QUOTE AND NEWS
The Straits Times  Nov 14  Comment 
November 15, 2014 12:58 AM MEDIA company Singapore Press Holdings (SPH) has tied up with three firms, from South Africa and Norway, to develop its online classifieds platform in Indonesia and Thailand.
TheStreet.com  Nov 14  Comment 
NEW YORK (TheStreet) -- Shares of Suburban Propane Partners LP are down 0.94% to $44.39 after Credit Suisse downgraded the company to "underperform" from "neutral" while maintaining its price target of $45. The marketer and distributor of...
TheStreet.com  Nov 11  Comment 
Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.  TheStreet Ratings quantitative algorithm...
The Straits Times  Nov 5  Comment 
November 06, 2014 1:32 AM THE general counsel for Singapore Press Holdings has been named among the top 100 most influential and innovative working in Asia Pacific.
The Straits Times  Oct 31  Comment 
November 01, 2014 12:40 AM MEDIA group Singapore Press Holdings (SPH) announced top-level changes in its key marketing division yesterday to ensure an orderly succession.
The Straits Times  Oct 17  Comment 
October 18, 2014 12:41 AM MEDIA group Singapore Press Holdings has appointed Ms Janet Ang Guat Har as an independent director with immediate effect.
The Straits Times  Oct 15  Comment 
October 16, 2014 1:25 AM SINGAPORE Press Holdings (SPH) said net profit for the full year slipped 6.2 per cent to $404.3 million as a drop in the profitability of its key newspaper and magazine business was partially offset by growth in its...
The Straits Times  Oct 13  Comment 
October 14, 2014 1:13 AM SPH Reit Management has reported an income distributable to unitholders of $34.9 million for the fourth quarter.
SeekingAlpha  Aug 25  Comment 
By Ron Hiram: This article analyses some of the key facts and trends revealed by results recently reported by Suburban Propane Partners LP (NYSE:SPH). The quarters are noted with an FY designation because SPH's fiscal year ends in September. Thus...





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Trends and Forces

Propane, a clean burning and non-toxic gas, is created as a byproduct of oil and natural gas processing and is used to heat homes, cooking and sometimes to power vehicles as Liquefied Petroleum Gas (LPG). According to the National Propane Gas Association, about 8.1 million households in the United States use propane to heat their homes as an inexpensive alternative to electricity. New Jersey based Suburban Propane services over 1 million residential and commercial customers in 30 states. Suburban Propane also provides customers the option to rent large propane tanks from them and since these tanks are often buried underground, switching to a different provider is not an easy option, giving Suburban Propane a "lock" on certain customers.

Hedging with Propane futures

The company hedges part of the propane it has in physical inventory by going short propane futures. When propane prices rose earlier this year, the company had to take a $14.5 million loss against its hedges in the fiscal third quarter ended June 28, 2008. This was right before oil hit its peak of $147 in July. If the company continued its hedging activity in its fiscal fourth quarter, which ended September 2008, the sharp decline in oil and propane prices during the quarter should prove beneficial to the company. Even if the company suspended its hedging program, the decline in propane prices should benefit the company as there should be no significant drop in retail propane prices that Suburban Propane charges its customers. This is one of the key reasons whySuburban Propane attractive ahead of its fourth quarter conference call scheduled on Friday, November 14th, 2008.

The company also has a consistent history of raising quarterly distributions and has done so 19 times since 1999. Distributions in the recent past have been financed entirely through operating income and the company has built up its cash position to $118.6 million, while holding long-term debt steady at $548 million over the last three years.



References

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