2014 Q3 Form 10-Q Financial Statement

#000139209114000049 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $1.600M $4.800M
YoY Change -12.5% -66.67% 26.32%
Cash & Equivalents $1.362M $1.598M $4.848M
Short-Term Investments
Other Short-Term Assets $3.854M $3.985M $1.821M
YoY Change 161.47% 118.84% -42.21%
Inventory
Prepaid Expenses
Receivables $12.80M $12.56M $13.51M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.73M $25.02M $26.38M
YoY Change -6.15% -5.17% 2.33%
LONG-TERM ASSETS
Property, Plant & Equipment $305.6M $303.6M $290.1M
YoY Change 0.15% 4.65% 11.02%
Goodwill $7.216M $7.216M $7.216M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.00M $19.60M $16.80M
YoY Change 1.52% 16.67%
Other Assets $1.683M $1.772M $1.474M
YoY Change 18.77% 20.22% -23.31%
Total Long-Term Assets $337.7M $335.3M $319.5M
YoY Change 0.17% 4.95% 16.37%
TOTAL ASSETS
Total Short-Term Assets $23.73M $25.02M $26.38M
Total Long-Term Assets $337.7M $335.3M $319.5M
Total Assets $361.5M $360.4M $345.9M
YoY Change -0.27% 4.18% 15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.089M $6.601M $10.92M
YoY Change -32.74% -39.54% 141.44%
Accrued Expenses $9.500M $7.400M $7.100M
YoY Change 1.06% 4.23% 10.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $23.62M $20.93M $27.95M
YoY Change -20.65% -25.12% 23.19%
LONG-TERM LIABILITIES
Long-Term Debt $212.0M $287.0M $262.4M
YoY Change -22.74% 9.37% 22.05%
Other Long-Term Liabilities $5.300M $6.000M $100.0K
YoY Change 5200.0% 5900.0% -50.0%
Total Long-Term Liabilities $212.0M $287.0M $262.4M
YoY Change -22.74% 9.37% 22.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.62M $20.93M $27.95M
Total Long-Term Liabilities $212.0M $287.0M $262.4M
Total Liabilities $235.6M $307.9M $290.4M
YoY Change -22.54% 6.05% 22.16%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.5M $46.40M $55.40M
YoY Change
Total Liabilities & Shareholders Equity $361.5M $360.4M $345.9M
YoY Change -0.27% 4.18% 15.17%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2013Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF CONSOLIDATION AND PRESENTATION</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The financial statements have been prepared in accordance with accounting principles and practices generally accepted in the United States of America (&#8220;GAAP&#8221;).&#160;&#160;The consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended June 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, the consolidated statement of changes in partners&#8217; capital for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, the statement of cash flows for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, and the consolidated balance sheet as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are unaudited.&#160;&#160;In the opinion of management, the unaudited consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary to state fairly the financial position and results of operations for the respective interim periods.&#160;&#160;All adjustments are of a recurring nature unless otherwise disclosed herein.&#160;&#160;The 2013 year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.&#160;&#160;These consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership&#8217;s annual report on Form 10-K for the year ended December&#160;31, 2013 filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">March&#160;12, 2014</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;2013 Form 10-K&#8221;).&#160;&#160;Interim financial results are not necessarily indicative of the results to be expected for an annual period.&#160;&#160;The Partnership&#8217;s significant accounting policies are consistent with those disclosed in Note 4 of the Notes to Consolidated Financial Statements in its 2013 Form 10-K. A reclassification has been made to the consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended June 30,</font><font style="font-family:inherit;font-size:10pt;"> 2013 to reflect a recasting of amounts related to discontinued operations (see Note 3). The reclassification has no impact on net income.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Partnership&#8217;s investment in Advantage Pipeline, L.L.C. (&#8220;Advantage Pipeline&#8221;), over which the Partnership has significant influence but not control, is accounted for by the equity method. The Partnership does not consolidate any part of the assets or liabilities of its equity investee. The Partnership&#8217;s share of net income or loss is reflected as one line item on the Partnership&#8217;s Consolidated Statements of Operations entitled &#8220;Equity earnings in unconsolidated affiliate&#8221; and will increase or decrease, as applicable, the carrying value of the Partnership&#8217;s investment in the unconsolidated affiliate on the balance sheet. Distributions to the Partnership will reduce the carrying value of its investment and will be reflected in the Partnership&#8217;s Consolidated Statements of Cash Flows in the line item &#8220;Distributions from unconsolidated affiliate.&#8221; In turn, contributions will increase the carrying value of the Partnership&#8217;s investment and will be reflected in the Partnership&#8217;s Consolidated Statements of Cash Flows in investing activities. The Partnership evaluates its equity investment for impairment in accordance with FASB guidance with respect to the equity method of accounting for investments in common stock. An impairment of an equity investment results when factors indicate that the investment&#8217;s fair value is less than its carrying value and the reduction in value is other than temporary in nature.</font></div></div>
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Income Loss From Equity Method Investments
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CY2014Q2 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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CY2013Q2 us-gaap Interest Costs Capitalized
