- Third quarter net income was $7 million, or $0.46 per
diluted share, compared to $9 million, or $0.58 per diluted share,
last year
- Third quarter Adjusted EBITDA was $33 million versus
$34 million last year
- Excluding impact of butadiene price changes in both
periods, Adjusted EBITDA was $39 million versus $28 million last
year
- Third quarter free cash flow was $30 million versus $24
million last year
TPC Group Inc. (Nasdaq:TPCG), a leading fee-based processor and
service provider of value-added products derived from niche
petrochemical raw materials, today announced its 2012 third quarter
results.
The Company's third quarter 2012 revenue was $511 million
compared to $835 million in the third quarter of 2011. The 39%
decline in revenue reflected a 28% decrease in the overall average
selling price and 15% lower sales volume. The lower average selling
price was driven primarily by a 49% decline in the benchmark
contract price for butadiene, while the lower sales volume
reflected softer demand due to continuing weakness in global
economic conditions.
Gross profit contribution (GPC) (defined herein as revenue less
cost of sales as reported in our consolidated statements of
operations) for the quarter was $78.5 million compared to $77.2
million in the third quarter of 2011. The improvement of $1.3
million reflected higher Performance Products segment GPC of $6.2
million, partially offset by lower C4 Processing segment GPC of
$4.9 million. The higher Performance Products GPC resulted from
strong volume and margin performance in the quarter for certain
product lines. The lower C4 Processing GPC reflected lower sales
volume and a year-over-year negative impact of $11 million from
changes in the price of butadiene during the two quarters,
partially offset by our ability to capitalize on strong
fundamentals in the markets for our fuels products.
Net income for the quarter was $7.3 million, or $0.46 per
diluted share, compared to net income of $9.4 million, or $0.58 per
diluted share, in the prior year quarter. The lower net income for
the quarter reflected the improved GPC, which was more than offset
by higher operating and general and administrative expenses. Net
income for the first nine months of 2012 was $28.6 million, or
$1.81 per diluted share, versus $55.1 million, or $3.41 per diluted
share, in the first nine months of 2011. The substantial decline in
net income for the nine month period was driven by the impact of
butadiene price changes, which had a $40 million positive impact in
the prior year period compared to a $1 million negative impact in
the current year period.
Adjusted EBITDA for the third quarter of 2012 was $33.5 million
compared to $34.4 million for the prior year quarter. The decrease
of $0.9 million reflected lower C4 Processing segment Adjusted
EBITDA of $7.1 million, due primarily to the year-over-year
negative impact of the timing of changes in butadiene prices,
partially offset by higher Performance Products segment Adjusted
EBITDA of $5.6 million. (Adjusted EBITDA is a non-GAAP financial
measure, and a reconciliation of Adjusted EBITDA to Net Income, the
most closely related GAAP measure, is provided in the attached
financial tables).
Butadiene pricing is sensitive to short-term supply and demand
imbalances and can create significant volatility in our earnings as
a result of any changes in the monthly posted market price for
butadiene between the period of purchase of butadiene in the crude
C4 and the period of sale of finished butadiene. During the
third quarter of 2012, the price of butadiene declined 22%, which
had a $5 million negative impact on our earnings. In the prior year
third quarter, the price of butadiene increased 12% and had a $15
million positive impact on earnings, which was offset by a
lower-of-cost-or-market charge of $9 million to write down the
value of butadiene inventory as a result of a substantial decline
in butadiene price in October 2011. Excluding the impact of
butadiene price changes from our reported results, our underlying
results for the current year quarter would have been Adjusted
EBITDA of $39 million compared to Adjusted EBITDA of $28 million
for the prior year quarter.
Provided in the table below, for each period presented, are the
percentage increase (decrease) in the contract price of butadiene
and the corresponding impact on our GPC and Adjusted EBITDA
(dollars in millions):
|
Three Months
Ended |
Nine Months
Ended |
|
September
30, |
June 30, |
September
30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
|
|
|
|
|
|
% increase (decrease) in butadiene contract
price |
(22)% |
12% |
(26)% |
(14)% |
98% |
|
|
|
|
|
|
Positive (negative) impact on GPC / Adj.
