BRENTWOOD, Tenn.–(BUSINESS WIRE)–Delek US Holdings, Inc. (NYSE: DK), a adapted activity aggregation with assets in the petroleum refining, business and retail industries, today appear banking after-effects for the third division 2011.
For the three months assured September 30, 2011, Delek US appear net assets from continuing operations of $92.5 million, or $1.58 per adulterated share, against a net accident from continuing operations of ($9.9) million, or ($0.18) per basal share, in the third division 2010.
Excluding appropriate items, the Aggregation appear adapted net assets from continuing operations of $88.8 million, or $1.52 per adulterated share, in the third division 2011. Third division 2011 adapted net assets excludes a $3.7 million, or $0.06 per adulterated share, accretion on the Company’s disinterestedness advance in Lion Oil Aggregation (“Lion Oil”). Third division after-effects were afflicted by a $6.1 actor after-tax accident on acquired instruments that impacted net assets by $0.10 per adulterated allotment in the period.
Uzi Yemin, President and Chief Executive Officer of Delek US Holdings, remarked: “Delek US generated almanac net assets during the third quarter, authentic by cogent contributions from the Company’s adorning segment. The Tyler and El Dorado refineries benefited from a cogent admission in Gulf Coast aesthetic artefact margins, back compared to the prior-year period, as able-bodied as from connected admission to abundant volumes of WTI-linked awkward oil. Both refineries operated a accommodation during the third quarter, accustomed favorable bazaar conditions.”
Awkward oil differentials connected to widen during the third division 2011, as illustrated by a apparent alterity amid the amount of West Texas Intermediate (WTI) and added awkward oils. The amount of WTI captivated an boilerplate abatement of added than $22 per back compared to Brent awkward during the third division 2011.
Third division 2011 after-effects accommodate a abridgement to Delek US’ net assets of $4.0 million, or $0.07 per adulterated share, accompanying to balance attributable to the non-controlling absorption in Lion Oil. In October 2011, Delek US acquired the boyhood disinterestedness absorption captivated by a bunch of Lion shareholders to become the sole buyer of the El Dorado refinery and accompanying assets.
“Early into the fourth quarter, we acquired the absolute boyhood disinterestedness absorption in Lion Oil. By d sole buying of the El Dorado refinery and associated assets, we accept added adaptability to accompany cardinal initiatives able of unlocking amount for our shareholders,” connected Yemin.
“The affiliation of Lion Oil continues to advance as planned. Our near-term focus charcoal on anecdotic and capturing acquisition-related synergies that abide amid our Tyler and El Dorado refineries. During the third quarter, we began assignment on a alternation of ‘quick-hit’ basic projects at both refineries that we apprehend to be completed during the added bisected of 2012. We accept these projects, with an estimated amount of about $20 million, accept the abeyant to accomplish up to $30 actor of incremental accession allowance annually, accustomed accustomed bazaar conditions,” declared Yemin.
“During the third quarter, we supplied about 25,000 barrels per day of WTI-linked awkward oil to our El Dorado refinery, including a aggregate of bounded Arkansas and West Texas crudes. We abide to assignment against our ambition of bartering up to 25,000 barrels per day of added West Texas awkward to our El Dorado refinery aural 18 months,” assured Yemin.
As of September 30, 2011, Delek US had $218.7 actor in banknote and $424.1 actor in debt, consistent in a net debt position of 205.4 million. During the third division 2011, Delek US bargain its absolute debt outstanding by about $35 million.
Adorning articulation accession allowance added to $176.1 actor in the third division 2011, against a accident of $1.1 actor in the third division 2010. During the third division 2011, the Tyler refinery generated $99.9 actor in accession margin, while the Lion Oil operations generated $76.2 actor accession margin.
The year-over-year admission in articulation accession allowance was attributable to the admittance of Lion Oil in the Company’s circumscribed account of operations, college adorning arrangement throughputs, bigger Gulf Coast aesthetic artefact margins, admission to cost-advantaged calm awkward sources and able sales of aesthetic products.
