Superior Plus Announces Solid Third Quarter Results and Tightens Annual Guidance for 2007

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[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Nov. 7 /CNW/ -\n\n\nHighlights\n\n- The lower-end of the 2007 annual distributable cash flow per trust\n unit guidance increased by $0.05 to $1.80-$1.90 from $1.75-$1.90,\n reflecting solid year-to-date performance.\n- Operating distributable cash flow before discontinued operations for\n the third quarter and year-to-date was $38.2 million and\n $150.2 million, compared to the prior year periods of $42.8 million\n and $144.9 million.\n- Superior Propane results were as planned and consistent with the prior\n year quarter. The prior year quarter included some additional\n wholesale profits which typically would have been recognized in the\n fourth quarter.\n- ERCO Worldwide operating cash flow was higher than the prior year\n quarter while distributable cash flow was lower due to the timing of\n maintenance capital projects in 2007.\n- Winroc results were lower than the prior year quarter due to the\n impact from slower residential housing sales in the United States and\n Ontario partially offset by stronger Western Canada commercial and\n residential sales.\n- Superior Energy Management results were as planned for the third\n quarter. Year-to-date results included $1.1 million in start-up costs\n for the British Columbia natural gas and Ontario electricity market\n entry.\n- Distributions paid per trust unit remained stable at $0.13 per month\n ($1.56 annualized) for the quarter resulting in a year-to-date payout\n ratio of 94%. The payout ratio for 2007 is projected to be 84% based\n upon the mid-point of annual guidance.\n- Senior Bank Debt has decreased by $77.3 million from December 31, 2006\n levels resulting in Senior Debt to EBITDA ratio of 1.6 and Total Debt\n to EBITDA ratio of 3.0 as at September 30, 2007.\n- Superior's Plus US denominated cash flows are currently 85%-90% hedged\n for 2007, 2008 and approximately 50% for 2009.\n\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) 2007 2006 2007 2006\n-------------------------------------------------------------------------\nFinancial\nOperating distributable cash flow\n Superior Propane 8.2 10.0 59.7 58.0\n ERCO Worldwide ("ERCO") 18.2 20.8 56.7 55.7\n Winroc 8.8 9.1 24....

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