Exhibit 99.1
FOR IMMEDIATE RELEASE
NOVEMBER 6, 2009
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| Contact: |
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Jill McMillan, Director, Public & Industry Affairs
Phone: (214) 721-9271
Jill.McMillan@CrosstexEnergy.com |
CROSSTEX ENERGY REPORTS THIRD-QUARTER 2009 RESULTS
DALLAS, November 6, 2009 — The Crosstex Energy companies, Crosstex Energy, L.P. (NASDAQ: XTEX)
(the Partnership) and Crosstex Energy, Inc. (NASDAQ: XTXI) (the Corporation) today reported
earnings for the third-quarter 2009.
Third-Quarter 2009 — Crosstex Energy, L.P. Financial Results
The Partnership realized adjusted cash flow of $51.0 million in the third quarter of 2009, compared
with $53.9 million in the third quarter of 2008. Adjusted cash flow is a non-GAAP financial
measure and is explained in greater detail under “Non-GAAP Financial Information.” There is a
reconciliation of this non-GAAP measure to net income (loss) in the tables at the end of this news
release.
The Partnership reported net income of $74.2 million in the third quarter of 2009, compared with a
net loss of $5.2 million in the third quarter of 2008. The 2009 third-quarter results include a
$97.4 million gain on the sale of the Partnership’s Alabama, Mississippi and south Texas assets.
Third-quarter 2009 results included a loss from discontinued operations related to the asset sales
of $4.0 million, while the third-quarter 2008 included income of $6.2 million.
“We are very pleased with our strong third-quarter results,” said Barry E. Davis, Crosstex
President and Chief Executive Officer. “Despite a difficult operating environment, we’ve increased
our cash flows by implementing additional operating efficiencies and reducing costs. We remain
committed to optimizing our core assets in the Barnett and Haynesville shales, as well as our
natural gas liquids processing business. We are confident we will be able to capitalize on
increased drilling activity as the economy continues to improve.
“After paying down $550 million of debt through asset sales and with the operations improvements we
have implemented, we believe we are well positioned to access the capital markets to refinance our
existing debt,” added Davis.
-more-
Crosstex Energy Reports Third-Quarter 2009 Results
Page 2 of 8
The Partnership’s gross margin from continuing operations for the third quarter of 2009 increased
to $81.2 million from $79.2 million in the third quarter of 2008. This increase was primarily
related to higher margins on the Partnership’s gathering and transmission throughput volumes, which
were partially offset by declines of $4.8 million in the Louisiana natural gas processing business
resulting from a less favorable natural gas liquids (NGL) market. The north Louisiana gathering
and transmission system contribution to gross margin increased $4.2 million due to higher margins
and volumes. Gross margin derived from north Texas operations rose $2.2 million compared with the
third-quarter 2008. The increase was primarily related to gathering and processing activities,
even though throughput and plant inlet volumes were relatively unchanged from the year-ago quarter.
As a result of the Partnership’s continued focus on expense reduction, third-quarter 2009 operating
expenses declined $5.4 million, or 16 percent, compared with the third quarter of 2008. Although
third-quarter 2009 general and administrative expense of $16.1 million was approximately flat
versus the same period a year ago, it included a one-time charge of $0.9 million for severance
expenses related to asset sales. Depreciation and amortization expense increased $4.3 million in
the third quarter of 2009 compared with the third quarter of 2008 due to the Partnership’s
investment in its north Texas and Louisiana assets. Interest expense rose to $26.6 million in the
third quarter of 2009 from $14.2 million in the third quarter of 2008. The increase in interest
expense was primarily due to a $9.2 million increase in interest rates pursuant to the February
2009 amendments to the Partnership’s debt agreements and a $4.3 million increase in realized
interest rate swap losses.
The net income per limited partner common unit in the third quarter of 2009 was $1.46 compared with
a net loss per limited partner common unit of $0.24 in the third quarter of 2008.
Third-Quarter 2009 — Crosstex Energy, Inc. Financial Results
The
Corporation reported net income of $15.5 million in the third
quarter of 2009 compared to $0.5
million in the comparable 2008 period. The Corporation’s loss from continuing operations before
income taxes (which includes interest of non-controlling partners in the net income of the
Partnership) was $19.6 million in the third quarter of 2009, compared with $10.5 million in the
third quarter of 2008.