EBITDA |
$ (5) |
$ 6 |
$ (13) |
$ (1) |
$ 40 |
|
|
|
|
|
|
Commenting on the Company's results, Mike McDonnell, President
and CEO, stated, "excluding the butadiene price change impact, we
achieved underlying Adjusted EBITDA results of $39 million in the
current year quarter compared to $28 million in the prior year
quarter, driven significantly by margin expansion in fuel products
and certain performance products businesses. Our strong third
quarter underlying results were achieved in spite of persistent
weakness in demand that affected many of our product lines. We
also generated free cash flow of $30 million during the
quarter. These results, which reflect the underlying
performance of the Company, continue to confirm the value of the
fee-based aggregation, processing and logistics services we
provide, as well as our strategies of service fee and margin
expansion, operational excellence and targeted volume growth."
Business Segments
Results of Operations, C4
Processing Segment |
(in millions,
unaudited) |
|
|
|
|
|
Three Months
Ended |
|
|
September
30, |
|
|
2012 |
2011 |
Inc (Dec) |
Revenue |
$ 406.5 |
$ 713.5 |
$ (307.0) |
GPC |
53.8 |
58.7 |
(4.9) |
Adjusted EBITDA |
26.4 |
33.5 |
(7.1) |
|
|
|
|
-- The decrease in revenue
reflected a 30% decrease in average unit selling price, driven by a
49% decline in the benchmark contract price for butadiene, and 19%
lower sales volume that reflected weaker demand in the current
period. |
-- The decreases in both GPC and
Adjusted EBITDA reflected the year-over-year negative impact of
butadiene price changes of $11 million and the lower sales volume,
partially offset by strong margins in our products sold into fuels
markets. |
|
Results of Operations,
Performance Products Segment |
(in millions,
unaudited) |
|
|
|
|
|
Three Months
Ended |
|
|
September
30, |
|
|
2012 |
2011 |
Inc (Dec) |
Revenue |
$ 104.1 |
$ 121.8 |
$ (17.7) |
GPC |
24.7 |
18.5 |
6.2 |
Adjusted EBITDA |
13.7 |
8.1 |
5.6 |
|
|
|
|
-- The decrease in revenue was
driven primarily by lower selling prices, resulting from lower
pricing for butane and propylene which are major pricing components
for a large portion of our products in this segment. |
-- The higher GPC and Adjusted
EBITDA reflected strong volume and margin performance in the
quarter for certain product lines. |
Liquidity and Capital Resources
The Company ended the quarter with $165.4 million in cash and no
borrowings under the Revolving Credit Facility. Net cash flow
from operating activities for the quarter was $45.1 million and
capital expenditures were $15.1 million, resulting in free cash
flow for the quarter of $30.0 million. Net cash provided by
operating activities was positively impacted by a reduced
investment in trade working capital (trade receivables, inventory
and trade payables) of $17.6 million, which reflected the decline
in both selling prices and raw material costs over the course of
the quarter. Overall days outstanding for receivables and
payables and inventory days at September 30, 2012 were all
consistent with historical trends. (Free Cash Flow is a
non-GAAP financial measure, and a reconciliation of Free Cash Flow
to Cash Flows from Operating Activities, the most closely related
GAAP measure, is provided in the attached financial tables).
Outlook for 2012
Commenting on the Company's outlook for the fourth quarter and
full year, Mr. McDonnell stated, "we continue to see a business
environment characterized by general economic weakness, continued
destocking in the synthetic rubber chain and a relative balance
between supply and demand at the present time. We are also
beginning to experience the normal seasonal decline in margins in
our fuels-related products.
