$SGU
STAR GROUP, L.P.

2014 Q1 Form 10-Q Financial Statement

#000119312514036861 Filed on February 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2012 Q4
Revenue $892.2M $520.6M $516.5M
YoY Change 13.64% 0.79% 11.93%
Cost Of Revenue $53.03M $53.44M $57.22M
YoY Change 3.3% -6.6% 9.3%
Gross Profit $199.6M $108.6M $102.7M
YoY Change 23.23% 5.74% 11.08%
Gross Profit Margin 22.38% 20.86% 19.88%
Selling, General & Admin $98.90M $73.80M $72.90M
YoY Change 12.26% 1.23% -0.27%
% of Gross Profit 49.54% 67.96% 70.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.300M $4.779M $4.850M
YoY Change 12.77% -1.46% 24.26%
% of Gross Profit 2.65% 4.4% 4.72%
Operating Expenses $101.6M $77.20M $76.10M
YoY Change 12.64% 1.45% -0.91%
Operating Profit $93.95M $36.89M $18.58M
YoY Change 24.89% 98.56% 99.9%
Interest Expense $4.289M $3.633M $3.427M
YoY Change 6.59% 6.01% -0.72%
% of Operating Profit 4.57% 9.85% 18.45%
Other Income/Expense, Net
YoY Change
Pretax Income $89.29M $32.84M $14.67M
YoY Change 26.12% 123.89% 162.74%
Income Tax $37.07M $13.56M $4.917M
% Of Pretax Income 41.52% 41.27% 33.52%
Net Earnings $52.22M $19.29M $9.752M
YoY Change 25.28% 97.79% 232.72%
Net Earnings / Revenue 5.85% 3.7% 1.89%
Basic Earnings Per Share
Diluted Earnings Per Share $907.8K $335.7K $161.7K
COMMON SHARES
Basic Shares Outstanding 57.47M shares 57.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.00M $83.20M $14.30M
YoY Change 22.64% 481.82% 2.88%
Cash & Equivalents $12.96M $83.23M $14.32M
Short-Term Investments
Other Short-Term Assets $38.00M $52.70M $55.20M
YoY Change 1.33% -4.53% 40.1%
Inventory $60.15M $84.29M $83.15M
Prepaid Expenses
Receivables $377.8M $202.8M $192.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $488.9M $423.0M $345.4M
YoY Change 28.52% 22.47% 4.18%
LONG-TERM ASSETS
Property, Plant & Equipment $69.00M $51.82M $51.39M
YoY Change 36.33% 0.84% -1.74%
Goodwill $204.3M $201.1M $201.1M
YoY Change 1.57% 0.01%
Intangibles $110.9M $64.48M $72.43M
YoY Change 58.07% -10.98%
Long-Term Investments
YoY Change
Other Assets $11.18M $7.162M $9.111M
YoY Change 31.64% -21.39% -66.63%
Total Long-Term Assets $395.3M $324.6M $334.0M
YoY Change 19.67% -2.83% -3.37%
TOTAL ASSETS
Total Short-Term Assets $488.9M $423.0M $345.4M
Total Long-Term Assets $395.3M $324.6M $334.0M
Total Assets $884.3M $747.6M $679.4M
YoY Change 24.41% 10.03% 0.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.09M $39.48M $31.46M
YoY Change 59.01% 25.48% 21.95%
Accrued Expenses $141.6M $87.37M $83.56M
YoY Change 28.31% 4.55% 10.24%
Deferred Revenue
YoY Change
Short-Term Debt $165.7M $100.3M $36.70M
YoY Change 171.49% 173.41% -21.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $424.2M $327.9M $270.0M
YoY Change 57.29% 21.45% -1.02%
LONG-TERM LIABILITIES
Long-Term Debt $124.5M $124.5M $124.4M
YoY Change 0.09% 0.08% 0.07%
Other Long-Term Liabilities $7.385M $7.757M $16.69M
YoY Change -52.44% -53.53% -23.42%
Total Long-Term Liabilities $131.9M $132.2M $141.1M
YoY Change -5.74% -6.26% -3.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $424.2M $327.9M $270.0M
Total Long-Term Liabilities $131.9M $132.2M $141.1M
Total Liabilities $556.1M $460.2M $411.1M
YoY Change 35.76% 11.94% -1.86%
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 $320.5M $272.8M $261.3M
YoY Change
Total Liabilities & Shareholders Equity $884.3M $747.6M $679.4M
YoY Change 24.41% 10.03% 0.32%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $52.22M $19.29M $9.752M
YoY Change 25.28% 97.79% 232.72%
Depreciation, Depletion And Amortization $5.300M $4.779M $4.850M
YoY Change 12.77% -1.46% 24.26%
Cash From Operating Activities -$28.60M -$93.14M -$120.6M
YoY Change 37.5% -22.76% 61.28%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M $2.992M $848.0K
YoY Change 53.85% 252.83% -33.54%
Acquisitions
YoY Change
Other Investing Activities -$98.00M $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$100.0M -$2.921M -$832.0K
YoY Change 7592.31% 251.08% -96.91%
FINANCING ACTIVITIES
Cash Dividend Paid $4.811M $4.781M
YoY Change 0.63% -5.74%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.20M 94.24M 27.64M
YoY Change 218.03% 240.96% -4.01%
NET CHANGE
Cash From Operating Activities -28.60M -93.14M -120.6M
Cash From Investing Activities -100.0M -2.921M -832.0K
Cash From Financing Activities 58.20M 94.24M 27.64M
Net Change In Cash -70.40M -1.823M -93.78M
YoY Change 1752.63% -98.06% 28.69%
FREE CASH FLOW
Cash From Operating Activities -$28.60M -$93.14M -$120.6M
Capital Expenditures -$2.000M $2.992M $848.0K
Free Cash Flow -$26.60M -$96.13M -$121.4M
YoY Change 36.41% -20.83% 59.69%

