• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Atlas Pipeline Holdings, L.P. Reports Fourth Quarter and 2006 Full-Year Results

Posted on: Monday, 26 February 2007, 23:59 CST

Atlas Pipeline Holdings, L.P. (NYSE: AHD) (the "Partnership"), the parent of the general partner of Atlas Pipeline Partners, L.P. and its subsidiaries (NYSE: APL) ("Atlas Pipeline"), today reported its results for the fourth quarter 2006. The Partnership, which owns the 2% general partner interest, all of the incentive distribution rights, and 1,641,026 common limited partnership units in Atlas Pipeline, presents its financial results consolidated with those of Atlas Pipeline. Net income for the fourth quarter 2006 was $4.1 million compared with $4.7 million for the fourth quarter 2005. Please see Atlas Pipeline's press release regarding its fourth quarter 2006 earnings for further information regarding its results.

On January 24, 2007, the Partnership declared its quarterly cash distribution for the fourth quarter 2006 of $0.25 per common limited partner unit, paid February 19, 2007 to common unitholders of record as of February 7, 2007. This represented the first full quarterly distribution declared by the Partnership.

In reviewing its financial results for the year ended December 31, 2006, Atlas Pipeline determined that previously reported net income for the third quarter of 2006 and nine months ended September 30, 2006 should be increased by $2.3 million. This increase was due to the recognition of a gain with respect to certain financial hedge instruments under Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities." The impact of Atlas Pipeline's increase to its net income will increase the Partnership's net income by $0.3 million for the third quarter of 2006 and nine months ended September 30, 2006. This adjustment has been reflected within the financial information presented. The Partnership will file an amendment to its Form 10-Q for September 30, 2006 to reflect this adjustment prior to the filing of its Form 10-K for December 31, 2006.

Interested parties are invited to access the live webcast of an investor call with management regarding Atlas Pipeline's fourth quarter results on Tuesday morning, February 27, 2007 at 9:00 am EDT by going to the home page of Atlas Pipeline's website at www.atlaspipelinepartners.com. An audio replay of the conference call will also be available beginning at 11:00 am EDT on Tuesday, February 27, 2007 until 11:59 pm on Tuesday, March 27, 2007. To access the replay, dial 1-888-286-8010 and enter conference code 34068310.

Atlas Pipeline Holdings, L.P. is the parent of Atlas Pipeline Partners, L.P.'s general partner and owner of 1,641,026 limited partner units of Atlas Pipeline Partners, L.P. For more information, visit our website at www.atlaspipelineholdings.com or please contact investor relations at bbegley@atlaspipelinepartners.com.

Atlas Pipeline Partners, L.P. is active in the transmission, gathering and processing segments of the midstream natural gas industry. In the Mid-Continent region of Oklahoma, Arkansas, northern Texas and the Texas panhandle, Atlas Pipeline Partners, L.P. owns and operates approximately 1,900 miles of active intrastate gas gathering pipeline and a 565-mile interstate natural gas pipeline. Atlas Pipeline Partners, L.P. also operates three gas processing plants and a treating facility in Velma, Elk City, Sweetwater and Prentiss, Oklahoma where natural gas liquids and impurities are removed. In Appalachia, it owns and operates approximately 1,600 miles of natural gas gathering pipelines in western Pennsylvania, western New York and eastern Ohio. For more information, visit Atlas Pipeline Partners, L.P.'s website at www.atlaspipelinepartners.com or contact bbegley@atlaspipelinepartners.com.

Atlas America, Inc. (NASDAQ: ATLS) owns an 83% interest in Atlas Pipeline Holdings, L.P. Atlas America also owns an 80% common unit interest and all of the Class A and management incentive interests in Atlas Energy Resources, LLC (NYSE: ATN).

Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in Atlas Pipeline Partners, L.P.'s Appalachian and Mid-Continent areas, actual versus projected volumetric production from wells connected to Atlas Pipeline Partners, L.P.'s gas gathering pipeline system, and the cost of supplies and services in the energy industry.

               ATLAS PIPELINE HOLDINGS, L.P. AND SUBSIDIARIES                             Financial Summary                   (in thousands, except per unit amounts)                                  Three Months Ended        Year Ended                                     December 31,          December 31,                                 --------------------  --------------------                                   2006(1)     2005       2006(1)     2005                                 ---------  ---------  ---------  ---------- Revenue:   Natural gas and liquids       $  96,388  $ 122,029  $ 397,082  $  340,297   Transportation and    compression - affiliates         7,530      7,899     30,189      24,346   Transportation and    compression - third parties      9,853      5,909     30,735       5,963   Interest income and other         3,069        542      7,055         894                                 ---------  ---------  ---------  ----------     Total revenue and other      income                       116,840    136,379    465,061     371,500                                 ---------  ---------  ---------  ---------- Costs and expenses:   Natural gas and liquids          81,722    103,602    334,299     288,180   Plant operating                   4,716      3,315     15,722      10,557   Transportation and    compression                      3,609      1,884     12,013       4,053   General and administrative        6,958      4,063     19,895      11,825   Compensation reimbursement -    affiliates                         336        418      2,319       1,783   Depreciation and amortization     6,309      5,459     22,994      13,954   Interest                          6,516      5,697     24,726      14,175   Minority interest in NOARK            -      1,083        118       1,083   Minority interest in Atlas    Pipeline                         2,531      6,207     14,437      13,447   Other                                 -          -          -         138                                 ---------  ---------  ---------  ----------     Total costs and expenses      112,697    131,728    446,523     359,195                                 ---------  ---------  ---------  ---------- Net income                          4,143      4,651     18,538      12,305 Preferred unit imputed dividend  cost                                (636)         -     (1,898)          -                                 ---------  ---------  ---------  ---------- Net income attributable to  common limited partners/owners $   3,507  $   4,651  $  16,640  $   12,305                                 =========  =========  =========  ========== Allocation of net income  attributable to common limited  partners/owners:  Portion applicable to owners'   interest (period prior to   the initial public offering     on July 26, 2006)           $       -  $   4,651  $  10,236  $   12,305  Portion applicable to common   limited partners' interest   (period subsequent   to the initial public   offering on July 26, 2006)        3,507          -      6,404           -                                 ---------  ---------  ---------  ----------     Net income attributable      to common limited      partners/owners            $   3,507  $   4,651  $  16,640  $   12,305                                 =========  =========  =========  ========== Net income attributable to  common limited partners  per unit - basic and diluted                                 $    0.17             $    0.30                                 =========             ========= Weighted average common limited  partner units outstanding:         Basic                      21,100                21,100                                 =========             =========         Diluted                    21,103                21,102                                 =========             =========                                              December 31,                                         -------------------- Balance Sheet data (at period end):        2006       2005                                         ---------  ---------     Cash and cash equivalents          $   2,198  $  34,237     Total assets                         787,134    742,726     Total debt                           324,083    298,625     Total partners'      deficit/owners' deficit              (7,010)    (3,810) (1) Previously reported net income for the third quarter of 2006 and     nine months ended September 30, 2006 has been increased by     $0.3 million. This adjustment has been reflected within the     financial information presented.  The Partnership will file an     amendment to its Form 10-Q for September 30, 2006 to reflect this     adjustment prior to the filing of its Form 10-K for     December 31, 2006. 

 Contact: Brian J. Begley Vice President, Investor Relations 1845 Walnut Street Philadelphia, PA  19103 (215) 546-5005 (215) 546-4785 (facsimile)  

SOURCE: Atlas Pipeline Holdings, L.P.

Source: MARKET WIRE

More News in this Category