In accordance with U.S. accounting standards, the Partnership and Corporation classified certain
assets and liabilities as held for sale and the results of their operations as discontinued
operations for all accounting periods presented. Included in this news release are tables of
selected financial data in which amounts have been reclassified as discontinued operations for each
period presented.
-more-
Crosstex Energy Reports Third-Quarter 2009 Results
Page 3 of 8
Crosstex to Hold Earnings Conference Call Today
The Partnership and the Corporation will hold their quarterly conference call to discuss
third-quarter 2009 results today, November 6, at 10:00 a.m. Central time (11:00 a.m. Eastern time).
The dial-in number for the call is 1-888-713-4211. Callers outside the United States should dial
1-617-213-4864. The passcode for all callers is 36933278. Investors are advised to dial in to the
call at least 10 minutes prior to the call time to register. Participants may preregister for the
call at https://www.theconferencingservice.com/prereg/key.process?key=PHJU6CF8U. Preregistrants
will be issued a pin number to use when dialing in to the live call, which will provide quick
access to the conference by bypassing the operator upon connection. Interested parties also can
access a live Web cast of the call on the Investors page of Crosstex’s Web site at
www.crosstexenergy.com.
After the conference call, a replay can be accessed until February 5, 2010, by dialing
1-888-286-8010. International callers should dial 1-617-801-6888 for a replay. The passcode for all
callers listening to the replay is 88703740. Interested parties also can visit the Investors page
of Crosstex’s Web site to listen to a replay of the call.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in Dallas, operates
approximately 3,300 miles of pipeline, 10 processing plants and three fractionators. The
Partnership currently provides services for 3.2 billion cubic feet per day of natural gas, or
approximately six percent of marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner interest, a 33 percent limited partner
interest and the incentive distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found at www.crosstexenergy.com.
Non-GAAP Financial Information
This press release contains non-generally accepted accounting principle financial measures that the
Partnership refers to as Distributable Cash Flow and Adjusted Cash Flow. Distributable Cash Flow is
defined as earnings before certain noncash charges, less maintenance capital. Adjusted Cash Flow
is defined as net income before interest, income taxes, depreciation and amortization, stock-based
compensation, noncash mark-to-market items and other miscellaneous noncash items. The amounts
included in the calculation of these measures are computed in accordance with generally accepted
accounting principles (GAAP), with the exception of maintenance capital expenditures. Maintenance
capital expenditures are capital expenditures made to replace partially or fully depreciated assets
in order to maintain the existing operating capacity of the assets and to extend their useful
lives.
The Partnership believes these measures are useful to investors because they may provide users of
this financial information with meaningful comparisons between current results and prior-reported
results and a meaningful measure of the Partnership’s cash flow after it has satisfied the capital
and related requirements of its operations.
-more-
Crosstex Energy Reports Third-Quarter 2009 Results
Page 4 of 8
Distributable Cash Flow and Adjusted Cash Flow are not measures of financial performance or
liquidity under GAAP. They should not be considered in isolation or as an indicator of the
Partnership’s performance. Furthermore, they should not be seen as measures of liquidity or a
substitute for metrics prepared in accordance with GAAP. A reconciliation of these measures to net
income is included among the preceding and following tables.
This press release contains forward-looking statements within the meaning of the federal securities
laws. These statements are based on certain assumptions made by the Partnership and the Corporation
based upon management’s experience and perception of historical trends, current conditions,
expected future developments and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are not limited to, statements with
respect to the Partnership’s and the Corporation’s guidance and future outlook, financing plans,
financial condition, liquidity and results of operations. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership
and the Corporation, which may cause the Partnership’s and the Corporation’s actual results to
differ materially from those implied or expressed by the forward-looking statements. These risks
include the following: (1) the Partnership may not be able to obtain funding due to the
deterioration of the credit and capital markets and current economic conditions; (2) the
Partnership will not be able to pay cash distributions until its liquidity position improves and
it refinances and pays certain of its indebtedness; (3) volatility in natural gas and natural gas
liquids prices may occur due to weather and other natural and economic forces; (4) the Partnership
and the Corporation do not have diversified assets; (5) drilling levels may decrease due to
deterioration in the credit and commodity markets; (6) the Partnership’s credit risk management
efforts may fail to adequately protect against customer nonpayment; (7) customers may increase
collateral requirements from the Partnership or reduce business with the Partnership to reduce
credit exposure; (8) exposure to fluctuations in commodity prices and interest rates may result in
financial losses or reduced income; (9) the amount of natural gas transported in the Partnership’s
gathering and transmission lines may decline as a result of reduced drilling by producers,
competition for supplies, reserve declines and reduction in demand from key customers and markets;
(10) the level of the Partnership’s processing operations may decline for similar reasons; (11)
operational, regulatory and other asset-related risks, including weather conditions such as
hurricanes, exist because a significant portion of the Partnership’s assets are located in southern
Louisiana and the Gulf Coast of Texas; and (12) other factors discussed in the Partnership’s and
the Corporation’s Annual Reports on Form 10-K for the year ended December 31, 2008, and other
filings with the Securities and Exchange Commission. The Partnership and the Corporation have no
obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
(Tables follow)
Crosstex Energy Reports Third-Quarter 2009 Results
Page 5 of 8
CROSSTEX ENERGY, L.P.
