|
Delek Logistics Partners, LP Reports Second Quarter 2016 Results
-
RIO joint venture crude oil pipeline in west Texas expected to
be completed in August
-
Declared quarterly distribution of $0.63 per limited partner
unit; increased by 14.5 percent year-over-year
-
Distributable cash flow coverage ratio of 1.31x for the second
quarter 2016
Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today
announced its financial results for the second quarter 2016. For the
three months ended June 30, 2016, Delek Logistics reported net income
attributable to all partners of $18.9 million, or $0.66 per diluted
common limited partner unit. This compares to net income attributable to
all partners of $18.3 million, or $0.70 per diluted common limited
partner unit, in the second quarter 2015. Distributable cash flow was
$23.7 million in the second quarter 2016, compared to $20.9 million in
the prior-year period. The increase on a year-over-year basis is
primarily due to better performance in west Texas, higher terminal
volume and lower capital spending, partially offset by lower pipeline
and transportation segment performance.
Uzi Yemin, Chairman and Chief Executive Officer of Delek Logistics'
general partner, remarked: “We increased distributable cash flow
compared to the second quarter 2015. Our operating expenses and G&A
declined on a year-over-year basis partly due to cost reduction
initiatives that have been implemented. We maintained financial
flexibility, ending the quarter with approximately $330.0 million of
capacity on our credit facility and a leverage ratio of 3.5 times. Our
performance in the second quarter and financial position allowed us to
declare an increase in our distribution by 14.5 percent year-over-year
and maintain a 1.31 times distributable cash flow coverage ratio."
Yemin concluded, "We remain focused on growth to create long term value
for our unit holders. During August, we expect our RIO pipeline joint
venture project in west Texas to be completed. Our second joint venture
project, the Caddo pipeline, is expected to be completed in January
2017. In addition to investing in the pipeline projects, we continue to
evaluate potential third party acquisition opportunities. We believe
that our balance sheet should allow the flexibility to support these
initiatives and our targeted growth in our distribution per limited
partner unit of 15% in 2016."
Distribution and Liquidity
On July 25, 2016, Delek Logistics declared a quarterly cash distribution
for the second quarter of $0.63 per limited partner unit, which equates
to $2.52 per limited partner unit on an annualized basis. This
distribution is payable on August 12, 2016 to unitholders of record on
August 5, 2016. This represents a 3.3 percent increase from the first
quarter 2016 distribution of $0.61 per limited partner unit, or $2.44
per limited partner unit on an annualized basis, and a 14.5 percent
increase over Delek Logistics’ second quarter 2015 distribution of $0.55
per limited partner unit, or $2.20 per limited partner unit annualized.
For the second quarter 2016, the total cash distribution declared to all
partners, including IDRs, was $18.1 million.
As of June 30, 2016, Delek Logistics had total debt of approximately
$362.6 million. Additional borrowing capacity, subject to certain
covenants, under the $700.0 million credit facility was approximately
$329.9 million.
Financial Results
Revenue for the second quarter 2016 was $111.9 million compared to
$172.1 million in the prior year period. Total operating expenses were
$8.7 million compared to $10.8 million in the second quarter 2015. This
reduction in operating expenses is primarily due to a decrease in
maintenance, outside services and insurance expenses. Contribution
margin increased to $30.0 million in the second quarter of 2016 compared
to $28.8 million in the second quarter 2015. General and administrative
expenses decreased to $2.7 million for the second quarter 2016 compared
to $3.0 million in the prior-year period, which was primarily due to
lower professional fees and employee related expenses. For the second
quarter 2016, EBITDA was $27.1 million compared to $25.7 million in the
prior-year period.
Pipelines and Transportation Segment
Performance in the Pipeline and Transportation segment benefited from
lower expenses and improved performance in the Lion Pipeline system
crude oil volume, which was offset by reduced performance in the
trucking operations and in other pipelines on a year-over-year basis.
Net sales for the pipelines and transportation segment were $32.0
million in the second quarter 2016 compared to $33.7 million for the
second quarter of 2015. The decrease was attributable to reduced
performance in the trucking operations and decreased fees on the Paline
Pipeline System. Cost of goods sold was $4.8 million and $5.1 million
for the second quarter of 2016 and 2015, respectively. The decrease in
cost of goods sold was attributable to decreased cost of sales on our
trucking assets and lower pipeline allowance losses. Operating expenses
were $6.9 million in the second quarter 2016 compared to $7.7 million
for the second quarter of 2015. The decrease in operating expenses was
primarily due to decreases in maintenance costs in the second quarter of
2016 compared to the second quarter of 2015. The combination of these
factors resulted in a second quarter 2016 contribution margin of $20.3
million compared to $20.9 million in the second quarter 2015.
Wholesale Marketing and Terminalling Segment
Performance in the Wholesale Marketing and Terminalling segment
benefited from lower operating expenses, a higher gross margin in west
Texas and increased volume through the terminals. Net sales for the
wholesale marketing and terminalling segment were $79.8 million in the
second quarter 2016 compared to $138.4 million for the second quarter of
2015. The decrease was primarily attributable to decreases in the
average sales prices per gallon of gasoline and diesel and in volumes
sold in our west Texas marketing operations. Decreases in the average
cost per gallon of gasoline and diesel also drove a $59.1 million
decrease in cost of goods sold to $68.3 million in the second quarter
2016 from $127.4 million in the prior year period, as purchases in our
west Texas operations were impacted by the decline. Operating expenses
were $1.8 million in the second quarter 2016, compared to $3.1 million
in the second quarter of 2015. The decrease in operating expenses was
primarily due to decreases in maintenance costs associated with our
assets in our west Texas operations. The combination of these factors
resulted in a second quarter 2016 contribution margin of $9.7 million,
compared to $8.0 million in the second quarter 2015.
