Exhibit 99.1
FOR IMMEDIATE RELEASE
NOVEMBER 5, 2010
Contact: Jill McMillan, Director, Public &
Industry Affairs
Phone: (214) 721-9271
Jill.McMillan@CrosstexEnergy.com
CROSSTEX ENERGY REPORTS
THIRD-QUARTER 2010 RESULTS
DALLAS, November 5, 2010 — 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 2010.
Third-Quarter 2010 — Crosstex Energy, L.P.
Financial Results
The Partnership realized adjusted EBITDA of
$47.8 million and distributable cash flow of $22.6 million for the third
quarter of 2010, compared with adjusted EBITDA of $41.3 million and
distributable cash flow of $16.8 million for the third quarter of 2009.
Adjusted EBITDA and distributable cash flow are non-GAAP financial measures and
are explained in greater detail under “Non-GAAP Financial Information.” There
is a reconciliation of these non-GAAP measures to net income (loss) in the
tables at the end of this news release.
The Partnership’s net loss of $3.7 million for
the third quarter of 2010 compares with $74.2 million of net income for the
third quarter of 2009 which included $93.5 million of income related to
discontinued operations.
“We are pleased with our solid results for the
third quarter. The previously announced resumption of our distribution and
dividend payments, a benchmark achievement for us, reflects the successful
execution of our business plan,” said Barry E. Davis, Crosstex President and
Chief Executive Officer. “We believe we are well positioned for the future as
we have renewed financial strength and continue to carry out our strategy with
discipline.”
The Partnership’s third-quarter 2010 gross
operating margin of $83.7 million rose $1.1 million versus the third quarter of
2009. The increase was primarily the result of growth in the Partnership’s
natural gas liquids (NGL) business. Gross operating margin is a non-GAAP
financial measure and is explained in greater detail under “Non-GAAP Financial
Information.” There is a calculation of this non-GAAP measure in the tables at
the end of this news release.
The Partnership reports results by operating
segment principally based on regions served. Reportable segments consist of the
natural gas gathering, processing and transmission operations located in north
Texas (NTX); the pipelines and processing plants located in Louisiana (LIG);
and the south Louisiana processing and NGL assets, including gas and NGL
marketing activities (PNGL). Operating activity for assets sold in the
comparative periods that were not considered discontinued operations is shown
in the corporate segment. Each business
-more-
segment’s contribution to the third-quarter
2010 operating margin change versus the third-quarter 2009, and the factors
affecting those contributions, are described below:
· The PNGL segment’s gross operating margin rose $3.1 million primarily
due to increased NGL marketing and fractionation activity and higher processed
volumes. The NGL business continues to be an area of emphasis in the
Partnership’s growth strategy.
· The LIG segment’s gross operating margin increased $0.4 million,
primarily the result of firm transport margin growth of approximately $1.9
million due to new contracts on the northern part of the system serving
Haynesville Shale producers. This was partially offset by a $1.2 million
decline from gas processing due to a lower NGL-to-gas price ratio in the
current quarter.
· The NTX segment’s gross operating margin declined by $0.9 million. The
margin impact of lower gathering volumes was somewhat offset by system
optimization and higher volumes on the transmission system for the third
quarter of 2010 versus the third-quarter 2009. It is expected that the recently
announced expansions and supply additions to the Partnership’s north Texas
gathering system should increase volumes significantly in 2011.
· The corporate segment’s gross operating margin, which included 2009
margins for assets that were sold and not considered discontinued operations,
decreased $1.5 million due to the January 2010 sale of the Partnership’s
east Texas assets.
The Partnership’s third-quarter 2010 operating
expenses of $26.5 million declined $2.5 million, or nine percent, from the
third quarter of 2009. The decrease
primarily resulted from reductions in plant lease and compressor rental costs,
workforce reductions and asset sales. This was partially offset by increased
repair and maintenance costs. General and administrative expenses declined $4.8
million, or 30 percent, versus the third quarter of 2009 largely due to lower
labor costs, including the impact of 2009 workforce reductions, and lower
professional fees and services costs. Depreciation and amortization expense for
the third quarter of 2010 decreased $2.1 million or seven percent, compared
with the third quarter of 2009 due to the extension of the useful lives of
various assets in accordance with the findings of an engineering study completed
in the fourth quarter of 2009. Interest expense declined to $20.3 million for
the third quarter of 2010 from $27.9 million for the third quarter of 2009
primarily due to expense associated with interest rate swaps included in the
third quarter of 2009 and reductions in debt outstanding beyond amounts
associated with asset sales.
