Excluding the previously reported $46.1 million gain on the sale of the Arizona propane storage facility in fiscal 2007 and the $17.1 million loss on the early extinguishment of debt in fiscal 2006, income was $144.7 million for fiscal 2007, compared to $108.3 million for the previous year.
Revenues increased to $2.28 billion in fiscal 2007 from $2.12 billion in fiscal 2006, reflecting higher volumes sold and higher average selling prices, primarily due to higher propane product costs.
Eugene Bissell, CEO of AmeriGas, said: AmeriGas not only achieved record earnings in fiscal 2007, but we also made significant progress on our core strategies. Based on these results we increased our distribution 5% during the year and renewed our intention to raise the distribution at least 3% annually. Assuming normal weather in fiscal 2008, we expect EBITDA in the range of $300 million to $310 million as previously announced.
