CrossAmerica Partners LP: Reports Third Quarter 2015 Results
(Thomson Reuters ONE) -
CrossAmerica Partners LP Reports Third Quarter 2015 Results
- Generated record total gross profit of $47.8 million compared to the third
quarter of 2014 total gross profit of $36.3 million.
- Generated record Distributable Cash Flow of $25.1 million and Distribution
Coverage Ratio of 1.35x in the third quarter.
-Declared a third quarter distribution of $0.5775 per unit, a 2.7% increase in
the Partnership's distribution rate from the second quarter of 2015.
-Maintains guidance of 7% to 9% Distribution Per Unit growth rate for 2015
over 2014.
Allentown, PA, November 4, 2015 - CrossAmerica Partners LP (NYSE: CAPL),
headquartered in Allentown, PA, a leading wholesale fuels distributor,
convenience store operator, and owner and lessor of real estate used in the
retail distribution of motor fuels, today reported financial results for the
third quarter ended September 30, 2015.
"Our record third quarter results reflect the successful execution of our
acquisition and integration strategy at CrossAmerica," said Jeremy Bergeron, the
Partnership's President. "Thanks to the performance of our recently acquired
retail business, the contribution of the assets acquired from CST Brands, and
the capture of synergies and cost reductions achieved by our team members, we
were able to grow distributable cash flow by more than 83% this quarter compared
to the same quarter last year."
Wholesale Segment
During the third quarter 2015, CrossAmerica distributed, on a wholesale basis,
284.1 million gallons of motor fuel at an average wholesale gross margin of
$0.061 per gallon, resulting in a wholesale motor fuel gross profit of $17.3
million. For the three month period ended September 30, 2014, the Partnership
distributed, on a wholesale basis, 264.2 million gallons of fuel at an average
wholesale gross margin of $0.073 per gallon, resulting in a wholesale motor fuel
gross profit of $19.2 million. The decrease of 10% in gross profit from
wholesale fuel sales for the third quarter of 2015 relative to 2014 was
attributable to a decline in the average wholesale fuel margin partially offset
by an 8% increase in volume driven by the acquisitions that have been completed
since April 2014. Wholesale fuel margin per gallon for the quarter was lower,
primarily due to the decline in the margin the Partnership receives from
purchase discounts provided to CrossAmerica by its suppliers. The Partnership
receives certain discounts from suppliers based on a percentage of the purchase
price of fuel and the dollar value of these discounts varies with the price of
wholesale motor fuel.
CrossAmerica's gross profit from its Other revenues for the wholesale segment,
which primarily consist of rental income, was $9.7 million for the third quarter
of 2015 compared to $5.9 million for the same period in 2014. The increase in
rental income was primarily associated with the recent acquisitions of real
estate, which the Partnership leases to CST.
Operating income for the wholesale segment increased $6.4 million or 41%
primarily driven by an increase in rental income, income from CST Fuel Supply
and a decline in operating expenses, partially offset by an increase in
depreciation, amortization and accretion.
Retail Segment
For the third quarter 2015, the Partnership sold 61.6 million gallons of motor
fuel at an average retail motor fuel gross margin of $0.129 per gallon, net of
commissions and credit card fees, resulting in a retail gross profit of $8.0
million. For the same period in 2014, CrossAmerica sold 46.5 million gallons at
an average retail motor fuel gross margin of $0.053 per gallon, net of
commissions and credit card fees, resulting in a retail gross profit of $2.5
million. The increase in retail gross profit from retail motor fuel sales for
the third quarter of 2015 relative to 2014 was due primarily to the Erickson and
One Stop acquisitions. These acquisitions also contributed to the $11.1 million
in gross margin from the sale of food and merchandise during the quarter. For
the same period in 2014, CrossAmerica generated $7.4 million in gross margin
from the sale of food and merchandise.
Operating income for the retail segment increased nearly $2.4 million primarily
driven by an increase in motor fuel and merchandise gross profit, partially
offset by an increase in depreciation, amortization and accretion.