In the west Texas wholesale business, average throughput in the second
quarter 2016 was 12,594 barrels per day compared to 17,490 barrels per
day in the second quarter 2015. The wholesale gross margin per barrel in
west Texas increased year-over-year to $2.13 and included approximately
$1.3 million, or $1.12 per barrel from renewable identification numbers
(RINs) generated in the quarter. During the second quarter 2015, the
wholesale gross margin per barrel was $1.31 and included $1.7 million
from RINs, or $1.06 per barrel. An outage in a third party pipeline that
serves the west Texas market in late May and early June had a positive
effect on gross margin, but reduced volume during the second quarter
2016. On a year-over-year basis, a low crude oil price environment
continues to affect market conditions through reduced drilling and
economic activity in the west Texas area.
Average terminalling throughput volume of 126,476 barrels per day during
the quarter increased on a year-over-year basis from 113,578 barrels per
day in the second quarter 2015 primarily due to higher throughput at the
Tyler, Texas and El Dorado, Arkansas terminals. During the second
quarter 2016, average volume under the east Texas marketing agreement
with Delek US was 70,188 barrels per day compared to 66,860 barrels per
day during the second quarter 2015.
Project Development Update
In March 2015, Delek Logistics, through wholly owned subsidiaries,
entered into two joint ventures (Caddo Pipeline and RIO Pipeline). Delek
Logistics’ total projected investment for the two joint ventures, which
is subject to change pending revisions in construction schedules and
costs in the Caddo project, has increased to approximately $99.0 million
and will be financed through a combination of cash from operations and
borrowings under its revolving credit facility. Through June 30, 2016,
approximately $74.2 million has been invested in these projects. The RIO
Pipeline construction is expected to be completed in August and
construction on the Caddo Pipeline is expected to be completed in
January 2017.
Second Quarter 2016 Results | Conference Call
Information
Delek Logistics will hold a conference call to discuss its second
quarter 2016 results on Thursday, August 4, 2016 at 7:30 a.m. Central
Time. Investors will have the opportunity to listen to the conference
call live by going to www.DelekLogistics.com.
Participants are encouraged to register at least 15 minutes early to
download and install any necessary software. For those who cannot listen
to the live broadcast, a telephonic replay will be available through
November 4, 2016 by dialing (855) 859-2056, passcode 48842490. An
archived version of the replay will also be available at www.DelekLogistics.com
for 90 days.
Investors may also wish to listen to Delek US’ (NYSE: DK) second quarter
2016 earnings conference call on Thursday, August 4, 2016 at 8:30 a.m.
Central Time and review Delek US’ earnings press release. Market trends
and information disclosed by Delek US may be relevant to Delek
Logistics, as it is a consolidated subsidiary of Delek US. Investors can
find information related to Delek US and the timing of its earnings
release online by going to www.DelekUS.com.
About Delek Logistics Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was
formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire
and construct crude oil and refined products logistics and marketing
assets.
Safe Harbor Provisions Regarding
Forward-Looking Statements
This press release contains “forward-looking” statements within the
meaning of the federal securities laws. These statements contain words
such as “possible,” “believe,” “should,” “could,” “would,” “predict,”
“plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,”
“expect” or similar expressions, as well as statements in the future
tense, and can be impacted by numerous factors, including the fact that
a substantial majority of Delek Logistics' contribution margin is
derived from Delek US Holdings, thereby subjecting us to Delek US
Holdings' business risks; risks relating to the securities markets
generally; risks and costs relating to the age and operational hazards
of our assets including, without limitation, costs, penalties,
regulatory or legal actions and other affects related to releases,
spills and other hazards inherent in transporting and storing crude oil
and intermediate and finished petroleum products; the impact of adverse
market conditions affecting the utilization of Delek Logistics' assets
and business performance, including margins generated by its wholesale
fuel business; the results of our investments in joint ventures; adverse
changes in laws including with respect to tax and regulatory matters and
other risks as disclosed in our annual report on Form 10-K, quarterly
reports on Form 10-Q and other reports and filings with the United
States Securities and Exchange Commission. There can be no assurance
that actual results will not differ from those expected by management or
described in forward-looking statements of Delek Logistics. Delek
Logistics undertakes no obligation to update or revise such
forward-looking statements to reflect events or circumstances that
occur, or which Delek Logistics becomes aware of, after the date hereof.
Factors Affecting Comparability:
The following tables present financial and operational information for
the six months ended June 30, 2016 and 2015. On March 31, 2015, Delek
Logistics acquired the Tyler crude oil storage tank and the El Dorado
rail offloading facility (the "Logistics Assets") from Delek US. These
assets were accounted for as transfers between entities under common
control. Accordingly, the accompanying financial statements of the
Partnership have been retrospectively adjusted to include the historical
results of these assets. For the period ended March 31, 2015, the
acquisition date of the Logistics Assets, the retrospective adjustments
were made to the financial statements. The historical results of the
Logistics Assets, prior to the acquisition date, are referred to as the
"Logistics Assets Predecessor".