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CY2013Q4 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-TOP: 0pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i>Reclassification</i></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> The accompanying December&#xA0;31, 2012 consolidated statements of operations have been revised from their previous presentation to reclassify finance charge income of $1,088 and present it separately as an element of operating income. Previously, finance charge income was included in the caption interest income in the consolidated statements of operations. This reclassification was made in order to conform with common industry practice regarding the reporting of finance charge income in operating income, and had no impact on net income, financial position, and cash flows for any period. Interest expense, net consists of:</p> <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom">(in thousands)</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center"> <b>Three&#xA0;Months&#xA0;Ended&#xA0;December&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2013</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center"><b>2012</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; FONT-SIZE: 10pt"> Interest expense</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,633</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,427</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <td valign="top"> <p style="TEXT-INDENT: -1em; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; FONT-SIZE: 10pt"> Interest income</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; FONT-SIZE: 10pt"> Interest expense, net</p> </td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,623</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"><font style="FONT-SIZE: 8pt">&#xA0;</font></td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,417</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
CY2013Q4 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.9944 pure
CY2013Q4 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.0056 pure
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
520610000
CY2013Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2992000
CY2013Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
4811000
CY2013Q4 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1977000
CY2013Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6740000
CY2013Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
463387000
CY2013Q4 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-109000
CY2013Q4 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
-3623000
CY2013Q4 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-3332000
CY2013Q4 us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
1300000
CY2013Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
57223000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
32843000
CY2013Q4 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-8711000
CY2013Q4 us-gaap Interest Paid Net
InterestPaidNet
6208000
CY2013Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
19600000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
36887000
CY2013Q4 us-gaap Other Operating Income
OtherOperatingIncome
1004000
CY2013Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
10000
CY2013Q4 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
19179000
CY2013Q4 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
107604000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
19288000
CY2013Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-216000
CY2013Q4 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16140000
CY2013Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
312000
CY2013Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
358577000
CY2013Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3332000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5406000
CY2013Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
94237000
CY2013Q4 us-gaap Cost Of Services
CostOfServices
53443000
CY2013Q4 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
68400000
CY2013Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
796000
CY2013Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4359000
CY2013Q4 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1823000
CY2013Q4 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Current Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInCurrentFiscalYear
1200000
CY2013Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
800000
CY2013Q4 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-528000
CY2013Q4 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
27000
CY2013Q4 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
4811000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13555000
CY2013Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1300000
CY2013Q4 us-gaap Interest Expense
InterestExpense
3633000
CY2013Q4 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
21253000
CY2013Q4 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
71000
CY2013Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
100348000
CY2013Q4 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
421000
CY2013Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4779000
CY2013Q4 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
-20119000
CY2013Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
CY2013Q4 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
10223000
CY2013Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2921000
CY2013Q4 sgu Dilutive Impact Of Theoretical Distribution
DilutiveImpactOfTheoreticalDistribution
-2665000
CY2013Q4 sgu Income Loss From Operations Per Outstanding Limited Partnership Unit Basic And Diluted
IncomeLossFromOperationsPerOutstandingLimitedPartnershipUnitBasicAndDiluted
0.33
CY2013Q4 sgu Dilutive Impact Of Theoretical Distribution Of Earnings
DilutiveImpactOfTheoreticalDistributionOfEarnings
-0.04
CY2013Q4 sgu Increase Decrease In Fair Value Of Derivative Instruments
IncreaseDecreaseInFairValueOfDerivativeInstruments
5458000
CY2013Q4 sgu Limited Partners Interest In Net Income Loss Dilutive
LimitedPartnersInterestInNetIncomeLossDilutive
16514000

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