2018 Q3 Form 10-Q Financial Statement

#000139209118000070 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.900M $1.200M $3.300M
YoY Change -26.92% -63.64% 10.0%
Cash & Equivalents $1.926M $1.193M $3.274M
Short-Term Investments
Other Short-Term Assets $9.834M $12.72M $7.671M
YoY Change 31.19% 65.77% -7.71%
Inventory
Prepaid Expenses
Receivables $46.92M $31.27M $9.341M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $62.47M $48.49M $24.49M
YoY Change 176.65% 98.04% -11.39%
LONG-TERM ASSETS
Property, Plant & Equipment $295.3M $295.7M $298.3M
YoY Change 0.92% -0.88% 2.97%
Goodwill $6.728M $6.728M $4.746M
YoY Change 41.76% 41.76% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $18.17M $18.92M $13.76M
YoY Change 34.65% 37.48% -5.91%
Total Long-Term Assets $323.8M $342.0M $321.6M
YoY Change 2.63% 6.34% -2.76%
TOTAL ASSETS
Total Short-Term Assets $62.47M $48.49M $24.49M
Total Long-Term Assets $323.8M $342.0M $321.6M
Total Assets $386.2M $390.5M $346.1M
YoY Change 14.25% 12.83% -3.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.311M $5.244M $4.430M
YoY Change 20.35% 18.37% -8.6%
Accrued Expenses $39.90M $7.700M $7.800M
YoY Change 299.0% -1.28% -3.7%
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 $57.14M $49.60M $25.95M
YoY Change 119.44% 91.18% 13.81%
LONG-TERM LIABILITIES
Long-Term Debt $271.6M $349.6M $303.6M
YoY Change -8.74% 15.15% 8.81%
Other Long-Term Liabilities $4.500M $4.700M $4.900M
YoY Change -6.25% -4.08% -37.18%
Total Long-Term Liabilities $271.6M $349.6M $3.372M
YoY Change 7284.23% 10267.5% -98.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.14M $49.60M $25.95M
Total Long-Term Liabilities $271.6M $349.6M $3.372M
Total Liabilities $328.7M $399.2M $29.32M
YoY Change 1006.21% 1261.61% -90.29%
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 $53.00M -$13.40M $11.70M
YoY Change
Total Liabilities & Shareholders Equity $386.2M $390.5M $346.1M
YoY Change 14.25% 12.83% -3.43%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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:24px;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 balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, 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;">2017</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;">2018</font><font style="font-family:inherit;font-size:10pt;">, the condensed consolidated statement of changes in partners&#8217; capital (deficit) 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;">2018</font><font style="font-family:inherit;font-size:10pt;"> and 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;">2017</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;">2018</font><font style="font-family:inherit;font-size:10pt;">, are unaudited.&#160;&#160;In the opinion of management, the unaudited condensed 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 </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, 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;8, 2018</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;</font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> 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 </font><a style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;" href="#sC61D344C5381A002838882FC73F0F567"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Note 3</font></a><font style="font-family:inherit;font-size:10pt;"> of the Notes to Consolidated Financial Statements in its </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> 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:24px;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 had significant influence but not control, was accounted for by the equity method. The Partnership did 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 unaudited condensed consolidated statements of operations entitled &#8220;Equity earnings in unconsolidated affiliate&#8221; and increased or decreased, as applicable, the carrying value of the Partnership&#8217;s &#8220;Investment in unconsolidated affiliate&#8221; on the unaudited condensed consolidated balance sheets. Distributions to the Partnership reduced the carrying value of its investment and, to the extent received, were reflected in the Partnership&#8217;s unaudited condensed consolidated statements of cash flows in the line item &#8220;Distributions from unconsolidated affiliate.&#8221; Contributions increased the carrying value of the Partnership&#8217;s investment and were reflected in the Partnership&#8217;s unaudited condensed consolidated statements of cash flows in investing activities. On April 3, 2017, the Partnership sold its investment in Advantage Pipeline. See Note </font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;"> for additional information.</font></div></div>

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