SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, filed on November 16, 2006, reports the Fiscal 2006 Fourth Quarter and Year-End financial results for Suburban Propane Partners, L.P. The filing serves to disseminate a press release (Exhibit 99.1) detailing the company's operational performance for the period ending in 2006.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references a press release containing these figures. The company utilizes several non-GAAP financial measures to assess performance and liquidity, including:
- EBITDA: Earnings before interest, income taxes, depreciation, and amortization.
- Adjusted EBITDA: EBITDA further adjusted for loss on debt extinguishment.
- Adjusted Net Income: Net income excluding unrealized gains or losses from mark-to-market activity on derivative instruments (SFAS No. 133).
- Gross Margins: Calculated as revenues less cost of products sold, excluding depreciation and amortization.
These metrics are used to evaluate the company's ability to meet debt service obligations, pay quarterly distributions, and assess the impact of commodity prices on profitability.
Material Changes and Comparisons
The filing text does not explicitly state the magnitude of changes versus the prior comparable period. It notes that the provided non-GAAP measures are intended to assist investors in assessing liquidity and cash flows on a year-over-year basis. Specific comparative data is contained within the referenced press release.
Guidance, Outlook, and Risks
The filing highlights that profitability in the retail propane, fuel oil, natural gas, and electricity businesses is largely dependent on the spread between retail sales prices and product costs. The company emphasizes the use of non-GAAP measures to facilitate comparisons of cash flows between periods. No specific forward-looking guidance or new risk factors are detailed in the text of this 8-K, other than the inherent commodity price sensitivity noted.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding Q4 and full-year 2006 revenue, net income, and EBITDA.
- Verify the reconciliation of EBITDA and Adjusted EBITDA to cash flow provided by operating activities as presented in the press release.
- Confirm the impact of mark-to-market adjustments on derivative instruments on reported net income.
- Check the company's leverage and interest coverage ratios as calculated under the revolving credit agreement.