KANEB Reports Third Quarter Results.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- KANEB (NYSE NYSE See: New York Stock Exchange :KSL KSL - Knowledge Systems Laboratory ) (NYSE:KPP KPP Key Performance Parameter KPP K-Profile Parameterization KPP Kepler Packing Problem (mathematics) KPP Kinoform Phase Plate KPP Kodak Premium Processing KPP Knowledge Processing Subsystem ): Highlights --KPP earnings per unit $0.69 for 3Q04, compared with $0.63 for 3Q03 --KSL earnings per share $0.57 for 3Q04, compared with $0.49 for 3Q03 KANEB today reported results for the quarter ended September September: see month. 30, 2004. The KANEB Companies are Kaneb Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (NYSE:KSL) and Kaneb Pipe Line Partners, L.P. (NYSE:KPP) ("the Partnership"). Kaneb Services LLC's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Kaneb Pipe Line Company LLC, is the Partnership's General Partner. "KANEB had an excellent third quarter. The Partnership achieved 10 percent bottom line growth and KSL experienced a 16 percent increase in income," said John R. Barnes Barnes, former municipal borough, SE England. See Richmond upon Thames. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of KANEB. "The KANEB companies are performing very well and delivering substantial value to our unitholders and shareholders." Pursuant to the announcement earlier today by Valero L.P. (NYSE:VLI VLI Virtual LAN Internetwork (Cisco) VLI Port Vila, Vanuatu - Bauerfield (Airport Code) VLI Variable Life Insurance VLI Visible Light Illuminator (special flashlight mounted on weapons) ) and the KANEB companies (NYSE:KPP) (NYSE:KSL) that they have executed definitive agreements to merge See mail merge and concatenate. Valero L.P. and Kaneb Pipe Line Partners, L.P., and that Valero L.P. will purchase all of Kaneb Services' shares for cash, there will be a joint conference call this morning at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . This call will discuss the agreement, and the respective earnings of Valero L.P. and the KANEB companies, and will replace the KANEB conference call previously scheduled for Wednesday Wednesday: see week. , November November: see month. 3, 2004, at 10:00 a.m. EST. Anyone interested in listening to the presentation may call (800) 901-5218, passcode VALERO, or visit www.valerolp.com. Further information about the transaction is provided in a management presentation posted to the Valero L. P. website, and a link to this presentation is available on the KANEB website at www.kaneb.com. 3Q 2004 RESULTS FOR KANEB SERVICES LLC For the quarter ended September 30, 2004, Kaneb Services LLC's distributions received from KPP, net of general and administrative expenses and parent company interest expense (see Supplemental Information in the attached table) increased to $6.4 million, compared with $5.6 million for the third quarter 2003. KSL reported net income was $6.8 million for the third quarter 2004, compared with $5.9 million for the third quarter 2003. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.57 for the third quarter, compared with $0.49 for the same period last year. For the nine months ended September 30, 2004, Kaneb Services LLC's distributions received from KPP, net of general administrative expenses and parent company interest expense (see Supplemental Information in the attached table) increased to $18.8 million, compared with $16.4 million for the same period in 2003. Revenues for the nine months were $759.6 million, compared with $651.7 million last year. For the nine month period in 2004, income before gain on issuance of units by KPP and cumulative effect of change in accounting principle (see Supplemental Information in the attached table) was $20.2 million, compared with $17.3 million for the nine month period in 2003. Reported net income for the nine months was $20.2 million, compared with $27.9 million in the prior year period. KSL is a unique limited liability company, the only publicly traded, cash distributing entity taxed as a partnership that owns the general partner interest of another publicly traded master limited partnership. Its assets include the KPP general partner interest and incentive as well as 5.1 million Partnership units, a wholesale petroleum product marketing company, and a wholly owned subsidiary that manages and operates the pipeline and terminaling assets of KPP. 3Q 2004 RESULTS FOR KANEB PIPE LINE PARTNERS, L.P. Kaneb Pipe Line Partners, L.P. reported revenues of $167.7 million for the third quarter 2004, compared with $140.4 million for the third quarter last year. Net income for the third quarter was $22.1 million, compared with $20.1 million for the third quarter last year. Net income per unit for the quarter was $0.69, compared with $0.63 for the same period last year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased (see Supplemental Information in the attached table) to $48.2 million for the third quarter 2004, compared with $45.2 million for the third quarter 2003. For the nine months ended September 30, 2004, KPP revenues were $468.0 million, compared with $428.1 million last year. Reported net income for the nine months was $67.1 million, compared with $64.5 million in the prior year period. For the nine month period in 2004, net income per unit was $2.11 after a cumulative increase of 3 percent in the weighted average number of Partnership units outstanding, compared with $2.13 for the nine month period in 2003. EBITDA increased (see Supplemental Information in the attached table) to $144.0 million for the nine month period in 2004, compared with $138.5 million for the prior year period. "The Partnership continues to acquire strategic assets, and in September, we closed two terminal acquisitions that add a combined capacity of 770,000 barrels. The first, a Linden, New Jersey Linden is a city in southeastern Union County, New Jersey, United States. It is part of the New York Metropolitan Area, being about 13 miles southwest of Manhattan, and bordering Staten Island, a borough of New York City. terminal acquired from ExxonMobil Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), a multi-national American corporation and a direct descendant of John D. Rockefeller's Standard Oil company[2] Corporation, has very high historical throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. volume and allows us to realize significant synergies with our existing terminal in New York Harbor New York Harbor, a geographic term, refers collectively to the rivers, bays, and tidal estuaries near the mouth of the Hudson River in the vicinity of New York City. This is sometimes construed in the sense "the Ports of New York and New Jersey". , which is interconnected with this new terminal. The second, the acquisition of Ross Ross , Sir Ronald 1857-1932. British physician. He won a 1902 Nobel Prize for proving that malaria is transmitted to humans by the bite of the mosquito. Chemical and Storage Company Ltd., added a chemical and petroleum storage terminal at Grangemouth Grangemouth (grānj`məth, -mouth), town (1981 pop. 21,744), Falkirk, central Scotland, on the Forth River at the eastern terminus of the Forth and Clyde canal. in Scotland Scotland, political division of Great Britain (1991 pop. 4,957,000), 30,414 sq mi (78,772 sq km), comprising the northern portion of the island of Great Britain and many surrounding islands. that strengthens our position as the leading terminal operator in that country and complements our existing terminals in Leith Leith (lēth), former town, Edinburgh, SE Scotland, on the south shore of the Firth of Forth. It was incorporated into Edinburgh in 1920. As a strategically located port, Leith was the object of contention in several struggles. and Clydebank Clydebank, town (1991 pop. 51,832), West Dunbartonshire, W central Scotland, on the north bank of the Clyde River. The chief industry until the 1970s was shipbuilding. The ocean liners Queen Mary and Queen Elizabeth were built there. ," said Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide D. Doherty
Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. L. Rose, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Kaneb Pipe Line Company LLC, commented on KPP's third quarter performance: "The Partnership significantly increased revenues this quarter, which largely reflects a $21 million increase from product sales as well as a $7.2 million increase in terminaling. Pipeline revenues were down by $860,000 compared with the third quarter last year due to weather, with the planting season being later this year than last, which resulted in decreases in volumes shipped and the price per ton on the anhydrous an·hy·drous adj. Without water, especially water of crystallization. anhydrous (anhī´drus), adj without water. anhydrous containing no water. ammonia ammonia, chemical compound, NH3, colorless gas that is about one half as dense as air at ordinary temperatures and pressures. It has a characteristic pungent, penetrating odor. pipeline. These decreases were partially offset by increases on the petroleum pipeline side. Pipeline operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was affected by unusually high maintenance and repair expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this year's planned integrity management program, as