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us-gaap Interest Expense
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CY2013Q2 us-gaap Interest Expense
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InterestExpense
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CY2013Q2 us-gaap Interest Expense Long Term Debt
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CY2014Q2 us-gaap Interest Payable Current
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CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2013Q4 us-gaap Liabilities And Stockholders Equity
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us-gaap Liabilities Assumed1
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us-gaap Liabilities Assumed1
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CY2014Q2 us-gaap Liabilities Current
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CY2014Q2 us-gaap Liabilities Fair Value Disclosure
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description
NewAccountingPronouncementOrChangeInAccountingPrincipleDescription
RECENTLY ISSUED ACCOUNTING STANDARDSIn July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendment provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Partnership adopted this update in January 2014, and the impact was not material.In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment.” The amendments in this update change the criteria for reporting discontinued operations for all public and nonpublic entities. The amendments also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership’s quarterly report for the period ending March 31, 2015.In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The amendments in this Update create Topic 606, Revenue from Contracts with Customers, and supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Partnership is evaluating the impact of this guidance, which will be adopted beginning with the Partnership’s quarterly report for the period ending March 31, 2017.
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5391000 USD
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us-gaap Other Significant Noncash Transaction Value Of Consideration Received1
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bkep Chief Executive Officer Non Voting Economic Interest In Company Capital Contribution Related To Profit Interests
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us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
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22925000 shares
CY2013Q4 bkep Accumulated Depreciationand Impairments Assetsheldforsale
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bkep Amortizationof Financing Costsand Write Offof Debt Issuance Costs
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2932000 USD
bkep Chief Executive Officer Non Voting Economic Interest In Company Capital Contribution Related To Profit Interests
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CY2014Q2 bkep Deferred Related Party Revenue Current
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234000 USD
CY2013Q4 bkep Deferred Related Party Revenue Current
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90000 USD
CY2013Q2 bkep Depreciation Depletionand Amortizationon Continuing Operations
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5822000 USD
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bkep Depreciation Depletionand Amortizationon Continuing Operations
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CY2013Q4 bkep General Partner Percentage Interest
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bkep Gross Income Of Partnership For Any Taxable Year Is Qualifying Income Will Be Taxable As Corporation For Federal Income Tax Purposes For That Taxable Year And All Subsequent Years Maximum
GrossIncomeOfPartnershipForAnyTaxableYearIsQualifyingIncomeWillBeTaxableAsCorporationForFederalIncomeTaxPurposesForThatTaxableYearAndAllSubsequentYearsMaximum
0.90
bkep Increase Decrease In Accrued Interest Payable To Related Parties
IncreaseDecreaseInAccruedInterestPayableToRelatedParties
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bkep Increase Decrease In Accrued Interest Payable To Related Parties
IncreaseDecreaseInAccruedInterestPayableToRelatedParties
0 USD
bkep Increase Decrease In Deferred Revenue Related Parties
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-55000 USD
bkep Increase Decrease In Deferred Revenue Related Parties
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125000 USD
CY2014Q2 bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
17776000 USD
CY2013Q2 bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
19677000 USD
bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
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bkep Operating Margin Excluding Depreciation And Amortization
OperatingMarginExcludingDepreciationAndAmortization
35034000 USD
CY2014Q2 bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basicand Diluted
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasicandDiluted
727000 shares
CY2013Q2 bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basicand Diluted
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasicandDiluted
737000 shares
bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basicand Diluted
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasicandDiluted
651000 shares
bkep Weighted Average Restrictedand Phantom Partnership Units Outstanding Basicand Diluted
WeightedAverageRestrictedandPhantomPartnershipUnitsOutstandingBasicandDiluted
606000 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001392091
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
22925092 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Registrant Name
EntityRegistrantName
Blueknight Energy Partners, L.P.
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
200000000 USD

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