Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: January 20, 2005
Reporting Period: Fiscal 2005 First Quarter
This filing announces the issuance of a press release detailing Fiscal 2005 First Quarter financial results and a distribution declaration. The specific financial data is contained within Exhibit 99.1 (the Press Release) and is not embedded directly in the body of this 8-K text.
Key Financial Metrics
The filing text 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:
- Net Income and Net Income per Common Unit
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
- Non-GAAP measures excluding unrealized gains/losses on derivative instruments (SFAS No. 133)
- Cash flow provided by operating activities
Material Changes and Non-GAAP Measures
The company highlights the use of non-GAAP financial measures to assist investors in assessing liquidity on a year-over-year basis. Specifically, the company adjusts for unrealized (non-cash) gains and losses attributable to mark-to-market activity on derivative instruments. These adjustments are intended to facilitate comparisons of cash flows between periods and evaluate the ability to meet debt service obligations and pay quarterly distributions.
Guidance, Outlook, and Risks
Management Commentary: Management states that EBITDA is a required component for calculating leverage and interest coverage ratios under senior note agreements and revolving credit agreements. A reconciliation of EBITDA to cash flow provided by operating activities is provided in the press release.
Risks and Contingencies: The filing notes that the information, including the exhibit, is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific numerical values regarding Q1 2005 revenue, net income, and EBITDA.
- Verify the reconciliation of EBITDA to cash flow from operating activities provided in the press release.
- Confirm the specific amount of the declared quarterly distribution.
- Assess the impact of SFAS No. 133 derivative accounting on reported net income versus non-GAAP measures.