Ferrellgas L P (FGP) 8-K Ferrellgas Partners Posts Record Second Quarter Adjusted

Exhibit 99.1

FERRELLGAS PARTNERS POSTS RECORD SECOND QUARTER ADJUSTED

EBITDA, IN SPITE OF WARMER-THAN-NORMAL TEMPERATURES;

REAFFIRMS GUIDANCE FOR FISCAL 2015 ADJUSTED EBITDA

OVERLAND PARK, KAN., March 11, 2015 (GLOBENEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) today reported strong results for fiscal 2015’s second quarter ended January 31, 2015, despite temperatures being 9% warmer than a year ago and 4% warmer than normal.

For the second year in a row, the company posted record-setting adjusted EBITDA in its second quarter, with this year’s figure reaching $136.9 million. Distributable cash flow (DCF) to equity investors in the quarter was $110.3 million, producing DCF coverage of 1.16 x. During the last 12 months, the partnership generated $27 million of excess cash flow to fund organic and acquisitive growth. Net earnings for the second quarter climbed 41% to $86.4 million, or $1.02 per common unit, from $61.1 million, or $0.76 per common unit primarily due to a loss of $20.9 million for extinguishment of debt in the prior year period that was not repeated.

“We’re quite pleased with our second-quarter results,” commented President and Chief Executive Officer Steve Wambold. “Improved propane margins and lower expenses in our retail operations more than offset the negative effects of Mother Nature and the effect lower commodity costs had on our midstream operations. We’re seeing the strategic initiatives we’ve undertaken over the last three years targeting operational discipline and flexibility having their desired effect in our propane operations. We were also buoyed by Blue Rhino’s continued positive momentum.”

Further, the partnership reiterated its full-year adjusted EBITDA guidance of $300 million to $320 million. Driven by widespread cold temperatures in February and early March and ongoing cost discipline, Ferrellgas posted strong February results. “We’re off to a strong start to our third quarter,” continued

Wambold, “and we are optimistic about an extended heating season and its impact on demand.”

While retail propane sales, adversely affected by warmer weather, declined to 216 million gallons from 247 million gallons the year before, margins significantly improved as the cost of propane decreased dramatically from prior year.

Blue Rhino’s performance exceeded expectations in the second quarter with record volume, up 3% over year-ago levels, and solid same-store gains registered across convenience, drug, grocery and hardware stores.

Operating expense of $107.1 million was down more than 8% from the year-ago level, benefiting from both the lower cost of fuel and the operational ability to flex our expenses down in warmer periods. General and administrative expense declined 12% to $10.6 million. Interest expense was up 10% to $24.4 million, primarily attributable to merger and acquisition activity.

“The acquisition environment remains attractive,” Wambold said. “and our pipeline has grown significantly in recent weeks. We remain committed to achieving our diversification strategy through accretive, complementary acquisitions, and we are aggressively but deliberately pursuing some excellent opportunities that fit our model.”

For the first half of fiscal 2015, Adjusted EBITDA improved 5% to $171.3 million. Operating expense declined 4% to $210 million, while general and administrative expense decreased 6% to $21.5 million. Net earnings climbed to $53.2 million, or $0.63 per unit, from $36.1 million, or $0.45 per unit, the year before.

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia and Puerto Rico, and provides midstream services to major energy companies in the United States. Ferrellgas employees indirectly own 22.8 million, or 27.5% of the outstanding common units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form

10-K with the Securities and Exchange Commission on September 29, 2014.  Investors can request a hard copy of this filling free of charge and obtain more information about the partnership online at www.ferrellgas.com.

This press release contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read the Partnership’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas, and the impact of pending and future legal proceedings, political, economic and regulatory conditions in the U.S. and abroad. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

Contacts:

Jack Herrold, Investor Relations

jackherrold@ferrellgas.com or (913) 661-1851

Scott Brockelmeyer, Media Relations

scottbrockelmeyer@ferrelllgas.com or (913) 661-1830

Jim Saladin, Media Relations

jimsaladin@ferrellgas.com or (913) 661-1833

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FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

FOR THE THREE, SIX AND TWELVE MONTHS ENDED JANUARY 31, 2015 AND 2014

(in thousands, except per unit data)

(unaudited)