The net loss per basic limited partner common
unit for the third quarter of 2010 was $0.13 compared with net income of $1.46
per basic common unit for the third quarter of 2009. The 2009 income per basic
limited partner common unit included $1.81 of net income on discontinued
operations.
Third Quarter 2010 — Crosstex Energy, Inc.
Financial Results
The Corporation reported a $2.0 million net
loss for the third quarter of 2010 compared with net income of $15.5 million
for the third-quarter 2009. The
Corporation’s loss from continuing operations before income taxes (which
includes interest of non-controlling partners in the net loss of the
Partnership) was $4.2 million for the third quarter of 2010 compared to a loss
of $19.6 million for the third quarter of 2009.
In accordance with
U.S. accounting standards, the Partnership and the Corporation classified
certain assets, liabilities and results of their operations as discontinued operations
for the 2009 accounting periods presented. Included in this release are tables
of selected financial data where amounts have been reclassified as discontinued
operations for the 2009 periods presented.
2
Crosstex to Hold Earnings
Conference Call Today
The Partnership and the Corporation will hold
their quarterly conference call to discuss third-quarter 2010 results today, November 5,
at 10:00 a.m. Central time (11:00 a.m. Eastern time). The dial-in
number for the call is 1-888-680-0894. Callers outside the United States should
dial 1-617-213-4860. The passcode for all callers is 23956365. 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=P3NTQWAN8.
Preregistrants will be issued a pin number to use when dialing in to the live
call, which will provide quick access to the conference call by bypassing the
operator upon connection. Interested parties also can access a live webcast of
the call on the Investors page of Crosstex’s website at www.crosstexenergy.com.
After the conference call, a replay can be
accessed until February 4, 2011, 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 79275844. Interested parties also can visit the
Investors page of Crosstex’s website 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, nine processing plants and three
fractionators. The Partnership currently provides services for 3.2 billion
cubic feet of natural gas per day, or approximately six percent of marketed
U.S. daily production.
Crosstex
Energy, Inc. owns the two percent general partner interest, a 25 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 gross operating margin, adjusted EBITDA and distributable cash flow. Gross
operating margin is defined as revenue minus purchased gas. Adjusted EBITDA is
defined as earnings before interest, income taxes, depreciation and amortization,
impairments, loss on extinguishment of debt, stock-based compensation, noncash
derivative items, gain on the sale of assets and other miscellaneous noncash
items. Distributable cash flow is defined as earnings before certain noncash
charges and the gain on the sale of assets less maintenance capital
expenditures. 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.
3
Gross operating margin, adjusted EBITDA and
distributable cash flow, as defined above, 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 (loss)
is included among the 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 (including future volumes),
distribution and dividend guidelines and future estimates, 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’s profitability is dependent
upon prices and market demand for natural gas and NGLs; (2) the
Partnership’s substantial indebtedness could limit its flexibility and
adversely affect its financial health; (3) the Partnership may not be able
to obtain funding due to the deterioration of the credit and capital markets
and current economic conditions; (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) the Partnership’s use of derivative financial instruments
does not eliminate its exposure to fluctuations in commodity prices and
interest rates; (8) the Partnership may not be successful in balancing its
purchases and sales; (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 (12) other factors
discussed in the Partnership’s and the Corporation’s Annual Reports on Form 10-K
for the year ended December 31, 2009, 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)
4
CROSSTEX
ENERGY, L.P.
