KANSAS CITY, Mo.--(BUSINESS WIRE)--Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) today reported results of operations for the quarter ended March 31, 2013, the second quarter of fiscal 2013.
Inergy Midstream reported Adjusted EBITDA of $42.6 million for the quarter ended March 31, 2013, an increase of $12.6 million, or 42%, from $30.0 million for the quarter ended March 31, 2012. Net income was $3.2 million for the quarter ended March 31, 2013, and $16.4 million in the same quarter of last year.
Distributable cash flow was $32.7 million for the quarter ended March 31, 2013, compared to $26.4 million in the same quarter of last year, an increase of $6.3 million, or approximately 24%.
Inergy Midstream reported Adjusted EBITDA of $75.6 million for the six months ended March 31, 2013, an increase of $15.1 million, or 25%, from $60.5 million for the six months ended March 31, 2012. Net income was $9.7 million for the six months ended March 31, 2013, and $34.0 million in the same period of last year.
Distributable cash flow was $62.2 million for the six months ended March 31, 2013, compared to $52.3 million in the same period of last year, an increase of $9.9 million, or approximately 19%.
“We are pleased to report solid quarterly results that exhibit material growth from one year ago and that are in line with our expectations,” said John Sherman, President and CEO of Inergy Midstream. “We continue to see stable fundamentals and performance in our natural gas storage and transportation business. The recently acquired crude oil logistics business is performing ahead of plan and is expected to create additional growth opportunities.”
Recent Events
As previously announced, the Board of Directors of Inergy Midstream’s general partner declared a cash distribution of $0.395 per limited partner unit ($1.58 annually) for the quarter ended March 31, 2013. The distribution will be paid on May 15, 2013.
Also as previously announced, Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood”) and Crestwood Holdings LLC and Inergy, L.P. (NYSE:NRGY) (“Inergy”) and Inergy Midstream, L.P. announced the signing of definitive agreements to create a fully integrated midstream partnership with a total enterprise value of approximately $7 billion. For a complete description of these agreements, see the 8-K filed on May 6, 2013.
Quarterly Results
In the quarter ended March 31, 2013, revenues increased to $63.8 million compared to $46.9 million during the same quarter in the prior year.
In the quarter ended March 31, 2013, service/product-related costs increased to $12.8 million compared to $11.0 million during the same quarter in the prior year.
In the quarter ended March 31, 2013, operating and administrative expenses were $13.3 million compared to $6.8 million in the same period of fiscal 2012.
Year-To-Date Results
In the six months ended March 31, 2013, revenues increased to $114.2 million compared to $93.7 million during the same period in the prior year.
In the six months ended March 31, 2013, service/product-related costs increased to $23.7 million compared to $22.1 million during the same period in the prior year.
In the six months ended March 31, 2013, operating and administrative expenses were $25.0 million compared to $12.9 million in the same period of fiscal 2012.
Inergy Midstream, L.P. and Inergy, L.P. will conduct a live conference call and internet webcast today, May 7, 2013, to discuss results of operations for the quarter ended March 31, 2013, and their business outlook. The call will begin at 10:00 a.m. Central Time. The call-in number for the earnings call is 1-877-405-3427, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-855-859-2056 and entering the pass code 57678868.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership engaged in the development and operation of natural gas, NGL and crude oil storage, transportation, and logistics businesses in the Northeast region of the United States and in North Dakota.
About Inergy, L.P.
Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy's operations include a natural gas storage business in Texas and an NGL supply logistics, transportation, and marketing business that serves customers in the United States and Canada. Through its general partner interest and majority equity ownership interest in Inergy Midstream, L.P., Inergy is also engaged in the development and operation of natural gas, NGL and crude oil storage, transportation, and logistics businesses in the Northeast region of the United States and in North Dakota.
Corporate news, unit prices, and additional information about Inergy Midstream, including reports from the United States Securities and Exchange Commission, are available on the company’s website, www.inergylp.com. For more information, contact Vince Grisell in Inergy Midstream’s Investor Relations Department at 816-842-8181 or via e-mail at investorrelations@inergyservices.com.