"We continue to make progress on our strategic growth
projects. Our Board of Directors recently approved our
strategic project to produce on-purpose isobutylene from natural
gas liquids with a total capital expenditure estimated at $265
million. The project includes refurbishment and restart of
certain of our dehydrogenation assets and will provide isobutylene
feedstock for our performance products and fuels products
businesses. We anticipate startup of the refurbished unit in
the second half of 2014. Preliminary engineering for our
second strategic project, to produce on-purpose butadiene from
natural gas liquids, also continues to move forward. We expect
these two projects to drive our longer term growth and profit
performance by capitalizing on attractive markets, projected long
term shortages in butadiene, idled existing production assets and
future supply of cost-advantaged butane from the shale
plays. We also remain focused on our strategies to expand
service fees and contractual margins in our C4 Processing segment,
achieve targeted volume growth in our Performance Products segment
and drive efficiencies across our operations."
Conference Call
In conjunction with this release, the Company has scheduled a
conference call for Friday, November 2, 2012 at 10:00 a.m. Eastern
Time (9:00 a.m. Central Time). Interested parties may listen
to the live conference call over the Internet by logging on to
http://investors.tpcgrp.com/ or via phone by dialing (877) 415-4081
or internationally at (708) 290-1135. A telephone replay of
the call will be available until November 16, 2012, and may be
accessed via phone by dialing (855) 859-2056, and conference ID
number, 57997357. Also, an archive of the webcast will be
available shortly after the call on the Company's website at
www.tpcgrp.com.
About TPC Group
TPC Group Inc. is a leading producer of value-added products
derived from niche petrochemical raw materials, such as C4
hydrocarbons, and provider of critical infrastructure and logistics
services along the Gulf Coast region. The Company sells its
products into a wide range of performance, specialty and
intermediate markets, including synthetic rubber, fuels, lubricant
additives, plastics and surfactants. Headquartered in Houston,
Texas, and with an operating history of over 68 years, the Company
has manufacturing facilities in the industrial corridor adjacent to
the Houston Ship Channel, Port Neches and Baytown, Texas and
operates a product terminal in Lake Charles, Louisiana. For more
information, visit the Company's website at
http://www.tpcgrp.com.
The TPC Group logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9551
Cautionary Information Regarding Forward-Looking
Statements
Certain statements in this news release, including our guidance
estimates, are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include assumptions, expectations, predictions,
intentions or beliefs about future events, particularly statements
that may relate to future operating results, future market and
industry conditions, future commodity pricing and supply trends,
stability of future margins, cash flows and profits, existing and
expected competition, financing sources and availability, potential
returns of capital to stockholders, the effects of seasonality and
plans related to strategic alternatives or future expansion
activities and capital expenditures. Although
TPC Group believes that such statements are based on reasonable
assumptions, no assurance can be given that such statements will
prove to have been correct. A number of factors could cause
actual results to vary materially from those expressed or implied
in any forward-looking statements, including risks and
uncertainties such as volatility in the petrochemicals industry,
commodity pricing, seasonality, limitations on the Company's access
to capital, the effects of competition, leverage and debt service,
general economic conditions, litigation and governmental
investigations, and extensive environmental, health and safety laws
and regulations. More information about the risks and
uncertainties relating to TPC Group and the forward-looking
statements are found in the Company's SEC filings, including the
Annual Report on Form 10-K, which are available free of charge on
the SEC's website at http://www.sec.gov. TPC Group expressly
disclaims any obligation to update any forward-looking statements,
including our guidance estimates, contained in this news release to
reflect events or circumstances that may arise after the date of
this release, except as otherwise required by applicable
law. There can be no assurance that any guidance estimates
included in this news release can or will be achieved.