Selected
Financial Data
(All amounts
in thousands except per unit numbers)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream revenues
|
|
$
|
454,735
|
|
$
|
389,822
|
|
$
|
1,365,441
|
|
$
|
1,150,728
|
|
|
Purchased gas and NGLs
|
|
371,072
|
|
307,272
|
|
1,116,573
|
|
920,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross operating margin
|
|
83,663
|
|
82,550
|
|
248,868
|
|
230,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
26,476
|
|
29,027
|
|
78,365
|
|
84,733
|
|
|
General and administrative
|
|
11,277
|
|
16,051
|
|
35,669
|
|
43,616
|
|
|
Gain on sale of property
|
|
(588
|
)
|
(356
|
)
|
(14,367
|
)
|
(899
|
)
|
|
(Gain) loss on derivatives
|
|
1,582
|
|
(1,672
|
)
|
6,872
|
|
(6,723
|
)
|
|
Impairments
|
|
—
|
|
900
|
|
1,311
|
|
900
|
|
|
Depreciation and amortization
|
|
28,185
|
|
30,255
|
|
82,097
|
|
89,924
|
|
|
Total operating costs and expenses
|
|
66,932
|
|
74,205
|
|
189,947
|
|
211,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
16,731
|
|
8,345
|
|
58,921
|
|
19,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
(20,334
|
)
|
(27,868
|
)
|
(67,188
|
)
|
(67,125
|
)
|
|
Loss on extinguishment of debt
|
|
—
|
|
—
|
|
(14,713
|
)
|
(4,669
|
)
|
|
Other income
|
|
109
|
|
570
|
|
314
|
|
735
|
|
|
Total other income (expense)
|
|
(20,225
|
)
|
(27,298
|
)
|
(81,587
|
)
|
(71,059
|
)
|
|
Loss from continuing operations before non-controlling interest and
income taxes
|
|
(3,494
|
)
|
(18,953
|
)
|
(22,666
|
)
|
(52,033
|
)
|
|
Income tax provision
|
|
(161
|
)
|
(369
|
)
|
(809
|
)
|
(1,244
|
)
|
|
Loss from continuing operations, net of tax
|
|
(3,655
|
)
|
(19,322
|
)
|
(23,475
|
)
|
(53,277
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
(3,962
|
)
|
—
|
|
4,378
|
|
|
Gain from sale of discontinued operations, net of tax
|
|
—
|
|
97,423
|
|
—
|
|
97,423
|
|
|
Net income (loss)
|
|
(3,655
|
)
|
74,139
|
|
(23,475
|
)
|
48,524
|
|
|
Less: Net income (loss) from continuing operations attributable to
the non-controlling interest
|
|
13
|
|
(50
|
)
|
(11
|
)
|
(9
|
)
|
|
Net income (loss) attributable to Crosstex Energy, L.P.
|
|
$
|
(3,668
|
)
|
$
|
74,189
|
|
$
|
(23,464
|
)
|
$
|
48,533
|
|
|
Preferred interest in net income attributable to Crosstex Energy,
L.P.
|
|
$
|
3,676
|
|
$
|
—
|
|
$
|
9,926
|
|
$
|
—
|
|
|
Beneficial conversion feature attributable to preferred units
|
|
$
|
—
|
|
$
|
—
|
|
$
|
22,279
|
|
$
|
—
|
|
|
General partner interest in net income (loss)
|
|
$
|
(820
|
)
|
$
|
681
|
|
$
|
(3,596
|
)
|
$
|
(1,210
|
)
|
|
Limited partners’ interest in net income (loss) attributable to
Crosstex Energy, L.P.
|
|
$
|
(6,524
|
)
|
$
|
73,508
|
|
$
|
(52,074
|
)
|
$
|
49,743
|
|
|
Net income (loss) attributable to Crosstex Energy, L.P. per limited
partners’ unit:
|
|
|
|
|
|
|
|
|
|
|
Basic common unit
|
|
$
|
(0.13
|
)
|
$
|
1.46
|
|
$
|
(1.02
|
)
|
$
|
0.32
|
|
|
Diluted common unit
|
|
$
|
(0.13
|
)
|
$
|
1.44
|
|
$
|
(1.02
|
)
|
$
|
0.31
|
|
|
Basic and diluted senior subordinated series D unit
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8.85
|
|
|
Weighted average limited partners’ units outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic common units
|
|
50,142
|
|
49,077
|
|
49,872
|
|
47,825
|
|
|
Diluted common units
|
|
50,142
|
|
49,752
|
|
49,872
|
|
49,292
|
|
|
Series A convertible preferred units outstanding
|
|
14,706
|
|
—
|
|
14,706
|
|
—
|
|
5
CROSSTEX
ENERGY, L.P.