Selected Financial Data
(All amounts in thousands except per unit numbers)
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Three Months Ended |
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Nine Months Ended |
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September 30 |
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September 30 |
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2009 |
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2008 |
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2009 |
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2008 |
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(Unaudited) |
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(Unaudited) |
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Revenues |
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Midstream |
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$ |
349,194 |
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$ |
854,335 |
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$ |
1,049,451 |
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$ |
2,650,121 |
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Profit on energy trading activities |
|
|
1,504 |
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|
647 |
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|
3,645 |
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|
|
2,331 |
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|
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Total revenues |
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350,698 |
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|
854,982 |
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|
1,053,096 |
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|
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2,652,452 |
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| |
Midstream purchased gas |
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269,461 |
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|
775,782 |
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824,812 |
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|
2,411,025 |
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|
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| |
Gross margin |
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81,237 |
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|
|
79,200 |
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|
|
228,284 |
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|
|
241,427 |
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| |
Operating expenses |
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|
29,027 |
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|
34,409 |
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|
|
84,733 |
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|
|
93,695 |
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General and administrative |
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16,051 |
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|
16,103 |
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43,617 |
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47,983 |
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Gain on sale of property |
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(356 |
) |
|
|
(4 |
) |
|
|
(899 |
) |
|
|
(1,023 |
) |
Gain on derivatives |
|
|
(1,672 |
) |
|
|
(2,460 |
) |
|
|
(6,723 |
) |
|
|
(4,286 |
) |
Depreciation and amortization |
|
|
31,155 |
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|
|
26,905 |
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|
|
90,824 |
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|
|
79,189 |
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|
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|
|
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|
|
|
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Total operating costs and expenses |
|
|
74,205 |
|
|
|
74,953 |
|
|
|
211,552 |
|
|
|
215,558 |
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| |
Operating income |
|
|
7,032 |
|
|
|
4,247 |
|
|
|
16,732 |
|
|
|
25,869 |
|
| |
Interest expense, net |
|
|
(26,555 |
) |
|
|
(14,210 |
) |
|
|
(64,832 |
) |
|
|
(32,828 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(4,669 |
) |
|
|
— |
|
Other income |
|
|
570 |
|
|
|
113 |
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|
736 |
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|
7,670 |
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|
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|
|
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Total other income (expense) |
|
|
(25,985 |
) |
|
|
(14,097 |
) |
|
|
(68,765 |
) |
|
|
(25,158 |
) |
Income (loss) from continuing operations before
non-controlling interest and income taxes |
|
|
(18,953 |
) |
|
|
(9,850 |
) |
|
|
(52,033 |
) |
|
|
711 |
|
Income tax provision |
|
|
(369 |
) |
|
|
(1,576 |
) |
|
|
(1,244 |
) |
|
|
(2,055 |
) |
|
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|
|
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|
Loss from continuing operations, net of tax |
|
|
(19,322 |
) |
|
|
(11,426 |
) |
|
|
(53,277 |
) |
|
|
(1,344 |
) |
Income (loss) from discontinued operations, net of tax |
|
|
(3,962 |
) |
|
|
6,227 |
|
|
|
4,378 |
|
|
|
21,792 |
|
Gain from sale of discontinued operations, net of tax |
|
|
97,423 |
|
|
|
— |
|
|
|
97,423 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
74,139 |
|
|
|
(5,199 |
) |
|
|
48,524 |
|
|
|
20,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income (loss) from continuing operations
attributable to the non-controlling interest |
|
|
(50 |
) |
|
|
44 |
|
|
|
(9 |
) |
|
|
238 |
|
Net income (loss) attributable to Crosstex Energy, L.P. |
|
$ |
74,189 |
|
|
$ |
(5,243 |
) |
|
$ |
48,533 |
|
|
$ |
20,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General partner interest in net income (loss) including
incentive distribution rights |
|
$ |
681 |
|
|
$ |
5,810 |
|
|
$ |
(1,210 |
) |
|
$ |
27,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Limited partners’ interest in net income (loss)
attributable to Crosstex Energy, L.P. |
|
$ |
73,508 |
|
|
$ |
(11,053 |
) |
|
$ |
49,743 |
|
|
$ |
(7,651 |
) |
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|
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|
|
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| |
Net income (loss) attributable to Crosstex Enegy, L.P.