Non-GAAP Disclosures:
EBITDA and distributable cash flow are non-U.S. GAAP supplemental
financial measures that management and external users of our combined
financial statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess:
-
Delek Logistics' operating performance as compared to other publicly
traded partnerships in the midstream energy industry, without regard
to historical cost basis or, in the case of EBITDA, financing methods;
-
the ability of our assets to generate sufficient cash flow to make
distributions to Delek Logistics' unitholders;
-
Delek Logistics' ability to incur and service debt and fund capital
expenditures; and
-
the viability of acquisitions and other capital expenditure projects
and the returns on investment of various investment opportunities.
Delek Logistics believes that the presentation of EBITDA and
distributable cash flow provide useful information to investors in
assessing its financial condition, its results of operations and cash
flow its business is generating. EBITDA and distributable cash flow
should not be considered in isolation or as alternatives to net income,
operating income, cash from operations or any other measure of financial
performance or liquidity presented in accordance with U.S. GAAP. EBITDA
and distributable cash flow have important limitations as analytical
tools because they exclude some, but not all items that affect net
income and net cash provided by operating activities. Additionally,
because EBITDA and distributable cash flow may be defined differently by
other partnerships in its industry, Delek Logistics' definitions of
EBITDA and distributable cash flow may not be comparable to similarly
titled measures of other partnerships. Please see the tables below for a
reconciliation of EBITDA and distributable cash flow to their most
directly comparable financial measures calculated and presented in
accordance with U.S. GAAP.
We also include the results of our operations excluding the results of
our Logistics Assets Predecessor. We believe that the presentation of
our results of operations excluding results of our Logistics Assets
Predecessor will provide useful information to investors in assessing
our results of operations by allowing them to analyze operations of our
business under our current commercial agreements with Delek US.
|
|
|
Delek Logistics Partners, LP
|
|
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Accounts receivable
|
|
17,217
|
|
|
35,049
|
|
|
Accounts receivable from related parties
|
|
1,222
|
|
|
—
|
|
|
Inventory
|
|
9,759
|
|
|
10,451
|
|
|
Other current assets
|
|
652
|
|
|
1,540
|
|
|
Total current assets
|
|
28,850
|
|
|
47,040
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
328,211
|
|
|
325,647
|
|
|
Less: accumulated depreciation
|
|
(81,073
|
)
|
|
(71,799
|
)
|
|
Property, plant and equipment, net
|
|
247,138
|
|
|
253,848
|
|
|
Equity method investments
|
|
73,362
|
|
|
40,678
|
|
|
Goodwill
|
|
12,203
|
|
|
12,203
|
|
|
Intangible assets, net
|
|
14,951
|
|
|
15,482
|
|
|
Other non-current assets
|
|
5,267
|
|
|
6,037
|
|
|
Total assets
|
|
$
|
381,771
|
|
|
$
|
375,288
|
|
|
LIABILITIES AND DEFICIT
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
5,567
|
|
|
$
|
6,850
|
|
|
Accounts payable to related parties
|
|
—
|
|
|
3,992
|
|
|
Excise and other taxes payable
|
|
3,513
|
|
|
4,871
|
|
|
Tank inspection liabilities
|
|
1,055
|
|
|
1,890
|
|
|
Pipeline release liabilities
|
|
1,226
|
|
|
1,393
|
|
|
Accrued expenses and other current liabilities
|
|
2,221
|
|
|
1,694
|
|
|
Total current liabilities
|
|
13,582
|
|
|
20,690
|
|
|
Non-current liabilities:
|
|
|
|
|
|
Revolving credit facility
|
|
362,550
|
|
|
351,600
|
|
|
Asset retirement obligations
|
|
3,637
|
|
|
3,506
|
|
|
Other non-current liabilities
|
|
11,259
|
|
|
10,510
|
|
|
Total non-current liabilities
|
|
377,446
|
|
|
365,616
|
|
|
Deficit:
|
|
|
|
|
Common unitholders - public; 9,504,264 units issued and outstanding
at June 30, 2016 (9,478,273 at December 31, 2015)
|
|
198,583
|
|
|
198,401
|
|
Common unitholders - Delek; 14,798,516 units issued and outstanding
at June 30, 2016 (2,799,258 at December 31, 2015)
|
|
(201,035
|
)
|
|
(280,828
|
)
|
Subordinated unitholders - Delek; 0 units issued and outstanding at
June 30, 2016 (11,999,258 at December 31, 2015)
|
|
—
|
|
|
78,601
|
|
General partner - 495,975 units issued and outstanding at June 30,
2016 (495,445 at December 31, 2015)
|
|
(6,805
|
)
|
|
(7,192
|
)
|
|
Total deficit
|
|
(9,257
|
)
|
|
(11,018
|
)
|
|
Total liabilities and deficit
|
|
$
|
381,771
|
|
|
$
|
375,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Condensed Consolidated Statements of Income (Unaudited)
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015 (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except unit and per unit data)
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Affiliate
|
|
$
|
36,694
|
|
|
$
|
39,871
|
|
|
$
|
75,454
|
|
|
$
|
72,151
|
|
|
Third-Party
|
|
75,159
|
|
|
132,263
|
|
|
140,455
|
|
|
243,495
|
|
|
Net sales
|
|
111,853
|
|
|
172,134
|
|
|
215,909
|
|
|
315,646
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
73,101
|
|
|
132,494
|
|
|
139,854
|
|
|
240,901
|
|
|
Operating expenses
