EX-99 3 excelfinancials.txt FINANCIAL STATEMENTS FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except unit data)
Unaudited Audited ASSETS April 30, 2001 July 31, 2000 ------------------------------------------------- ------------------- ------------------ Current Assets: Cash and cash equivalents $ 21,264 $ 14,838 Accounts and notes receivable, net 109,980 89,801 Inventories 60,170 71,979 Prepaid expenses and other current assets 12,801 8,275 ------------------- ------------------ Total Current Assets 204,215 184,893 Property, plant and equipment, net 493,838 516,183 Intangible assets, net 237,634 256,476 Other assets, net 18,687 10,355 ------------------- ------------------ Total Assets $ 954,374 $ 967,907 =================== ================== LIABILITIES AND PARTNERS' CAPITAL ------------------------------------------------------------ Current Liabilities: Accounts payable $ 60,679 $ 95,264 Other current liabilities 67,754 77,631 Short-term borrowings - 18,342 ------------------- ------------------ Total Current Liabilities 128,433 191,237 Long-term debt 707,844 718,118 Other liabilities 16,196 16,176 Minority interest 2,671 2,032 Partners' Capital: Senior unitholder (4,888,234 and 4,652,691 units outstanding at April 2001 and July 2000, respectively - liquidation preference at $40 per unit) 195,529 179,786 Common unitholders (31,307,116 units outstanding at both April 2001 and July 2000) (38,221) (80,931) General partner unitholder (316,233 units outstanding at both April 2001 and July 2000) (58,078) (58,511) Accumulated other comprehensive income - - ------------------- ------------------ Total Partners' Capital 99,230 40,344 ------------------- ------------------ Total Liabilities and Partners' Capital $ 954,374 $ 967,907 =================== ================== Note: The principal difference between the Ferrellgas Partners, L.P. balance sheet and that of Ferrellgas, L.P., the operating partnership, is $160 million of 9 3/8% notes, which are a liability of Ferrellgas Partners, L.P. and not of Ferrellgas, L.P.
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2001 AND 2000 (in thousands, except per unit data) (Unaudited)
Three months ended Nine months ended April 30 April 30 ------------------- -------------------- 2001 2000 2001 2000 -------- -------- --------- -------- Revenues: Gas liquids and related product sales $364,723 $279,043 $1,237,572 $736,575 Other 28,112 21,197 74,845 67,399 -------- -------- --------- -------- Total revenues 392,835 300,240 1,312,417 803,974 Cost of product sold 240,034 176,274 833,325 439,627 -------- -------- --------- -------- Gross profit 152,801 123,966 479,092 364,347 Operating expense 73,358 70,556 228,846 197,074 Depreciation and amortization expense 14,484 17,382 42,462 43,381 General and administrative expense 6,619 7,070 18,246 18,213 Equipment lease expense 7,618 8,173 24,386 17,612 Employee stock ownership plan compensation charge 1,316 840 3,510 2,893 (Gain) loss on disposal of assets and other 1,607 (99) 4,761 30 -------- -------- --------- -------- Operating income 47,799 20,044 156,881 85,144 Interest expense (14,884) (15,531) (47,158) (42,809) Interest income 981 959 2,420 1,568 Other charges (1) (3,118) - (3,118) - -------- -------- --------- -------- Earnings before minority interest 30,778 5,472 109,025 43,903 Minority interest (2) 376 94 1,240 561 -------- -------- --------- -------- Net earnings 30,402 5,378 107,785 43,342 Distribution to senior common unitholder 4,888 4,428 14,310 6,568 Net earnings available to general partner 255 10 935 368 -------- -------- --------- -------- Net earnings available to common unitholders $ 25,259 $ 940 $ 92,540 $ 36,406 ======== ======== ========= ======== Net earnings per common unit: Net earnings per common unit $ 0.81 $ 0.03 $ 2.96 $ 1.16 Weighted average common units outstanding 31,307.1 31,307.1 31,307.1 31,306.6 Supplemental Data: Three months ended Nine months ended April 30 April 30 ------------------- -------------------- 2001 2000 2001 2000 -------- -------- --------- -------- Retail gallons 248,785 261,994 847,908 729,467 ======== ======== ========= ======== EBITDA (3) $ 65,206 $ 38,167 $ 207,614 $131,448 Net cash interest expense (4) (14,590) (13,911) (45,278) (39,284) Maintenance capital expenditures and other charges (5,492) (2,212) (10,082) (8,162) -------- -------- --------- -------- Distributable cash flow 45,124 22,044 152,254 84,002 Less: General partner 966 478 3,176 1,793 -------- -------- --------- -------- Distributable cash flow to common unitholder $ 44,158 $ 21,566 $ 149,078 $ 82,209 ======== ======== ========= ======== Net cash provided by operating activities $ 90,326 $ 24,188 $ 54,740 $ 33,675 Maintenance capital expenditures (5) 2,374 2,212 6,964 8,162 Growth capital expenditures (5) 781 2,822 2,245 10,469 Acquisition capital expenditures (5) $ (130) $ 2,071 $ (3,764) $309,568 (1) Amount relates to expenses incurred for the modification of the terms of senior units and common units on April 6, 2001. (2) Amounts allocated to the general partner for its 1.0101% interest in the operating partnership, Ferrellgas, L.P. (3) We define EBITDA as earnings before interest, income taxes, depreciation, amortization, other charges and non-cash items such as employee stock ownership plan compensation charge and gain or loss on disposal of assets and other. EBITDA provides additional information for evaluating our ability to make the minimum quarterly distribution and is presented solely as a supplemental measure. You should not consider EBITDA as an alternative to operating income, net cash provided by operating activities or any other measure of financial performance presented in accordance with generally accepted accounting principles. Our EBITDA may not be comparable to EBITDA or similarly titled measures of other entities as other entities may not calculate EBITDA in the same manner we do. (4) Net cash interest expense is the sum of interest expense less non-cash interest expense and interest income. This amount also includes interest expense related to the accounts receivable securitization. (5) The partnership's capital expenditures fall generally into three categories: (a) maintenance capital expenditures, which include capitalized expenditures for repair and replacement of property, plant and equipment; (b) growth capital expenditures, which include expenditures for purchases of new propane tanks, and other equipment to facilitate expansion of the partnership's customer base and operating capacity; and ( c) acquisition capital expenditures, which include expenditures related to acquisitions of retail propane operations. Acquisition capital expenditures represent total cost of acquisition less working capital acquired. Negative amounts reflect final valuation adjustment to the recording of the Thermogas acquisition.