- tables to follow –
TPC GROUP INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In millions) |
|
|
|
|
|
September 30,
2012 |
June 30,
2012 |
December 31,
2011 |
|
(unaudited) |
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ 165.4 |
$ 135.4 |
$ 107.6 |
Trade accounts receivable |
156.0 |
191.4 |
210.8 |
Inventories |
94.4 |
91.7 |
79.3 |
Other current assets |
23.3 |
23.7 |
32.1 |
|
|
|
|
Total current assets |
439.1 |
442.2 |
429.8 |
|
|
|
|
Property, plant and equipment, net |
503.2 |
498.2 |
495.8 |
Investment in limited partnership |
2.8 |
2.7 |
2.6 |
Intangible assets, net |
5.9 |
5.9 |
5.9 |
Other assets, net |
34.9 |
35.7 |
35.6 |
|
|
|
|
Total assets |
$ 985.9 |
$ 984.7 |
$ 969.7 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ 154.6 |
$ 169.7 |
$ 170.1 |
Accrued liabilities |
33.7 |
25.6 |
33.8 |
|
|
|
|
Total current liabilities |
188.3 |
195.3 |
203.9 |
|
|
|
|
Long-term debt |
348.2 |
348.2 |
348.0 |
Deferred income taxes |
129.4 |
129.4 |
129.4 |
|
|
|
|
Total liabilities |
665.9 |
672.9 |
681.3 |
|
|
|
|
Stockholders' equity |
320.0 |
311.8 |
288.4 |
|
|
|
|
Total liabilities and stockholders'
equity |
$ 985.9 |
$ 984.7 |
$ 969.7 |
|
|
TPC GROUP INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(unaudited) (In millions,
except per share amounts) |
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September
30, |
June 30, |
September
30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
|
|
|
|
|
|
Revenue |
$ 510.6 |
$ 835.3 |
$ 690.1 |
$ 1,806.8 |
$ 2,183.8 |
Cost of sales |
432.1 |
758.1 |
621.7 |
1,570.8 |
1,911.3 |
Operating expenses |
38.4 |
35.6 |
37.0 |
111.2 |
109.9 |
General and administrative expenses |
11.4 |
7.6 |
7.3 |
27.1 |
23.0 |
Depreciation and amortization |
10.1 |
10.0 |
10.1 |
30.4 |
30.3 |
|
|
|
|
|
|
Income from operations |
18.6 |
24.0 |
14.0 |
67.3 |
109.3 |
|
|
|
|
|
|
Other (income) expense |
|
|
|
|
|
Interest expense, net |
8.5 |
8.6 |
8.6 |
25.3 |
25.7 |
Other, net |
(0.3) |
(0.4) |
(0.2) |
(0.8) |
(1.3) |
|
|
|
|
|
|
Income before income taxes |
10.4 |
15.8 |
5.6 |
42.8 |
84.9 |
|
|
|
|
|
|
Income tax expense |
3.1 |
6.4 |
2.2 |
14.2 |
29.8 |
|
|
|
|
|
|
Net income |
$ 7.3 |
$ 9.4 |
$ 3.4 |
$ 28.6 |
$ 55.1 |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic |
$ 0.47 |
$ 0.59 |
$ 0.21 |
$ 1.83 |
$ 3.43 |
Diluted |
$ 0.46 |
$ 0.58 |
$ 0.21 |
$ 1.81 |
$ 3.41 |
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
Basic |
15.7 |
16.0 |
15.7 |
15.7 |
16.0 |
Diluted |
15.8 |
16.0 |
15.8 |
15.8 |
16.2 |
|
|
|
|
|
|
|
|
TPC GROUP INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(unaudited) (In millions) |
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September
30, |
June 30, |
September
30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
|
|
|
|
|
|
Cash flows from operating
activities |
$ 45.1 |
$ 36.2 |
$ 38.6 |
$ 95.2 |
$ 44.5 |
|
|
|
|
|
|
Cash flows from investing
activities |
|
|
|
|
Capital expenditures |
(15.1) |
(11.8) |
(12.9) |
(37.9) |
(32.6) |
|
(15.1) |
(11.8) |
(12.9) |
(37.9) |
(32.6) |
|
|
|
|
|
|
Cash flows from financing
activities |
|
|
|
|
Exercise of stock options |
-- |
0.2 |
0.4 |
0.5 |
1.0 |
Repurchase of common stock |
-- |
(8.3) |
-- |
-- |
(16.1) |
|
-- |
(8.1) |
0.4 |
0.5 |
(15.1) |
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
30.0 |
16.3 |
26.1 |
57.8 |
(3.2) |
|
|
|
|
|
|