|
|
8,730
|
|
|
10,798
|
|
|
19,194
|
|
|
21,575
|
|
|
General and administrative expenses
|
|
2,698
|
|
|
2,982
|
|
|
5,611
|
|
|
6,391
|
|
|
Depreciation and amortization
|
|
4,812
|
|
|
4,744
|
|
|
9,808
|
|
|
9,244
|
|
|
Gain on asset disposals
|
|
—
|
|
|
(23
|
)
|
|
(44
|
)
|
|
(18
|
)
|
|
Total operating costs and expenses
|
|
89,341
|
|
|
150,995
|
|
|
174,423
|
|
|
278,093
|
|
|
Operating income
|
|
22,512
|
|
|
21,139
|
|
|
41,486
|
|
|
37,553
|
|
|
Interest expense, net
|
|
3,284
|
|
|
2,616
|
|
|
6,483
|
|
|
4,773
|
|
|
Loss on equity method investments
|
|
206
|
|
|
149
|
|
|
435
|
|
|
149
|
|
|
Income before income tax expense
|
|
19,022
|
|
|
18,374
|
|
|
34,568
|
|
|
32,631
|
|
|
Income tax expense
|
|
129
|
|
|
63
|
|
|
227
|
|
|
317
|
|
|
Net income
|
|
$
|
18,893
|
|
|
$
|
18,311
|
|
|
$
|
34,341
|
|
|
$
|
32,314
|
|
|
Less: loss attributable to the Logistics Assets Predecessor
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(637
|
)
|
|
Net income attributable to partners
|
|
18,893
|
|
|
18,311
|
|
|
34,341
|
|
|
32,951
|
|
|
Comprehensive income attributable to partners
|
|
$
|
18,893
|
|
|
$
|
18,311
|
|
|
$
|
34,341
|
|
|
$
|
32,951
|
|
|
|
|
|
|
|
|
|
|
|
Less: General partner's interest in net income, including incentive
distribution rights
|
|
2,791
|
|
|
1,109
|
|
|
5,044
|
|
|
1,996
|
|
|
Limited partners' interest in net income
|
|
$
|
16,102
|
|
|
$
|
17,202
|
|
|
$
|
29,297
|
|
|
$
|
30,955
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per limited partner unit:
|
|
|
|
|
|
|
|
|
|
Common units - (basic)
|
|
$
|
0.66
|
|
|
$
|
0.71
|
|
|
$
|
1.23
|
|
|
$
|
1.28
|
|
|
Common units - (diluted)
|
|
$
|
0.66
|
|
|
$
|
0.70
|
|
|
$
|
1.22
|
|
|
$
|
1.27
|
|
|
Subordinated units - Delek (basic and diluted)
|
|
$
|
—
|
|
|
$
|
0.71
|
|
|
$
|
1.09
|
|
|
$
|
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average limited partner units outstanding: (2)
|
|
|
|
|
|
|
|
|
|
Common units - basic
|
|
24,281,930
|
|
|
12,224,007
|
|
|
20,653,210
|
|
|
12,220,248
|
|
|
Common units - diluted
|
|
24,367,091
|
|
|
12,360,519
|
|
|
20,735,389
|
|
|
12,350,621
|
|
|
Subordinated units - Delek (basic and diluted)
|
|
—
|
|
|
11,999,258
|
|
|
3,626,149
|
|
|
11,999,258
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash distribution per limited partner unit
|
|
$
|
0.630
|
|
|
$
|
0.550
|
|
|
$
|
1.240
|
|
|
$
|
1.080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes the historical results of the Logistics Assets Predecessor.
Prior to the El Dorado offloading racks acquisition and Tyler crude
oil storage tank acquisition on March 31, 2015, the Logistics Assets
Predecessor did not record revenues for intercompany throughput and
storage services.
|
|
(2)
|
|
In February 2016, the requirements under the partnership agreement
for the conversion of all subordinated units into common units were
satisfied and the subordination period ended. This affected the
weighted average units outstanding during the six months ended June
30, 2016.
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Consolidated Statements of Income (Unaudited)
|
|
Reconciliation of Partnership to Predecessor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek
|
|
El Dorado Rail
|
|
Tyler Crude
|
|
Six Months
|
|
|
|
Logistics
|
|
Offloading
|
|
Oil Storage
|
|
Ended June 30,
|
|
|
|
Partners, LP
|
|
Racks (1)
|
|
Tank (1)
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Dorado
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Tyler Assets
|
|
|
|
|
|
|
|
Predecessor
|
|
Predecessor
|
|
|
|
|
|
(In thousands)
|
|
Net Sales
|
|
$
|
315,646
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
315,646
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
240,901
|
|
|
—
|
|
|
—
|
|
|
240,901
|
|
|
Operating expenses
|
|
21,408
|
|
|
167
|
|
|
—
|
|
|
21,575
|
|
|
General and administrative expenses
|
|
6,391
|
|
|
—
|
|
|
—
|
|
|
6,391
|
|
|
Depreciation and amortization
|
|
8,774
|
|
|
372
|
|
|
98
|
|
|
9,244
|
|
|
Gain on asset disposals
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
Total operating costs and expenses
|
|
277,456
|
|
|
539
|
|
|
98
|
|
|
278,093
|
|
|
Operating income (loss)
|
|
38,190
|
|
|
(539
|
)
|
|
(98
|
)
|
|
37,553
|
|
|
Interest expense, net
|
|
4,773
|
|
|
—
|
|
|
—
|
|
|
4,773
|
|
|
Loss on equity method investments
|
|
149
|
|
|
—
|
|
|
—
|
|
|
149
|
|
|
Net income (loss) before income tax expense
|
|
33,268
|
|
|
(539
|
)
|
|
(98
|
)
|
|
32,631
|
|
|
Income tax expense
|
|
317
|
|
|
—
|
|
|
—
|
|
|
317
|
|
|
Net income (loss)
|
|
$
|
32,951
|
|
|
$
|
(539
|
)
|
|
$
|
(98
|
)
|
|
$
|
32,314
|
|
|
Less: loss attributable to Predecessors
|
|
—
|
|
|
(539
|
)
|
|
(98
|
)
|
|
(637
|
)
|
|
Net income attributable to partners
|
|
$
|
32,951
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The information presented is for the six months ended June 30, 2015,
disaggregated to present the results of operations of the
Partnership and the Logistics Assets Predecessor. Prior to the El
Dorado offloading racks acquisition and Tyler crude oil storage tank
acquisition on March 31, 2015, the Logistics Assets Predecessor did
not record revenues for intercompany throughput and storage services.
