SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, dated July 24, 2003, serves as a current report for Suburban Propane Partners, L.P. The filing primarily acts as a vehicle to disclose the company's Fiscal 2003 Third Quarter Financial Results and a Distribution Declaration under Regulation FD (Item 9). The detailed financial data is contained within a Press Release furnished as Exhibit 99.1.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the use of non-GAAP financial measures, specifically EBITDA, and net income excluding unrealized gains/losses from derivative instruments (FAS 133), to assist investors in assessing liquidity and debt service capabilities. A reconciliation of EBITDA to cash flow from operating activities is noted to be available in the attached Press Release.
Material Changes
The filing does not explicitly detail material changes versus the prior comparable period within the main text. It indicates that the Press Release (Exhibit 99.1) contains the results of operations and financial condition for the quarter.
Guidance, Outlook, and Risks
Management commentary focuses on the utility of non-GAAP measures for evaluating the ability to meet debt service obligations and pay quarterly distributions. The filing highlights the impact of Statement of Financial Accounting Standards No. 133 (FAS 133) regarding mark-to-market activity on derivative instruments as a significant factor in financial reporting. No specific forward-looking guidance or new risk factors are detailed in the text of this 8-K.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Fiscal 2003 Third Quarter revenue, net income, and EBITDA figures.
- Verify the declared quarterly distribution amount mentioned in the Press Release.
- Examine the reconciliation of EBITDA to cash flow provided by operating activities in the exhibit.
- Assess the impact of FAS 133 unrealized gains and losses on reported net income versus cash flow.
- Confirm leverage and interest coverage ratios based on the EBITDA calculations referenced in senior note and credit agreements.