Atlas Pipeline Partners, L.P. Reports Earnings for Quarter Ended March 31, 2003.Business Editors PHILADELPHIA--(BUSINESS WIRE)--April 23, 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 March 31, 2003 were $3,329,500 compared to $2,577,600 for the three months ended March 31, 2002. Net income for the three months ended March 31, 2003 was $1,912,000 compared to $1,372,300 for the three months ended March 31, 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 $.55 for the three months ended March 31, 2003 compared to $.40 for the three months ended March 31, 2002. In addition, average daily transported volume increased from 49,918 thousand cubic feet (mcf) of gas per day in the three months ended March 31, 2002 to 50,045 mcf during the three months ended March 31, 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. On April 2, 2003 the Partnership filed a registration statement on Form S-2 with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission ("SEC") for a follow-on equity offering of the Partnership's common units (the "Offering"). As a result, there will be no earnings conference call for the financial results of quarter ended March 31, 2003 until after the conclusion of the Offering. The Company will announce the call in advance. The Partnership has engaged Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc., McDonald Investments Inc., a KeyCorp Company, and Sanders San´ders n. 1. An old name of sandalwood, now applied only to the red sandalwood. See under Sandalwood. Morris Harris as underwriters of the public offering. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. These securities are being offered in connection with a distribution by the Partnership and will be a new issue. A copy of the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders relating to the public offering of these securities can be obtained by written request to: Ms. Kathy Innis, Friedman, Billings Ramsey, 1001 19th Street, North, Arlington, Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). 22209. 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 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. First Fiscal Quarter Ended March 31, 2003 Results at a Glance:
Three Months Ended
March 31
2003 2002
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(Unaudited)
Revenues $ 3,329,500 $ 2,577,600
Cost and expenses:
Transportation and compression 608,200 512,100
General and administrative 319,100 310,000
Depreciation and amortization 406,700 345,400
Interest 83,500 37,800
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Total cost and expenses 1,417,500 1,205,300
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Net income $ 1,912,000 $ 1,372,300
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Net income - limited partners $ 1,779,800 $ 1,291,900
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Basic and diluted net income per limited
partner unit(a) $ .55 $ .40
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Average daily volume throughput (mcf) 50,045 49,918
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Average revenue per mcf $ .74 $ .57
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Weighted average units outstanding 3,262,185 3,262,185
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Total assets $30,317,600 $27,287,000
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Partners' capital
Common unit holders $19,140,200 $19,927,700
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Subordinated unit holders $ 660,000 $ 1,457,500
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General partner $ (163,400) $ (125,200)
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(a) There is no difference between basic and diluted net income per
limited partner unit since there are no potentially dilutive units
outstanding. Net income per limited partner unit is determined by
dividing net income, after deducting the general partner's 2% and
incentive interests, by the weighted average number of outstanding
common units and subordinated units.
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