Exhibit 99.1
CROSSTEX ENERGY, INC. REPORTS FIRST QUARTER RESULTS
DALLAS, May 16 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc. (Nasdaq:
XTXI) (the Corporation) today reported net income of $1.6 million for the first
quarter of 2005, compared to net income of $2.2 million for the comparable
period in 2004. The Corporation's income before income taxes and interest of
non-controlling partners in Crosstex Energy, L.P. (the Partnership) net income
was $3.2 million in 2005 and $5.5 million in 2004.
The Corporation's share of Partnership distributions, including
distributions on its ten million limited partner units, its two percent general
partner interest, and the incentive distribution rights, was $6.8 million in the
first quarter of 2005, compared to $5.1 million in the first quarter of 2004, an
increase of 33 percent. The recently announced increase in the Partnership's
distribution increased the Corporation's share of the distribution by $0.3
million, from $6.5 million in the fourth quarter of 2004 to $6.8 million for the
first quarter of 2005.
About the Crosstex Energy Companies
Crosstex Energy, Inc. owns the general partner, a 54 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
L.P.
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
90 natural gas amine treating plants. Crosstex currently provides services for
approximately 1.9 BCF/day of natural gas.
Additional information about the Crosstex companies 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 share numbers)
Three Months Ended
March 31,
----------------------------
2005 2004
------------ ------------
Revenues
Midstream $ 539,564 $ 318,214
Treating 9,907 7,144
Profit on Energy Trading Activities 45 421
549,516 325,779
Cost of Gas
Midstream 516,416 302,876
Treating 1,493 1,376
517,909 304,252
Gross Margin 31,607 21,527
Operating Expenses 11,500 6,225
General and Administrative 6,452 3,865
Stock Based Compensation 276 209
(Gain) Loss on Sale of Property (44) 296
Depreciation and Amortization 6,946 4,418
Total 25,130 15,013
Operating Income 6,477 6,514
Interest Expense (3,288) (1,117)
Other Income 26 92
Total Other Income (Expense) (3,262) (1,025)
Income Before Income Taxes and Interest of
Non-controlling Partners in the Partnership's
Net Income 3,215 5,489
Interest of Non-controlling Partners in the
Partnership's Net Income (656) (2,110)
Income Tax Provision (987) (1,182)
Net Income $ 1,572 $ 2,197
Preferred Stock Dividends $--- $ 132
Net Income Available to Common $ 1,572 $ 2,065
Basic Earnings per Common Share $ 0.13 $ 0.19
Diluted Earnings per Common Share $ 0.12 $ 0.17
Weighted Average Shares Outstanding:
Basic 12,346 10,946
Diluted 12,949 12,759
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- 05/16/2005
/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 /