Star Gas Partners has reported total revenues of $453.9 million in the first quarter of fiscal 2008, a 37.5% increase, compared to $330.2 million in the first quarter of fiscal 2007.
For the first quarter of 2008, adjusted EBITDA decreased $3 million to $19.3 million, as compared to $22.3 million in the first quarter of 2007.
The company said that home heating oil volume for the first quarter of 2008 increased 13.9 million gallons to 113.2 million gallons due to colder temperatures, as the volume lost through net customer attrition was offset by the acquisitions completed in 2007.
Dan Donovan, CEO of Star Gas Partners, said: Given the warmer than normal temperatures during the quarter, especially in October, and record price levels exacerbated by the extreme volatility in the heating oil market, we are pleased with the performance of our operations. For the first time in four years, we were completely staffed at our local operations and our employees performed well in servicing our customer base.