	Three months ended						Six months ended						Twelve months ended
	January 31						January 31						January 31
	2015			2014			2015			2014			2015			2014
Revenues:
Propane and other gas liquids sales	$	560,867		$	789,446		$	955,228		$	1,171,669		$	1,930,902		$	1,992,581
Other	105,106			80,237			154,100			113,044			299,573			245,825
Total revenues	665,973			869,683			1,109,328			1,284,713			2,230,475			2,238,406
Cost of product sold:
Propane and other gas liquids sales	330,692			551,506			595,506			810,260			1,241,634			1,312,628
Other	70,290			48,709			94,150			62,055			190,247			149,877
Gross profit	264,991			269,468			419,672			412,398			798,594			775,901
Operating expense (including $(4,500), $(6,300) and $(1,300) of change in fair value of contingent consideration for the three, six and twelve month period ended January 31, 2015)	107,147			116,743			210,030			219,709			436,514			427,735
Depreciation and amortization expense	23,943			20,643			47,252			40,858			90,596			82,576
General and administrative expense	10,621			12,095			21,449			22,876			44,556			45,939
Equipment lease expense	5,795			4,274			11,327			8,340			20,732			16,573
Non-cash employee stock ownership plan compensation charge	3,788			3,636			8,162			6,679			23,272			12,599
Non-cash stock-based compensation charge (a)	318			5,919			16,430			10,350			30,588			17,683
Loss on disposal of assets	1,414			1,337			2,375			1,694			7,167			9,724
Operating income	111,965			104,821			102,647			101,892			145,169			163,072
Interest expense	(24,375		)	(22,090		)	(48,287		)	(44,183		)	(90,606		)	(88,274		)
Loss on extinguishment of debt	—			(20,901		)	—			(21,202		)	—			(21,202		)
Other income (expense), net	(178		)	57			(627		)	273			(1,379		)	506
Earnings before income taxes	87,412			61,887			53,733			36,780			53,184			54,102
Income tax expense	1,041			764			531			714			2,333			1,916
Net earnings	86,371			61,123			53,202			36,066			50,851			52,186
Net earnings attributable to noncontrolling interest (b)	913			659			619			445			678			688
Net earnings attributable to Ferrellgas Partners, L.P.	85,458			60,464			52,583			35,621			50,173			51,498
Less: General partner’s interest in net earnings	11,955			3,663			526			356			502			515
Common unitholders’ interest in net earnings	$	73,503		$	56,801		$	52,057		$	35,265		$	49,671		$	50,983
Earnings Per Unit
Basic and diluted net earnings per common unitholders’ interest	$	0.89		$	0.72		$	0.63		$	0.45		$	0.61		$	0.64
Dilutive effect of two-class method (c)	0.13			0.04			—			—			—			—
Adjusted net earnings per unit available to common unitholders	$	1.02		$	0.76		$	0.63		$	0.45		$	0.61		$	0.64
Weighted average common units outstanding	82,716.9			79,129.4			82,448.3			79,102.6			81,337.7			79,083.1

Supplemental Data and Reconciliation of Non-GAAP Items:

	Three months ended						Six months ended						Twelve months ended
	January 31						January 31						January 31
	2015			2014			2015			2014			2015			2014
Net earnings attributable to Ferrellgas Partners, L.P.	$	85,458		$	60,464		$	52,583		$	35,621		$	50,173		$	51,498
Income tax expense	1,041			764			531			714			2,333			1,916
Interest expense	24,375			22,090			48,287			44,183			90,606			88,274
Depreciation and amortization expense	23,943			20,643			47,252			40,858			90,596			82,576
EBITDA	134,817			103,961			148,653			121,376			233,708			224,264
Loss on extinguishment of debt	—			20,901			—			21,202			—			21,202
Non-cash employee stock ownership plan compensation charge	3,788			3,636			8,162			6,679			23,272			12,599
Non-cash stock based compensation charge (a)	318			5,919			16,430			10,350			30,588			17,683
Loss on disposal of assets	1,414			1,337			2,375			1,694			7,167			9,724
Other income (expense), net	178			(57		)	627			(273		)	1,379			(506		)
Change in fair value of contingent consideration	(4,500		)	—			(6,300		)	—			(1,300		)	—
Litigation accrual and related legal fees associated with a class action lawsuit	—			—			723			1,325			1,147			1,668
Net earnings attributable to noncontrolling interest (b)	913			659			619			445			678			688
Adjusted EBITDA (d)	136,928			136,356			171,289			162,798			296,639			287,322
Net cash interest expense (e)	(23,287		)	(20,980		)	(46,177		)	(41,566		)	(88,297		)	(82,863		)
Maintenance capital expenditures (f)	(4,624		)	(4,446		)	(9,712		)	(8,583		)	(18,802		)	(16,123		)
Cash paid for taxes	(6		)	(178		)	(266		)	(178		)	(904		)	(683		)
Proceeds from asset sales	1,312			1,165			2,729			2,482			4,771			6,299
Distributable cash flow to equity investors (g)	110,323			111,917			117,863			114,953			193,407			193,952
Distributable cash flow attributable to general partner and non-controlling interest	2,206			2,238			2,357			2,299			3,868			3,879
Distributable cash flow attributable to common unitholders	108,117			109,679			115,506			112,654			189,539			190,073
Less: Distributions paid to common unitholders	41,359			39,573			82,715			79,109			162,922			158,179
Distributable cash flow excess/(shortage)	$	66,758		$	70,106		$	32,791		$	33,545		$	26,617		$	31,894
Propane gallons sales
Retail - Sales to End Users	215,996			246,929			340,143			372,181			619,320			663,425
Wholesale - Sales to Resellers	81,310			95,922			143,245			161,701			276,756			293,865
Total propane gallons sales	297,306			342,851			483,388			533,882			896,076			957,290
Midstream operations (barrels processed)	4,722			—			8,719						11,219			—

