Superior Plus Announces a 20% Increase in Third Quarter Distributable Cash Flow per Unit and Updates 2008/2009 Annual Guidance

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[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Nov. 5 /CNW/ -\n\n\nHighlights\n\n- On October 30, 2008, Superior announced its intention to convert from\n a trust to a corporation with a $0.135 per share monthly dividend\n effective January 1, 2009.\n- Operating distributable cash for the third quarter and year-to-date\n was $43.0 million and $155.5 million, compared to the prior year\n periods of $38.2 million and $150.2 million.\n- Operating distributable cash flow for the third quarter increased by\n $4.8 million reflecting stronger performance at ERCO, which was offset\n by slightly weaker performance at Superior Propane and Winroc, as\n compared to the prior year period.\n- Distributable cash flow per trust unit for the third quarter and\n year-to-date was $0.36 and $1.35, compared to the prior year periods\n of $0.30 and $1.25, an increase of 20% and 8%, respectively.\n- Distributions paid per trust unit remained unchanged at $0.135 per\n month ($1.62 annualized) for the quarter.\n- Four quarter trailing EBITDA was $244.9 million resulting in Senior\n Debt to EBITDA ratio of 1.8x and Total Debt to EBITDA ratio of 2.8x as\n at September 30, 2008.\n\nFinancial Summary\n-------------------------------------------------------------------------\n Three Months Ended Nine Months Ended\n(millions of dollars, except Sept. 30 Sept. 30\n per trust unit amounts) 2008 2007 2008 2007\n-------------------------------------------------------------------------\nFinancial\nOperating distributable\n cash flow\n Propane Distribution 6.3 8.2 55.1 59.7\n Specialty Chemicals 25.9 18.2 69.7 56.7\n Construction Products\n Distribution 7.9 8.8 22.7 24.5\n Fixed Price Energy Services 2.9 3.0 8.0 9.3\n-------------------------------------------------------------------------\nTotal operating distributable\n cash flow 43.0 38.2 155.5 150.2\n\n-------------------------------------------------------------------------\nInterest (9.8) (11.0) (28.0) (34.0)\nCorporate costs (1.8) (1.5) (8.4) (8.8)\n-------------------------------------------------------------------------\nDistributable cash flow 31.4 25.7 119.1 107.4\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nDistributable cash flow per\n trust unit, basic and diluted $0.36 $0.30 $1.35 $1.25\nAverage number of tr...

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