Cash and cash equivalents at
beginning of period |
135.4 |
66.1 |
109.3 |
107.6 |
85.6 |
|
|
|
|
|
|
Cash and cash equivalents at end of
period |
$ 165.4 |
$ 82.4 |
$ 135.4 |
$ 165.4 |
$ 82.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in trade working
capital |
|
|
|
|
Accounts receivable |
$ 35.4 |
$ 22.1 |
$ 56.4 |
$ 54.8 |
$ (92.8) |
Inventory |
(2.7) |
1.7 |
41.8 |
(15.1) |
(75.4) |
Accounts payable |
(15.1) |
(12.5) |
(69.4) |
(15.5) |
102.8 |
|
$ 17.6 |
$ 11.3 |
$ 28.8 |
$ 24.2 |
$ (65.4) |
|
|
TPC GROUP INC. |
BUSINESS SEGMENT
INFORMATION |
(unaudited) (In millions) |
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September
30, |
June 30, |
September
30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
|
|
|
|
|
|
Sales volumes (lbs) (1) |
|
|
|
|
|
C4 Processing |
544.7 |
669.1 |
602.1 |
1,651.2 |
1,941.5 |
Performance Products |
148.2 |
149.0 |
141.7 |
419.2 |
487.1 |
|
|
|
|
|
|
|
692.9 |
818.1 |
743.8 |
2,070.4 |
2,428.6 |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
C4 Processing |
$ 406.5 |
$ 713.5 |
$ 575.8 |
$ 1,483.2 |
$ 1,806.9 |
Performance Products |
104.1 |
121.8 |
114.3 |
323.6 |
376.9 |
|
|
|
|
|
|
|
$ 510.6 |
$ 835.3 |
$ 690.1 |
$ 1,806.8 |
$ 2,183.8 |
|
|
|
|
|
|
Cost of sales (2)(3): |
|
|
|
|
|
C4 Processing |
$ 352.7 |
$ 654.8 |
$ 528.4 |
$ 1,312.5 |
$ 1,597.4 |
Performance Products |
79.4 |
103.3 |
93.3 |
258.3 |
313.9 |
|
|
|
|
|
|
|
$ 432.1 |
$ 758.1 |
$ 621.7 |
$ 1,570.8 |
$ 1,911.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (4): |
|
|
|
|
|
C4 Processing |
$ 26.4 |
$ 33.5 |
$ 20.8 |
$ 91.1 |
$ 130.9 |
Performance Products |
13.7 |
8.1 |
10.5 |
33.7 |
31.7 |
Corporate (5) |
(6.6) |
(7.2) |
(6.4) |
(20.8) |
(21.7) |
|
|
|
|
|
|
|
$ 33.5 |
$ 34.4 |
$ 24.9 |
$ 104.0 |
$ 140.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) Sales volumes represent
product sales volumes only and do not include volumes of products
delivered under tolling or similar arrangements, in which we do not
purchase the raw materials, but process raw materials for another
party for a specified fee. |
|
|
|
|
|
|
2) Cost of sales does not
include operating expenses or depreciation and amortization
expense. |
|
|
|
|
|
|
3) Cost of sales for the
three months ended June 30, 2012 includes lower-of-cost-or-market
adjustments for C4 Processing and Performance Products segments of
$2.2 million and $0.6 million, respectively. Cost of sales for
the three and nine months ended September 30, 2011 includes
lower-of-cost-or-market adjustments for C4 Processing and
Performance Products segments of $9.7 million and $0.1 million,
respectively. |
|
|
|
|
|
|
4) See below for a
discussion of Adjusted EBITDA and a reconciliation of Adjusted
EBITDA to Net Income for all periods presented. Net Income is
the most directly comparable GAAP measure reported in the Condensed
Consolidated Statements of Operations. |
|
|
|
|
|
|
5) Corporate expenses
exclude transaction expenses of $4.5 million and $0.6 million for
the three month periods ended September 30, 2012 and June 30, 2012,
respectively, and $5.5 million for the nine months ended September
30, 2012. |
TPC GROUP INC. RECONCILIATION OF EBITDA TO NET
INCOME (unaudited) (In millions)
Provided in the table below is a reconciliation of Adjusted
EBITDA, a non-GAAP financial measure defined below, to Net Income,
the most closely related GAAP measure.
