SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MARCH 5, 2004
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BLUE RHINO CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-24287 56-1870472
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
104 CAMBRIDGE PLAZA DRIVE
WINSTON-SALEM, NORTH CAROLINA 27104
(Address of principal executive offices)
(336) 659-6900
(Registrant's telephone number, including area code)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit 99.1 -- Press Release dated March 5, 2004.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On March 5, 2004, Blue Rhino Corporation (the "Registrant") issued a press
release announcing results for the fiscal second quarter ended January 31, 2004.
A copy of the press release is furnished with this report as Exhibit 99.1, and
is incorporated herein by reference. The press release includes certain non-GAAP
financial measures, as discussed below. A reconciliation of such non-GAAP
financial measures to the comparable GAAP financial measures is included under
the heading "Supplemental Information" in the financial tables accompanying the
press release as part of Exhibit 99.1.
In connection with disclosing earnings and earnings per share on a GAAP basis
for the fiscal second quarter and six months ended January 31, 2004, the
Registrant also discloses earnings and earnings per share for the fiscal second
quarter and six months ended January 31, 2003 on a non-GAAP basis, each as
adjusted to reflect an assumed income tax rate of 39%. The Registrant also
provides earnings and earnings per share for the fiscal second quarter and six
months ended January 31, 2003 on a GAAP basis. On a GAAP basis, the Registrant
had income tax expense calculated at effective income tax rates of 2% and 1% for
the fiscal second quarter and six months ended January 31, 2003, respectively,
compared to income tax expense calculated at an effective income tax rate of 39%
for the fiscal second quarter and six months ended January 31, 2004. Because of
the difference in effective income tax rates for these corresponding periods for
GAAP reporting purposes, the Registrant believes that providing these non-GAAP
financial measures for the fiscal second quarter and six months ended January
31, 2003 will be useful to investors by enabling investors to make more
meaningful comparisons between the Registrant's fiscal periods.
The information in this report is being furnished, not filed, for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to
Item 12 of Form 8-K will not be incorporated by reference into any filing under
the Securities Act of 1933, as amended, unless specifically identified therein
as being incorporated therein by reference.
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SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Blue Rhino Corporation
Date: March 5, 2004 By: /s/ Billy Prim
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Chairman and Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
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99.1 Press Release dated March 5, 2004
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