Non-GAAP Metrics
Distributable Cash Flow (See Supplemental Disclosure Regarding Non-GAAP
Financial Information below) was $25.1 million for the three month period ended
September 30, 2015 compared to $13.7 million for the same period in 2014. The
increase in Distributable Cash Flow was due primarily to an increase in earnings
driven primarily by the 2014 and 2015 acquisitions, including the purchase of
CST Fuel Supply equity interests executed in January and July 2015, when
compared to the same period in 2014. Distributable Cash Flow per diluted limited
partner unit was $0.76 for the three months ended September 30, 2015 and the
Partnership made limited partner distribution per unit of $0.5625 during the
quarter, resulting in a Distribution Coverage Ratio of 1.35 times.
Liquidity and Capital Resources
CrossAmerica's revolving credit facility is secured by substantially all of the
assets of CrossAmerica and its subsidiaries. As of September 30, 2015, after
taking into account letters of credit and debt covenant constraints to
availability, approximately $125.4 million was available for future borrowings.
In connection with future acquisitions, the revolving credit facility requires,
among other things, that the Partnership has, after giving effect to such
acquisition, at least $20.0 million of borrowing availability under the
revolving credit facility and unrestricted cash on the balance sheet on the date
of such acquisition.
Distributions
The Board of the Directors of CrossAmerica's General Partner has declared a
quarterly distribution of $0.5775 per unit with respect to the third quarter of
2015. The distribution will be paid on November 25, 2015 to all unitholders of
record as of November 18, 2015. The amount and timing of any distribution is
subject to the discretion of the Board of Directors of CrossAmerica's General
Partner.
Conference Call
The Partnership will host a conference call on November 4, 2015 at 9:00 a.m.
Eastern Time (8:00 a.m. Central Time) to discuss third quarter earnings results.
The conference call numbers are 800-774-6070 or 630-691-2753 and the passcode
for both is 5854571#. A live audio webcast of the conference call and the
related earnings materials, including reconciliations of any non-GAAP financial
measures to GAAP financial measures and any other applicable disclosures, will
be available on that same day on the investor section of the CrossAmerica
website (www.crossamericapartners.com). A slide presentation for the conference
call will also be available on the investor section of the Partnership's
website. To listen to the audio webcast, go to
http://www.crossamericapartners.com/en-us/investors/eventsandpresentations.
After the live conference call, a replay will be available for a period of
thirty days. The replay numbers are 888-843-7419 or 630-652-3042 and the
passcode for both is 5854571#. An archive of the webcast will be available on
the investor section of the CrossAmerica website at
www.crossamericapartners.com/en-us/investors/eventsandpresentations within 24
hours after the call for a period of sixty days.
CROSSAMERICA PARTNERS LP
CONSOLIDATED STATEMENTS OF INCOME
(Thousands of Dollars, Except per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ------------------------------
2015 2014 2015 2014
------------- ------------- --------------- --------------
Operating
revenues((a)) $ 625,566 $ 827,760 $ 1,750,783 $ 2,073,626
Cost of sales((b)) 577,740 791,466 1,629,660 1,993,717
------------- ------------- --------------- --------------
Gross profit 47,826 36,294 121,123 79,909
------------- ------------- --------------- --------------
Income from CST
Fuel Supply 4,198 - 6,473 -
Operating
expenses:
Operating expenses 16,143 12,458 46,315 22,101
General and
administrative
expenses 9,527 6,988 29,225 22,197
Depreciation,
amortization and
accretion expense 13,431 8,369 36,344 21,605
------------- ------------- --------------- --------------
Total operating
expenses 39,101 27,815 111,884 65,903
------------- ------------- --------------- --------------
Gain (loss) on
sales of assets,
net 1,907 (49 ) 2,359 1,484
