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ARCADIAN PARTNERS ANNOUNCES 1992 FINANCIAL RESULTS

 MEMPHIS, Tenn., Feb. 3 /PRNewswire/ -- Arcadian Partners, L.P. (NYSE: UAN), today reported preliminary financial results for 1992. On a 12-month pro forma basis, Arcadian's earnings were $41.7 million, or $1.53 per unit, on revenues of $592.7 million.
 Sales volumes improved by 9 percent due to the record U.S. corn plantings and continued improvement in the general economy. This 9 percent improvement in sales volume and a 7 percent improvement in production rates were offset by a 5 percent reduction in sales price realizations. Selling prices for 1991 were higher than 1992 due to the impact of the Persian Gulf crisis and the accompanying expectations of a shortage of nitrogen fertilizers. Natural gas costs, the Company's primary raw material, were flat with prior year levels, due to the Company's favorable hedging, acquisition and spot purchase programs.
 However, adjusting for the $14.5 million ((53) cents per unit) unusual non-cash charge on closure of the Company's Lake Charles facility and $2.1 million ((8) cents per unit) in non-recurring SG&A charges, the Company's net earnings for the 12-month pro forma period would have been $2.14 per limited partner unit.
 Doug Campbell, Arcadian Corporation's President and Chief Executive Officer, stated, "While 1992 pro forma net income was below prior year levels, our operating earnings for Arcadian were up by 11 percent. This truly reflects the impact of our marketing strength and increased operating efficiencies. These improvements were offset by unusual and non-recurring charges. These non-operating charges are behind us now, and we look to continue to improve earnings through our recognized leadership in the industry and further improvement in operations."
 Doug Campbell further commented that, "1993 looks to be a promising year for our nitrogen business. The forecasted decrease in nitrogen demand due to last year's record corn crop has been more than offset by a constraint in nitrogen supply. Our industrial business continues to improve, along with the improvements in the general economy. These factors will enhance our strategies for continued improvement in earnings and growth at Arcadian."
 Arcadian is the recognized U.S. leader in the manufacturing, marketing and distribution of upgraded nitrogen chemical products for agricultural and industrial use.
 ARCADIAN PARTNERS, L.P.
 STATEMENTS OF INCOME
 (Preliminary)
 (In Thousands, Except Per Unit Amounts)
 Actual Actual Pro Forma(A) Pro Forma(A) Pro Forma(A)
 Eight Three Three Twelve Twelve
 Months Months Months Months Months
 Ended Ended Ended Ended Ended
 12/31/92 12/31/92 12/31/91 12/31/92 12/31/91
 (Since
 Inception)
 Net sales $383,114 $140,588 $144,516 $592,674 $570,824
 Cost of
 sales 317,697 116,759 118,036 483,680 474,918
 Gross
 profit 65,417 23,829 26,480 108,994 95,906
 Selling,
 general and
 administrative
 expenses 23,306(B)10,603(B) 6,787 32,578(B) 26,897
 Operating
 income 42,111 13,226 19,693 76,416 69,009
 Unusual income
 item - damage
 to plant
 facility 14,546(C)14,546(C) -- 14,546(C) --
 Interest
 expense,
 net 16,566(D) 5,119 5,832 20,121 21,793
 Other, net 58 (118) (28) 27 349
 Net Income
 (loss)
 before
 General
 Partners
 interest 10,941 (6,321) 13,889 41,722 46,867
 Less General
 Partners
 interest (213) 128 (278) (828) (934)
 Net income
 (loss)
 allocable to
 limited
 partners $10,728 ($6,193) $13,611 $40,894 $45,933
 Net income
 (loss) per
 limited
 partner
 unit $0.40 ($0.23) $0.51 $1.53 $1.72
 Summary Of
 Limited
 Partnership
 Units:
 Preference
 Units
 (Publicly
 Traded) 14,773 14,773 14,773 14,773 14,773
 Common Units
 (Held By
 Arcadian
 Corporation) 11,954 11,954 11,954 11,954 11,954
 Total Outstanding
 Limited
 Partnership
 Units 26,727 26,727 26,727 26,727 26,727
 Amortization
 of deferred
 financing
 costs $4,651(D) $216 $196 $1,169 $837
 Depreciation
 and
 amortization 23,513 9,218 9,896 35,964 36,556
 Purchase of
 property,
 plant and
 equipment,
 net 10,567 2,898 3,357 14,947 15,651
 Expenditures
 for rotational
 plant
 maintenance 5,358 2,390 1,923 5,366 11,292
 (A) The pro forma results are presented as if the partnership was
 formed as of Jan. 1, 1991. Certain adjustments have been made
 to Arcadian Corporation's (the general partner) historical
 operating results, primarily to exclude operations retained by
 the general partner, the additional expenses associated with
 being a publicly traded partnership, interest expense based upon
 pro forma capitalization of the partnership and the elimination
 of income tax expense as the partnership is not subject to
 income taxes.
 (B) Includes $2.1 million ((8) cents per unit) in non-recurring
 severence costs for the quarter ended Dec. 31, 1992.
 (C) Relates to $14.5 million ((53) cents per unit) non-cash charge
 taken on closure of the company's Lake Charles, La. facility.
 (D) Includes $3.5 million ((13) cents per unit) in non-recurring
 financing costs associated with the debt assumed and paid by the
 partnership.
 -0- 2/3/93
 /CONTACT: Gwaine W. Ton, Director of Investor Relations and Financial Services, Arcadian Partners, L.P., 901-758-5366/
 (UAN)


CO: Arcadian Partners, L.P. ST: Tennessee IN: CHM SU: ERN

MM-SB -- CH004 -- 2301 02/03/93 10:25 EST
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