Press release
Green Plains Partners Reports Second Quarter 2020 Financial Results
Results for the Second Quarter of 2020 Net income of $10.2 million, or $0.43 per common unitAdjusted EBITDA of $13.2 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Second Quarter of 2020\n Net income of $10.2 million, or $0.43 per common unitAdjusted EBITDA of $13.2 million and distributable cash flow of $11.3 millionQuarterly cash distribution of $0.12 per unitDistribution coverage ratio of 3.99x, LTM distribution coverage ratio of 1.59xCompleted $135 million debt financing OMAHA, Neb., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the second quarter of 2020. Net income attributable to the partnership was $10.2 million, or $0.43 per common unit, for the second quarter of 2020 compared with net income of $10.7 million, or $0.45 per common unit, for the same period in 2019. The partnership also reported adjusted EBITDA of $13.2 million and distributable cash flow of $11.3 million for the second quarter of 2020, compared with adjusted EBITDA of $13.9 million and distributable cash flow of $11.7 million for the same period in 2019. Distribution coverage was 3.99x for the three months ended June 30, 2020 as compared to 1.04x for the same period a year ago. “Green Plains Partners continues to generate consistent and strong financial results and cash flows through long term minimum volume commitments and a stable logistics business,” said Todd Becker, president and chief executive officer. “We continue to demonstrate the resiliency of our business model as we delivered solid results for unit holders and were pleased to have completed our loan refinancing during the quarter. We remain focused on further deleveraging the partnership through the repayment of debt, which should ultimately accrue to the benefit of all stakeholders.” Second Quarter Highlights and Recent Developments On June 4, 2020, the partnership refinanced its debt facility into a $130.0 million term loan and a $5.0 million revolving credit facility, maturing December 31, 2021. On July 16, 2020, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.12 per unit, or approximately $2.8 million, for the second quarter of 2020. The distribution is payable on August 7, 2020, to unitholders of record at the close of business on July 31, 2020. Results of OperationsConsolidated revenues decreased $0.4 million for the three months ended June 30, 2020, compared with the same period for 2019. Terminal...