per limited partners’ unit: |
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Basic common unit |
|
$ |
1.46 |
|
|
$ |
(0.24 |
) |
|
$ |
0.32 |
|
|
$ |
(3.06 |
) |
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|
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| |
Diluted common unit |
|
$ |
1.44 |
|
|
$ |
(0.24 |
) |
|
$ |
0.31 |
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|
$ |
(3.06 |
) |
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| |
Basic and diluted senior subordinated
series C unit |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9.44 |
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| |
Basic and diluted senior subordinated
series D unit |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8.85 |
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|
$ |
— |
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Weighted average limited partners’ units outstanding: |
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Basic common units |
|
|
49,077 |
|
|
|
44,869 |
|
|
|
47,825 |
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|
|
41,466 |
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|
|
|
|
|
|
|
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| |
Diluted common units |
|
|
49,752 |
|
|
|
44,869 |
|
|
|
49,292 |
|
|
|
41,466 |
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|
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|
|
|
|
|
|
|
|
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Crosstex Energy Reports Third-Quarter 2009 Results
Page 6 of 8
CROSSTEX ENERGY, L.P.
Reconciliation of Net Income to Adjusted Cash Flow and Distributable Cash Flow
(All amounts in thousands except ratios and distributions per unit)
| |
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Three Months Ended |
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Nine Months Ended |
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| |
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September 30 |
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September 30 |
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| |
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2009 |
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2008 |
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2009 |
|
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2008 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
Net income (loss) |
|
$ |
74,189 |
|
|
$ |
(5,243 |
) |
|
$ |
48,533 |
|
|
$ |
20,210 |
|
Depreciation and amortization (1) |
|
|
32,934 |
|
|
|
33,322 |
|
|
$ |
101,257 |
|
|
|
98,434 |
|
Stock-based compensation |
|
|
2,354 |
|
|
|
1,885 |
|
|
$ |
6,276 |
|
|
|
8,251 |
|
Interest expense, net (2) |
|
|
37,183 |
|
|
|
21,494 |
|
|
$ |
93,802 |
|
|
|
54,716 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
$ |
4,669 |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
|
(97,808 |
) |
|
|
67 |
|
|
$ |
(98,403 |
) |
|
|
(1,592 |
) |
Taxes and other |
|
|
2,122 |
|
|
|
2,416 |
|
|
$ |
5,337 |
|
|
|
3,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted cash flow |
|
|
50,974 |
|
|
|
53,941 |
|
|
|
161,471 |
|
|
|
183,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (2)(3)(4) |
|
|
(31,873 |
) |
|
|
(17,641 |
) |
|
|
(91,910 |
) |
|
|
(56,926 |
) |
Cash taxes and other |
|
|
(2,445 |
) |
|
|
(1,920 |
) |
|
|
(5,431 |
) |
|
|
(3,112 |
) |
Maintenance capital expenditures |
|
|
(2,388 |
) |
|
|
(5,249 |
) |
|
|
(7,227 |
) |
|
|
(12,816 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow |
|
$ |
14,268 |
|
|
$ |
29,131 |
|
|
$ |
56,903 |
|
|
$ |
111,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual distribution |
|
$ |
— |
|
|
$ |
29,708 |
|
|
$ |
— |
|
|
$ |
111,389 |
|
Distribution coverage |
|
|
|
|
|
|
0.98 |
|
|
|
|
|
|
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per limited
partner unit |
