UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 2013

AmeriGas Partners, L.P.
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	1-13692	 	23-2787918	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	

460 No. Gulph Road, King of Prussia,
Pennsylvania	 	19406	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: 610 337-7000
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition.
On May 15, 2013, AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. (the “Partnership”), issued a press release announcing revised financial results for the Partnership for the fiscal quarter ended March 31, 2013. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is being furnished herewith:
 
99.1	Press Release of AmeriGas Partners, L.P. dated May 15, 2013.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 		 	AmeriGas Partners, L.P.	
				
May 15, 2013	 		 	By:	 	/s/ Hugh J. Gallagher	
	 		 		 	Name:	 	Hugh J. Gallagher	
	 		 		 	Title:	 	Treasurer of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P.	

EXHIBIT INDEX
The Following Exhibit Is Furnished:

EXHIBIT
NO.	  	DESCRIPTION	
		
99.1	  	Press Release of AmeriGas Partners, L.P. dated May 15, 2013.	

Exhibit 99.1

Contact:	  	610-337-7000	  	For Immediate Release:	
	  	Hugh J. Gallagher, ext. 1029
Simon Bowman, ext. 3645
Shelly Oates, ext. 3202	  	May 15, 2013	
AmeriGas Partners Revises Second Quarter Earnings
VALLEY FORGE, Pa., May 15 - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners for the second quarter of Fiscal 2013 ended March 31, 2013 of $213.2 million compared to $133.9 million for the same period last year. Net income attributable to AmeriGas Partners, L.P. for the current-year period was revised to reflect the impact of an $8.7 million adjustment to correct the Partnership’s method of accounting for certain customer credits. Net income attributable to AmeriGas Partners, L.P. for the current-year period also includes the impact of $5.4 million in acquisition and transition expenses associated with Heritage Propane. Net income attributable to AmeriGas Partners, L.P. for the prior-year quarter includes the impact of a $13.4 million loss on extinguishment of debt and $8.1 million in acquisition and transition expenses. The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) increased to $309.0 million for the second quarter of fiscal 2013 compared to $246.0 million for the same period last year. The improved results for the current-year period reflect winter weather that was markedly colder than the record warmth experienced during the prior-year period and, to a much lesser extent, the full-period effects of Heritage Propane, which was acquired January 12, 2012.
Jerry E. Sheridan, chief executive officer of AmeriGas, said, “Given our results thus far and our current assessment of business conditions for the remainder of the fiscal year, we continue to anticipate Adjusted EBITDA for fiscal 2013 to be near the midpoint of our previously-stated guidance of $620 million to $645 million.”
Adjusted EBITDA is a non-GAAP financial measure defined herein as earnings before interest expense, income taxes, depreciation and amortization, losses on extinguishment of debt and Heritage Propane acquisition and transition expenses. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. A reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure is included on the last page of this press release.
About AmeriGas
AmeriGas is the nation’s largest retail propane marketer, serving over two million customers in all 50 states from over 2,100 distribution locations. UGI Corporation, through subsidiaries, is the sole General Partner and owns 26% of the Partnership. An affiliate of Energy Transfer Partners, L.P. owns 32% of the Partnership and the public owns the remaining 42%.
Comprehensive information about AmeriGas is available on the Internet at http://www.amerigas.com.
-MORE-

			
AmeriGas Partners Revises Second Quarter Earnings	  	Page 2	
This press release contains certain forward-looking statements which management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read the Partnership’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas, the impact of pending and future legal proceedings, political, economic and regulatory conditions in the U.S. and abroad, and our ability to successfully integrate Heritage Propane and achieve anticipated synergies. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

AP-07	  	###	  	5/15/13	

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS (REVISED) (a)
(Thousands, except per unit and where otherwise indicated)
(Unaudited)

 	  	Three Months Ended
March 31,	 	 	Six Months Ended
March 31,	 	 	Twelve Months Ended
March 31,	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  				 				 				 				 				 				
Propane	  	$	1,098,382	  	 	$	1,082,764	  	 	$	1,895,441	  	 	$	1,720,047	  	 	$	2,853,025	  	 	$	2,567,079	  	
Other	  	 	77,825	  	 	 	72,810	  	 	 	157,413	  	 	 	119,339	  	 	 	282,059	  	 	 	203,270	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,176,207	  	 	 	1,155,574	  	 	 	2,052,854	  	 	 	1,839,386	  	 	 	3,135,084	  	 	 	2,770,349	  	

