DALLAS, Feb. 10, 2016 /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 distribution of
$0.08 per unit payable in cash on
February 29, 2016 to common
unitholders of record at the close of business on February 22, 2016. Cash available for
distribution for the three months ended December 31, 2015 totaled $5.0 million.
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 withholdings 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. ("Alon Energy")
(NYSE: ALJ). Alon Partners owns and operates a crude oil refinery
in Big Spring, Texas, with a crude
oil throughput capacity of 73,000 barrels per day. Alon Partners
refines crude oil into finished products, which are marketed
primarily in Central and West
Texas, Oklahoma,
New Mexico and Arizona through its integrated wholesale
distribution network to both Alon Energy's retail convenience
stores and other third-party distributors.
- Tables to follow -
The preliminary financial results for the three months ended
December 31, 2015 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 for the three months ended December 31, 2015. Consequently, there can be no
assurances that the preliminary estimates set forth below will be
the actual financial results for the three months ended
December 31, 2015, and any variation
between the estimates and our actual results set forth below may be
material.
ALON USA PARTNERS,
LP
|
CASH AVAILABLE FOR
DISTRIBUTION
|
(unaudited)
|
(dollars in
thousands, except per unit data)
|
|
|
For the Three
Months Ended
|
|
|
December 31,
2015
|
|
|
|
Net sales
|
|
$
|
437,872
|
Operating costs and
expenses:
|
|
|
Cost of
sales
|
|
369,896
|
Direct operating
expenses
|
|
27,092
|
Selling, general and
administrative expenses
|
|
7,699
|
Depreciation and
amortization
|
|
13,831
|
Total
operating costs and expenses
|
|
418,518
|
Operating
income
|
|
19,354
|
Interest
expense
|
|
(11,942)
|
Other income,
net
|
|
26
|
Income before state
income tax expense
|
|
7,438
|
State income tax
expense
|
|
192
|
Net income
|
|
$
|
7,246
|
Adjustments to
reconcile net income to Adjusted EBITDA:
|
|
|
Interest
expense
|
|
11,942
|
State income tax
expense
|
|
192
|
Depreciation and
amortization
|
|
13,831
|
Adjusted
EBITDA
|
|
$
|
33,211
|
Adjustments to
reconcile Adjusted EBITDA to cash available for
distribution:
|
|
|
less:
Maintenance/growth capital expenditures
|
|
11,458
|
less: Turnaround and
catalyst replacement capital expenditures
|
|
2,770
|
less: Major
turnaround reserve for future years
|
|
1,500
|
less: Principal
payments
|
|
625
|
less: State income
tax payments
|
|
377
|
less: Interest paid
in cash
|
|
11,462
|
Cash available for
distribution
|
|
$
|
5,019
|
|
|
|
Common units
outstanding (in 000's)
|
|
62,510
|
|
|
|
Cash available for
distribution per unit
|
|
$
|
0.08
|
Non-GAAP Financial Measure
Adjusted EBITDA represents earnings before state income tax
expense, interest expense and depreciation and amortization.
Adjusted EBITDA is not a recognized measurement under GAAP;
however, the amounts included in Adjusted EBITDA are derived from
amounts included in our consolidated 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 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:
- Adjusted EBITDA does not reflect our cash expenditures or
future requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA does not reflect the interest expense or
the cash requirements necessary to service interest or principal
payments on our debt;
- Adjusted EBITDA does not reflect changes in or cash
requirements for our working capital needs; and
- 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.
Contacts:
|
Stacey Hudson, Investor Relations
Manager
|
|
Alon USA Partners GP,
LLC
|
|
972-367-3808
|
|
|
|
Investors: Jack
Lascar/Stephanie Zhadkevich
|
|
Dennard § Lascar
Associates, LLC
|
|
713-529-6600
|
|
|
|
Media: Blake
Lewis
|
|
Lewis Public
Relations
|
|
214-635-3020
|
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visit:http://www.prnewswire.com/news-releases/alon-usa-partners-lp-declares-quarterly-cash-distribution-300218464.html
SOURCE Alon USA Partners,
LP