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Alon Partners Declares Prorated Initial Cash Distribution and Announces Schedule for Fourth Quarter and Year-End 2012 Earnings



   Alon Partners Declares Prorated Initial Cash Distribution and Announces
Schedule for Fourth Quarter and Year-End 2012 Earnings Release and Conference
                                     Call

PR Newswire

DALLAS, Feb. 13, 2013

DALLAS, Feb. 13, 2013 /PRNewswire/ -- Alon USA Partners, LP (NYSE: ALDW)
("Alon Partners") today announced that the Board of Directors of Alon USA
Partners GP, LLC, the general partner of Alon Partners, declared a prorated
distribution of $0.57 per unit payable in cash on March 1, 2013 to common
unitholders of record at the close of business on February 22, 2013. Prorated
cash available for distribution for the period following the closing of the
initial public offering through December 31, 2012 ("Post IPO Period") totaled
$35.4 million. As noted in the Alon Partners initial public offering
prospectus, the cash available for its first distribution only includes cash
for the Post IPO Period. If the cash distribution was for the entire three
months ended December 31, 2012, then the cash distribution would have been
$1.92 per unit. No distributions will be made for periods prior to the closing
date of the initial public offering.

Alon Partners also announced plans to release its fourth quarter and year-end
2012 financial results on Wednesday, March 6, 2013 after the market closes. In
conjunction with the release, Alon Partners has scheduled a conference call,
which will be broadcast live over the Internet on Thursday, March 7, 2013 at
10:00 a.m. eastern time (9:00 a.m. central time).

What:  Alon USA Partners, LP Fourth Quarter 2012 Earnings Conference Call
When:  Thursday, March 7, 2013 - 10:00 a.m. eastern time
       Live via phone by dialing 1-800-762-8779 or 480-629-9645, for
       international callers, and asking for the Alon USA Partners, LP call at
       least 10 minutes prior to the start time. Investors may also listen to
Where: the conference live on the Alon Partners website,

       http://www.alonpartners.com by logging on that site and clicking
       "Investors."

A telephonic replay of the conference call will be available through March 21,
2013 and may be accessed by calling 1-800-406-7325 or 303-590-3030, for
international callers, and using the passcode 4593733#. A web cast archive
will also be available at www.alonpartners.com shortly after the call and will
be accessible for approximately 90 days. For more information, please contact
Donna Washburn at DRG&L at 713-529-6600 or email dmw@drg-l.com.

This release serves as qualified notice to nominees under Treasury Regulation
Section 1.1446-4(b). Please note that 100% of Alon Partners' distributions to
foreign investors are attributable to income that is effectively connected
with a United States trade or business. Accordingly, all of Alon Partners'
distributions to foreign investors are subject to federal income tax
withholding at the highest effective tax rate for individuals or corporations,
as applicable. Nominees, and not Alon Partners, are treated as the withholding
agents responsible for withholding on the distributions received by them on
behalf of foreign investors.

Alon USA Partners, LP is a Delaware limited partnership formed in August 2012
by Alon USA Energy, Inc. (NYSE: ALJ). Alon Partners owns and operates a crude
oil refinery in Big Spring, Texas with total throughput capacity of
approximately 70,000 barrels per day. Alon Partners refines crude oil into
finished products, which is marketed primarily in West Texas, Central Texas,
Oklahoma, New Mexico and Arizona through its wholesale distribution network to
both Alon Energy's retail convenience stores and other third-party
distributors.

The preliminary financial results for the period following the closing of the
initial public offering through December 31, 2012 ("Post IPO Period") and for
the three months ended December 31, 2012 presented below, and utilized for the
determination of cash available for distribution, are forward-looking
statements based on preliminary estimates. These results reflect the best
judgment of our management but involve a number of risks and uncertainties
which could cause actual results to differ materially from those set forth in
our estimates and from past results or performance. Such preliminary results
are subject to finalization of our financial closing process and the audit of
our financial statements for the year ended December 31, 2012. Consequently,
there can be no assurances that the preliminary estimates set forth below will
be the actual financial results for the Post IPO Period and the three months
ended December 31, 2012, and any variation between the estimates and our
actual results set forth below may be material.

