Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: April 24, 2003
Reporting Period: Fiscal 2003 Second Quarter
This filing serves as a Regulation FD disclosure to furnish the press release regarding the company's Fiscal 2003 Second Quarter financial results and distribution declaration. The specific financial data is contained within the attached press release (Exhibit 99.1) and is not detailed 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:
- EBITDA: Earnings before interest, taxes, depreciation, and amortization.
- Net Income: Reported both on a GAAP basis and excluding specific non-cash items.
- Net Income per Common Unit: Adjusted for specific non-GAAP items.
- Leverage and Interest Coverage Ratios: Calculated using EBITDA as required by senior note and revolving credit agreements.
Material Changes and Unusual Items
The filing highlights specific adjustments made to non-GAAP financial measures to facilitate year-over-year comparisons and cash flow evaluation:
- Derivative Instruments: Exclusion of unrealized (non-cash) gains and losses attributable to mark-to-market activity under FAS 133.
- Asset Sales (Fiscal 2003 Q2): Exclusion of gains from the sale of five customer service centers.
- Asset Sales (Fiscal 2002 Q2): Exclusion of gains from the sale of a storage facility in the prior comparable period.
Guidance, Outlook, and Management Commentary
Management Commentary: Management states that the provided non-GAAP measures assist the investment community in assessing liquidity on a year-over-year basis. These measures are intended to help investors evaluate 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 the actual numerical values of revenue, EBITDA, and net income.
- Verify the reconciliation of EBITDA to cash flow provided by operating activities as mentioned in the press release.
- Confirm the specific amount of the quarterly distribution declared in the press release.
- Check the impact of the five customer service center sales on the reported earnings for the quarter.