UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 14, 2008
Commission File Number: 1-14222
SUBURBAN PROPANE PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
| |
|
|
| Delaware
|
|
22-3410353 |
| (State or other jurisdiction
|
|
(I.R.S. Employer |
| of incorporation or organization)
|
|
Identification No.) |
240 Route 10 West
Whippany, New Jersey 07981
(973) 887-5300
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
TABLE OF CONTENTS
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following information, including the exhibit attached hereto, shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On November 14, 2008, Suburban Propane Partners, L.P. issued a press release (the “Press Release”)
describing its Fiscal 2008 Fourth Quarter Financial Results. A copy of the Press Release has been
furnished as Exhibit 99.1 to this Current Report.
Within the Press Release, we reference earnings before interest, income taxes, depreciation and
amortization (“EBITDA”) which is considered a non-GAAP financial measure. Additionally, we discuss
EBITDA, net income and net income per Common Unit, excluding the impact of unrealized (non-cash)
gains or losses attributable to mark-to-market activity on derivative instruments recorded in
accordance with Statement of Financial Accounting Standards No. 133 “Accounting for Derivative
Instruments and Hedging Activities”, as amended (“Adjusted EBITDA”).
We provide these non-GAAP financial measures because we believe that they assist the investment
community in properly assessing our liquidity on a year-over-year basis. In addition, we believe
that these non-GAAP financial measures provide useful information to investors and industry
analysts that facilitates the comparison of cash flows between periods for purposes of evaluating
our ability to meet our debt service obligations and to pay quarterly distributions. In addition,
certain of our incentive compensation plans covering executives and other employees utilize
Adjusted EBITDA as the performance target. Moreover, our revolving credit agreement requires us to
use Adjusted EBITDA as a component in calculating our leverage and interest coverage ratios.
A reconciliation of Adjusted EBITDA to net cash provided by operating activities is presented in
the Press Release furnished as Exhibit 99.1 to this Current Report.
We also reference gross margins, computed as revenues less cost of products sold as those amounts
are reported on the consolidated financial statements. Since cost of products sold does not
include depreciation and amortization expense, the gross margin we reference is considered a
non-GAAP financial measure. Given the nature of our business, the level of profitability in the
retail propane, fuel oil, natural gas and electricity businesses is largely dependent on the
difference between retail sales price and product cost. Therefore, we discuss gross margins in
order to provide investors and industry analysts with useful information to facilitate their
understanding of the impact of the commodity prices on profitability.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
| |
|
|
99.1
|
|
Press Release of Suburban Propane Partners, L.P. dated November 14, 2008,
describing the Fiscal 2008 Fourth Quarter Financial Results. |