Adjusted EBITDA is not a measure computed in accordance with
generally accepted accounting principles in the United States
(GAAP). A non-GAAP financial measure is a numerical measure of
historical or future financial performance, financial position or
cash flows that excludes amounts, or is subject to adjustments that
have the effect of excluding amounts, that are included in the most
directly comparable measure calculated and presented in accordance
with GAAP in the statements of operations, balance sheets, or
statements of cash flows (or equivalent statements); or includes
amounts, or is subject to adjustments that have the effect of
including amounts, that are excluded from the most directly
comparable measures so calculated and presented.
Adjusted EBITDA is presented and discussed in this news release
because management believes it enhances understanding by investors
and lenders of the Company's financial performance. As a
complement to financial measures provided in accordance with GAAP,
management believes that Adjusted EBITDA assists investors and
lenders who follow the practice of some investment analysts who
adjust GAAP financial measures to exclude items that may obscure
underlying performance outlook and trends and distort
comparability. In addition, management believes a presentation
of Adjusted EBITDA on a segment and consolidated basis enhances
overall understanding of our performance by providing a higher
degree of transparency for such items and providing a level of
disclosure that helps investors understand how management plans,
measures and evaluates our operating performance and allocates
capital. Since Adjusted EBITDA is not a measure computed in
accordance with GAAP, it is not intended to be presented herein as
a substitute to operating income or net income as indicators of the
Company's operating performance. Adjusted EBITDA is the
primary performance measurement used by our senior management and
our Board of Directors to evaluate operating results and to
allocate capital resources between our business segments.
We calculate Adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization (EBITDA), which is then adjusted in
certain periods to remove or add back items that, in the opinion of
management, distort comparability between periods. As shown
below in the reconciliation of Adjusted EBITDA to Net Income, the
GAAP measure most directly comparable to Adjusted EBITDA, there was
one adjustment to EBITDA for the three and nine months ended
September 30, 2012
Also provided in the table below is a reconciliation of free
cash flow, a non-GAAP measure, to cash flows from operating
activities. We believe free cash flow is a useful metric
because it represents a measure of how much cash a company has
available for discretionary and non-discretionary items after the
deduction of capital expenditures. Since free cash flow is not a
measure computed in accordance with GAAP, it is not intended to be
presented herein as a substitute to cash flows from operating
activities as an indicator of our liquidity. Our calculation of
free cash flow may be different from the calculation used by other
companies; therefore, it may not be comparable to other
companies.
Reconciliation of Adjusted EBITDA
to Net Income: |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September 30, |
June 30, |
September 30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
Net income |
$ 7.3 |
$ 9.4 |
$ 3.4 |
$ 28.6 |
$ 55.1 |
|
|
|
|
|
|
Income tax expense |
3.1 |
6.4 |
2.2 |
14.2 |
29.8 |
Interest expense, net |
8.5 |
8.6 |
8.6 |
25.3 |
25.7 |
Depreciation and amortization |
10.1 |
10.0 |
10.1 |
30.4 |
30.3 |
EBITDA |
29.0 |
34.4 |
24.3 |
98.5 |
140.9 |
Transaction costs |
4.5 |
-- |
0.6 |
5.5 |
-- |
Adjusted EBITDA |
$ 33.5 |
$ 34.4 |
$ 24.9 |
$ 104.0 |
$ 140.9 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow
to Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September 30, |
June 30, |
September 30, |
|
2012 |
2011 |
2012 |
2012 |
2011 |
|
|
|
|
|
|
Cash flows from operating
activities |
$ 45.1 |
$ 36.2 |
$ 38.6 |
$ 95.2 |
$ 44.5 |
Capital expenditures |
(15.1) |
(11.8) |
(12.9) |
(37.9) |
(32.6) |
Free cash flow |
$ 30.0 |
$ 24.4 |
$ 25.7 |
$ 57.3 |
$ 11.9 |
CONTACT: Investor Relations
Contact: Miguel Desdin
Email: miguel.desdin@tpcgrp.com
Phone: 713-627-7474
Media Relations
Contact: Sara Cronin
Email: sara.cronin@tpcgrp.com
Phone: 713-627-7474
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