Inergy, L.P.
Inergy, L.P., which began its
operations on July 31, 2001, owns and operates a rapidly growing retail and
wholesale propane marketing and distribution business. It is the seventh largest propane retailer in the United States,
based on retail propane gallons sold.
Its retail business includes the retail marketing, sale and distribution
of propane, including the sale and lease of propane supplies and equipment, to residential,
commercial, industrial and agricultural customers. Inergy markets its propane products primarily under eight
regional brand names: Bradley Propane, Country Gas, Hancock Gas, Hoosier
Propane, McCracken, Pro Gas, Independent Propane Company, and United Propane.
Inergy serves approximately
240,000 retail customers in Arkansas, Delaware, Florida, Georgia, Illinois,
Indiana, Maryland, Michigan, North Carolina, Ohio, Oklahoma, South Carolina,
Tennessee, Texas, Virginia and West Virginia from 131 customer service centers
with an aggregate of approximately 8.5 million gallons of above-ground propane
storage capacity. In addition to the
retail business, Inergy operates a wholesale supply, marketing and distribution
business, providing propane procurement, transportation and supply and price
risk management services to its customer service centers, as well as to
independent dealers, multistate marketers, petrochemical companies, refinery
and gas processors, and a number of other natural gas liquids (NGL) marketing
and distribution companies. Inergy
currently provides wholesale supply and distribution services to customers in
35 states, primarily in the Midwest and Southeast. For the fiscal year ended
September 30, 2003, Inergy sold and physically delivered approximately 119.7
million gallons of propane to retail customers and approximately 284.7 million
gallons of propane to wholesale customers.
Inergy has grown primarily
through acquisitions of retail propane operations and, to a lesser extent,
through internal growth. Since its predecessor entity’s initial acquisition of
McCracken Oil & Propane Company in 1996 through September 30, 2003, Inergy
has acquired 25 companies for an aggregate purchase price of approximately $309
million, including twelve propane companies acquired during fiscal 2003 for an
aggregate purchase price of approximately $80 million.
Inergy’s primary objective is
to increase distributable cash flow for its unitholders, while maintaining the
highest level of commitment and service to its customers. The partnership intends to pursue this
objective by capitalizing on what it believes to be its greatest competitive
strengths: proven acquisition expertise;
internal growth through a combination of marketing programs and employee incentives;
operations in high growth markets; a high percentage of retail sales to
residential customers; regional branding; a flexible financial structure; and a
strong wholesale supply, marketing, and distribution business.
On January 12, 2004 Inergy
completed a two-for-one unit split.
Unitholders of record on January 2, 2004 received one additional
partnership unit for each partnership unit held. The stock split will require retroactive restatement of all
historical per unit data in the first quarter ended December 31, 2003.
Inergy, L.P. trades on the
NASDAQ under the symbol “NRGY”. For
more information contact Mike Campbell at 816-842-8181, Contact Mike Campbell
at [email protected] or visit http://www.inergypropane.com/.
|
Market value* |
$95,235 |
|
|
Current assets |
$70,016 |
|
|
Net property, plant and equipment |
$124,550 |
|
|
Total assets |
$288,232 |
|
|
Current liabilities |
$64,732 |
$62,221 |
|
Long-term debt |
$118,678 |
$105,095 |
|
Partners’ capital |
$120,916 |
|
|
Revenues |
$208,700 |
|
|
Operating income |
$16,957 |
|
|
Net income |
$8,309 |
|
|
Net income/unit (undiluted) |
$1.22 |
|
|
Distribution/unit |
$2.36 |
|
|
High unit price |
$35.10 |
|
|
Low unit price |
$23.06 |
|
|
*As of December 1, 2003 and December 2, 2002 |
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