Segments

6 Months Ended

Sep. 30, 2011

Segments

Segments

Note 12 - Segments

We have three operating segments, two of which conduct their business exclusively in the United States, while our midstream terminal operations are conducted in the United States and, to a lesser extent, Canada.  We evaluate our operating segments’ performance based on gross margin and operating income and EBITDA.  Our segments and their respective financial information are as follows:

	Three Months Ended September 30,						Six Months Ended September 30,
	2011			2010			2011			2010
Revenues:
Retail propane
Propane sales	$	16,062		$	4,374		$	26,256		$	6,128
Sales of parts and fittings and water-softeners	1,680			142			3,120			256
Propane service and water-softener and tank rental revenues	1,483			211			2,701			484
Wholesale supply and marketing
Wholesale supply sales	203,111			155,513			387,947			315,364
Storage revenues	443			631			760			959
Midstream	686			629			1,182			1,046
Elimination of intersegment wholesale supply sales	(13,424		)	(4,849		)	(21,080		)	(7,294		)
Total revenues	$	210,041		$	156,651		$	400,886		$	316,943
Gross Margin:
Retail propane
Propane sales	$	4,150		$	1,128		$	7,364		$	1,638
Sales of parts and fittings and water-softeners	384			(5		)	698			(3		)
Propane service and water-softener and tank rental revenues	1,483			211			2,701			484
Wholesale supply and marketing
Wholesale supply sales	1,543			1,465			954			2,105
Storage revenues	443			631			760			959
Midstream	584			528			982			852
Total gross margin	$	8,587		$	3,958		$	13,459		$	6,035
Depreciation and Amortization:
Retail propane	$	1,388		$	436		$	2,455		$	870
Wholesale supply and marketing	100			27			198			98
Midstream	213			211			425			421
Total depreciation and amortization	$	1,701		$	674		$	3,078		$	1,389
Operating Income (Loss):
Retail propane	$	(3,098	)	$	(1,052	)	$	(6,292	)	$	(2,569	)
Wholesale supply and marketing	279			711			(1,414		)	567
Midstream	(6		)	273			21			298
General and administrative expenses not allocated to segments	(1,703		)	(1,420		)	(2,526		)	(2,091		)
Total operating loss	$	(4,528	)	$	(1,488	)	$	(10,211	)	$	(3,795	)
Other items not allocated by segment:
Interest income	99			25			225			66
Interest expense	(1,012		)	(300		)	(2,313		)	(372		)
Other income, net	46			19			131			124
Income tax benefit	—			627			—			1,417
Net loss	$	(5,395	)	$	(1,117	)	$	(12,168	)	$	(2,560	)
Geographic Information for our Midstream Segment:
Revenues:
United States	$	655		$	592		$	1,108		$	975
Canada	31			37			74			71
Gross margin:
United States	553			492			908			782
Canada	31			36			74			70
Operating income (loss):
United States	128			312			224			423
Canada	(134		)	(39		)	(203		)	(125		)
Additions to property, plant and equipment including acquisitions (accrual basis):
Retail propane	$	2,340		$	126		$	3,056		$	265
Wholesale supply and marketing	34			15			228			15
Total	$	2,374		$	141		$	3,284		$	280

	September 30,		March 31,
	2011		2011
Total assets:
Retail propane	$	81,313	$	78,566
Wholesale supply and marketing	153,981		57,507
Midstream	18,026		19,279
Corporate	8,953		8,481
Total	$	262,273	$	163,833
Long-lived assets, net:
Retail propane	$	60,463	$	58,997
Wholesale supply and marketing	4,157		4,537
Midstream	17,894		18,446
Corporate	5,641		4,363
Total	$	88,155	$	86,343