Green Plains Partners: Q4 Results 2015
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Quarterly cash distribution increased to $0.4025 per unit
Adjusted EBITDA of $14.3 million and distributable cash flow of $14.1 million, resulting in 1.08x distribution coverage ratio
Net income of $12.1 million, or $0.37 per common unit
Acquired storage and transportation assets for $62.5 million from Green Plains Inc. on Jan. 1, 2016
OMAHA, Neb., Feb. 10, 2016 (GLOBE NEWSWIRE) -- Green Plains Partners LP (GPP) today announced financial and operating results for the fourth quarter of 2015. The partnership reported adjusted EBITDA of $14.3 million and distributable cash flow of $14.1 million, indicating a 1.08x coverage ratio of the fourth quarter distribution. Fourth quarter 2015 net income was $12.1 million, or $0.37 per common unit.
“The partnership finished the year strongly driven by record throughput volumes from Green Plains Inc.,” said Todd Becker, president and chief executive officer of Green Plains Partners. “We expect storage and transportation revenues to continue to grow following the acquisition of the Hopewell and Hereford storage and transportation assets. The underlying growth of our business is on track as evidenced by the increase in our cash distribution per unit after only two quarters in business.”
Liquidity and Capital Expenditures
Total liquidity as of Dec. 31, 2015, was $116.4 million, including $16.4 million in cash and cash equivalents, and $100 million under the partnership’s revolving credit facility. The partnership incurred growth capital expenditures of $0.4 million and minimal maintenance capital expenditures for the fourth quarter of 2015.
On Jan. 21, 2016, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.4025 per unit on all outstanding common and subordinated units, or $1.61 per unit on an annualized basis, for the fourth quarter of 2015. This distribution represents a 0.25 cent increase over the partnership’s previous quarterly distribution of $0.40 per unit. The distribution will be paid on Feb. 12, 2016, to unitholders of record at the close of business on Feb. 5, 2016.
About Green Plains Partners LP
Green Plains Partners LP (GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.
About Green Plains Inc.
Green Plains Inc. (GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. The company processes 12 million tons of corn annually, producing over 1.2 billion gallons of ethanol, approximately 3.4 million tons of livestock feed and 275 million pounds of industrial grade corn oil at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.