Blueknight Energy Partners, L.P.

2015 Q3 Form 10-Q Financial Statement

#000139209115000053 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M $2.400M $1.600M
YoY Change -21.43% 50.0% -66.67%
Cash & Equivalents $1.136M $2.354M $1.598M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $3.943M $4.095M $3.985M
YoY Change 2.31% 2.76% 118.84%
Inventory
Prepaid Expenses
Receivables $10.08M $14.59M $12.56M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.46M $27.43M $25.02M
YoY Change -13.76% 9.65% -5.17%
LONG-TERM ASSETS
Property, Plant & Equipment $326.4M $324.0M $303.6M
YoY Change 6.83% 6.72% 4.65%
Goodwill $10.73M $10.73M $7.216M
YoY Change 48.66% 48.66% 0.0%
Intangibles
YoY Change
Long-Term Investments $19.70M $19.50M $19.60M
YoY Change -1.5% -0.51% 16.67%
Other Assets $3.293M $3.759M $1.772M
YoY Change 95.66% 112.13% 20.22%
Total Long-Term Assets $362.6M $360.6M $335.3M
YoY Change 7.35% 7.54% 4.95%
TOTAL ASSETS
Total Short-Term Assets $20.46M $27.43M $25.02M
Total Long-Term Assets $362.6M $360.6M $335.3M
Total Assets $383.0M $388.0M $360.4M
YoY Change 5.96% 7.68% 4.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.30M $12.14M $6.601M
YoY Change 27.31% 83.87% -39.54%
Accrued Expenses $9.800M $7.500M $7.400M
YoY Change 3.16% 1.35% 4.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.93M $26.83M $20.93M
YoY Change 18.24% 28.2% -25.12%
LONG-TERM LIABILITIES
Long-Term Debt $232.0M $243.0M $287.0M
YoY Change 9.43% -15.33% 9.37%
Other Long-Term Liabilities $9.100M $8.700M $6.000M
YoY Change 71.7% 45.0% 5900.0%
Total Long-Term Liabilities $232.0M $243.0M $287.0M
YoY Change 9.43% -15.33% 9.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.93M $26.83M $20.93M
Total Long-Term Liabilities $232.0M $243.0M $287.0M
Total Liabilities $259.9M $269.8M $307.9M
YoY Change 10.32% -12.37% 6.05%
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 $114.0M $109.6M $46.40M
YoY Change
Total Liabilities & Shareholders Equity $383.0M $388.0M $360.4M
YoY Change 5.96% 7.68% 4.18%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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2015-06-30
dei Document Type
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dei Entity Current Reporting Status
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Blueknight Energy Partners, L.P.
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NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.06
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.05
CY2014Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.08
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.15
CY2015Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.06
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.05
CY2014Q2 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
5391000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
10782000 USD
CY2015Q2 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
5391000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
10782000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Operating-segments
CY2015Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
23 States
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
34475000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
69976000 USD
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
33383000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
65768000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
38846000 USD
us-gaap Operating Expenses
OperatingExpenses
78833000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
38050000 USD
us-gaap Operating Expenses
OperatingExpenses
75412000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7526000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
14378000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8484000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
13782000 USD
CY2014Q4 us-gaap Other Assets Current
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3805000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
4095000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2056000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3759000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3204000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4796000 USD
CY2014Q4 us-gaap Other Long Term Debt Noncurrent
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3620000 USD
CY2015Q2 us-gaap Other Long Term Debt Noncurrent
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4901000 USD
CY2014Q4 us-gaap Partners Capital
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119956000 USD
CY2015Q2 us-gaap Partners Capital
PartnersCapital
109554000 USD
us-gaap Partners Capital Account Distributions
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20497000 USD
us-gaap Payments For Proceeds From Investments
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0 USD
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
-2346000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
17147000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
20497000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
13895000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18236000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14516000 USD
CY2014Q4 us-gaap Preferred Units Issued
PreferredUnitsIssued
30158619 shares
CY2015Q2 us-gaap Preferred Units Issued
PreferredUnitsIssued
30158619 shares
CY2014Q4 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
30158619 shares
CY2015Q2 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
30158619 shares
CY2014Q4 us-gaap Preferred Units Preferred Partners Capital Accounts
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CY2015Q2 us-gaap Preferred Units Preferred Partners Capital Accounts
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CY2014Q4 us-gaap Prepaid Insurance
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CY2015Q2 us-gaap Prepaid Insurance
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
538000 USD
us-gaap Proceeds From Lines Of Credit
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31000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
65000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-1235000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1445000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1086000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
864000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
502603000 USD
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
528020000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
310163000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
324021000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
17000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38000000 USD
CY2014Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10600000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
22806000 USD
CY2015Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10185000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
20418000 USD
CY2014Q2 us-gaap Revenues
Revenues
45797000 USD
us-gaap Revenues
Revenues
92239000 USD
CY2015Q2 us-gaap Revenues
Revenues
46574000 USD
us-gaap Revenues
Revenues
88930000 USD
CY2014Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
7.61
CY2014Q2 us-gaap Sales Revenue Services Net
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35197000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
69433000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
36389000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
68512000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
529000 USD
us-gaap Unrealized Gain Loss On Derivatives
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-2002000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
732000 USD
CY2014Q4 us-gaap Trading Securities Equity
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2079000 USD
CY2015Q2 us-gaap Trading Securities Equity
TradingSecuritiesEquity
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us-gaap Unrealized Gain Loss On Derivatives
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CY2014Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
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us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
22910000 shares
CY2015Q2 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
32915000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
32905000 shares
CY2014Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
22925000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
22910000 shares
CY2015Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
32915000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
32905000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<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 generally accepted in the United States of America (&#8220;GAAP&#8221;).&#160;&#160;The condensed 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;">2014</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;">2015</font><font style="font-family:inherit;font-size:10pt;">, the condensed consolidated statement of changes in partners&#8217; capital for the </font><font style="font-family:inherit;font-size:10pt;">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;">2015</font><font style="font-family:inherit;font-size:10pt;">, the condensed consolidated statements of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">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;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;">, and the condensed consolidated balance sheet as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</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 2014 year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP.&#160;&#160;These unaudited condensed 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, 2014 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;11, 2015</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;2014 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 2014 Form 10-K. </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 condensed 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 condensed consolidated balance sheets. Distributions to the Partnership reduce the carrying value of its investment and are reflected in the Partnership&#8217;s condensed 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 condensed consolidated statements of cash flows in investing activities.</font></div></div>

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