Attached files
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| 8-K/A - AMENDMENT NO. 1 TO FORM 8-K - NuStar GP Holdings, LLC | d249087d8ka.htm |
NuStar GP Holdings, LLC
Consolidated Financial Information
(Unaudited, Thousands of Dollars, Except Unit and Per Unit Data)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Statement of Income Data: |
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| Equity in earnings of NuStar Energy L.P. |
$ | 18,996 | $ | 18,332 | $ | 53,257 | $ | 51,443 | ||||||||
| General and administrative expenses |
(749 | ) | (671 | ) | (2,235 | ) | (2,121 | ) | ||||||||
| Other income (expense), net |
108 | 15 | (557 | ) | 8,035 | |||||||||||
| Interest expense, net |
(116 | ) | (245 | ) | (459 | ) | (902 | ) | ||||||||
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| Income before income tax benefit |
18,239 | 17,431 | 50,006 | 56,455 | ||||||||||||
| Income tax benefit |
123 | 346 | 600 | 701 | ||||||||||||
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| Net income |
$ | 18,362 | $ | 17,777 | $ | 50,606 | $ | 57,156 | ||||||||
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| Basic and diluted net income per unit |
$ | 0.43 | $ | 0.42 | $ | 1.19 | $ | 1.35 | ||||||||
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| Equity in Earnings of NuStar Energy L.P.: |
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| General partner interest |
$ | 1,223 | $ | 1,195 | $ | 3,294 | $ | 3,254 | ||||||||
| General partner incentive distribution |
8,972 | 8,568 | 26,503 | 24,736 | ||||||||||||
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| General partner's interest in earnings and incentive distributions of NuStar Energy L.P. |
10,195 | 9,763 | 29,797 | 27,990 | ||||||||||||
| Limited partner interest in earnings of NuStar Energy L.P. |
9,522 | 9,290 | 25,623 | 25,616 | ||||||||||||
| Amortization of step-up in basis related to NuStar Energy L.P.'s assets and liabilities |
(721 | ) | (721 | ) | (2,163 | ) | (2,163 | ) | ||||||||
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| Equity in earnings of NuStar Energy L.P. |
$ | 18,996 | $ | 18,332 | $ | 53,257 | $ | 51,443 | ||||||||
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| Distributable Cash Flow (Note 1): |
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| Cash distributions from NuStar Energy L.P. associated with: |
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| General partner interest |
$ | 1,628 | $ | 1,592 | $ | 4,847 | $ | 4,635 | ||||||||
| General partner incentive distribution |
8,972 | 8,568 | 26,503 | 24,736 | ||||||||||||
| Limited partner interest—common units |
11,271 | 11,114 | 33,506 | 32,886 | ||||||||||||
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| Total distributions from NuStar Energy L.P. |
21,871 | 21,274 | 64,856 | 62,257 | ||||||||||||
| Deduct expenses of NuStar GP Holdings, LLC: |
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| General and administrative expenses |
(749 | ) | (671 | ) | (2,235 | ) | (2,121 | ) | ||||||||
| Income tax benefit |
123 | 346 | 600 | 701 | ||||||||||||
| Interest expense, net |
(116 | ) | (245 | ) | (459 | ) | (902 | ) | ||||||||
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| Distributable cash flow |
$ | 21,129 | $ | 20,704 | $ | 62,762 | $ | 59,935 | ||||||||
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| Weighted average number of common units outstanding |
42,544,659 | 42,514,494 | 42,544,659 | 42,514,494 | ||||||||||||
| Distributable cash flow per unit |
$ | 0.50 | $ | 0.49 | $ | 1.48 | $ | 1.41 | ||||||||
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| Cash distributions to be paid to the unitholders of NuStar GP Holdings, LLC: |
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| Distribution per unit |
$ | 0.495 | $ | 0.480 | $ | 1.470 | $ | 1.390 | ||||||||
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| Total distribution |
$ | 21,059 | $ | 20,407 | $ | 62,540 | $ | 59,095 | ||||||||
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NuStar GP Holdings, LLC
Consolidated Financial Information – Continued
(Unaudited, Thousands of Dollars)
Notes:
| 1. | NuStar GP Holdings, LLC utilizes distributable cash flow as a financial measure, which is not defined in United States generally accepted accounting principles. Management uses this financial measure because it is a widely accepted financial indicator used by investors to compare general partner performance. In addition, management believes that this measure provides investors an enhanced perspective of the ability to make a minimum quarterly distribution. Distributable cash flow is not intended to represent cash flows for the period, nor is it presented as an alternative to net income. It should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with United States generally accepted accounting principles. |
The following is a reconciliation of net income to distributable cash flow and net cash provided by operating activities:
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net Income |
$ | 18,362 | $ | 17,777 | $ | 50,606 | $ | 57,156 | ||||||||
| Less equity in earnings of NuStar Energy L.P. |
(18,996 | ) | (18,332 | ) | (53,257 | ) | (51,443 | ) | ||||||||
| Plus cash distributions from NuStar Energy L.P. |
21,871 | 21,274 | 64,856 | 62,257 | ||||||||||||
| Other (income) expense, net |
(108 | ) | (15 | ) | 557 | (8,035 | ) | |||||||||
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| Distributable cash flow |
21,129 | 20,704 | 62,762 | 59,935 | ||||||||||||
| Less cash distributions from NuStar Energy L.P. |
(21,871 | ) | (21,274 | ) | (64,856 | ) | (62,257 | ) | ||||||||
| Plus distributions of equity in earnings of NuStar Energy L.P. |
18,996 | 18,332 | 53,257 | 51,443 | ||||||||||||
| Net effect of changes in operating accounts |
1,465 | 10,782 | 1,772 | 8,831 | ||||||||||||
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| Net cash provided by operating activities |
$ | 19,719 | $ | 28,544 | $ | 52,935 | $ | 57,952 | ||||||||
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