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Condensed Consolidated Statements of Cash Flows (Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
|
|
|
|
|
|
|
|
30,
|
|
|
|
|
|
|
|
2016
|
|
2015 (1)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Data
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
57,589
|
|
|
$
|
46,560
|
|
|
Net cash used in investing activities
|
|
(35,919
|
)
|
|
(27,541
|
)
|
|
Net cash used in financing activities
|
|
(21,670
|
)
|
|
(20,756
|
)
|
|
|
Net decrease in cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
(1,737
|
)
|
|
|
(1) Includes the historical cash flows of the Logistics
Assets predecessor.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Reconciliation of Amounts Reported Under U.S. GAAP
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
($ in thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015 (1)
|
|
Reconciliation of EBITDA to net income:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
18,893
|
|
|
$
|
18,311
|
|
|
$
|
34,341
|
|
|
$
|
32,314
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
129
|
|
|
63
|
|
|
227
|
|
|
317
|
|
|
Depreciation and amortization
|
|
4,812
|
|
|
4,744
|
|
|
9,808
|
|
|
9,244
|
|
|
Interest expense, net
|
|
3,284
|
|
|
2,616
|
|
|
6,483
|
|
|
4,773
|
|
|
EBITDA
|
|
$
|
27,118
|
|
|
$
|
25,734
|
|
|
$
|
50,859
|
|
|
$
|
46,648
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to net cash from operating activities:
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
31,215
|
|
|
$
|
30,791
|
|
|
$
|
57,589
|
|
|
$
|
46,560
|
|
|
Amortization of deferred revenue
|
|
383
|
|
|
86
|
|
|
579
|
|
|
221
|
|
|
Amortization of deferred financing costs
|
|
(365
|
)
|
|
(365
|
)
|
|
(730
|
)
|
|
(730
|
)
|
|
Accretion of asset retirement obligations
|
|
(64
|
)
|
|
(62
|
)
|
|
(131
|
)
|
|
(124
|
)
|
|
Deferred income taxes
|
|
—
|
|
|
160
|
|
|
—
|
|
|
(66
|
)
|
|
Loss on equity method investments
|
|
(206
|
)
|
|
(149
|
)
|
|
(435
|
)
|
|
(149
|
)
|
|
Gain on asset disposals
|
|
—
|
|
|
23
|
|
|
44
|
|
|
18
|
|
|
Unit-based compensation expense
|
|
(125
|
)
|
|
(120
|
)
|
|
(233
|
)
|
|
(194
|
)
|
|
Changes in assets and liabilities
|
|
(7,133
|
)
|
|
(7,309
|
)
|
|
(12,534
|
)
|
|
(3,978
|
)
|
|
Income tax expense
|
|
129
|
|
|
63
|
|
|
227
|
|
|
317
|
|
|
Interest expense, net
|
|
3,284
|
|
|
2,616
|
|
|
6,483
|
|
|
4,773
|
|
|
EBITDA
|
|
$
|
27,118
|
|
|
$
|
25,734
|
|
|
$
|
50,859
|
|
|
$
|
46,648
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of distributable cash flow to EBITDA:
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
27,118
|
|
|
$
|
25,734
|
|
|
$
|
50,859
|
|
|
$
|
46,648
|
|
|
Cash interest, net
|
|
(2,920
|
)
|
|
(2,251
|
)
|
|
(5,754
|
)
|
|
(4,043
|
)
|
|
Maintenance and regulatory capital expenditures
|
|
(897
|
)
|
|
(3,928
|
)
|
|
(1,633
|
)
|
|
(7,244
|
)
|
|
Reimbursement from Delek for capital expenditures
|
|
593
|
|
|
1,417
|
|
|
802
|
|
|
2,603
|
|
|
Loss on equity method investments
|
|
206
|
|
|
—
|
|
|
435
|
|
|
—
|
|
|
Income tax expense
|
|
(129
|
)
|
|
(63
|
)
|
|
(227
|
)
|
|
(317
|
)
|
|
Non-cash unit-based compensation expense
|
|
125
|
|
|
120
|
|
|
233
|
|
|
194
|
|
|
Amortization of deferred revenue
|
|
(383
|
)
|
|
(86
|
)
|
|
(579
|
)
|
|
(221
|
)
|
|
Distributable cash flow
|
|
$
|
23,713
|
|
|
$
|
20,943
|
|
|
$
|
44,136
|
|
|
$
|
37,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The information presented includes the results of operations of the
Logistics Assets Predecessor. Prior to the El Dorado offloading
racks acquisition and Tyler crude oil storage tank acquisition on
March 31, 2015, the Logistics Assets Predecessor did not record
revenues for intercompany throughput and storage services.
