DALLAS, March 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- Crosstex Energy, Inc.
(Nasdaq: XTXI) (the Corporation) today reported net income of $2.4 million for
the fourth quarter of 2004, compared to net income of $1.0 million for the
comparable period in 2003. The Corporation's annual income before income
taxes, gain on issuance of units of Crosstex Energy, L.P. (Nasdaq: XTEX) (the
Partnership) and interest of non-controlling partners in the Partnership's net
income was $22.1 million in 2004 and $10.4 million in 2003. Net income for
the year declined from $13.4 million in 2003 to $8.7 million in 2004 due to
the inclusion of an $18.4 million gain on the sale of Partnership units
pursuant to a secondary offering in the 2003 results, partially offset by
improved operating results in the current year.
The Corporation's share of Partnership distributions, including
distributions on its ten million limited partner units, its two percent
general partner interest, and the incentive distribution rights, was
$6.5 million in the fourth quarter of 2004, compared to $4.4 million in the
fourth quarter of 2003, an increase of 48 percent. The recently announced
increase in the Partnership's distribution increased the Corporation's share
of the distribution by $0.5 million, from $6.0 million in the third quarter of
2004 to $6.5 million for the fourth quarter.
About the Crosstex Energy Companies
Crosstex Energy, Inc. owns the general partner, a 54 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
L.P.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants, and
over 80 natural gas amine treating plants. Crosstex currently provides
services for over 1.9 BCF/day of natural gas.
Additional information about the Crosstex companies can be found at
http://www.crosstexenergy.com .
(table to follow)
CROSSTEX ENERGY, INC.
Selected Financial and Operating Data
(All amounts in thousands except per share numbers)
Three Months Ended Twelve Months Ended
December 31, December 31,
2004 2003 2004 2003
Revenues
Midstream $620,840 $244,130 $1,948,021 $989,697
Treating 8,163 6,513 30,755 23,966
629,003 250,643 1,978,776 1,013,663
Cost of Gas
Midstream 594,580 230,898 1,861,204 946,412
Treating 1,182 1,257 5,274 7,568
595,762 232,155 1,866,478 953,980
Gross Margin 33,241 18,488 112,298 59,683
Operating Expenses 11,627 4,697 38,197 17,758
General and Administrative 7,058 4,201 21,175 11,593
Impairments --- --- 981 ---
Stock Based Compensation 260 696 1,029 5,345
(Gain) Loss on Sale
of Property --- --- (12) ---
(Profit) Loss on Energy
Trading Activities (715) (414) (2,507) (1,905)
Depreciation and Amortization 6,535 4,241 23,034 13,542
Total 24,765 13,421 81,897 46,333
Operating Income 8,476 5,067 30,401 13,350
Interest Expense (2,949) (1,124) (9,115) (3,103)
Other Income 548 129 802 179
Total Other
Income (Expense) (2,401) (995) (8,313) (2,924)
Income Before Income Taxes
and Interest of Non-
controlling Partners in the
Partnership's Net Income 6,075 4,072 22,088 10,426
Gain on Issuance of Units
of the Partnership --- 280 --- 18,360
Interest of Non-controlling
Partners in the
Partnership's Net Income (2,023) (2,077) (8,239) (5,181)
Income Tax Provision (1,645) (1,324) (5,149) (10,157)
Net Income $2,407 $951 $8,700 $13,448
Preferred Stock Dividends $--- $885 $132 $3,584
Net Income Available
to Common $2,407 $66 $8,568 $9,864
Diluted Earnings per
Common Share $0.19 $0.02 $0.67 $1.10
Weighted Average Shares
Outstanding:
Diluted 12,932 3,486 (A) 12,899 12,271
(A) Basic shares outstanding only. Excludes the effect of conversion of
Preferred shares that are anti-dilutive.
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive V.P. and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, Inc.
Barry E. Davis, President and Chief Executive Officer, or William W. Davis, Executiv
V.P. and Chief Financial Officer, both of Crosstex Energy, Inc., +1-214-953-9500
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