This excerpt taken from the ETP 8-K filed Jul 11, 2007.
THIRD QUARTER AND YEAR-TO-DATE RESULTS
Dallas July 10, 2007 Energy Transfer Partners, L.P. (NYSE:ETP) reported EBITDA, as adjusted, for the third fiscal quarter ended May 31, 2007 of $244.7 million as compared to EBITDA of $145.6 million for the third fiscal quarter of 2006, an increase of $99.1 million. For the nine month period ended May 31, 2007, ETP reported EBITDA of $799.4 million as compared to $657.5 million for the nine months ended May 31, 2006, an increase of $141.9 million.
ETP reported net income of $157.5 million for the third quarter ended May 31, 2007 as compared to $111.9 million for the same period ended May 31, 2006, an increase of $45.6 million. ETP reported net income of $539.6 million for the nine month period ended May 31, 2007 as compared to $482.5 million for the nine months ended May 31, 2006, an increase of $57.1 million.
Both the three and nine month periods ended May 31, 2007 benefited by the acquisition of Titan Propane in June 2006 and the December 1, 2006 acquisition of Transwestern Pipeline.
We are pleased to announce another quarter of strong financial performance, with our growth driven by our Titan and Transwestern acquisitions and the continued expansion of our core intrastate pipeline business said Brian J. Jennings, Chief Financial Officer, ETP. Importantly, we are beginning to see returns from our multi-year capital expansion program.
The Partnership has scheduled a conference call for Thursday, July 12th at 10:00a.m. Central Time (11:00a.m. Eastern Time) to discuss the fiscal 2007 third quarter results. The dial-in number is (888) 423-3281; participant code: Energy Transfer Partners. The call will be available for replay for a limited time on the companys website.
EBITDA, as adjusted, is a non-GAAP financial measure used by industry analysts, investors, lenders, and rating agencies to assess the financial performance and the operating results of the Partnerships fundamental business activities. EBITDA, as adjusted, should not be considered in isolation or as a substitute for net income, income from operations, or other measures of cash flow. A table reconciling EBITDA, as adjusted, with appropriate GAAP financial measures is included in the summarized financial information included in this release.
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy assets. ETPs natural gas operations include intrastate natural gas gathering and transportation pipelines, natural gas treating and processing assets
located in Texas and Louisiana, and three natural gas storage facilities located in Texas. These assets include approximately 12,200 miles of intrastate pipeline in service, with an additional 400 miles of intrastate pipeline under construction, and 2,400 miles of interstate pipeline. ETP is also one of the three largest retail marketers of propane in the U.S., serving more than one million customers across the country.
Energy Transfer Equity, L.P. (NYSE:ETE) owns the general partner of Energy Transfer Partners and approximately 62.5 million ETP limited partners units. Together ETP and ETE have a combined enterprise value of approximately $20 billion.
The information contained in this press release is available on the Partnerships website at www.energytransfer.com.