

 

23,272

 

Non-cash stock-based compensation charge (a)

 

(2,456

)

318

 

5,666

 

16,430

 

15,218

 

30,588

 

Goodwill impairment charge

 

 

 

29,316

 

 

29,316

 

 

Loss on disposal of assets and other

 

2,524

 

1,414

 

17,441

 

2,375

 

22,165

 

7,167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

93,813

 

111,965

 

46,313

 

102,647

 

74,186

 

145,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(34,730

)

(24,375

)

(68,518

)

(48,287

)

(120,627

)

(90,606

)

Other expense, net

 

(298

)

(178

)

(420

)

(627

)

(143

)

(1,379

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

58,785

 

87,412

 

(22,625

)

53,733

 

(46,584

)

53,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

1,030

 

1,041

 

186

 

531

 

(660

)

2,333

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

57,755

 

86,371

 

(22,811

)

53,202

 

(45,924

)

50,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to noncontrolling interest (b)

 

628

 

913

 

(145

)

619

 

(295

)

678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

57,127

 

85,458

 

(22,666

)

52,583

 

(45,629

)

50,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: General partner’s interest in net earnings (loss)

 

571

 

11,955

 

(227

)

526

 

(456

)

502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders’ interest in net earnings (loss)

 

$

56,556

 

$

73,503

 

$

(22,439

)

$

52,057

 

$

(45,173

)

$

49,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) Per Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net earnings (loss) per common unitholders’ interest

 

$

0.58

 

$

0.89

 

$

(0.23

)

$

0.63

 

$

(0.48

)

$

0.61

 

Dilutive effect of two-class method (b)

 

 

0.13

 

 

 

 

 

Adjusted net earnings (loss) per unit available to common unitholders

 

$

0.58

 

$

1.02

 

$

(0.23

)

$

0.63

 

$

(0.48

)

$

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding

 

98,334.4

 

82,716.9

 

99,355.6

 

82,448.3

 

93,169.4

 

81,337.7

 

 



 

Supplemental Data and Reconciliation of Non-GAAP Items:

 

 

 

Three months ended

 

Six months ended

 

Twelve months ended

 

 

 

January 31

 

January 31

 

January 31

 

 

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

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

 

$

57,127

 

$

85,458

 

$

(22,666

)

$

52,583

 

$

(45,629

)

$

50,173

 

Income tax expense (benefit)

 

1,030

 

1,041

 

186

 

531

 

(660

)

2,333

 

Interest expense

 

34,730

 

24,375

 

68,518

 

48,287

 

120,627

 

90,606

 

Depreciation and amortization expense

 

37,367

 

23,943

 

74,346

 

47,252

 

125,673

 

90,596

 

EBITDA

 

130,254

 

134,817

 

120,384

 

148,653

 

200,011

 

233,708

 

Non-cash employee stock ownership plan compensation charge

 

3,141

 

3,788

 

8,397

 

8,162

 

24,948

 

23,272

 

Non-cash stock based compensation charge (a)

 

(2,456

)

318

 

5,666

 

16,430

 

15,218

 

30,588

 

Goodwill impairment charge

 

 

 

29,316

 

 

29,316

 

 

Loss on disposal of assets and other

 

2,524

 

1,414

 

17,441

 

2,375

 

22,165

 

7,167

 

Other expense, net

 

298

 

178

 

420

 

627

 

143

 

1,379

 

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

 

 

(4,500

)

(100

)

(6,300

)

(100

)

(1,300

)

Severance costs ($805 included in operating costs and $51 included in general and administrative costs)

 

 

 

856

 

 

856

 

 

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

 

 

 

 

723

 

83

 

1,147

 

Unrealized (non-cash) losses on changes in fair value of derivatives

 

3,870

 

 

4,908

 

 

7,320

 

 

Acquisition and transition expenses (included in general and administrative expense)

 

70

 

 

85

 

 

16,458

 

 

Net earnings (loss) attributable to noncontrolling interest (b)

 

628

 

913

 

(145

)

619

 

(295

)

678

 

Adjusted EBITDA (c)

 

138,329

 

136,928

 

187,228

 

171,289

 

316,123

 

296,639

 

Net cash interest expense (d)

 

(33,905

)

(23,287

)

(66,407

)

(46,177

)

(116,380

)

(88,297

)

Maintenance capital expenditures (e)

 

(3,214

)

(4,624

)

(9,429

)

(9,712

)

(19,329

)

(18,802

)

Cash paid for taxes

 

(5

)

(6

)

(5

)

(266

)

(451

)

(904

)

Proceeds from asset sales

 

1,863

 

1,312

 

2,876

 

2,729

 

6,052

 

4,771

 

Distributable cash flow to equity investors (f)

 

103,068

 

110,323

 

114,263

 

117,863

 

186,015

 

193,407

 

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

 

2,061

 

2,206

 

2,285

 

2,357

 

3,720

 

3,868

 

Distributable cash flow attributable to common unitholders

 

101,007

 

108,117

 

111,978

 

115,506

 

182,295

 

189,539

 

Less: Distributions paid to common unitholders

 

50,223

 

41,359

 

101,666

 

82,715

 

184,384

 

162,922

 

Distributable cash flow excess/(shortage)

