Genesis Energy has reported net income of $1.64 million, or $0.04 per unit for the first quarter of 2008, compared to net income of $1.58 million, or $0.11 per unit, for the same period of 2007.
Income for the quarter included $11.7 million of non-cash charges for amortization of intangibles related to the 2007 Davison acquisition. The company reported that net cash provided by operating activities was $17.4 million for the first quarter of 2008.
Grant Sims, CEO of Genesis Energy, said: We generated available cash before reserves, a non-GAAP measure, of $15.8 million which was more than adequate to cover distributions to the holders of our common units and general partner interest for the quarter totaling $12.1 million or $0.30 per unit.
For comparative purposes, we focused on the change in our performance from the fourth quarter of 2007 rather than the first quarter of 2007 since the fourth quarter of 2007 included the acquired Davison operations. Segment margin for the first quarter of 2008 was $27.3 million, a decline of $0.8 million as compared to the fourth quarter of 2007.