Exhibit 99.1
CROSSTEX ENERGY, INC. REPORTS SECOND QUARTER RESULTS
DALLAS, Aug. 9 /PRNewswire-FirstCall/ -- Crosstex Energy, Inc. (Nasdaq: XTXI)
(the Corporation) today reported net income of $1.7 million for the second
quarter of 2005, compared to net income of $2.4 million for the comparable
period in 2004. The Corporation's net income before income taxes and interest of
non-controlling partners in the net income of Crosstex Energy, L.P. (Nasdaq:
XTEX) (the Partnership) was $4.4 million in the second quarter of 2005 and $5.9
million in the second quarter of 2004.
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 $7.1 million for the second quarter. Its
share of the distribution in the second quarter of 2004 was $5.7 million. The
recently announced increase in the Partnership's distribution of $0.01 per unit
increased the Corporation's share of distributions by $0.3 million, from $6.8
million in the first quarter of 2005 to $7.1 million in the second quarter of
2005.
About Crosstex
Crosstex Energy, Inc. owns the general partner, a 51 percent limited
partner interest in 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 approximately
100 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)
Quarter Ended Six Months Ended
June 30, June 30,
--------------------------- ---------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
Revenues
Midstream $ 619,432 $ 507,744 $ 1,158,996 $ 825,957
Treating 11,040 7,568 20,947 14,712
Profit on Energy Trading
Activities 399 826 444 1,246
630,871 516,138 1,180,387 841,915
Cost of Gas
Midstream 594,482 485,212 1,110,898 788,088
Treating 1,711 1,487 3,204 2,863
596,193 486,699 1,114,102 790,951
Gross Margin 34,678 29,439 66,285 50,964
Operating Expenses 12,183 10,377 23,731 16,653
General & Administrative 8,144 5,213 14,824 9,234
Loss (Gain) on Sale
of Property (120) (22) (164) 274
Depreciation and
Amortization 7,384 5,921 14,330 10,339
Total 27,591 21,489 52,721 36,500
Operating Income 7,087 7,950 13,564 14,464
Interest Expense (3,057) (2,180) (6,345) (3,297)
Other Income 320 112 346 204
Total Other Expense (2,737) (2,068) (5,999) (3,093)
Income Before Income Taxes
and Interest of
Non-controlling Partners
in the Partnership's
Net Income 4,350 5,882 7,565 11,371
Income Tax Provision (1,047) (1,365) (2,034) (2,547)
Interest of Non-controlling
Partners in the
Partnership's Net Income (1,557) (2,101) (2,213) (4,211)
Net Income $ 1,746 $ 2,416 $ 3,318 $ 4,613
Preferred Stock Dividends $ -- $ -- $ -- $ (132)
Net Income Available to
Common
Shareholders $ 1,746 $ 2,416 $ 3,318 $ 4,481
Basic Earnings per Common
Share $ 0.14 $ 0.20 $ 0.26 $ 0.39
Diluted Earnings per Common
Share $ 0.14 $ 0.19 $ 0.26 $ 0.36
Weighted Average Shares
Outstanding:
Basic 12,736 12,096 12,542 11,521
Diluted 12,878 12,830 12,929 12,796
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive V.P. and Chief Financial Officer
Phone: (214) 953-9500
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 /