Superior Plus Announces Strong 2007 Year-End Results and a 4% Distribution Increase

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[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Feb. 28 /CNW/ -\n\n\nHighlights\n\n- Fourth quarter performance was strong with operating distributable\n cash flow from continuing operations up by 14% and overall\n distributable cash flow per trust unit up by 11% from the fourth\n quarter of 2006.\n- Distributable cash flow per trust unit for the year-ended\n December 31, 2007 was $1.97, which exceeded the Fund's 2007 annual\n guidance range of $1.80-$1.90 per unit.\n- Distributions paid per trust unit in 2007 remained stable at\n $0.13 per month ($1.56 annualized) and resulted in an annual payout\n ratio of 79%.\n- Superior Plus announces a distribution increase of 4% to $0.135 per\n trust unit per month ($1.62 annualized) as a result of solid\n operating and financial results commencing with the April 15, 2008\n payment.\n- Superior Propane results were at the high-end of the guidance range,\n an increase of 22% over the fourth quarter of 2006 and an annual\n increase of 10% from 2006 driven by increased volumes and value-added\n services revenue.\n- ERCO Worldwide results exceeded the forecast range, an increase of\n 13% over the fourth quarter of 2006 and an increase of 5% from 2006\n primarily due to strong chemical volumes and higher prices.\n- Winroc results were at the high-end of the guidance range, marginally\n lower than the fourth quarter of 2006 and consistent with the 2006\n record results despite weaker residential housing demand in the\n United States.\n- Superior Energy Management results were as forecast, consistent with\n the fourth quarter of 2006 and a 17% increase from 2006.\n- Total debt outstanding decreased by $72.8 million from December 31,\n 2006 levels resulting in Senior Debt to EBITDA ratio of 1.9x and\n Total Debt to EBITDA ratio of 3.0x as at December 31, 2007.\n- Superior's US denominated cash flows are hedged 94% for 2008 and 50%\n for 2009.\n\nFinancial Summary\n-------------------------------------------------------------------------\n(millions of dollars, Three Months Ended Years Ended\n except per trust unit Dec. 31 Dec. 31\n amounts) 2007 2006 2007 2006\n-------------------------------------------------------------------------\nFinancial\nOperating distributable\n cash flow\n Superior Propane 39.9 32.6 99.6 90.6\n ERCO Worldwide ("ERCO") 22.6 20.0 79.3 75.7\n Winroc 10.1 10.7 34.6 34.6\n Superi...

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