------------- ------------- --------------- --------------
Operating income 14,830 8,430 18,071 15,490
Other income, net 87 92 336 315
Interest expense (4,867 ) (5,162 ) (13,888 ) (12,901 )
------------- ------------- --------------- --------------
Income before
income taxes 10,050 3,360 4,519 2,904
Income tax benefit 134 803 2,722 4,579
------------- ------------- --------------- --------------
Consolidated net
income 10,184 4,163 7,241 7,483
Net income
attributable to
noncontrolling
interests 21 8 14 8
------------- ------------- --------------- --------------
Net income
attributable to
CrossAmerica
limited
partners 10,163 4,155 7,227 7,475
--------------------------- ------------------------------
Distributions to
incentive
distribution right
holders (428 ) (64 ) (793 ) (126 )
--------------------------- ------------------------------
Net income
available to
CrossAmerica
limited partners $ 9,735 $ 4,091 $ 6,434 $ 7,349
------------- ------------- --------------- --------------
Net income per
CrossAmerica
limited partner
unit:
Basic earnings per
common unit $ 0.29 $ 0.21 $ 0.23 $ 0.39
Diluted earnings
per common unit $ 0.29 $ 0.21 $ 0.23 $ 0.39
Basic and diluted
earnings per
subordinated unit $ 0.29 $ 0.21 $ 0.23 $ 0.39
Weighted-average
CrossAmerica
limited partner
units:
Basic common units 25,518,876 11,824,203 20,043,565 11,380,612
Diluted common
units 25,568,795 11,834,098 20,137,338 11,445,390
Basic and diluted
subordinated units 7,525,000 7,525,000 7,525,000 7,525,000
------------- ------------- --------------- --------------
Total diluted
common and
subordinated units 33,093,795 19,359,098 27,662,338 18,970,390
------------- ------------- --------------- --------------
Distribution per
common and
subordinated units $ 0.5625 $ 0.5225 $ 1.6525 $ 1.5475
Supplemental
information:
(a) Includes
excise taxes of: $ 28,223 $ 18,997 $ 75,448 $ 44,581
(a) Includes
revenues from fuel
sales to related
parties of: $ 126,932 $ 216,417 $ 365,072 $ 651,801
(a) Includes
income from
rentals of: $ 14,771 $ 10,829 $ 38,423 $ 32,287
(b) Includes
expenses from fuel
sales to related
parties of: $ 123,264 $ 211,758 $ 354,735 $ 638,607
(b) Includes
expenses from
rentals of: $ 4,387 $ 3,912 $ 12,317 $ 11,703
Segment Results
Wholesale
The following table highlights the results of operations and certain operating
metrics of the Wholesale segment (thousands of dollars, except for the number of
distribution sites and per gallon amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ------------------------------
2015 2014 2015 2014
------------- ------------- --------------- --------------
Operating
revenues:
Motor fuel-third $ 275,353 $ 417,983 $ 813,324 $ 1,022,113
party
Motor fuel- 240,178 248,851 654,852 810,878
intersegment and
related party
------------- ------------- --------------- --------------
Motor fuel 515,531 666,834 1,468,176 1,832,991
operating revenues
Other((a)) 13,696 9,468 35,825 29,236
------------- ------------- --------------- --------------
Total operating $ 529,227 $ 676,302 $ 1,504,001 $ 1,862,227
revenues
------------- ------------- --------------- --------------
Gross profit:
Motor fuel-third $ 8,757 $ 14,509 $ 22,426 $ 30,297
party
Motor fuel- 8,558 4,641 22,618 13,243
intersegment and
related party
------------- ------------- --------------- --------------
Motor fuel gross 17,315 19,150 45,044 43,540
profit
Other((b)) 9,745 5,925 24,653 18,311
------------- ------------- --------------- --------------
Total gross profit 27,060 25,075 69,697 61,851
------------- ------------- --------------- --------------
Income from CST 4,198 - 6,473 -
Fuel Supply((c))
Operating expenses 2,157 2,636 10,147 6,580
Depreciation, 9,059 6,860 25,504 18,629
amortization and
accretion expense
Gain (loss) on 1,907 (50 ) 2,359 1,483
sales of assets,
net
------------- ------------- --------------- --------------
Operating income $ 21,949 $ 15,529 $ 42,878 $ 38,125
------------- ------------- --------------- --------------
Adjusted $ 29,101 $ 22,439 $ 66,023 $ 55,271
EBITDA((d))
Motor fuel
distribution sites
(end of
period):((e))
Motor fuel-third
party
Independent 374 429 374 429
dealers((f))
Lessee 283 213 283 213