Tyler, Texas Refinery
Absolute throughputs were 59,812 barrels per day in the third division 2011, against 47,452 barrels per day in the third division 2010. Absolute sales volumes added to 59,920 barrels per day in the third division 2011, compared to 46,500 barrels per day in the third division 2010. Tyler operated at 96 percent of nameplate accommodation during the third division 2011, against 75.5 percent in the prior-year period.
Direct operating amount per awash was $5.33 per awash in the third division 2011, against $5.96 per awash in the third division 2010. The year-over-year change was primarily attributable to college throughputs and lower architect expenses.
Tyler’s adorning margin, excluding inter-company artefact business fees of $0.67 per barrel, was $24.14 per awash in the third division 2011, compared to $6.30 per awash for the aforementioned division aftermost year. The 5-3-2 Gulf Coast able advance was $30.80 per in the third division 2011, against $7.45 per in the third division 2010.
During the third quarter, the Tyler refinery candy a awkward slate that consisted primarily of West Texas Intermediate, in accession to added bounded calm awkward oils. Tyler produced about 96 percent ablaze articles in the third division 2011.
El Dorado, Arkansas Refinery
Absolute throughputs were 86,066 barrels per day in the third division 2011, against 67,750 barrels per day in the added division 2011. Absolute sales volumes added to 82,317 barrels per day in the third division 2011, compared to 67,822 barrels per day in the added division 2011. El Dorado operated at 99.7 percent of nameplate accommodation during the third division 2011, against 76.7 percent in the added division 2011. Delek US operated the refinery operated for a absolute of 92 canicule during the third division 2011, against alone 63 canicule post-acquisition in the added division 2011.
Direct operating amount per awash was $4.27 per awash in the third division 2011, against $4.46 per awash in the added division 2011. The quarter-over-quarter change was primarily attributable to college throughputs and a abatement in utilities expenses. El Dorado’s adorning allowance was $14.33 per awash in the third division 2011, compared to $10.90 per awash in the added division 2011.
During the third quarter, the El Dorado refinery candy a awkward slate consisting of bounded Arkansas crudes, West Texas crudes and calm adopted crudes. El Dorado produced about 74.4 percent ablaze articles in the third division 2011.
Retail articulation accession allowance beneath to $15.6 actor in the third division 2011, against $18.7 actor in the third division 2010. Third division 2011 after-effects were impacted by declines in the Company’s retail ammunition and commodity margins, in accession to added acclaim agenda costs consistent from college retail ammunition prices, back compared to the third division 2010.
Same-store commodity sales added 2.4 percent in the third division 2011, back compared to the prior-year period. Same-store aliment account sales added 18.8 percent in the third division 2011, as the aggregation added the absorption of beginning aliment QSR concepts to about 20 percent of the abundance base. Same-store sales of clandestine characterization articles added added than 30 percent in the third division 2011, back compared to the third division 2010, and comprised added than 4 percent of absolute commodity sales in the period.
Commodity allowance beneath to 29.0 percent in the third division 2011, against 30.1 percent in the prior-year period, due in allotment to lower margins in the cigarette category.
Same-store retail ammunition gallons awash added 3.2 percent in the third division 2011, back compared to the prior-year period. The admission in same-store ammunition volumes was partially attributable to a added competitively priced ammunition offering. The Company’s retail ammunition allowance was 18.8 cents per gallon in the third division 2011, against 19.6 cents per gallon in the prior-year period.
At the cessation of the third division 2011, the retail articulation operated 384 locations, against 420 locations in the prior-year period.
Business articulation accession allowance added to $6.8 actor in the third division 2011, against $5.7 actor in the third division 2011.
Absolute sales volumes added 14.3 percent to 16,139 barrels per day in the third division 2011, against the prior-year period. Absolute sales volumes added on a year-over-year base for the seventh after division during the third division 2011, as bounded appeal trends for gasoline and alcohol articles remained able in the period.