(a)  Non-cash stock-based compensation charges consist of the following:

	Three months ended				Six months ended				Twelve months ended
	January 31				January 31				January 31
	2015		2014		2015		2014		2015		2014
Operating expense	$	67	$	1,539	$	3,612	$	2,337	$	6,610	$	3,424
General and administrative expense	251		4,380		12,818		8,013		23,978		14,259
Total	$	318	$	5,919	$	16,430	$	10,350	$	30,588	$	17,683

(b)Amounts allocated to the general partner for its 1.0101% interest in the operating partnership, Ferrellgas, L.P.

(c)FASB guidance regarding participating securities and the two-class method requires the calculation of net earnings per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed.  In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners. Due to the seasonality of the propane business, the dilution effect of the guidance on the two-class method typically impacts only the three months ending January 31.  This guidance did not result in a dilutive effect for the six and twelve months ended January 31, 2015 and 2014.

(d)Adjusted EBITDA is calculated as net earnings attributable to Ferrellgas Partners, L.P., income tax expense, interest expense, depreciation and amortization expense, loss on extinguishment of debt, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration, litigation accrual and related legal fees associated with a class action lawsuit and net earnings attributable to noncontrolling interest.  Management believes the presentation of this measure is relevant and useful, because it allows investors to view the partnership’s performance in a manner similar to the method management uses, adjusted for items management believes makes it easier to compare its results with other companies that have different financing and capital structures. This method of calculating Adjusted EBITDA may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(e)Net cash interest expense is the sum of interest expense less non-cash interest expense and other income (expense), net. This amount includes interest expense related to the accounts receivable securitization facility.

(f)Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment.

(g)Management considers distributable cash flow to equity investors a meaningful non-GAAP measure of the partnership’s ability to declare and pay quarterly distributions to equity investors. Distributable cash flow to equity investors, as management defines it, may not be comparable to distributable cash flow to equity investors or similarly titled measurements used by other corporations and partnerships. Items added into our calculation of distributable cash flow to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow to equity investors may not be consistent with that of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP.

FERRELLGAS PARTNERS, L.P.  AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)

	January 31, 2015			July 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	12,356		$	8,289
Accounts and notes receivable, net (including $256,112 and $159,003 of accounts receivable pledged as collateral at January 31, 2015 and July 31, 2014, respectively)	273,645			178,602
Inventories	132,273			145,969
Prepaid expenses and other current assets	66,615			32,071
Total Current Assets	484,889			364,931
Property, plant and equipment, net	611,008			611,787
Goodwill	285,617			273,210
Intangible assets, net	308,132			276,171
Other assets, net	57,391			46,171
Total Assets	$	1,747,037		$	1,572,270
LIABILITIES AND PARTNERS’ DEFICIT
Current Liabilities:
Accounts payable	$	101,191		$	69,360
Short-term borrowings	67,431			69,519
Collateralized note payable	175,000			91,000
Other current liabilities	147,627			125,161
Total Current Liabilities	491,249			355,040
Long-term debt (a)	1,343,463			1,292,214
Other liabilities	40,360			36,662
Contingencies and commitments
Partners’ Deficit:
Common unitholders (82,717,620 and 81,228,237 units outstanding at January 31, 2015 and July 31, 2014, respectively)	(22,412		)	(57,893		)
General partner unitholder (835,532 and 820,487 units outstanding at January 31, 2015 and July 31, 2014, respectively)	(60,295		)	(60,654		)
Accumulated other comprehensive income (loss)	(45,883		)	6,181
Total Ferrellgas Partners, L.P. Partners’ Deficit	(128,590		)	(112,366		)
Noncontrolling Interest	555			720
Total Partners’ Deficit	(128,035		)	(111,646		)
Total Liabilities and Partners’ Deficit	$	1,747,037		$	1,572,270

(a) The principal difference between the Ferrellgas Partners, L.P. balance sheet and that of Ferrellgas, L.P., is $182 million of 8.625% notes which are liabilities of Ferrellgas Partners, L.P. and not of Ferrellgas, L.P.