dealers((g))
------------- ------------- --------------- --------------
Total motor fuel 657 642 657 642
distribution-third
party
------------- ------------- --------------- --------------
Motor fuel-
intersegment and
related party
Affiliated dealers 196 228 196 228
(related party)
CST (related 43 - 43 -
party)
Commission agents 71 71 71 71
(Retail segment)
Retail convenience 121 87 121 87
stores (Retail
segment)
------------- ------------- --------------- --------------
Total motor fuel 431 386 431 386
distribution-
intersegment and
related party
------------- ------------- --------------- --------------
Motor fuel
distribution sites
(average during
the period):
Motor fuel-third 626 637 616 550
party distribution
Motor fuel- 468 387 454 356
intersegment and
related party
distribution
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- ----------------------
2015 2014 2015 2014
----------- ----------- ----------- ----------
Total volume of gallons 284,089 264,242 795,027 646,673
distributed (in thousands)
Motor fuel gallons distributed
per site per day:((h))
Motor fuel-third party
Total weighted average motor 2,467 2,597 2,448 2,335
fuel distributed-third
party((i))
Independent dealers 2,748 2,921 2,772 2,620
Lessee dealers 2,033 1,926 1,889 1,842
Motor fuel-intersegment and
related party
Total weighted average motor 3,086 2,667 2,877 2,587
fuel distributed-intersegment
and related party
Affiliated dealers (related 2,670 2,613 2,531 2,543
party)
CST (related party) 5,244 - 5,085 -
Commission agents (Retail 2,969 3,206 2,897 3,126
segment)
Retail convenience stores 3,070 2,384 2,699 2,119
(Retail segment)((j))
Wholesale margin per gallon- $ 0.061 $ 0.073 $ 0.057 $ 0.067
total system
Wholesale margin per gallon- $ 0.058 $ 0.087 $ 0.051 $ 0.076
third party((k))
Wholesale margin per gallon- $ 0.064 $ 0.048 $ 0.064 $ 0.054
intersegment and related party
(a) Primarily consists of rental income.
(b) Primarily consists of rental income, net of rent expense, on subleased
properties.
(c) Represents income from CrossAmerica's equity interests in CST Fuel
Supply.
(d) Adjusted EBITDA represents operating income adjusted to exclude gains on
sales of assets, net and depreciation, amortization and accretion expense.
Please see the reconciliation of the segment's Adjusted EBITDA to consolidated
net income under the heading "Non-GAAP Financial Measures."
(e) In addition, as of September 30, 2015 and 2014, CrossAmerica distributes
motor fuel to 14 and 18 sub-wholesalers, respectively, who distribute to
additional sites.
(f) The decline in the independent dealer site count was primarily
attributable to 51 terminated motor fuel supply contracts that were not renewed
as well as the motor fuel supply contracts related to 13 sites for which
CrossAmerica supplied the motor fuel sold to DMS. Partially offsetting these
decreases were the nine wholesale fuel supply contracts acquired in the One Stop
acquisitions.
(g) The increase in the lessee dealer site count is attributable to converting
72 company-operated convenience stores in the Retail segment to the lessee
dealer class of trade in the Wholesale segment.
(h) Includes 63.8 million and 41.3 million gallons of intersegment volumes
distributed from the Wholesale segment to the Retail segments for the three
months ended September 30, 2015 and 2014, respectively. Includes 162.6 million
and 76.2 million gallons of intersegment volumes distributed from the Wholesale
segment to the Retail segments for the nine months ended September 30, 2015 and
2014, respectively.
(i) Does not include the motor fuel gallons distributed to sub-wholesalers.
(j) Motor fuel gallons distributed per site per day increased at the
Partnership's retail convenience stores as a result of the 87 sites acquired in
the May 2014 PMI acquisition, 64 sites acquired in the February 2015 Erickson
acquisition and the 45 sites acquired in the July 2015 One Stop acquisition.
The remaining portion of the increase is due to sites that were converted to
dealer sites during the period.
(k) Includes the wholesale gross margin for motor fuel distributed to sub-
wholesalers.