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Reconciliation of Amounts Reported Under U.S. GAAP
|
|
|
|
|
|
Delek
|
|
|
|
Six Months
|
|
|
|
Logistics
|
|
Logistics
|
|
Ended June 30,
|
|
|
|
Partners, LP
|
|
Assets (1)
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Logistics
|
|
|
|
|
|
|
|
Assets
|
|
|
|
($ in thousands)
|
|
|
|
Predecessor
|
|
|
|
Reconciliation of EBITDA to net income:
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
32,951
|
|
|
$
|
(637
|
)
|
|
$
|
32,314
|
|
|
Add:
|
|
|
|
|
|
|
|
Income tax expense
|
|
317
|
|
|
—
|
|
|
317
|
|
|
Depreciation and amortization
|
|
8,774
|
|
|
470
|
|
|
9,244
|
|
|
Interest expense, net
|
|
4,773
|
|
|
—
|
|
|
4,773
|
|
|
EBITDA
|
|
$
|
46,815
|
|
|
$
|
(167
|
)
|
|
$
|
46,648
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to net cash from operating activities:
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
$
|
46,727
|
|
|
$
|
(167
|
)
|
|
$
|
46,560
|
|
|
Amortization of deferred revenue
|
|
221
|
|
|
—
|
|
|
221
|
|
|
Amortization of deferred financing costs
|
|
(730
|
)
|
|
—
|
|
|
(730
|
)
|
|
Accretion of asset retirement obligations
|
|
(124
|
)
|
|
—
|
|
|
(124
|
)
|
|
Deferred income taxes
|
|
(66
|
)
|
|
—
|
|
|
(66
|
)
|
|
Loss on equity method investments
|
|
(149
|
)
|
|
—
|
|
|
(149
|
)
|
|
Gain on asset disposals
|
|
18
|
|
|
—
|
|
|
18
|
|
|
Unit-based compensation expense
|
|
(194
|
)
|
|
—
|
|
|
(194
|
)
|
|
Changes in assets and liabilities
|
|
(3,978
|
)
|
|
—
|
|
|
(3,978
|
)
|
|
Income tax expense
|
|
317
|
|
|
—
|
|
|
317
|
|
|
Interest expense, net
|
|
4,773
|
|
|
—
|
|
|
4,773
|
|
|
EBITDA
|
|
$
|
46,815
|
|
|
$
|
(167
|
)
|
|
$
|
46,648
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of distributable cash flow to EBITDA:
|
|
|
|
|
|
|
|
EBITDA
|
|
$
|
46,815
|
|
|
$
|
(167
|
)
|
|
$
|
46,648
|
|
|
Cash interest, net
|
|
(4,043
|
)
|
|
—
|
|
|
(4,043
|
)
|
|
Maintenance and regulatory capital expenditures
|
|
(7,244
|
)
|
|
—
|
|
|
(7,244
|
)
|
|
Reimbursement from Delek for capital expenditures
|
|
2,603
|
|
|
—
|
|
|
2,603
|
|
|
Loss on equity method investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Income tax expense
|
|
(317
|
)
|
|
—
|
|
|
(317
|
)
|
|
Non-cash unit-based compensation expense
|
|
194
|
|
|
—
|
|
|
194
|
|
|
Amortization of deferred revenue
|
|
(221
|
)
|
|
—
|
|
|
(221
|
)
|
|
Distributable cash flow
|
|
$
|
37,787
|
|
|
$
|
(167
|
)
|
|
$
|
37,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The information presented is for the six months ended June 30, 2015,
disaggregated to present the results of operations of the
Partnership and the Logistics Assets Predecessor. Prior to the El
Dorado offloading racks acquisition and Tyler crude oil storage tank
acquisition on March 31, 2015, the Logistics Assets Predecessor did
not record revenues for intercompany throughput and storage services.
