Home energy distributor Star Gas Partners, L.P. (SGU) Wednesday reported a loss for the fourth quarter of $26.6 million or $0.40 per unit, wider than the loss of $14.2 million or $0.21 per unit in the year-ago quarter.
Results for the quarter included a $13.4 million decrease in the fair value of derivative instruments.
Revenue for the quarter ended September 30 increased 13.1 percent to $153.2 million from $135.5 million in the year-ago quarter.
The Stamford, Connecticut-headquartered company said an increase in heating oil and propane selling prices associated with higher commodity prices was partially offset by lower volume.
Home heating oil and propane volume for the quarter declined 8.4 percent from last year to 19.7 million gallons. The company said the minimal volume provided by acquisitions was more than offset by the impact of net customer attrition, conservation and other factors.
For the full year, Limited Partners' interest in net income dropped to $24.2 million or $0.36 per share from $28.2 million or $0.40 per share for fiscal year 2010.
Revenues for the full year grew 31.2 percent to $1.591 billion from $1.212 billion for fiscal year 2010.
Home heating oil and propane volume for the full year increased by 45.3 million gallons or 14.6 percent to 355.6 million gallons, as the volume from fiscal 2011 and fiscal 2010 acquisitions and the impact of 8.6 percent colder temperatures was partially offset by net customer attrition, conservation and other factors.
Daniel Donovan, Star Gas Partners' chief executive officer, said," Despite facing challenges associated with the continued high price and volatility of home heating oil, as well as difficult economic conditions, we were able to reduce customer attrition and improve overall operating results...We also continue to pursue attractive acquisitions which, during the fourth quarter, included expanding our footprint for propane service into South Carolina -- now our most Southern market. Subsequent to our fiscal year end, in October 2011, we acquired additional heating oil and propane accounts in the Troy, New York area."
SGU closed Wednesday's regular trading at $5.07, down $0.08 or 1.55%, on the NYSE. Over the past year, the stock traded in a range of $4.56 - $6.02.
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