Retail
The following table highlights the results of operations and certain operating
metrics of the Retail segment (thousands of dollars, except for the number of
convenience stores and per gallon amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- --------------------------
2015 2014 2015 2014
------------- ------------- ------------- ------------
Operating revenues:
Motor fuel $ 155,952 $ 158,614 $ 409,352 $ 329,145
Merchandise 51,659 23,606 121,508 37,509
Other((a)) 1,974 1,672 5,702 3,822
------------- ------------- ------------- ------------
Total operating
revenues $ 209,585 $ 183,892 $ 536,562 $ 370,476
------------- ------------- ------------- ------------
Gross profit:
Motor fuel $ 7,968 $ 2,470 $ 18,107 $ 4,461
Merchandise 11,116 7,428 28,780 10,602
Other 1,538 1,303 4,557 3,044
------------- ------------- ------------- ------------
Total gross profit 20,622 11,201 51,444 18,107
------------- ------------- ------------- ------------
Operating expenses 13,986 9,822 36,168 15,521
Depreciation,
amortization and
accretion expense 4,372 1,509 10,840 2,976
------------- ------------- ------------- ------------
Operating income $ 2,264 $ (130 ) $ 4,436 $ (390 )
------------- ------------- ------------- ------------
Adjusted EBITDA((b)) $ 7,286 $ 1,379 $ 16,632 $ 4,069
Retail sites (end of
period):
Commission
agents((c)) 71 71 71 71
Company-operated
convenience
stores((d)) 121 87 121 87
--------------------------- ------------- ------------
Total system sites
at the end of the
period 192 158 192 158
--------------------------- ------------- ------------
Total system
operating
statistics:
Average retail sites
during the
period((d)) 229 156 209 110
Motor fuel sales
(gallons per site
per day) 2,925 3,239 2,901 3,129
Motor fuel gross
profit per gallon,
net of credit card
fees and
commissions $ 0.129 $ 0.053 $ 0.110 $ 0.047
Commission agents
statistics:
Average retail sites
during the period 72 69 72 62
Motor fuel sales
(gallons per site
per day) 2,941 3,160 2,903 3,125
Motor fuel gross
profit per gallon,
net of credit card
fees and
commissions $ 0.019 $ (0.034 ) $ 0.026 $ (0.002 )
Company-operated
convenience store retail
site statistics:((d))
Average retail sites
during the period 157 87 137 48
Motor fuel sales
(gallons per site
per day) 2,917 3,301 2,900 3,134
Motor fuel gross
profit per gallon,
net of credit card
fees $ 0.180 $ 0.120 $ 0.154 $ 0.110
Merchandise sales
(per site per
day)((e)) $ 3,625 $ 2,949 $ 3,321 $ 2,843
Merchandise gross profit
percentage, net of
credit card
fees((e),(f)) 21.5 % 31.5 % 23.7 % 28.3 %
(a) Primarily consists of rental income from non-gas tenants and car
wash revenues.
(b) Adjusted EBITDA represents operating income adjusted to exclude
depreciation, amortization and accretion expense and inventory fair value
adjustments related to purchase accounting. Please see the reconciliation of the
segment's Adjusted EBITDA to consolidated net income under the heading "Non-GAAP
Financial Measures."
(c) A commission agent site is a site where CrossAmerica owns or leases the
property and then lease or sublease the site to the commission agent, who pays
rent to us and operates all of the non-fuel related operations at the sites for
their own account.
(d) The increase in retail sites relates to the Partnership's acquisitions
(e) During the second quarter of 2015, CrossAmerica began classifying the net
margin from lottery tickets within merchandise revenues and reflected this
change in presentation retrospectively.
(f) As part of the One Stop acquisition, the Partnership recorded a one-time,
non-cash charge related to a purchase accounting inventory fair value adjustment
to cost of sales for approximately $650,000 for the three months ended September
30, 2015.