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Distributable Coverage Ratio Calculation
|
|
(In thousands)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
Distributions to partners of Delek Logistics, LP
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Limited partners' distribution on common units
|
|
$
|
15,310
|
|
|
$
|
13,338
|
|
|
$
|
30,119
|
|
|
$
|
26,172
|
|
General partner's distributions
|
|
313
|
|
|
272
|
|
|
615
|
|
|
534
|
|
General partner's incentive distribution rights
|
|
2,462
|
|
|
758
|
|
|
4,446
|
|
|
1,364
|
|
Total Distributions to be paid
|
|
$
|
18,085
|
|
|
$
|
14,368
|
|
|
$
|
35,180
|
|
|
$
|
28,070
|
|
|
|
|
|
|
|
|
|
|
|
Distributable Cash Flow (1)
|
|
$
|
23,713
|
|
|
$
|
20,943
|
|
|
$
|
44,136
|
|
|
37,787
|
|
Distributable cash flow coverage ratio
|
|
1.31x
|
|
1.46x
|
|
1.25x
|
|
1.35x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Distributable cash flow coverage ratio is calculated by dividing
distributable cash flow by distributions to be paid in each
respective period. Predecessor costs is excluded from distributable
cash flow for the six months ended June 30, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Segment Data (unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Three Months Ended June 30, 2016
|
|
|
|
Pipelines &
|
|
Wholesale Marketing
|
|
|
|
|
|
Transportation
|
|
& Terminalling
|
|
Consolidated
|
|
Affiliate
|
|
$
|
26,136
|
|
|
$
|
10,558
|
|
|
$
|
36,694
|
|
Third-Party
|
|
5,874
|
|
|
69,285
|
|
|
75,159
|
|
Net sales
|
|
32,010
|
|
|
79,843
|
|
|
111,853
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
4,814
|
|
|
68,287
|
|
|
73,101
|
|
Operating expenses
|
|
6,899
|
|
|
1,831
|
|
|
8,730
|
|
Segment contribution margin
|
|
$
|
20,297
|
|
|
$
|
9,725
|
|
|
30,022
|
|
General and administrative expense
|
|
|
|
|
|
2,698
|
|
Depreciation and amortization
|
|
|
|
|
|
4,812
|
|
Operating income
|
|
|
|
|
|
$
|
22,512
|
|
Total Assets
|
|
$
|
309,678
|
|
|
$
|
72,093
|
|
|
$
|
381,771
|
|
|
|
|
|
|
|
|
|
Capital spending
|
|
|
|
|
|
|
|
Maintenance capital spending
|
|
$
|
714
|
|
|
$
|
56
|
|
|
$
|
770
|
|
Discretionary capital spending
|
|
4
|
|
|
74
|
|
|
78
|
|
Total capital spending
|
|
$
|
718
|
|
|
$
|
130
|
|
|
$
|
848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015
|
|
|
|
Pipelines &
|
|
Wholesale Marketing &
|
|
|
|
|
|
Transportation
|
|
Terminalling
|
|
Consolidated (1)
|
|
Affiliate
|
|
$
|
26,093
|
|
|
$
|
13,778
|
|
|
$
|
39,871
|
|
|
Third-Party
|
|
7,641
|
|
|
124,622
|
|
|
132,263
|
|
|
Net sales
|
|
33,734
|
|
|
138,400
|
|
|
172,134
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
5,102
|
|
|
127,392
|
|
|
132,494
|
|
|
Operating expenses
|
|
7,745
|
|
|
3,053
|
|
|
10,798
|
|
|
Segment contribution margin
|
|
$
|
20,887
|
|
|
$
|
7,955
|
|
|
28,842
|
|
|
General and administrative expense
|
|
|
|
|
|
2,982
|
|
|
Depreciation and amortization
|
|
|
|
|
|
4,744
|
|
|
Gain on asset disposals
|
|
|
|
|
|
(23
|
)
|
|
Operating income
|
|
|
|
|
|
$
|
21,139
|
|
|
Total assets
|
|
$
|
285,733
|
|
|
$
|
66,263
|
|
|
$
|
351,996
|
|
|
|
|
|
|
|
|
|
|
Capital spending
|
|
|
|
|
|
|
|
Maintenance capital spending
|
|
$
|
2,722
|
|
|
$
|
347
|
|
|
$
|
3,069
|
|
|
Discretionary capital spending
|
|
335
|
|
|
2,558
|
|
|
2,893
|
|
|
Total capital spending
|
|
$
|
3,057
|
|
|
$
|
2,905
|
|
|
$
|
5,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The information presented includes the results of operations of the
Logistics Assets Predecessor. Prior to the El Dorado offloading
racks acquisition and Tyler crude oil storage tank acquisition on
March 31, 2015, the Logistics Assets Predecessor did not record
revenues for intercompany throughput and storage services.
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Segment Data (unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Six Months Ended June 30, 2016
|
|
|
|
Pipelines &
|
|
Wholesale Marketing &
|
|
|
|
|
|
Transportation
|
|
Terminalling
|
|
Consolidated
|
|
Affiliate
|
|
$
|
52,442
|
|
|
$
|
23,012
|
|
|
$
|
75,454
|
|
|
Third-Party
|
|
12,351
|
|
|
128,104
|
|
|
140,455
|
|
|
Net sales
|
|
$
|
64,793
|
|
|
$
|
151,116
|
|
|
$
|
215,909
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
9,590
|
|
|
130,264
|
|
|
139,854
|
|
|
Operating expenses
|
|
14,639
|
|
|
4,555
|
|
|
19,194
|
|
|
Segment contribution margin
|
|
$
|
40,564
|
|
|
$
|
16,297
|
|
|
56,861
|
|
|
General and administrative expense
|
|
|
|
|
|
5,611
|
|
|
Depreciation and amortization
|
|
|
|
|
|
9,808
|
|
|
Gain on asset disposals
|
|
|
|
|
|
(44
|
)
|
|
