Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: April 22, 2004
Reporting Period: Fiscal 2004 Second Quarter
This filing serves as a current report to announce the issuance of a press release detailing Fiscal 2004 Second Quarter financial results and the declaration of a distribution. The specific financial data is contained within the attached press release (Exhibit 99.1) rather than the body of this 8-K.
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 (FAS 133)
- Quarterly Distribution Declaration
The company utilizes EBITDA 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 explicitly state material changes versus the prior comparable period. It notes that the attached press release provides non-GAAP measures to assist in assessing liquidity on a year-over-year basis and to facilitate cash flow comparisons between reporting periods.
Guidance, Outlook, and Risks
Management Commentary: Management emphasizes the use of non-GAAP financial measures to assist investors in evaluating the company's ability to meet debt service obligations and pay quarterly distributions. A reconciliation of EBITDA to cash flow provided by operating activities is included in the press release.
Risks and Contingencies: The filing references the impact of mark-to-market activity on derivative instruments recorded under Statement of Financial Accounting Standards No. 133 (FAS 133), noting that non-GAAP measures exclude these unrealized non-cash gains and losses.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and EBITDA figures for the Fiscal 2004 Second Quarter.
- Verify the exact amount of the declared quarterly distribution per unit.
- Examine the reconciliation of EBITDA to cash flow from operating activities to understand the impact of non-cash items.
- Assess the impact of FAS 133 derivative accounting on reported net income versus cash flow.
- Confirm leverage and interest coverage ratios against debt covenant requirements.