Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: July 22, 2004
Reporting Period: Fiscal 2004 Third Quarter
This filing serves as a current report to announce the issuance of a press release detailing Fiscal 2004 Third Quarter financial results and a distribution declaration. The detailed financial data is contained within Exhibit 99.1 (the Press Release) and is not explicitly restated in the body of this 8-K text.
Key Financial Metrics
The text of this 8-K filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the following metrics as being detailed in the attached Press Release (Exhibit 99.1):
- EBITDA: Earnings before interest, taxes, depreciation, and amortization.
- Net Income: Reported both on a GAAP basis and excluding unrealized gains/losses from derivative instruments (FAS 133).
- Net Income per Common Unit: Adjusted for non-cash mark-to-market activities.
- Leverage and Interest Coverage Ratios: Calculated using EBITDA as required by senior note and revolving credit agreements.
Material Changes
The filing text does not quantify material changes versus the prior comparable period. It notes that the company provides non-GAAP financial measures to assist investors in assessing liquidity on a year-over-year basis and to facilitate cash flow comparisons between reporting periods.
Guidance, Outlook, and Management Commentary
Management Commentary: Management states that non-GAAP measures (specifically EBITDA and adjusted net income) are provided to help the investment community assess liquidity and evaluate the ability to meet debt service obligations and pay quarterly distributions. These measures exclude the impact of unrealized (non-cash) gains and losses attributable to mark-to-market activity on derivative instruments under FAS 133.
Reconciliation: A reconciliation of EBITDA to cash flow provided by operating activities is presented in the attached Press Release.
Guidance and Risks: The text of this 8-K does not contain specific forward-looking guidance, risk factors, or contingencies beyond the standard reference to the attached press release.
Important Facts for Investor Verification
- Source of Data: All specific financial figures (revenue, earnings, distribution amounts) are located in Exhibit 99.1 (Press Release), not in the main body of this 8-K.
- Non-GAAP Adjustments: Verify the reconciliation between GAAP net income and the non-GAAP measures used, specifically regarding the exclusion of FAS 133 derivative mark-to-market impacts.
- Distribution Declaration: Confirm the specific quarterly distribution amount declared in the press release.
- Debt Covenants: Review how the reported EBITDA impacts leverage and interest coverage ratios required by senior note and revolving credit agreements.