|
$ |
— |
|
|
$ |
0.50 |
|
|
$ |
— |
|
|
$ |
1.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| (1) |
|
Excludes minority interest share of depreciation and amortization of
$72K and $217K for the three months and nine months ended September
30, 2009, respectively, and $76K and $206K for the three months and
nine months ended September 30, 2008, respectively. Includes
discontinued operations depreciation and amortization of $1,851K and
$10,650K for the three months and nine months ended September 30,
2009, respectively, and $6,493K and $19,451K for the three months and
nine months ended September 30, 2008, respectively. |
| |
| (2) |
|
Includes interest expense allocated to discontinued operations of
$10,629K and $28,970K for the three months and nine months ended
September 30, 2009, respectively, and $7,284K and $21,888K for the
three months and nine months ended September 30, 2008, respectively. |
| |
| (3) |
|
Both the September 30, 2009 three and nine month periods exclude the
noncash amortization of $2,014K of debt issuance costs and the noncash
accrual of $2,348K of Senior Note make-whole and call premium
Paid-in-Kind interest resulting from asset sales. |
| |
| (4) |
|
Excludes noncash interest rate swap mark to market of $948K and
$2,470K for the three months and nine months ended September 30, 2009,
respectively, and $3,853K and $2,210K for the three months and nine
months ended September 30, 2008, respectively. |
Crosstex Energy Reports Third-Quarter 2009 Results
Page 7 of 8
CROSSTEX ENERGY, L.P.
Operating Data
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30 |
|
|
September 30 |
|
| |
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline Throughput (MMBtu/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIG Pipeline & Marketing |
|
|
898,000 |
|
|
|
895,000 |
|
|
|
906,000 |
|
|
|
973,000 |
|
North Texas — Gathering |
|
|
794,000 |
|
|
|
762,000 |
|
|
|
814,000 |
|
|
|
653,000 |
|
North Texas — Transmission |
|
|
314,000 |
|
|
|
342,000 |
|
|
|
313,000 |
|
|
|
337,000 |
|
Other Midstream |
|
|
32,000 |
|
|
|
74,000 |
|
|
|
36,000 |
|
|
|
67,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gathering and Transmission Volume (1) |
|
|
2,038,000 |
|
|
|
2,073,000 |
|
|
|
2,069,000 |
|
|
|
2,030,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Processed (MMBtu/d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Louisiana |
|
|
769,000 |
|
|
|
1,037,000 |
|
|
|
697,000 |
|
|
|
1,289,000 |
|
LIG System |
|
|
268,000 |
|
|
|
262,000 |
|
|
|
262,000 |
|
|
|
325,000 |
|
North Texas |
|
|
220,000 |
|
|
|
200,000 |
|
|
|
224,000 |
|
|
|
191,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gas Volumes Processed (1) |
|
|
1,257,000 |
|
|
|
1,499,000 |
|
|
|
1,183,000 |
|
|
|
1,805,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized weighted average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids price ($/gallon) |
|
|
0.84 |
|
|
|
1.36 |
|
|
|
0.74 |
|
|
|
1.43 |
|
Actual weighted average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids to Gas ratio |
|
|
268 |
% |
|
|
210 |
% |
|
|
206 |
% |
|
|
193 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services Volume (MMBtu/d) |
|
|
95,000 |
|
|
|
80,000 |
|
|
|
87,000 |
|
|
|
81,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Gathering (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells connected |
|
|
11 |
|
|
|
46 |
|
|
|
72 |
|
|
|
135 |
|
| |
|
|
| (1) |
|
Total Gathering and Transmission Volume and Total Gas Volumes Processed exclude volumes attributable
to assets sold. |
| |
| (2) |
|
North Texas Gathering wells connected are as of the last day of the period and include Centralized
Delivery Point (“CDP”) connections where Crosstex connects multiple wells at a single meter station. |
Crosstex Energy Reports Third-Quarter 2009 Results
Page 8 of 8
CROSSTEX ENERGY, INC.
