Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: October 23, 2003
Subject: Announcement of Fiscal 2003 Fourth Quarter and Year-End Financial Results and Distribution Declaration.
Key Financial Metrics
The filing text serves as a cover document referencing a Press Release (Exhibit 99.1) for specific data. The text itself does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity. It notes the use of non-GAAP measures, specifically EBITDA and net income excluding unrealized gains/losses from derivative instruments (FAS 133), to assist in assessing liquidity and debt service capabilities.
Material Changes
The filing does not contain specific comparative data or material changes versus prior periods. It indicates that such details are contained within the attached Press Release.
Guidance, Outlook, and Management Commentary
- Management Commentary: Management utilizes non-GAAP financial measures to facilitate year-over-year comparisons of cash flows and to evaluate the ability to meet debt service obligations and pay quarterly distributions.
- Contractual Requirements: Senior note agreements and the revolving credit agreement require the use of EBITDA for calculating leverage and interest coverage ratios.
- Reconciliation: A reconciliation of EBITDA to cash flow provided by operating activities is presented in the attached Press Release.
Important Facts for Investor Verification
- Review Exhibit 99.1 (Press Release) for specific Fiscal 2003 Fourth Quarter and Year-End financial figures.
- Verify the specific amount of the declared quarterly distribution.
- Examine the reconciliation of EBITDA to GAAP cash flow to understand the impact of FAS 133 derivative mark-to-market activities.
- Confirm current leverage and interest coverage ratios as calculated under the company's debt agreements.