Supplemental Disclosure Regarding Non-GAAP Financial Measures
CrossAmerica uses non-GAAP financial measures EBITDA, Adjusted EBITDA, and
Distributable Cash Flow in this report. EBITDA represents net income available
to CrossAmerica limited partners before deducting interest expense, income taxes
and depreciation, amortization and accretion. Adjusted EBITDA represents EBITDA
as further adjusted to exclude equity funded expenses related to incentive
compensation and the Amended Omnibus Agreement, gains or losses on sales of
assets, certain discrete acquisition related costs, such as legal and other
professional fees and severance expenses associated with recently acquired
companies, and certain other discrete non-cash items, such as inventory fair
value adjustments arising from purchase accounting. Distributable Cash Flow
represents Adjusted EBITDA less cash interest expense, sustaining capital
expenditures and current income tax expense.
EBITDA, Adjusted EBITDA, and Distributable Cash Flow are used as supplemental
financial measures by management and by external users of CrossAmerica's
financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA
are used to assess the Partnership's financial performance without regard to
financing methods, capital structure or income taxes and the ability to incur
and service debt and to fund capital expenditures. In addition, Adjusted EBITDA
is used to assess the operating performance of CrossAmerica's business on a
consistent basis by excluding the impact of items which do not result directly
from the wholesale distribution of motor fuel, the leasing of real property, or
the day to day operations of the Partnership's retail convenience store
activities. EBITDA, Adjusted EBITDA, and Distributable Cash Flow are also used
to assess the ability to generate cash sufficient to make distributions to
CrossAmerica's unit-holders.
The Partnership believes the presentation of EBITDA, Adjusted EBITDA, and
Distributable Cash Flow provides useful information to investors in assessing
the financial condition and results of operations. EBITDA, Adjusted EBITDA, and
Distributable Cash Flow should not be considered alternatives to net income or
any other measure of financial performance or liquidity presented in accordance
with U.S. GAAP. EBITDA, Adjusted EBITDA, and Distributable Cash Flow have
important limitations as analytical tools because they exclude some but not all
items that affect net income. Additionally, because EBITDA, Adjusted EBITDA, and
Distributable Cash Flow may be defined differently by other companies in
CrossAmerica's industry, the Partnership's definitions may not be comparable to
similarly titled measures of other companies, thereby diminishing their utility.
The following table presents reconciliations of EBITDA, Adjusted EBITDA, and
Distributable Cash Flow to net income, the most directly comparable U.S. GAAP
financial measure, for each of the periods indicated (in thousands, except for
per unit amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ------------------------
2015 2014 2015 2014
------------ ------------ ------------ -----------
Net income available to
CrossAmerica limited
partners $ 9,735 $ 4,091 $ 6,434 $ 7,349
Interest expense 4,867 5,162 13,888 12,901
Income tax benefit 134 803 2,722 4,579
Depreciation, amortization
and accretion 13,431 8,369 36,344 21,605
------------ ------------ ------------ -----------
EBITDA $ 27,899 $ 16,819 $ 53,944 $ 37,276
Equity funded expenses
related to incentive
compensation and the
Amended Omnibus
Agreement((a)) 3,065 1,825 9,257 3,875
(Gain) loss on sales of
assets, net (1,907 ) 49 (2,359 ) (1,484 )
Acquisition costs((b)) 1,256 137 3,408 6,088
Inventory fair value
adjustments 650 - 1,356 1,483
------------ ------------ ------------ -----------
Adjusted EBITDA $ 30,963 $ 18,830 $ 65,606 $ 47,238
Cash interest expense (4,689 ) (4,150 ) (12,604 ) (10,515 )
Sustaining capital
expenditures((c)) (208 ) (1,002 ) (1,035 ) (1,986 )
Current income tax expense (946 ) (24 ) (2,433 ) (89 )
------------ ------------ ------------ -----------
Distributable Cash Flow $ 25,120 $ 13,654 $ 49,534 $ 34,648
------------ ------------ ------------ -----------
Weighted average diluted
common and subordinated
units 33,094 19,359 27,662 18,970
Distributable Cash Flow
per diluted limited
partner unit $ 0.7591 $ 0.7053 $ 1.7907 $ 1.8264
Distributions paid per
limited partner unit $ 0.5625 $ 0.5225 $ 1.6525 $ 1.5475
Distribution coverage 1.35 x 1.35 x 1.08 x 1.18 x
(a) As approved by the independent conflicts committee of the General Partner
and the executive committee of and CST's board of directors, CrossAmerica and
CST mutually agreed to settle the second and third quarter 2015 amounts due
under the terms of the Amended Omnibus Agreement in limited partnership units.