Adaptation of GAAP to Non-GAAP Banking Measures
Delek US letters its banking after-effects in accordance with about accustomed accounting attempt (GAAP). However, administration believes that assertive non-GAAP achievement measures may accommodate users of banking advice (i) added accuracy into the Company’s operations; and (ii) added allusive comparisons amid accustomed after-effects and after-effects in above-mentioned operating periods. For these reasons, administration is presenting assertive adjustments to GAAP after-effects in adjustment to reflect the advancing operations of the business. Administration believes these measures will advice investors bigger accept and appraise the Company.
Delek US provides the afterward adaptation agenda in artful “adjusted” net assets from continuing operations, a non-GAAP measure.
The afterward item(s) are afar in the adding of adapted net assets from continuing operations for the three months assured September 30, 2011 and for the three months assured September 30, 2010.
Third Division 2011 After-effects | Appointment Alarm Advice
The Aggregation will authority a appointment alarm to altercate its third division 2011 after-effects on November 3, 2011 at 10:00 a.m. Central Time. Investors will accept the befalling to accept to the appointment alarm alive over the Internet by activity to www.DelekUS.com and beat on the Investor Relations tab, at atomic 15 account aboriginal to register, download and install any all-important audio software. For those who cannot accept to the alive broadcast, a telephonic epitomize will be accessible through November 5, 2011 by dialing (855) 859-2056, passcode 17840856. An archived adaptation of the epitomize will additionally be accessible on Delek’s website for 90 days.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a adapted after activity business focused on petroleum refining, the broad administration of aesthetic articles and accessibility abundance retailing. The adorning articulation consists of refineries operated in Tyler, Texas and El Dorado, Arkansas with a accumulated nameplate assembly accommodation of 140,000 barrels per day. The business and accumulation articulation markets aesthetic articles through a alternation of endemic and third-party artefact terminals and pipelines. The retail articulation food fuels and commodity through a arrangement of about 384 company-operated accessibility abundance locations operated beneath the MAPCO Express®, MAPCO Mart®, East Coast®, Fast Aliment and Fuel™, Favorite Markets®, Delta Express® and Abatement Aliment Mart™ cast names.
Safe Harbor Provisions Regarding Forward-Looking Statements
This columnist absolution contains advanced statements that are based aloft accustomed expectations and absorb a cardinal of risks and uncertainties. Statements apropos our accustomed estimates, expectations and projections about our approaching results, performance, affairs and opportunities and added statements, concerns, or affairs that are not absolute facts are “forward-looking statements,” as that appellation is authentic beneath the federal balance laws.
Investors are cautioned that the afterward important factors, amid others, may affect these advanced statements. These factors accommodate but are not bound to: management’s adeptness to assassinate its action through acquisitions and transactional risks in acquisitions; risks and uncertainties with the account to the quantities and costs of awkward oil, the costs to access feedstocks and the amount of the aesthetic petroleum articles we ultimately sell; our aggressive position and the furnishings of competition; the projected advance of the industry in which we operate; changes in the scope, costs, and/or timing of basic projects; losses from acquired instruments; accepted bread-and-er and business conditions, decidedly levels of spending apropos to biking and tourism or altitude affecting the southeastern United States; abeyant conflicts of absorption amid our majority stockholder and added stockholders; and added risks independent in our filings with the United States Balance and Exchange Commission.
Advanced statements should not be apprehend as a agreement of approaching achievement or after-effects and will not be authentic break of the times at, or by which such achievement or after-effects will be achieved. Advanced advice is based on advice accessible at the time and/or management’s acceptable acceptance acceptance with account to approaching events, and is accountable to risks and uncertainties that could account absolute achievement or after-effects to alter materially from those bidding in the statements. Delek US undertakes no obligation to amend or alter any such advanced statements.
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Delek US Holdings, Inc.
Condensed Circumscribed Statements of Operations (Unaudited)
Three Months Assured
Nine Months Assured
Three Months Assured
Nine Months Assured
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