Selected Financial Data
(All amounts in thousands except per share numbers)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30 |
|
|
September 30 |
|
| |
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
| |
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream |
|
$ |
349,194 |
|
|
$ |
854,335 |
|
|
$ |
1,049,451 |
|
|
$ |
2,650,121 |
|
Profit on energy trading activities |
|
|
1,504 |
|
|
|
647 |
|
|
|
3,645 |
|
|
|
2,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
350,698 |
|
|
|
854,982 |
|
|
|
1,053,096 |
|
|
|
2,652,452 |
|
| |
Midstream purchased gas |
|
|
269,461 |
|
|
|
775,782 |
|
|
|
824,812 |
|
|
|
2,411,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross margin |
|
|
81,237 |
|
|
|
79,200 |
|
|
|
228,284 |
|
|
|
241,427 |
|
| |
Operating expenses |
|
|
29,027 |
|
|
|
34,409 |
|
|
|
84,733 |
|
|
|
93,702 |
|
General and administrative |
|
|
16,674 |
|
|
|
16,820 |
|
|
|
45,639 |
|
|
|
50,055 |
|
Gain on sale of property |
|
|
(356 |
) |
|
|
(4 |
) |
|
|
(899 |
) |
|
|
(1,023 |
) |
Gain on derivatives |
|
|
(1,672 |
) |
|
|
(2,460 |
) |
|
|
(6,723 |
) |
|
|
(4,286 |
) |
Depreciation and amortization |
|
|
31,174 |
|
|
|
26,923 |
|
|
|
90,880 |
|
|
|
79,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses |
|
|
74,847 |
|
|
|
75,688 |
|
|
|
213,630 |
|
|
|
217,750 |
|
| |
Operating income |
|
|
6,390 |
|
|
|
3,512 |
|
|
|
14,654 |
|
|
|
23,677 |
|
| |
Interest expense, net |
|
|
(26,555 |
) |
|
|
(14,210 |
) |
|
|
(64,832 |
) |
|
|
(32,751 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(4,669 |
) |
|
|
— |
|
Other income |
|
|
575 |
|
|
|
174 |
|
|
|
784 |
|
|
|
7,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
|
(25,980 |
) |
|
|
(14,036 |
) |
|
|
(68,717 |
) |
|
|
(24,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before income taxes
and gain on issuance of Partnership units |
|
|
(19,590 |
) |
|
|
(10,524 |
) |
|
|
(54,063 |
) |
|
|
(1,319 |
) |
Income tax benefit (provision) |
|
|
2,462 |
|
|
|
(1,204 |
) |
|
|
2,406 |
|
|
|
(7,743 |
) |
Gain on issuance of Partnership units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations, net of tax |
|
|
(17,128 |
) |
|
|
(11,728 |
) |
|
|
(51,657 |
) |
|
|
5,686 |
|
Income (loss) from discontinued operations, net of tax |
|
|
(3,361 |
) |
|
|
5,302 |
|
|
|
3,812 |
|
|
|
18,541 |
|
Gain from sale of discontinued operations, net of tax |
|
|
84,827 |
|
|
|
— |
|
|
|
84,827 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) |
|
|
64,338 |
|
|
|
(6,426 |
) |
|
|
36,982 |
|
|
|
24,227 |
|
Less: Interest of non-controlling partners in the Partnership’s
net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest of non-controlling partners in the Partnership’s
continuing operations |
|
|
(12,231 |
) |
|
|
(10,808 |
) |
|
|
(32,852 |
) |
|
|
(17,790 |
) |
Interest of non-controlling partners in the Partnership’s
discontinued operations |
|
|
(2,342 |
) |
|
|
3,842 |
|
|
|
2,851 |
|
|
|
13,319 |
|
Interest of non-controlling partners in Partnership’s gain
sale of discontinued operations |
|
|
63,445 |
|
|
|
— |
|
|
|
63,445 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest of non-controlling partners in the Partnership |
|
|
48,872 |
|
|
|
(6,966 |
) |
|
|
33,444 |
|
|
|
(4,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Crosstex Energy, Inc. |
|
$ |
15,466 |
|
|
$ |
540 |
|
|
$ |
3,538 |
|
|
$ |
28,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic and diluted |
|
$ |
0.33 |
|
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Basic |
|
|
46,488 |
|
|
|
46,299 |
|
|
|
46,462 |
|
|
|
46,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted |
|
|
46,550 |
|
|
|
46,649 |
|
|
|
46,515 |
|
|
|
46,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Dividends declared per common share |
|
$ |
— |
|
|
$ |
0.32 |
|
|
$ |
— |
|
|
$ |
1.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