Reconciliation
of Net Income (Loss) to Adjusted EBITDA and Distributable Cash Flow
(All amounts
in thousands except ratios and per unit amounts)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30
|
|
September 30
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Net income (loss) attributable to Crosstex Energy, L.P.
|
|
$
|
(3,668
|
)
|
$
|
74,189
|
|
$
|
(23,464
|
)
|
$
|
48,533
|
|
|
Depreciation, amortization and impairments (1)
|
|
28,112
|
|
31,083
|
|
83,189
|
|
90,607
|
|
|
Stock-based compensation
|
|
1,860
|
|
2,354
|
|
7,106
|
|
6,276
|
|
|
Interest expense, net
|
|
20,334
|
|
27,868
|
|
67,188
|
|
67,125
|
|
|
Loss on extinguishment of debt
|
|
—
|
|
—
|
|
14,713
|
|
4,669
|
|
|
Gain on sale of property
|
|
(588
|
)
|
(356
|
)
|
(14,367
|
)
|
(899
|
)
|
|
(Income) loss from discontinued operations, net of tax
|
|
—
|
|
3,962
|
|
—
|
|
(4,378
|
)
|
|
Gain from sale of discontinued operations, net of tax
|
|
—
|
|
(97,423
|
)
|
—
|
|
(97,423
|
)
|
|
Noncash derivatives, taxes and other
|
|
1,720
|
|
(425
|
)
|
2,352
|
|
1,450
|
|
|
Adjusted EBITDA from continuing operations
|
|
47,770
|
|
41,252
|
|
136,717
|
|
115,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (2)
|
|
(20,334
|
)
|
(22,558
|
)
|
(63,538
|
)
|
(65,233
|
)
|
|
Cash taxes and other cash expenses
|
|
(285
|
)
|
(495
|
)
|
(1,184
|
)
|
(1,788
|
)
|
|
Maintenance capital expenditures
|
|
(4,555
|
)
|
(1,364
|
)
|
(8,876
|
)
|
(4,727
|
)
|
|
Distributable cash flow from continuing operations
|
|
$
|
22,596
|
|
$
|
16,835
|
|
$
|
63,119
|
|
$
|
44,212
|
|
|
Actual distribution (common and preferred)
|
|
$
|
16,832
|
|
$
|
—
|
|
$
|
23,082
|
|
$
|
—
|
|
|
Distribution coverage
|
|
1.34
|
|
n/a
|
|
2.73
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per limited partner unit
|
|
$
|
0.25
|
|
$
|
—
|
|
$
|
0.25
|
|
$
|
—
|
|
|
Distributions declared per preferred unit
|
|
$
|
0.25
|
|
$
|
—
|
|
$
|
0.68
|
|
$
|
—
|
|
|
(1)
|
Excludes minority
interest share of depreciation and amortization of $73 thousand and $219
thousand for the three months and nine months ended September 30, 2010,
respectively, and $72 thousand and $217 thousand for the three months and
nine months ended September 30, 2009, respectively.
|
|
|
|
|
(2)
|
Excludes $678
thousand of debt issuance cost amortization and $894 thousand of senior
secured note make-whole and call premium paid-in-kind interest resulting from
repayment of such notes from the proceeds of the preferred unit sale and an
asset sale for the nine months ended September 30, 2010.
|
6
CROSSTEX ENERGY, L.P.
Operating Data
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30
|
|
September 30
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pipeline Throughput (MMBtu/d)
|
|
|
|
|
|
|
|
|
|
|
LIG
|
|
883,000
|
|
898,000
|
|
895,000
|
|
906,000
|
|
|
NTX - Gathering
|
|
736,000
|
|
784,000
|
|
737,000
|
|
802,000
|
|
|
NTX - Transmission
|
|
344,000
|
|
314,000
|
|
342,000
|
|
313,000
|
|
|
Corporate (1)
|
|
—
|
|
31,000
|
|
—
|
|
33,000
|
|
|
Total Gathering and Transmission Volume
|
|
1,963,000
|
|
2,027,000
|
|
1,974,000
|
|
2,054,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Processed (MMBtu/d)
|
|
|
|
|
|
|
|
|
|
|
PNGL
|
|
878,000
|
|
779,000
|
|
886,000
|
|
697,000
|
|
|
LIG
|
|
284,000
|
|
268,000
|
|
285,000
|
|
262,000
|
|
|
NTX
|
|
224,000
|
|
220,000
|
|
210,000
|
|
224,000
|
|
|
Total Gas Volumes Processed
|
|
1,386,000
|
|
1,267,000
|
|
1,381,000
|
|
1,183,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services Volume (MMBtu/d)
|
|
123,000
|
|
95,000
|
|
73,000
|
|
87,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized weighted average
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids price ($/gallon)
|
|
0.93
|
|
0.84
|
|
0.99
|
|
0.74
|
|
|
Actual weighted average
|
|
|
|
|
|
|
|
|
|
|
Natural Gas Liquids-to-Gas price ratio
|
|
237
|
%
|
268
|
%
|
245
|
%
|
206
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Gathering (2)
|
|
|
|
|
|
|
|
|
|
|
Wells connected
|
|
26
|
|
11
|
|
84
|
|
72
|
|
(1) Includes volumes for assets sold and not
considered discontinued operations.
