Business
Superior Plus Announces a 70% Increase in Second Quarter Distributable Cash Flow per Unit and Increases Annual Guidance for 2008
TSX: SPF.UN CALGARY, Aug. 6 /CNW/ - Highlights
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Aug. 6 /CNW/ -\n\n\nHighlights\n\n- 2008 distributable cash flow per trust unit annual guidance range has\n been increased to $2.00 - $2.15 from $1.90 - $2.10.\n- Operating distributable cash for the second quarter and year-to-date\n was $45.8 million and $112.5 million, compared to the prior year\n periods of $35.7 million and $112.0 million.\n- Operating distributable cash flow for the second quarter increased by\n $10.1 million reflecting stronger performance at ERCO, Superior\n Propane, and Winroc which was marginally offset by slightly weaker\n performance at SEM as compared to the prior year period.\n- Distributable cash flow per trust unit for the second quarter and\n year-to-date was $0.39 and $0.99, compared to the prior year periods\n of $0.23 and $0.95, an increase of 70% and 4%, respectively.\n- Distributions paid per trust unit remained stable at $0.135 per month\n ($1.62 annualized) for the quarter.\n- Total debt outstanding decreased by $35.2 million from December 31,\n 2007 levels resulting in Senior Debt to EBITDA ratio of 1.8x and\n Total Debt to EBITDA ratio of 2.8x as at June 30, 2008.\n- As at August 6, 2008, Superior's US denominated cash flows are 75%\n hedged for the balance of 2008 and 73% hedged for 2009.\n- The Fund completed two strategic acquisitions in the Propane\n Distribution and Construction Products Distribution sectors totaling\n approximately $24.6 million as previously announced during the\n quarter.\n\n\nFinancial Summary\n-------------------------------------------------------------------------\n Three Months Ended Six Months Ended\n(millions of dollars, except June 30 June 30\n per trust unit amounts) 2008 2007 2008 2007\n-------------------------------------------------------------------------\nFinancial\nOperating distributable\n cash flow\n Superior Propane 12.2 9.2 48.8 51.5\n ERCO Worldwide ("ERCO") 20.3 13.7 43.8 38.5\n Winroc 10.2 9.5 14.8 15.7\n Superior Energy\n Management ("SEM") 3.1 3.3 5.1 6.3\n-------------------------------------------------------------------------\nTotal operating distributable\n cash flow 45.8 35.7 112.5 112.0\n\n-------------------------------------------------------------------------\nInterest (8.4) (11.9) (18.2) (23.0)\nCorporate costs (3.1) (4.4) (6.6) (7.3)\n----------------------------------------...