Genesis Energy, L.P. reported today net income for 2006 of $8,381,000, or $0.59 per unit. Net income for the year was reduced by approximately $1.4 million for costs related to the transition to a new senior management team and $0.6 million of expenses related to the write-off of unamortized costs related to the replacement of our credit facility. For 2005 Genesis had net income of $3,415,000, or $0.35 per unit.
Net income for the fourth quarter of 2006 was $0.7 million, or $0.05 per unit, which was net of a write-off of $0.6 million of credit facility costs. In the fourth quarter of 2005, Genesis had income of $0.5 million, or $0.05 per unit.
Grant Sims, CEO said "We are very pleased with our results for the year. All segments reported improved performance from the prior year annual period. For the year, we generated Available Cash before Reserves, a non-GAAP measure, of $18.8 million or $1.34 per unit, which was more than adequate to cover distributions to the holders of our common units and general partner interest for 2006 totaling $11.0 million or $0.78 per unit. Without the transition costs and write-off of the credit costs, Available Cash before Reserves for 2006 would have been $20.9 million, or $1.48 per unit." Available Cash before Reserves is a non-GAAP financial measure that is defined and reconciled later in this press release to its most directly comparable GAAP financial measure, net cash provided by operating activities. Net cash provided by operating activities was $11.3 million for 2006.
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