EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact: Michael L. Staines
President and Chief Operating Officer
1845 Walnut Street
Philadelphia, PA 19103
(215) 546-5005 (215) 546-5388 (facsimile)
Page 1 of 2
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ATLAS PIPELINE PARTNERS, L.P.
REPORTS
EARNINGS FOR QUARTER ENDED MARCH 31, 2003
Philadelphia, PA, April 23, 2003 - Atlas Pipeline Partners, L.P. (AMEX:APL)(the
"Partnership") announces that its revenues for the three months ended March 31,
2003 were $3,329,500 compared to $2,577,600 for the three months ended March 31,
2002. Net income for the three months ended March 31, 2003 was $1,912,000
compared to $1,372,300 for the three months ended March 31, 2002. Net income per
limited partner unit - basic and diluted - was $.55 for the three months ended
March 31, 2003 compared to $.40 for the three months ended March 31, 2002. In
addition, average daily transported volume increased from 49,918 thousand cubic
feet (mcf) of gas per day in the three months ended March 31, 2002 to 50,045 mcf
during the three months ended March 31, 2003.
Atlas Pipeline Partners, L.P. owns and operates more than 1,380 miles of natural
gas gathering pipelines in western Pennsylvania, western New York and eastern
Ohio. The Partnership is paid a fee for the natural gas volumes that are
gathered and transported through its pipeline system, based on the gross selling
price of that gas, from approximately 4,200 wells that are currently connected
to the system.
On April 2, 2003 the Partnership filed a registration statement on Form S-2 with
the United States Securities and Exchange Commission ("SEC") for a follow-on
equity offering of the Partnership's common units (the "Offering"). As a result,
there will be no earnings conference call for the financial results of the
quarter ended March 31, 2003 until after the conclusion of the Offering. The
Company will announce the call in advance.
The Partnership has engaged Friedman, Billings, Ramsey & Co., Inc., a subsidiary
of Friedman, Billings, Ramsey Group, Inc., McDonald Investments Inc., a KeyCorp
Company, and Sanders Morris Harris as underwriters of the public offering.
A registration statement relating to these securities has been filed with the
United States Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective. This news
release shall not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. These securities are
being offered in connection with a distribution by the Partnership and will be a
new issue. A copy of the preliminary prospectus relating to the public offering
of these securities can be obtained by written request to: Ms. Kathy Innis,
Friedman, Billings Ramsey, 1001 19th Street, North, Arlington, Virginia 22209.
Statements made in this release may 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 many factors, including competition
within the energy industry, climactic conditions, volatility in the price of gas
in the Appalachian area, actual versus projected drilling activity, volumetric
production from wells connected to the Partnership's gas-gathering pipeline
system, and the cost of supplies and services in the energy industry.
First Fiscal Quarter Ended March 31, 2003 Results at a Glance:
Three Months Ended
March 31
2003 2002
------------ ------------
(Unaudited)
Revenues .............................................. $ 3,329,500 $ 2,577,600
Cost and expenses:
Transportation and compression ................... 608,200 512,100
General and administrative ....................... 319,100 310,000
Depreciation and amortization .................... 406,700 345,400
Interest ......................................... 83,500 37,800
Total cost and expenses ............................... 1,417,500 1,205,300
Net income ............................................ $ 1,912,000 $ 1,372,300
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Net income - limited partners ......................... $ 1,779,800 $ 1,291,900
============ ============
Basic and diluted net income per limited partner unit * $ .55 $ .40
============ ============
Average daily volume throughput (mcf) ................. 50,045 49,918
============ ============
Average revenue per mcf ............................... $ .74 $ .57
============ ============
Weighted average units outstanding .................... 3,262,185 3,262,185
============ ============
Total assets .......................................... $ 30,317,600 $ 27,287,000
============ ============
Partners' capital
Common unit holders ................................ $ 19,140,200 $ 19,927,700
============ ============
Subordinated unit holders .......................... $ 660,000 $ 1,457,500
============ ============
General partner .................................... $ (163,400) $ (125,200)
============ ============
* There is no difference between basic and diluted net income per limited
partner unit since there are no potentially dilutive units outstanding. Net
income per limited partner unit is determined by dividing net income, after
deducting the general partner's 2% and incentive interests, by the weighted
average number of outstanding common units and subordinated units.