SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, dated May 4, 2006, reports the Fiscal 2006 Second Quarter 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.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the attached press release (Exhibit 99.1) as the source for these figures. The company highlights the use of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as a key non-GAAP measure to assess liquidity and debt service capabilities.
Material Changes and Non-GAAP Measures
The company emphasizes the use of non-GAAP financial measures, specifically EBITDA, net income, and net income per Common Unit, excluding the impact of unrealized (non-cash) gains or losses from mark-to-market activity on derivative instruments (SFAS No. 133). These adjustments are intended to facilitate year-over-year comparisons of cash flows and evaluate the ability to meet debt obligations and pay quarterly distributions.
Management Commentary and Risks
Management states that these non-GAAP measures assist the investment community in assessing liquidity and are required by the company's revolving credit agreement for calculating leverage and interest coverage ratios. A reconciliation of EBITDA to cash flow provided by operating activities is included in the referenced press release. No specific risks or contingencies are detailed within the text of this 8-K form itself.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and EBITDA figures for the Fiscal 2006 Second Quarter.
- Verify the reconciliation of EBITDA to the most comparable GAAP measure (cash flow from operating activities) in the press release.
- Assess the impact of unrealized gains or losses on derivative instruments on reported net income.
- Confirm current leverage and interest coverage ratios based on the EBITDA figures provided in the exhibit.