 

$

50,784

 

$

66,758

 

$

10,312

 

$

32,791

 

$

(2,089

)

$

26,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Propane gallons sales

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail - Sales to End Users

 

189,460

 

215,996

 

300,433

 

340,143

 

569,071

 

619,320

 

Wholesale - Sales to Resellers

 

60,781

 

81,310

 

111,347

 

143,245

 

238,167

 

276,756

 

Total propane gallons sales

 

250,241

 

297,306

 

411,780

 

483,388

 

807,238

 

896,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Midstream operations barrels

 

 

 

 

 

 

 

 

 

 

 

 

 

Salt water volume processed

 

4,222

 

4,722

 

8,956

 

8,719

 

17,272

 

11,219

 

Crude oil hauled

 

24,345

 

 

 

48,609

 

 

 

59,056

 

 

 

Crude oil sold

 

1,593

 

 

 

3,103

 

 

 

3,599

 

 

 

 


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

 

 

 

Three months ended

 

Six months ended

 

Twelve months ended

 

 

 

January 31

 

January 31

 

January 31

 

 

 

2016

 

2015

 

2016

 

2015

 

2016

 

2015

 

Operating expense

 

$

(466

)

$

67

 

$

752

 

$

3,612

 

$

2,315

 

$

6,610

 

General and administrative expense

 

(1,990

)

251

 

4,914

 

12,818

 

12,903

 

23,978

 

Total

 

$

(2,456

)

$

318

 

$

5,666

 

$

16,430

 

$

15,218

 

$

30,588

 

 

(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 (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment charge, loss on disposal of assets, other expense, net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) losses on changes in fair value of derivatives, acquisition and transition expenses and net earnings (loss) 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 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 atttributable to Ferrellgas Partners, L.P. to forecasted Adjusted EBITDA for the fiscal year ending July 31, 2016.

 

 

 

Forecast

 

 

 

Fiscal Year

 

 

 

Ending

 

 

 

July 31,

 

 

 

2016

 

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

 

$

(5,000

)

Interest expense (estimate)

 

135,000

 

Income tax expense (estimate)

 

1,000

 

Depreciation and amortization expense (estimate)

 

150,000

 

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

 

26,000

 

Non-cash stock based compensation charge (estimate)

 

18,000

 

Loss on disposal of assets and other (estimate)

 

19,900

 

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

 

(100

)

Severance costs

 

900

 

Goodwill impairment charge

 

29,300

 

Adjusted EBITDA (h)

 

$

375,000

 

 

(g) Represents estimated net loss 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 changesin commodity prices and interest rates which cannot be forecasted.

 

(h) Represents the midpoint of Adjusted EBITDA guidance range for fiscal 2016.

 



 

FERRELLGAS PARTNERS, L.P.  AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

 

 

 

 

January 31, 2016

 

July 31, 2015

 

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

11,754

 

$

7,652

 

Accounts and notes receivable, net (including $190,063 and 123,791 of accounts receivable pledged as collateral at January 31, 2016 and July 31, 2015, respectively)

 

264,382

 

196,918

 

Inventories

 

92,488

 

96,754

 

Prepaid expenses and other current assets

 

57,134

 

64,285

 

Total Current Assets

 

425,758

 

365,609

 

 

 

 

 

 

 

Property, plant and equipment, net

 

966,995

 

965,217

 

Goodwill

 

445,659

 

478,747

 

Intangible assets, net

 

564,964

 

580,043

 

Other assets, net

 

74,985

 

74,440

 

Assets held for sale

 

3,120

 

 

Total Assets

 

$

2,481,481

 

$

2,464,056

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts payable

 

$

136,100

 

$

83,974

 

Short-term borrowings

 

86,200

 

75,319

 

Collateralized note payable

 

119,000

 

70,000

 

Other current liabilities

 

150,934

 

180,687

 

Total Current Liabilities

 

492,234

 

409,980

 

 

 

 

 

 

 

Long-term debt (a)

 

1,894,790

 

1,804,392

 

Other liabilities

 

40,335

 

41,975

 

Contingencies and commitments

 

 

 

 

 

 

 

 

 

 

 

Partners’ Capital:

 

 

 

 

 

Common unitholders (98,002,665 and 100,376,789 units outstanding at January 31, 2016 and July 31, 2015)

 

143,655

 

299,730

 

General partner unitholder (989,926 and 1,013,907 units outstanding at January 31, 2016 and July 31, 2015)

 

(58,619

)

(57,042

)

Accumulated other comprehensive loss

 

(33,317

)

(38,934

)

Total Ferrellgas Partners, L.P. Partners’ Capital

 

51,719

 

203,754

 

Noncontrolling Interest

 

2,403

 

3,955

 

Total Partners’ Capital

 

54,122

 

207,709

 

Total Liabilities and Partners’ Capital

 

$

2,481,481

 

$

2,464,056

 

 


(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.

 

Contacts

 

Jack Herrold, Investor Relations — [email protected] or (913) 661-1851

 

Jim Saladin, Media Relations — [email protected] or (913) 661-1833

 

Scott Brockelmeyer, Media Relations — [email protected] or (913) 661-1830

 


Categories

SEC Filings

Next Articles