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Interim Financial Results (unaudited) (Tables)
12 Months Ended
Dec. 31, 2012
Interim Financial Results (unaudited)  
Schedule of interim financial results

 

 

 
  Consolidated
Lehigh Gas
Partners LP
Period from
October 31 to
December 31,
2012
   
  Combined
Lehigh Gas
Entities
(Predecessor)
Period from
October 1 to
October 30,
2012
  Combined
Lehigh Gas
Entities
(Predecessor)
Third Quarter
2012(2)(3)
  Combined
Lehigh Gas
Entities
(Predecessor)
Second Quarter
2012(2)(4)
  Combined
Lehigh Gas
Entities
(Predecessor)
First Quarter
2012(2)
 

Revenues:

                                   

Revenues from fuel sales

  $ 161,319       $ 88,664   $ 270,598   $ 299,647   $ 276,332  

Revenues from fuel sales to affiliates

    145,168         68,856     230,754     186,762     134,767  

Rental income

    1,950         1,068     3,184     2,971     3,113  

Rental income from affiliates

    3,228         720     2,090     1,047     1,851  

Revenues from retail merchandise and other

            4     3     4     3  
                           

Total revenues

    311,665         159,312     506,629     490,431     416,066  

Costs and Expenses:

                                   

Cost of revenues from fuel sales

    156,815         85,550     265,380     291,630     271,661  

Cost of revenues from fuel sales to affiliates

    139,736         67,722     226,274     183,208     132,167  

Cost of revenues for retail merchandise and other

                         

Rent expense

    2,045         1,237     3,464     2,795     2,067  

Operating expenses

    541         (288 )   1,824     1,466     1,732  

Depreciation and amortization

    2,551         1,782     3,536     3,726     4,729  

Selling, general and administrative expenses(1)

    9,676         (4,469 )   3,722     5,267     5,291  

Gain on sale of assets

    (471 )           (146 )   (1,892 )   (1,081 )
                           

Total costs and operating expenses

    310,893         151,534     504,054     486,200     416,566  
                           

Operating income (loss)

    772         7,778     2,575     4,231     (500 )

Interest expense, net

    (1,926 )       (1,088 )   (3,388 )   (3,501 )   (3,392 )

Loss on extinguishment of debt

            (571 )            

Other income (expense), net

    140         (776 )   372     347     718  
                           

(Loss) Income from continuing operations

    (1,014 )       5,343     (441 )   1,077     (3,174 )

Income tax expense from continuing operations

    342                      

Income (loss) from discontinued operations

            9     (9 )   169     140  
                           

Net (loss) income

  $ (1,356 )     $ 5,352   $ (450 ) $ 1,246   $ (3,034 )
                           

Limited partners' interest in net loss from continuing operations

  $ (1,356 )       n/a     n/a     n/a     n/a  

Net loss allocated to common units

  $ (678 )                            

Net loss allocated to subordinated units

  $ (678 )                            

Net loss per common unit—basic and diluted

  $ (0.09 )                            

Net loss per subordinated unit—basic and diluted

  $ (0.09 )                            

(1)
The net credit to the selling, general and administrative expenses for the period from October 1, 2012 to October 30, 2012, for the Predecessor Entity resulted from the reimbursement from the Partnership, upon the closing date of the IPO, for the Offering costs paid by the Predecessor Entity, partially offset by expenses incurred by the Predecessor Entity during that period.
(2)
The results of operations for the first, second, and third quarters of 2012 have been revised from those previously reported for retrospective revisions in discontinued operations.

(3)
Revenues from fuel sales and cost of revenues from fuel sales were revised from amounts previously reported for an adjustment related to the classification motor fuel taxes, with both line items increased by $34.8 million. Revenues from fuel sales to affiliates and cost of revenues from fuel sales to affiliates were revised from amounts previously reported for an adjustment related to the classification of motor fuel taxes, with both line items increased by $29.5 million.

(4)
Revenues from fuel sales and cost of revenues from fuel sales were revised from amounts previously reported for an adjustment related to the classification motor fuel taxes, with both line items increased by $29.1 million.

 
  Combined
Lehigh Gas
Entities
(Predecessor)
Total 2011
  Combined
Lehigh Gas
Entities
(Predecessor)
Fourth Quarter
2011
  Combined
Lehigh Gas
Entities
(Predecessor)
Third Quarter
2011
  Combined
Lehigh Gas
Entities
(Predecessor)
Second Quarter
2011
  Combined
Lehigh Gas
Entities
(Predecessor)
First Quarter
2011
 

Revenues:

                               

Revenues from fuel sales

  $ 1,236,644   $ 277,705   $ 330,411   $ 346,887   $ 281,641  

Revenues from fuel sales to affiliates

    365,106     166,029     58,168     85,078     55,831  

Rental income

    12,633     3,303     3,288     3,053     2,989  

Rental income from affiliates

    7,792     2,323     1,959     1,758     1,752  

Revenues from retail merchandise and other

    1,389     339     400     358     292  
                       

Total revenues

    1,623,564     449,699     394,226     437,134     342,505  

Costs and Expenses:

                               

Cost of revenues from fuel sales

    1,204,440     263,503     327,403     337,715     275,819  

Cost of revenues from fuel sales to affiliates

    359,005     170,282     50,473     83,277     54,973  

Cost of revenues for retail merchandise and other

    1,066     263     311     264     228  

Rent expense

    9,402     2,416     2,458     2,385     2,143  

Operating expenses

    6,608     1,859     1,468     1,871     1,410  

Depreciation and amortization

    11,996     3,503     3,086     2,855     2,552  

Selling, general and administrative expenses

    12,709     2,848     3,037     3,742     3,082  

(Gain) loss on sale of assets

    (3,188 )   (1,573 )   17     (928 )   (704 )
                       

Total costs and operating expenses

    1,602,038     443,101     388,253     431,181     339,503  
                       

Operating income

    21,526     6,598     5,973     5,953     3,002  

Interest expense, net

    (12,082 )   (2,439 )   (3,109 )   (4,772 )   (1,762 )

Other income, net

    1,245     518     290     123     314  
                       

Income from continuing operations

    10,689     4,677     3,154     1,304     1,554  

(Loss) income from discontinued operations

    (779 )   36     19     14     (848 )
                       

Net income

  $ 9,910   $ 4,713   $ 3,173   $ 1,318   $ 706  
                       

(1)
The results of operations have been revised from those previously reported for retrospective revisions in discontinued operations.