(b) Relates to certain discrete acquisition related costs, such as legal and
other professional fees and severance expenses associated with recently acquired
businesses.
(c) Under the Partnership agreement, sustaining capital expenditures are
capital expenditures made to maintain the long-term operating income or
operating capacity. Examples of sustaining capital expenditures are those made
to maintain existing contract volumes, including payments to renew existing
distribution contracts, or to maintain CrossAmerica's sites in leasable
condition, such as parking lot or roof replacement/renovation, or to replace
equipment required to operate the existing business.
The following table reconciles segment Adjusted EBITDA to consolidated Adjusted
EBITDA (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ------------------------
2015 2014 2015 2014
------------ ------------ ------------ -----------
Adjusted EBITDA -
Wholesale segment $ 29,101 $ 22,439 $ 66,023 $ 55,271
Adjusted EBITDA - Retail
segment $ 7,286 $ 1,379 $ 16,632 $ 4,069
------------ ------------ ------------ -----------
Adjusted EBITDA - Total
segment $ 36,387 $ 23,818 $ 82,655 $ 59,340
------------ ------------ ------------ -----------
Reconciling items:
Elimination of
intersegment profit in
ending inventory balance 144 18 (18 ) (49 )
General and administrative
expenses (9,527 ) (6,988 ) (29,225 ) (22,197 )
Other income, net 87 92 336 315
Equity funded expenses
related to incentive
compensation and the
Amended Omnibus Agreement 3,065 1,825 9,257 3,875
Acquisition Costs 1,256 137 3,408 6,088
Net loss attributable to
noncontrolling interests (21 ) (8 ) (14 ) (8 )
Distributions to incentive
distribution right holders (428 ) (64 ) (793 ) (126 )
------------ ------------ ------------ -----------
Consolidated Adjusted
EBITDA $ 30,963 $ 18,830 $ 65,606 $ 47,238
------------ ------------ ------------ -----------
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels and
owner and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of
CST Brands, Inc., one of the largest independent retailers of motor fuels and
convenience merchandise in North America. Formed in 2012, CrossAmerica Partners
LP is a distributor of branded and unbranded petroleum for motor vehicles in the
United States and distributes fuel to more than 1,200 locations and owns or
leases more than 800 sites. With a geographic footprint covering 25 states, the
Partnership has well-established relationships with several major oil brands,
including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo and
Marathon. CrossAmerica Partners ranks as one of ExxonMobil's largest
distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit
www.crossamericapartners.com.
Contacts
Investors: Karen Yeakel, Vice President - Investor Relations, 610-625-8005
Randy Palmer, Director - Investor Relations, 210-692-2160
Safe Harbor Statement
Statements contained in this release that state the Company's or management's
expectations or predictions of the future are forward-looking statements. The
words "believe," "expect," "should," "intends," "estimates," "target" and other
similar expressions identify forward-looking statements. It is important to note
that actual results could differ materially from those projected in such
forward-looking statements. For more information concerning factors that could
cause actual results to differ from those expressed or forecasted, see
CrossAmerica's Form 10-Q or Form 10-K filed with the Securities and Exchange
Commission, and available on the CrossAmerica's website at
www.crossamericapartners.com. The Partnership undertakes no obligation to
publicly update or revise any statements in this release, whether as a result of
new information, future events or otherwise.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: CrossAmerica Partners LP via GlobeNewswire
[HUG#1964066]
Unternehmensinformation / Kurzprofil:
Datum: 04.11.2015 - 13:36 Uhr
Sprache: Deutsch
News-ID 431940
Anzahl Zeichen: 43131
contact information:
Town:
Allentown
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 226 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CrossAmerica Partners LP: Reports Third Quarter 2015 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
CrossAmerica Partners LP (Nachricht senden)
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