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Atlas Pipeline Partners, L.P. Reports Operating Results For the Third Quarter of 2004.

Article Excerpt
PHILADELPHIA -- Atlas Pipeline Partners, L.P. (NYSE:APL) (the "Partnership or APL") reported revenues of $34.9 million and $43.7 million for the three and nine month periods ended September 30, 2004, respectively, compared to $4.2 million and $11.9 million for the similar periods ended September 30, 2003, respectively. The significant increase from period to period is reflective of the July 16, 2004 acquisition of Spectrum Field Services, Inc.

Net cash provided by operations was $10.1 million and $17.7 million for the three and nine month periods ended September 30, 2004, respectively, compared to $6.4 million and $11.5 million for the similar periods ended September 30, 2003, respectively.

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP measure, was $4.1 million and $10.6 million for the three and nine month periods ended September 30, 2004, respectively, compared to $3.2 million and $8.7 million for the three and nine month periods ended September 30, 2003, respectively. The following table reconciles EBITDA to our net income for the three and nine month periods ended September 30, 2004 and 2003. (See Note 1)

Three Months Ended Nine Months Ended September 30, September 30, ------------------- ------------------ 2004 2003 2004 2003 --------- --------- -------- --------- (unaudited, in thousands) Net income $ 1,975 $ 2,669 $ 7,224 $ 7,267 Interest expense 1,075 50 1,202 212 Depreciation and amortization 1,022 438 2,132 1,266 --------- --------- -------- --------- EBITDA (see Note 1) $ 4,072 $ 3,157 $ 10,558 $ 8,745 ========= ========= ======== ========= Note 1. EBITDA represents net income before interest expense, income tax (not applicable to the Partnership), depreciation and amortization. Management of APL believes that EBITDA provides additional information with respect to APL's ability to meet its debt service, capital expense and working capital requirements. EBITDA is a commonly used measure of a business' ability to generate cash flow without consideration of its financing structure. This measure is widely used by commercial banks, investment bankers,...