FERRELLGAS PARTNERS FINANCE CORP (1012493) SEC Filing 10-Q Quarterly report for the period ending Wednesday, October 31, 2018

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Exhibit 99.1

 

Ferrellgas Partners, L.P. Reports Fiscal First Quarter 2019 Results

 

·                  Total Retail propane sales volume for the quarter increased approximately nine percent leading to a 15 percent increase in gross margin dollars over the prior year

·                  Retail customer growth of approximately 24,500, or four percent over prior year

·                  Tank Exchange sale locations now exceed 53,800, up 12 percent compared to prior year.

·                  Three accretive acquisitions of Blue Rhino independent distributors completed to date this fiscal year.

 

LIBERTY, Mo., December 6, 2018 (GLOBE NEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its fiscal first quarter ended October 31, 2018.

 

For the quarter, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $57.0 million, or $.58 per common unit, compared to prior year period net loss of $47.9 million, or $.49 per common unit.

 

Adjusted EBITDA, a non-GAAP measure, was $17.8 million compared to $26.2 million in the prior year. The following table represents the contribution to adjusted EBITDA from ongoing propane operations as well as from assets that were sold during 2018.

 

(in millions)

 

Q1 2019

 

Q1 2018

 

Propane Operations and Corporate Support

 

$

17.8

 

$

19.0

 

Results from Assets Sold in 2018

 

 

 

7.2

 

Consolidated Adjusted EBITDA

 

$

17.8

 

$

26.2

 

 

On a trailing twelve month basis, adjusted EBITDA from ongoing propane operations and corporate support as of October 31, 2018 is $226.5 million compared to $227.7 million as of July 31, 2018.

 

The Company’s propane operations reported that total gallons sold increased 5.9 million gallons, or three percent, over prior year. Margins were over two percent higher than the prior year despite increased competitive pressure in the tank exchange business. The Company continues its aggressive approach to gaining market share.  This strategic focus resulted in approximately 24,500 new customers, or approximately four percent more than prior year. Additionally, the Company’s current Blue Rhino tank exchange sales locations have increased over 12 percent from prior year to over 53,800 locations. Overall, the increase in sales volume growth and margins per gallon resulted in an increase in gross margin dollars of $4.4 million.  The Company’s ongoing commitment to investing in the

 


The following information was filed by FERRELLGAS PARTNERS FINANCE CORP on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0000922358-18-000013
  • Submitted to the SEC: Thursday, December 6, 2018 6:57:32 AM EST
  • Accepted by the SEC: Thursday, December 6, 2018
  • Period ending: October 2018
  • Industry: Retail Miscellaneous Retail