Suburban Propane Partners, a distributor of propane, fuel oil and related products and services, has reported a net income of $80.7 million, or $2.46 per common unit, for the first quarter ended December 27, 2008, compared to $85.4 million, or $2.61 per common unit, for the same quarter of 2007.
The company has reported revenue of $363.3 million for the first quarter ended December 27, 2008, a 14.5% decrease compared to $425.11 million for the same period of 2007.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of fiscal 2009 amounted to $97.3 million, compared to $102.6 million in the prior year quarter.
According to the company, sales volumes in the propane and refined fuels segments were negatively affected by the adverse economic conditions. Adjusted EBITDA of $82.2 million for the first quarter of fiscal 2009 improved $20.7 million, or 33.7%, compared to Adjusted EBITDA in the prior year first quarter of $61.5 million (excluding the $43.7 million gain from the sale of the Tirzah assets).
Mark Alexander, CEO of Suburban Propane Partners, said: “Despite the current environment, we generated more than 33% year-over-year growth in adjusted EBITDA, 6% year-over-year growth in distributions and ended the quarter with more than $130 million of cash on the balance sheet.”