Costs and expenses:	  				 				 				 				 				 				
Cost of sales - propane	  	 	594,128	  	 	 	652,393	  	 	 	1,023,691	  	 	 	1,082,373	  	 	 	1,583,976	  	 	 	1,656,125	  	
Cost of sales - other	  	 	18,282	  	 	 	17,618	  	 	 	40,803	  	 	 	31,446	  	 	 	86,428	  	 	 	62,882	  	
Operating and administrative expenses	  	 	265,298	  	 	 	252,275	  	 	 	508,815	  	 	 	412,185	  	 	 	985,323	  	 	 	705,861	  	
Depreciation	  	 	37,607	  	 	 	35,351	  	 	 	75,930	  	 	 	56,282	  	 	 	153,873	  	 	 	98,841	  	
Amortization	  	 	11,022	  	 	 	9,441	  	 	 	22,050	  	 	 	12,698	  	 	 	44,250	  	 	 	18,978	  	
Other income, net	  	 	(7,635	) 	 	 	(6,551	) 	 	 	(15,806	) 	 	 	(10,741	) 	 	 	(31,586	) 	 	 	(24,229	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	918,702	  	 	 	960,527	  	 	 	1,655,483	  	 	 	1,584,243	  	 	 	2,822,264	  	 	 	2,518,458	  	

Operating income	  	 	257,505	  	 	 	195,047	  	 	 	397,371	  	 	 	255,143	  	 	 	312,820	  	 	 	251,891	  	
(Loss) gain on extinguishments of debt	  	 	0	  	 	 	(13,379	) 	 	 	0	  	 	 	(13,379	) 	 	 	30	  	 	 	(32,695	) 	
Interest expense	  	 	(41,776	) 	 	 	(45,045	) 	 	 	(82,972	) 	 	 	(61,578	) 	 	 	(164,035	) 	 	 	(93,374	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	215,729	  	 	 	136,623	  	 	 	314,399	  	 	 	180,186	  	 	 	148,815	  	 	 	125,822	  	
Income tax benefit (expense)	  	 	52	  	 	 	(764	) 	 	 	(575	) 	 	 	(1,214	) 	 	 	(1,292	) 	 	 	(1,256	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	215,781	  	 	 	135,859	  	 	 	313,824	  	 	 	178,972	  	 	 	147,523	  	 	 	124,566	  	
Less: net income attributable to noncontrolling interests	  	 	(2,573	) 	 	 	(1,974	) 	 	 	(3,951	) 	 	 	(2,562	) 	 	 	(3,035	) 	 	 	(2,503	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to AmeriGas Partners, L.P.	  	$	213,208	  	 	$	133,885	  	 	$	309,873	  	 	$	176,410	  	 	$	144,488	  	 	$	122,063	  	

General partner’s interest in net income attributable to AmeriGas Partners, L.P.	  	$	6,384	  	 	$	4,282	  	 	$	11,603	  	 	$	6,273	  	 	$	18,449	  	 	$	8,862	  	

Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.	  	$	206,824	  	 	$	129,603	  	 	$	298,270	  	 	$	170,137	  	 	$	126,039	  	 	$	113,201	  	

Income per limited partner unit (b)	  				 				 				 				 				 				
							
Basic	  	$	1.56	  	 	$	1.26	  	 	$	2.49	  	 	$	2.13	  	 	$	1.35	  	 	$	1.67	  	

Diluted	  	$	1.56	  	 	$	1.26	  	 	$	2.49	  	 	$	2.13	  	 	$	1.35	  	 	$	1.67	  	

Average limited partner units outstanding:	  				 				 				 				 				 				
Basic	  	 	92,830	  	 	 	83,153	  	 	 	92,827	  	 	 	70,073	  	 	 	92,813	  	 	 	63,602	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	92,895	  	 	 	83,195	  	 	 	92,901	  	 	 	70,124	  	 	 	92,882	  	 	 	63,653	  	

SUPPLEMENTAL INFORMATION:	  				 				 				 				 				 				
							
Retail gallons sold (millions)	  	 	464.4	  	 	 	389.4	  	 	 	815.1	  	 	 	610.3	  	 	 	1,222.3	  	 	 	911.8	  	
EBITDA (c)	  	$	303,561	  	 	$	224,486	  	 	$	491,400	  	 	$	308,182	  	 	$	507,938	  	 	$	334,512	  	
Adjusted EBITDA (c)	  	$	308,957	  	 	$	246,003	  	 	$	502,284	  	 	$	333,416	  	 	$	553,124	  	 	$	379,062	  	
Expenditures for property, plant and equipment:	  				 				 				 				 				 				
Maintenance capital expenditures	  	$	11,293	  	 	$	11,514	  	 	$	21,347	  	 	$	23,304	  	 	$	43,108	  	 	$	41,757	  	
Transition capital related to Heritage integration	  	$	6,440	  	 	$	1,343	  	 	$	10,981	  	 	$	1,343	  	 	$	27,246	  	 	$	1,343	  	
Growth capital expenditures	  	$	10,215	  	 	$	10,640	  	 	$	22,109	  	 	$	20,453	  	 	$	42,123	  	 	$	38,614	  	
 