well as increases in power and fuel costs. Terminaling delivered a strong $3.4 million increase in operating income, and product sales increased operating income by $2.0 million over the third quarter last year." Pipeline revenues for the third quarter 2004 (see Supplemental Information in the attached table) were $30.6 million, compared with $31.4 million for the third quarter last year. Pipeline operating income was $11.6 million, compared with $14.8 million last year. Petroleum pipeline barrel miles shipped in the third quarter were 5.9 billion, compared with 5.4 billion in the third quarter last year. Terminaling revenues for the third quarter 2004 (see Supplemental Information in the attached table) were $65.3 million, compared with $58.1 million for the third quarter last year. Terminaling operating income increased to $19.2 million, compared with $15.7 million last year. Terminaling average annual barrels of tankage tankage made from heat-digested animal abattoir residues without gut contents, hide, horn, hoof. Concentrated and dried and possessing a high biological value protein content of 60%. See also meat meal. utilized were 48.7 million in the third quarter, compared with 45.9 million last year, and the average annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues per barrel of tankage utilized for the second quarter were $5.33 compared with $5.02 for the third quarter last year. Product sales revenues for the third quarter 2004 (see Supplemental Information in the attached table) were $71.8 million, compared with $50.9 million for the third quarter last year. Product sales operating income was $3.4 million, compared with $1.4 million last year. ABOUT KANEB KANEB is a single business represented by two separate publicly traded entities on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . KANEB's business is focused on mid-stream energy assets -- refined petroleum product pipelines, and petroleum and specialty liquids storage and terminaling facilities. KANEB is a major transporter of refined petroleum products in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and is the third largest independent liquids terminaling company in the world. Worldwide operations include facilities in 29 states, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and the United Kingdom. Its publicly traded entities are Kaneb Services LLC (NYSE: KSL) and Kaneb Pipe Line Partners, L.P., (NYSE: KPP) ("the Partnership"). For more information, visit www.kaneb.com. Kaneb Services LLC was formed as a limited liability company in 2001 from assets previously held by Kaneb Services, Inc. (now Xanser Corporation). Those assets include the KPP general partner interest and incentive as well as 5.1 million Partnership units, a wholesale petroleum product marketing company, and a wholly owned subsidiary, Kaneb Pipe Line Company LLC, that manages and operates the pipeline and terminaling assets of KPP. KSL is a unique limited liability company, the only publicly traded, cash distributing entity taxed as a partnership that owns the general partner interest of another publicly traded master limited partnership. Kaneb Pipe Line Partners, L.P., a master limited partnership, was formed in 1989 to own a 2,075 mile common carrier pipeline system from Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). to North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). that has been managed by Kaneb Pipe Line Company LLC since 1953. Pipeline acquisitions in 1995 and 1998 added 725 miles of pipeline in Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Iowa, South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). and Wyoming Wyoming, city, United States Wyoming, city (1990 pop. 63,891), Kent co., W Mich., in the greater Grand Rapids metropolitan area, on the Grand River; settled 1832, inc. 1959. . In 2002, the Partnership acquired the largest fertilizer fertilizer, organic or inorganic material containing one or more of the nutrients—mainly nitrogen, phosphorus, and potassium, and other essential elements required for plant growth. pipeline in the country, a 2,000-mile pipeline system that runs from the Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. Gulf Coast to
the upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. states. In December December: see month. 2002, the Partnership acquired a
400 mile products pipeline and four terminals in North Dakota and
