GLP » Topics » Basis of Presentation

This excerpt taken from the GLP 10-Q filed Nov 9, 2007.

Basis of Presentation

Interim Financial Statements

        The accompanying consolidated financial statements as of September 30, 2007 and December 31, 2006 and for the three and nine months ended September 30, 2007 and 2006 reflect the accounts of the Partnership. All intercompany balances and transactions have been eliminated.

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        The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial condition and operating results for the interim periods. The interim financial information, which has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"), should be read in conjunction with the consolidated financial statements for the year ended December 31, 2006 and notes thereto contained in the Partnership's Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2007 are not necessarily indicative of the results of operations that will be realized for the entire year ending December 31, 2007.

        As demand for some of the Partnership's refined petroleum products, specifically home heating oil and residual oil for space heating purposes, is generally greater during the winter months, sales are generally higher during the first and fourth quarters of the calendar year which may result in significant fluctuations in the Partnership's quarterly operating results.

        The consolidated balance sheet at December 31, 2006 has been derived from the audited financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006.

This excerpt taken from the GLP 10-K filed Mar 31, 2006.

Basis of Presentation

The accompanying consolidated financial statements as of December 31, 2005 and for the period October 4, 2005 through December 31, 2005 reflect the accounts of the Partnership. All intercompany balances and transactions have been eliminated.

The accompanying combined financial statements as of December 31, 2004 and for the years ended December 31, 2004 and 2003 and for the period January 1, 2005 through October 3, 2005 reflect the accounts of Global Companies LLC, Global Montello Group LLC

This excerpt taken from the GLP 10-Q filed Nov 14, 2005.

Basis of Presentation

 

The accompanying combined financial statements reflect the accounts of Global Companies LLC, Global Montello Group LLC, Chelsea Sandwich LLC and Glen Hes Corp. as well as the Push Down Accounting adjustments related to the Transaction. The Companies are affiliated through, and managed by, common ownership and are co-signors and guarantors along with certain of their owners, on its bank line of agreement (Notes 2 and 7). All significant intercompany balances and transactions have been eliminated.

 

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