Propane gas and fuel oil distributor Suburban Propane Partners, L.P. (SPH) reported Thursday a wider loss for the fourth quarter, reflecting a sharp decline in sales across all segments as well as debt extinguishment.
For the fourth quarter, net loss widened to $22.88 million or $0.67 per unit from $11.32 million or $0.35 per unit in the same period previous year.
The company noted that the results of the latest quarter included loss on debt extinguishment of $4.62 million related to the debt tender offer completed in the same period. On average, five analysts polled by Thomson Reuters expected the company to report loss of $0.57 per unit in the fourth quarter. Analysts' estimate typically excludes special items.
Revenues for the period dropped steeply to $150.24 million from $256.48 million last year. Four analysts were looking for revenue of $166.91 million for the fourth quarter.
Propane sales dwindled year-over-year to $113.62 million from $186.25 million, and fuel oil and refined fuels sales dipped to $17.17 million from $40.47 million. Sales of natural gas and electricity declined to $10.31 million from $19.05 million reported in the year-ago quarter.
Further, the company noted that retail propane sales decreased 13.3% to 49.1 million gallons from 56.6 million gallons in the prior-year quarter. Sales of fuel oil and other refined fuels dropped 22.5% to 6.9 million gallons from 8.9 million gallons. Volume declines in both segments were attributable mainly to lower commercial and industrial volumes amid economic recession.
Combined operating and general and administrative expenses for the three-month period was $79.9 million, down 3.9% from the past year due to lower payroll and benefit related costs, lower vehicle costs and decrease in bad debt expense.
For the full year, net income rose to $165.24 million or $4.96 per unit from $154.88 million or $40.70 per unit in fiscal 2008. For 2008, income from continuing operations was $111.17 million. Revenues slid to $1.14 billion from $1.57 billion in the same period last year.
SPH closed Wednesday's regular trading hours at $44.54 on the NYSE.
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