Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: January 22, 2004
Reporting Period: Fiscal 2004 First Quarter
This filing serves to announce the issuance of a press release (Exhibit 99.1) detailing the company's Fiscal 2004 First Quarter financial results and the declaration of a distribution.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the attached Press Release (Exhibit 99.1), which is referenced but not included in the provided text.
The company highlights the use of the following non-GAAP financial measures in its reporting:
- Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).
- Net income and net income per Common Unit, excluding the impact of unrealized (non-cash) gains and losses from mark-to-market activity on derivative instruments (FAS 133).
EBITDA is utilized as a component for calculating leverage and interest coverage ratios required by senior note and revolving credit agreements.
Material Changes
The filing text does not provide specific data regarding material changes in financial performance compared to the prior comparable period. The company states that the non-GAAP measures are intended to assist investors in assessing liquidity on a year-over-year basis, but the actual comparative figures are not present in this document.
Guidance, Outlook, and Management Commentary
Management Commentary: Management asserts that the non-GAAP measures assist the investment community in properly assessing liquidity and facilitate the comparison of cash flows between reporting periods. These metrics are deemed useful for evaluating the company's ability to meet debt service obligations and pay quarterly distributions.
Guidance and Risks: The filing text does not contain specific forward-looking guidance, risk factors, or contingencies beyond the standard disclosure that the information is not deemed "filed" under Section 18 of the Exchange Act.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Fiscal 2004 Q1 revenue, net income, and EBITDA figures.
- Verify the specific amount of the declared quarterly distribution.
- Examine the reconciliation of EBITDA to cash flow provided by operating activities in the press release.
- Confirm the impact of FAS 133 mark-to-market adjustments on reported net income.
- Check the company's leverage and interest coverage ratios against covenant requirements.