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Article Excerpt
K-Sea Transportation Partners L.P. (NYSE:KSP) announced operating results for the third fiscal quarter ended March 31, 2009. The Company reported operating income of $8.9 million, a decrease of $0.4 million, or 4%, compared to the third fiscal quarter ended March 31, 2008. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the third quarter of fiscal 2009 was $22.3 million, an increase of $1.0 million, or 5%, compared to $21.3 million in the same quarter last year. EBITDA is a non-GAAP financial measure that is reconciled to net income, the most directly comparable GAAP measure, in the table below.
The Company also announced that its Board approved a distribution to unitholders for the third quarter of $0.77 per unit, or $3.08 per unit annualized. The distribution will be payable on May 15, 2009 to unitholders of record on May 8, 2009. The Company will issue 49,775 units to the general partner in lieu of $1.244 million in cash distributions, effectively $25.00 per unit. This has been approved by the Board of the general partner based on a recommendation from its Conflicts Committee, which consists entirely of independent directors. The general partner is prepared similarly to convert its distributions for the next three quarters into units at the greater of $25.00 per unit or the then current market price. This will be considered by the Board of the general partner at the time future distributions are considered.
President and CEO...
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