Hi-Crush Partners LP Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Announces Goodwill Impairment for the Second Quarter Ended June 30, 2016; Provides Capital Expenditures Guidance for the Full Year of 2016
For the six months, the company reported revenues of $90,577,000 against $186,069,000 a year ago. Loss from operations was $54,967,000 against loss from operations of $41,598,000 a year ago. Net loss attributable to company was $62,385,000 against net income attributable to company of $35,135,000 a year ago. Diluted loss per unit common and subordinated units was $1.57 against diluted earnings per unit common and subordinated units of $0.91 a year ago. LBITDA was $48,139,000 against EBITDA of $48,776,000 a year ago. Adjusted LBITDA was $14,394,000 against adjusted EBITDA of $48,776,000 a year ago. Maintenance and replacement capital expenditures, including accrual for reserve replacement was $1,418,000 against $2,379,000 a year ago. Distributable cash flow attributable to limited partner unitholders was negative $20,072,000 against positive of $41,554,000 a year ago. Cash flow used in operating activities was $5,004,000 against cash flow from operating activities of $58,027,000 a year ago. Net debt was $155,500,000.
For the second quarter, the company reported goodwill impairment was $33.7 million.
The Partnership maintained its guidance for capital expenditures in the range of $15 million to $20 million for the full year of 2016, of which $11.4 million was spent in the first six months of the year, primarily for the completion of distribution terminal facilities in Colorado and Texas.