Operating income
|
|
|
|
|
|
$
|
41,486
|
|
|
|
|
|
|
|
|
|
|
Capital spending:
|
|
|
|
|
|
|
|
Maintenance capital spending
|
|
$
|
1,225
|
|
|
$
|
72
|
|
|
$
|
1,297
|
|
|
Discretionary capital spending
|
|
199
|
|
|
436
|
|
|
635
|
|
|
Total capital spending
|
|
$
|
1,424
|
|
|
$
|
508
|
|
|
$
|
1,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015 (1)
|
|
|
|
Pipelines &
|
|
Wholesale Marketing &
|
|
|
|
|
|
Transportation
|
|
Terminalling
|
|
Consolidated
|
|
Affiliate
|
|
$
|
50,078
|
|
|
$
|
22,073
|
|
|
$
|
72,151
|
|
|
Third-Party
|
|
14,658
|
|
|
228,837
|
|
|
243,495
|
|
|
Net sales
|
|
$
|
64,736
|
|
|
$
|
250,910
|
|
|
$
|
315,646
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
9,915
|
|
|
230,986
|
|
|
240,901
|
|
|
Operating expenses
|
|
14,663
|
|
|
6,912
|
|
|
21,575
|
|
|
Segment contribution margin
|
|
$
|
40,158
|
|
|
$
|
13,012
|
|
|
53,170
|
|
|
General and administrative expense
|
|
|
|
|
|
6,391
|
|
|
Depreciation and amortization
|
|
|
|
|
|
9,244
|
|
|
Gain on asset disposals
|
|
|
|
|
|
(18
|
)
|
|
Operating income
|
|
|
|
|
|
$
|
37,553
|
|
|
|
|
|
|
|
|
|
|
Capital spending
|
|
|
|
|
|
|
|
Maintenance capital spending
|
|
$
|
6,940
|
|
|
$
|
2,828
|
|
|
$
|
9,768
|
|
|
Discretionary capital spending
|
|
670
|
|
|
3,097
|
|
|
3,767
|
|
|
Total capital spending (2)
|
|
$
|
7,610
|
|
|
$
|
5,925
|
|
|
$
|
13,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The information presented includes the results of operations of the
Logistics Assets Predecessor. Prior to the El Dorado offloading
racks acquisition and Tyler crude oil storage tank acquisition on
March 31, 2015, the Logistics Assets Predecessor did not record
revenues for intercompany throughput and storage services.
|
|
|
|
|
|
|
(2)
|
|
Capital spending includes expenditures of ($0.1) million incurred in
connection with the Logistics Assets Predecessor.
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Segment Data (Unaudited)
|
|
(In thousands)
|
|
|
|
|
|
Six Months Ended June 30, 2015
|
|
|
|
Pipelines & Transportation
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
Delek Logistics
|
|
Predecessor-
|
|
Ended June 30,
|
|
|
|
Partners, LP
|
|
Logistics Assets
|
|
2015
|
|
Net Sales
|
|
$
|
64,736
|
|
|
$
|
—
|
|
|
$
|
64,736
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
9,915
|
|
|
—
|
|
|
9,915
|
|
Operating expenses
|
|
14,496
|
|
|
167
|
|
|
14,663
|
|
Segment contribution margin
|
|
$
|
40,325
|
|
|
$
|
(167
|
)
|
|
$
|
40,158
|
|
|
|
|
|
|
|
|
|
Total capital spending
|
|
$
|
7,662
|
|
|
$
|
(52
|
)
|
|
$
|
7,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2015
|
|
|
|
Wholesale Marketing & Terminalling
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
Delek Logistics
|
|
Predecessor-
|
|
Ended June 30,
|
|
|
|
Partners, LP
|
|
Logistics Assets
|
|
2015
|
|
Net Sales
|
|
$
|
250,910
|
|
|
$
|
—
|
|
|
$
|
250,910
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
230,986
|
|
|
—
|
|
|
230,986
|
|
Operating expenses
|
|
6,912
|
|
|
—
|
|
|
6,912
|
|
Segment contribution margin
|
|
$
|
13,012
|
|
|
$
|
—
|
|
|
$
|
13,012
|
|
|
|
|
|
|
|
|
|
Total capital spending
|
|
$
|
5,925
|
|
|
$
|
—
|
|
|
$
|
5,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delek Logistics Partners, LP
|
|
Segment Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
Throughputs (average bpd)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Pipelines and Transportation Segment:
|
|
|
|
|
|
|
|
|
|
Lion Pipeline System:
|
|
|
|
|
|
|
|
|
|
Crude pipelines (non-gathered)
|
|
56,302
|
|
|
53,863
|
|
|
56,322
|
|
|
55,267
|
|
Refined products pipelines
|
|
53,670
|
|
|
58,572
|
|
|
53,725
|
|
|
57,258
|
|
SALA Gathering System
|
|
18,288
|
|
|
21,305
|
|
|
18,645
|
|
|
21,421
|
|
East Texas Crude Logistics System
|
|
12,909
|
|
|
28,677
|
|
|
11,127
|
|
|
23,892
|
|
El Dorado Rail Offloading Rack
|
|
—
|
|
|
2,964
|
|
|
—
|
|
|
2,964
|
|
|
|
|
|
|
|
|
|
|
|
Wholesale Marketing and Terminalling Segment:
|
|
|
|
|
|
|
|
|
|
East Texas - Tyler Refinery sales volumes (average bpd)
|
|
70,188
|
|
|
66,860
|
|
|
68,301
|
|
|
47,018
|
|
West Texas marketing throughputs (average bpd)
|
|
12,594
|
|
|
17,490
|
|
|
13,482
|
|
|
17,070
|
|
West Texas marketing margin per barrel
|
|
$
|
2.13
|
|
|
$
|
1.31
|
|
|
$
|
1.00
|
|
|
$
|
1.35
|
|
Terminalling throughputs (average bpd)
|
|
126,476
|
|
|
113,578
|
|
|
122,645
|
|
|
90,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006822/en/
Copyright Business Wire 2016
Source: Business Wire
(August 3, 2016 - 8:00 PM EDT)
News by QuoteMedia
www.quotemedia.com |
