EX-99.1
Crosstex Energy, Inc. Reports Second Quarter Results
DALLAS, Aug. 20 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc.
(Nasdaq: XTXI) (the Corporation) today reported net income of $2.4 million, or
$0.19 per fully diluted share for the quarter ended June 30, 2004, compared to
net income of $1.1 million, or $0.05 per fully diluted share for the second
quarter of 2003. The Corporation's income before income taxes and interest of
non-controlling partners in the net income of Crosstex Energy, L.P.
(Nasdaq: XTEX) (the Partnership) was $5.9 million in the second quarter of
2004 and $3.2 million in the second quarter of 2003.
The Corporation's share of distributions, including distributions on its
ten million limited partner units, its two percent general partner interest,
and the incentive distribution rights, was $5.7 million for the second
quarter. Its share of the distribution in the second quarter of 2003 was
$2.9 million. The recently announced increase in the Partnership's
distribution from $0.40 per unit for the first quarter of 2004 to $0.42 per
unit for the second quarter of 2004 increased the Corporation's share of
distributions by $0.6 million, from $5.1 million to $5.7 million.
About Crosstex
Crosstex Energy, Inc. owns ten million limited partner units in the
Partnership, the two percent general partner interest in the Partnership, and
the Partnership's incentive distribution rights.
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants, and
over 60 natural gas amine treating plants. The Partnership currently provides
services for over 1.5 BCF/day of natural gas.
Additional information about Crosstex entities can be found at
http://www.crosstexenergy.com .
(table to follow)
CROSSTEX ENERGY, Inc.
Selected Financial and Operating Data
(All amounts in thousands except per unit numbers)
Quarter Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenues
Midstream $507,744 $224,030 $825,957 $469,345
Treating 7,568 5,222 14,712 10,477
515,312 229,252 840,669 479,822
Cost of Gas
Midstream 485,212 214,071 788,088 451,479
Treating 1,487 2,035 2,863 4,451
486,699 216,106 790,951 455,930
Gross Margin 28,613 13,146 49,718 23,892
Operating Expenses 10,327 3,360 16,552 6,594
General & Administrative 4,993 2,672 8,856 4,672
Stock Based Compensation 270 568 479 3,072
Loss (Profit) on
Energy Trading Activities (826) 230 (1,246) 123
Loss (Gain) on Sale of
Property (22) --- 274 ---
Depreciation and
Amortization 5,921 2,686 10,339 5,196
Total 20,663 9,516 35,254 19,657
Operating Income 7,950 3,630 14,464 4,235
Interest Expense (2,180) (393) (3,297) (731)
Other Income (Expense) 112 (39) 204 (1)
Total Other Income
(Expense) (2,068) (432) (3,093) (732)
Income Before Income Taxes
and Interest of Non-
controlling Partners in
the Partnership's Net
Income 5,882 3,198 11,371 3,503
Income Tax Provision (1,365) (588) (2,547) (605)
Interest of Non-
controlling Partners
in the Partnership's
Net Income (2,101) (1,519) (4,211) (1,776)
Net Income $2,416 $1,091 $4,613 $1,122
Preferred Stock Dividends $--- $916 $132 $1,833
Net Income (Loss) Available
to Common $2,416 $175 $4,481 $(711)
Basic Earnings (Loss) per
Common Share $0.20 $0.05 $0.39 $(0.20)
Diluted Earnings (Loss)
per Common Share $0.19 $0.05 $0.36 $(0.20)
Weighted Average Shares
Outstanding:
Basic 12,096 3,486 11,521 3,486
Diluted 12,830 3,486 12,796 3,486
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive V.P. and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, Inc.
-0- 08/20/2004
/CONTACT: Barry E. Davis, President and Chief Executive Officer, or
William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex
Energy, Inc., +1-214-953-9500/
/Web site: http://www.crosstexenergy.com /
(XTXI XTEX)
CO: Crosstex Energy, Inc.; Crosstex Energy, L.P.
ST: Texas
IN: OIL
SU: ERN