(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.
7
CROSSTEX ENERGY, INC.
Selected Financial Data
(All amounts in thousands except per unit numbers)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream revenues
|
|
$
|
454,735
|
|
$
|
389,822
|
|
$
|
1,365,441
|
|
$
|
1,150,728
|
|
|
Purchased gas and NGLs
|
|
371,072
|
|
307,272
|
|
1,116,573
|
|
920,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross operating margin
|
|
83,663
|
|
82,550
|
|
248,868
|
|
230,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
26,476
|
|
29,027
|
|
78,365
|
|
84,733
|
|
|
General and administrative
|
|
11,964
|
|
16,674
|
|
37,900
|
|
45,638
|
|
|
Gain on sale of property
|
|
(588
|
)
|
(356
|
)
|
(14,367
|
)
|
(899
|
)
|
|
(Gain) loss on derivatives
|
|
1,582
|
|
(1,672
|
)
|
6,872
|
|
(6,723
|
)
|
|
Impairments
|
|
—
|
|
900
|
|
1,311
|
|
900
|
|
|
Depreciation and amortization
|
|
28,203
|
|
30,274
|
|
82,153
|
|
89,980
|
|
|
Total operating costs and expenses
|
|
67,637
|
|
74,847
|
|
192,234
|
|
213,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
16,026
|
|
7,703
|
|
56,634
|
|
16,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of interest income
|
|
(20,334
|
)
|
(27,868
|
)
|
(67,184
|
)
|
(67,126
|
)
|
|
Loss on extinguishment of debt
|
|
—
|
|
—
|
|
(14,713
|
)
|
(4,669
|
)
|
|
Other income
|
|
109
|
|
575
|
|
314
|
|
784
|
|
|
Total other income (expense)
|
|
(20,225
|
)
|
(27,293
|
)
|
(81,583
|
)
|
(71,011
|
)
|
|
Loss from continuing operations before income taxes
|
|
(4,199
|
)
|
(19,590
|
)
|
(24,949
|
)
|
(54,063
|
)
|
|
Income tax benefit (provision)
|
|
1,536
|
|
2,462
|
|
5,325
|
|
2,406
|
|
|
Loss from continuing operations, net of tax
|
|
(2,663
|
)
|
(17,128
|
)
|
(19,624
|
)
|
(51,657
|
)
|
|
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
(3,361
|
)
|
—
|
|
3,812
|
|
|
Gain from sale of discontinued operations, net of tax
|
|
—
|
|
84,827
|
|
—
|
|
84,827
|
|
|
Net income (loss)
|
|
(2,663
|
)
|
64,338
|
|
(19,624
|
)
|
36,982
|
|
|
Less: Interest of non-controlling partners in the Partnership’s net
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Interest of non-controlling partners in the Partnership’s continuing
operations
|
|
(683
|
)
|
(12,231
|
)
|
(10,061
|
)
|
(32,852
|
)
|
|
Interest of non-controlling partners in the Partnership’s discontinued
operations
|
|
—
|
|
(2,342
|
)
|
—
|
|
2,851
|
|
|
Interest of non-controlling partners in the Partnership’s gain on
sale of discontinued operations
|
|
—
|
|
63,445
|
|
—
|
|
63,445
|
|
|
Total Interest of non-controlling partners in the Partnership’s net
income (loss)
|
|
(683
|
)
|
48,872
|
|
(10,061
|
)
|
33,444
|
|
|
Net income (loss) attributable to Crosstex Energy, Inc.
|
|
$
|
(1,980
|
)
|
$
|
15,466
|
|
$
|
(9,563
|
)
|
$
|
3,538
|
|
|
Net income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.04
|
)
|
$
|
0.33
|
|
$
|
(0.20
|
)
|
$
|
(0.08
|
)
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
46,887
|
|
46,488
|
|
46,677
|
|
46,462
|
|
|
Diluted
|
|
46,887
|
|
46,550
|
|
46,677
|
|
46,515
|
|
|
Dividends declared per common share
|
|
$
|
0.07
|
|
—
|
|
$
|
0.07
|
|
—
|
|
8