Minnesota Minnesota, state, United StatesMinnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces . The Partnership entered the liquids terminaling business with a large acquisition in 1993, and has more than tripled the size of this operation through subsequent acquisitions. In 2001, the Partnership completed a $165 million acquisition of seven West Coast, U.S. terminals. In 2002, the Partnership completed a $300 million acquisition of two world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. terminaling facilities located in Point Tupper, Nova Scotia Point Tupper is a small rural community located in western Cape Breton Island, Nova Scotia on the Strait of Canso. , Canada and on the island of St. Eustatius Noun 1. St. Eustatius - an island in the Netherlands Antilles Saint Eustatius Netherlands Antilles - a group of islands in the Lesser Antilles just to the north of Venezuela that are administered by The Netherlands in the Netherlands Antilles and the acquisition of eight bulk liquid storage terminals in Australia and New Zealand. Certain of the Company's statements in this press release are not purely historical, and as such are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
KANEB PIPE LINE PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit amounts)
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Revenues:
Services $95,898 $89,539 $280,654 $265,694
Products 71,770 50,865 187,385 162,415
--------- --------- --------- ---------
Total revenues 167,668 140,404 468,039 428,109
--------- --------- --------- ---------
Costs and expenses:
Cost of products sold 65,996 46,835 172,202 146,035
Operating costs 46,407 42,366 132,722 125,564
Depreciation and amortization 14,050 13,188 41,677 39,814
General and administrative 7,069 5,999 19,080 18,041
--------- --------- --------- ---------
Total costs and expenses 133,522 108,388 365,681 329,454
--------- --------- --------- ---------
Operating income 34,146 32,016 102,358 98,655
Interest and other income 125 43 165 132
Interest expense (10,719) (10,660) (31,667) (28,178)
--------- --------- --------- ---------
Income before minority
interest, income taxes and
cumulative effect of change in
accounting principle 23,552 21,399 70,856 70,609
Minority interest in net income (223) (203) (678) (668)
Income tax expense (1,261) (1,076) (3,055) (3,815)
--------- --------- --------- ---------
Income before cumulative effect
of change in accounting
principle 22,068 20,120 67,123 66,126
Cumulative effect of change in
accounting principle -
adoption of new accounting
standard for asset retirement
obligations - - - (1,577)
--------- --------- --------- ---------
Net income 22,068 20,120 67,123 64,549
General partner's interest in
net income (2,468) (2,275) (7,240) (6,174)
--------- --------- --------- ---------
Limited partners' interest in
net income $19,600 $17,845 $59,883 $58,375
========= ========= ========= =========
Allocation of net income per unit:
Before cumulative effect of
change in accounting
principle $0.69 $0.63 $2.11 $2.19
Cumulative effect of change
in accounting principle - - - (0.06)
--------- --------- --------- ---------
$0.69 $0.63 $2.11 $2.13
========= ========= ========= =========
Weighted average number of
Partnership units outstanding 28,325 28,318 28,320 27,403
========= ========= ========= =========
KANEB PIPE LINE PARTNERS, L.P.
SUPPLEMENTAL INFORMATION
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Revenues (in 000s):
Pipeline $30,589 $31,449 $89,102 $88,807
Terminaling 65,309 58,090 191,552 176,887
Product sales 71,770 50,865 187,385 162,415
--------- --------- --------- ---------
$167,668 $140,404 $468,039 $428,109
========= ========= ========= =========
Operating income (in 000s):
Pipeline $11,569 $14,839 $34,803 $39,036
Terminaling 19,181 15,732 58,541 51,567
Product sales 3,396 1,445 9,014 8,052
--------- --------- --------- ---------
$34,146 $32,016 $102,358 $98,655
========= ========= ========= =========
Depreciation and amortization
(in 000s):
Pipeline $3,649 $3,540 $10,872 $10,548
Terminaling 10,182 9,433 30,162 28,533
Product sales 219 215 643 733
--------- --------- --------- ---------
$14,050 $13,188 $41,677 $39,814
========= ========= ========= =========
Capital expenditures (in 000s):
Maintenance and environmental $5,812 $1,456 $17,439 $13,545
Expansion 2,602 8,085 8,315 18,508
--------- --------- --------- ---------
$8,414 $9,541 $25,754 $32,053
========= ========= ========= =========
EBITDA (in 000s):
Income before cumulative
effect of change in
accounting principle $22,068 $20,120 $67,123 $66,126
Interest expense 10,719 10,660 31,667 28,178
Income tax expense 1,261 1,076 3,055 3,815
Depreciation and amortization 14,050 13,188 41,677 39,814
Interest and other income (125) (43) (165) (132)
Minority interest in net
income 223 203 678 668
--------- --------- --------- ---------
$48,196 $45,204 $144,035 $138,469
========= ========= ========= =========
