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BreitBurn Energy (BBEP): Q3 EPS of -$1.00 misses by $1.22. Revenue of $111.7M (+17.9% Y/Y)...

BreitBurn Energy (BBEP): Q3 EPS of -$1.00 misses by $1.22. Revenue of $111.7M (+17.9% Y/Y) misses by $6M. (PR)
Comments (4)
  • I haven't looked at all the numbers but I hope it isn't as bad as this notice looks!
    6 Nov 2012, 09:30 AM Reply Like
  • Have to look at distributable cash flow - EPS is not the important metric.
    6 Nov 2012, 09:50 AM Reply Like
  • das555,
    I know what you mean, I own a number of these and they have done we well. It's just that first look at red numbers that makes you take a step back.
    6 Nov 2012, 10:02 AM Reply Like
  • I've taken a first estimate of DCF for BBEP. They don't publish the DCF directly in their earnings release, but they give it out in their CC (or at least they did last quarter). I'm estimating their maintenance capex at 14.35 million (38% of total depletion, consistent with their guidance for second half 2012). This way I get Adj. EBITDA (90.1 million), less cash interest expense (15.1 million), less maintenance capex (14.35) = DCF (60.6 million). DCF/ units (80.6 million) gets me to DCF/ unit of .75, and DCR of the .465 distribution of 161% which is very comfortable. I'll adjust my numbers after the call, but so far, so good.
    6 Nov 2012, 10:08 AM Reply Like
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