(a)	This report of earnings has been revised to reflect impact of the Partnership’s correction of its method of accounting for certain customer credits.	
(b)	Income per limited partner unit is computed in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships. Refer to Note 2 to the consolidated financial statements included in the AmeriGas Partners, L.P. Annual Report on Form 10-K for the fiscal year ended September 30, 2012.	
(c)	Earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) should not be considered as an alternative to net income attributable to AmeriGas Partners, L.P. (as an indicator of operating performance) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States (“GAAP”). Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with that of other companies within the propane industry and (2) assess the Partnership’s ability to meet loan covenants. The Partnership’s definition of EBITDA may be different from those used by other companies.	
 
(continued)		
 
1

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS (REVISED) (a)
(Thousands, except per unit and where otherwise indicated)
(Unaudited)
 
(continued)
 
Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years.
Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership which is one of UGI Corporation’s reportable segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosure about reportable segments as the profitability measure for its domestic propane segment. EBITDA in the three, six and twelve months ended March 31, 2013 includes acquisition and transition expense of $5,396, $10,884 and $45,216, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes acquisition and transition expense of $8,138, $11,855 and $11,855, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes pre-tax losses of $13,379, $13,379 and $32,695, respectively, from extinguishments of debt.
The following table includes reconciliations of net income attributable to AmeriGas Partners, L.P. to EBITDA and Adjusted EBITDA (1) for all periods presented:

 	  	Three Months Ended	 	  	Six Months Ended	 	  	Twelve Months Ended	 	
 	  	March 31,	 	  	March 31,	 	  	March 31,	 	
 	  	2013	 	 	2012	 	  	2013	 	  	2012	 	  	2013	 	 	2012	 	
							
Net income attributable to AmeriGas Partners, L.P.	  	$	213,208	  	 	$	133,885	  	  	$	309,873	  	  	$	176,410	  	  	$	144,488	  	 	$	122,063	  	
Income tax (benefit) expense	  	 	(52	) 	 	 	764	  	  	 	575	  	  	 	1,214	  	  	 	1,292	  	 	 	1,256	  	
Interest expense	  	 	41,776	  	 	 	45,045	  	  	 	82,972	  	  	 	61,578	  	  	 	164,035	  	 	 	93,374	  	
Depreciation	  	 	37,607	  	 	 	35,351	  	  	 	75,930	  	  	 	56,282	  	  	 	153,873	  	 	 	98,841	  	
Amortization	  	 	11,022	  	 	 	9,441	  	  	 	22,050	  	  	 	12,698	  	  	 	44,250	  	 	 	18,978	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
EBITDA	  	$	303,561	  	 	$	224,486	  	  	$	491,400	  	  	$	308,182	  	  	$	507,938	  	 	$	334,512	  	
Heritage Propane acquisition and transition expense	  	 	5,396	  	 	 	8,138	  	  	 	10,884	  	  	 	11,855	  	  	 	45,216	  	 	 	11,855	  	
Loss (gain) on extinguishments of debt	  	 	—  	  	 	 	13,379	  	  	 	—  	  	  	 	13,379	  	  	 	(30	) 	 	 	32,695	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted EBITDA (1)	  	$	308,957	  	 	$	246,003	  	  	$	502,284	  	  	$	333,416	  	  	$	553,124	  	 	$	379,062	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
The following table includes a reconciliation of forecasted net income attributable to AmeriGas Partners, L.P. to forecasted EBITDA and Adjusted EBITDA for the fiscal year ending September 30, 2013:

 	  	Forecast
Fiscal
Year
Ending
September 30,
2013	 	
Net income attributable to AmeriGas Partners, L.P. (estimate)	  	$	239,000	  	
Interest expense (estimate)	  	 	166,000	  	
Income tax expense (estimate)	  	 	2,500	  	
Depreciation (estimate)	  	 	156,000	  	
Amortization (estimate)	  	 	44,000	  	
	  	 	 	 	
EBITDA	  	$	607,500	  	
Transition expenses (estimate)	  	 	25,000	  	
	  	 	 	 	
Adjusted EBITDA (1)	  	$	632,500	  	

(1)	Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.	
 
2