Atlas Pipeline Partners, L.P. Reports 117% Increase in Earnings for Quarter Ended June 30, 2003.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Aug. 12, 2003 Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. Pipeline Partners, L.P. (AMEX AMEX See: American Stock Exchange :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. ) (the "Partnership") announces that its revenues for the three months ended June June: see month. 30, 2003 were $4,348,300 compared to $2,618,100 for the three months ended June 30, 2002. Net income for the three months ended June 30, 2003 was $2,685,900 compared to $1,236,300 for the three months ended June 30, 2002. Net income per limited partner unit - basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. - was $.63 for the three months ended June 30, 2003 compared to $.35 for the three months ended June 30, 2002. Revenues for the six months ended June 30, 2003 were $7,677,800 compared to $5,195,700 for the six months ended June 30, 2002. Net income for the six months ended June 30, 2003 was $4,597,900 compared to $2,608,600 for the six months ended June 30, 2002. Net income per limited partner unit - basic and diluted - was $1.18 for the six months ended June 30, 2003 compared to $.75 for the six months ended June 30, 2002. In addition, average daily transported volume increased from 50,127 thousand cubic feet (mcf) of gas per day in the six months ended June 30, 2002 to 52,402 mcf during the six months ended June 30, 2003. Michael Staines Michael Staines (1885-1955) was an Irish republican and politician. He was born in Newport Co. Mayo, his mother's home village, and where his father was serving as an RIC officer. , President of the general partner of the Partnership, stated "Our Performance during the quarter ended June 30, 2003, compared to the similar period of 2002, was significantly improved, primarily due to greater volumes of gas that we transported on which we earned a higher transportation fee. Average natural gas prices, on which our fee is based, increased from approximately $3.68 per thousand cubic feet in the quarter ended June 30, 2002 to approximately $5.61 per mcf for the similar period of 2003." Atlas Pipeline Partners, L.P. owns and operates more than 1,380 miles of natural gas gathering pipelines in western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. , western New York
Western New York refers to the westernmost region of New York State. and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system, based on the gross selling price of that gas, from approximately 4,200 wells that are currently connected to the system. For more information, please contact investor relations Investor relations The process by which the corporation communicates with its investors. at pschreiber@resourceamerica.com. Resource America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Inc. (Nasdaq:REXI), the parent company of Atlas Pipeline Partners, L.P.'s general partner, is a proprietary asset management company that uses industry specific expertise to generate and administer To give an oath, as to administer the oath of office to the president at the inauguration. To direct the transactions of business or government. Immigration laws are administered largely by the Immigration and Naturalization Service. investment opportunities for its own account and for outside investors in the energy, real estate finance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries. Currently, Resource America, Inc. manages assets of approximately 2.1 billion in these sectors. Statements made in this release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of many factors, including competition within the energy industry, climactic cli·mac·tic also cli·mac·ti·cal adj. Relating to or constituting a climax. cli·mac  ti·cal·ly adv.Adj. 1. conditions, volatility in the price of gas in the Appalachian Ap`pa`la´chi`an a. 1. Of or pertaining to a chain of mountains in the United States, commonly called the Allegheny ltname> mountains. Noun 1. area, actual versus projected drilling activity, volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry.
Second Fiscal Quarter and Six Months Ended June 30, 2003 Results
At A Glance:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- -----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Revenues:
Transportation and
compression
revenue $4,325,000 $2,615,200 $7,653,400 $5,191,300
Interest income 23,300 2,900 24,400 4,400
---------- ---------- ---------- ----------
Total revenues 4,348,300 2,618,100 7,677,800 5,195,700
Costs and expenses:
Transportation and
compression 615,800 492,800 1,224,000 1,004,900
General and
administrative 546,600 481,500 865,700 791,500
Depreciation and
amortization 421,000 362,300 827,700 707,700
Interest 79,000 45,200 162,500 83,000
---------- ---------- ---------- ----------
Total costs and
expenses 1,662,400 1,381,800 3,079,900 2,587,100
---------- ---------- ---------- ----------
Net income $2,685,900 $1,236,300 $4,597,900 $2,608,600
========== ========== ========== ==========
Net income - limited
partners $2,479,400 $1,143,300 $4,259,200 $2,435,200
========== ========== ========== ==========
Net income - general
partner $206,500 $93,000 $338,700 $173,400
========== ========== ========== ==========
Basic and diluted
net income per
limited partner
unit $.63 $.35 $1.18 $.75
========== ========== ========== ==========
Weighted average
limited partner
units outstanding 3,934,493 3,262,185 3,600,196 3,262,185
========== ========== ========== ==========
Average daily volume
throughput (mcf) (1) 54,734 50,334 52,402 50,127
========== ========== ========== ==========
Average
transportation fee
per (mcf) $.87 $.57 $.81 $.57
========== ========== ========== ==========
Total assets $48,096,000 $28,063,700
========== ==========
Partners' capital
(deficit)
Common unitholders $44,266,900 $19,628,600
========== ==========
Subordinated
unitholder $742,300 $1,154,700
========== ==========
General partner $343,500 $(138,800)
========== ==========
(1) In units of 1,000 cubic feet (mcf)
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