Pipeline operating statistics:
Barrel miles shipped on
petroleum pipelines (in
billions) 5.9 5.4 16.7 15.8
========= ========= ========= =========
Volumes shipped on anhydrous
ammonia pipeline (in
thousands of tons) 246 288 822 876
========= ========= ========= =========
Terminaling operating
statistics:
Average barrels of tankage
utilized (in millions) 48.7 45.9 48.2 47.1
========= ========= ========= =========
Average annualized revenues
per barrel of tankage
utilized $5.33 $5.02 $5.31 $5.02
========= ========= ========= =========
KANEB SERVICES LLC
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Consolidated revenues:
Services $95,898 $89,539 $280,654 $265,694
Products 176,344 125,053 478,969 386,021
--------- --------- --------- ---------
Total consolidated
revenues 272,242 214,592 759,623 651,715
--------- --------- --------- ---------
Consolidated costs and
expenses:
Cost of products sold 168,458 119,767 458,253 366,531
Operating costs 46,648 42,577 133,443 126,190
Depreciation and amortization 14,056 13,198 41,701 39,845
General and administrative 8,153 6,799 21,850 20,469
--------- --------- --------- ---------
Total consolidated costs
and expenses 237,315 182,341 655,247 553,035
--------- --------- --------- ---------
Consolidated operating income 34,927 32,251 104,376 98,680
Consolidated interest and other
income 148 69 241 208
Consolidated interest expense (10,930) (10,855) (32,279) (28,816)
--------- --------- --------- ---------
Consolidated income before gain
on issuance of units by KPP,
income taxes, interest of
outside non-controlling
partners in KPP's net income
and cumulative effect of
change in accounting principle 24,145 21,465 72,338 70,072
Gain on issuance of units by
KPP - - - 10,898
Income tax expense (1,259) (969) (3,028) (3,597)
- -
Interest of outside non-
controlling partners in KPP's
net income (16,075) (14,634) (49,109) (49,151)
--------- --------- --------- ---------
Income before cumulative effect
of change in accounting
principle 6,811 5,862 20,201 28,222
Cumulative effect of change in
accounting principle -
adoption of new accounting
standard for asset retirement
obligations - - - (313)
--------- --------- --------- ---------
Net income $6,811 $5,862 $20,201 $27,909
========= ========= ========= =========
Earnings per share:
Basic:
Before cumulative effect
of change in accounting
principle $0.58 $0.50 $1.72 $2.45
Cumulative effect of
change in accounting
principle - - - (0.03)
--------- --------- --------- ---------
$0.58 $0.50 $1.72 $2.42
========= ========= ========= =========
Diluted:
Before cumulative effect
of change in accounting
principle $0.57 $0.49 $1.70 $2.41
Cumulative effect of
change in accounting
principle - - - (0.03)
--------- --------- --------- ---------
$0.57 $0.49 $1.70 $2.38
========= ========= ========= =========
KANEB SERVICES LLC
SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts)
(Unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2004 2003 2004 2003
--------- --------- --------- ---------
Income before cumulative effect
of change in accounting
principle $6,811 $5,862 $20,201 $28,222
Gain on issuance of units by
KPP - - - (10,898)
--------- --------- --------- ---------
Income before gain on issuance
of units by KPP and cumulative
effect of change in accounting
principle $6,811 $5,862 $20,201 $17,324
========= ========= ========= =========
Diluted earnings per share
before gain on issuance of
units by KPP and cumulative
effect of change in accounting
principle $0.57 $0.49 $1.70 $1.47
========= ========= ========= =========
Weighted average diluted shares
outstanding 11,968 11,889 11,902 11,751
========= ========= ========= =========
Consolidated revenues
(including KPP):
Pipeline $30,589 $31,449 $89,102 $88,807
Terminaling 65,309 58,090 191,552 176,887
Product Marketing 176,344 125,053 478,969 386,021
--------- --------- --------- ---------
$272,242 $214,592 $759,623 $651,715
========= ========= ========= =========
Consolidated operating income
(including KPP):
Pipeline $11,569 $14,839 $34,803 $39,036
Terminaling 19,181 15,732 58,541 51,567
Product Marketing 4,877 2,219 12,787 9,634
General and administrative
expenses (700) (539) (1,755) (1,557)
--------- --------- --------- ---------
$34,927 $32,251 $104,376 $98,680
========= ========= ========= =========
Supplemental cash flow
information:
Distributions received from
KPP $7,095 $6,320 $20,770 $18,401
General and administrative
expenses (524) (539) (1,579) (1,557)
Parent Company interest
expense (143) (147) (417) (474)
--------- --------- --------- ---------
$6,428 $5,634 $18,774 $16,370
========= ========= ========= =========
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