 

ALON USA PARTNERS, LP
PRORATA CASH AVAILABLE FOR DISTRIBUTION
(unaudited)
(dollars in thousands, except per unit data)
                                                         Three Months

                                Post IPO                 Ended

                                 Period                  December 31,

                                                         2012 (A)
                                (unaudited)              (unaudited)
Net sales                       $     324,237            $     825,626
Operating costs and
expenses:
Cost of sales                   264,961                  658,039
Direct operating expenses       10,687                   27,685
Selling, general and            2,153                    4,737
administrative expenses
Depreciation and                4,632                    11,046
amortization
Total operating costs and       282,433                  701,507
expenses
Operating income                41,804                   124,119
Interest expense                (4,335)                  (7,165)
Interest expense - related      —                        (2,701)
parties
Other expense, net              (2)                      (3)
Income before state income      37,467                   114,250
tax expense
State income tax expense        348                      1,018
Net income                      37,119                   113,232
Adjustments to reconcile
net income to Adjusted
EBITDA:
Interest expense                4,335                    7,165
Interest expense - related      —                        2,701
parties
State income tax expense        348                      1,018
Depreciation and                4,632                    11,046
amortization
Adjusted EBITDA                 46,434                   135,162
Adjustments to reconcile
Adjusted EBITDA to cash
available for distribution
before special expenses:
less: Maintenance/growth        4,633                    5,295
capital expenditures
less: Turnaround and
catalyst replacement            —                        38
capital expenditures
less: Major turnaround          438                      438
reserve
less: Principal payments        —                        —
less: State income tax          348                      1,018
expense
less: Interest paid in cash     4,091                    6,566
less: Interest paid in cash     —                        —
- related parties
Cash available for
distribution before special     36,924                   121,807
expenses
less: Special turnaround        1,547                    1,547
reserve
Cash available for              $     35,377             $     120,260
distribution
Common units outstanding        62,500                   62,500
(in 000's)
Cash available for              $     0.57               $     1.92
distribution per unit
                            The amounts shown for the three months ended
(A)                         December 31, 2012 are for illustrative purposes
                            only. Cash distributions will only be made for the
                            Post IPO Period.

 

 

Non-GAAP Financial Measure

Adjusted EBITDA represents earnings before state income tax expense, interest
expense, depreciation and amortization and gain on disposition of assets.
Adjusted EBITDA is not a recognized measurement under GAAP; however, the
amounts included in Adjusted EBITDA are derived from amounts included in our
financial statements. Our management believes that the presentation of
Adjusted EBITDA is useful to investors because it is frequently used by
securities analysts, investors and other interested parties in the evaluation
of companies in our industry. In addition, our management believes that
Adjusted EBITDA is useful in evaluating our operating performance compared to
that of other companies in our industry because the calculation of Adjusted
EBITDA generally eliminates the effects of state income tax expense, interest
expense, gain on disposition of assets and the accounting effects of capital
expenditures and acquisitions, items that may vary for different companies for
reasons unrelated to overall operating performance.

Adjusted EBITDA has limitations as an analytical tool, and you should not
consider it in isolation, or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:

  o Adjusted EBITDA does not reflect our cash expenditures or future
    requirements for capital expenditures or contractual commitments;
  o Adjusted EBITDA does not reflect the interest expense or the cash
    requirements necessary to service interest or principal payments on our
    debt;
  o Adjusted EBITDA does not reflect changes in or cash requirements for our
    working capital needs; and
  o Our calculation of Adjusted EBITDA may differ from Adjusted EBITDA
    calculations of other companies in our industry, limiting its usefulness
    as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered a
measure of discretionary cash available to us to invest in the growth of our
business. We compensate for these limitations by relying primarily on our GAAP
results and using Adjusted EBITDA only supplementally.

          Amir Barash, Vice President-IR
Contacts:
          Alon USA Partners, LP
          972-367-3808
          Investors: Jack Lascar/ Sheila Stuewe

          Dennard Lascar / 713-529-6600
          Media: Blake Lewis

          Lewis Public Relations

          214-635-3020

          Ruth Sheetrit

          SMG Public Relations

          011-972-547-555551

 

 

SOURCE Alon USA Partners, LP

Website: http://www.alonpartners.com
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