Green Plains Partners LP has announced its financial and operating results for the second quarter of 2020. Net income attributable to the partnership was $10.2 million, (or $0.43 per common unit) for the second quarter of 2020, compared with net income of $10.7 million, (or $0.45 per common unit), for the same period in 2019.
The partnership also reported adjusted EBITDA of $13.2 million and distributable cash flow of $11.3 million for the second quarter of 2020, compared with adjusted EBITDA of $13.9 million and distributable cash flow of $11.7 million for the same period in 2019.
Todd Becker, President and Chief Executive Officer, said: “Green Plains Partners continues to generate consistent and strong financial results and cash flows through long term minimum volume commitments and a stable logistics business.”
He added: “We continue to demonstrate the resiliency of our business model as we delivered solid results for unit holders and were pleased to have completed our loan refinancing during the quarter. We remain focused on further deleveraging the partnership through the repayment of debt, which should ultimately accrue to the benefit of all stakeholders.”
On 4 June, 2020, the partnership refinanced its debt facility into a $130.0 million term loan and a $5.0 million revolving credit facility, maturing 31 December, 2021.
On 16 July, 2020, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.12 per unit, or approximately $2.8 million, for the second quarter of 2020. The distribution is payable on 7 August, 2020 to unitholders of record at the close of business on 31 July, 2020.
Consolidated revenues decreased $0.4 million for the three months up until 30 June, 2020, compared with the same period for 2019. Terminal services revenue decreased $0.3 million primarily as result of a decrease in fees associated with minimum volume commitments. Revenues generated from railcar transportation services decreased $0.1 million primarily due to lower sublease revenue.
Operations and maintenance expenses increased $0.4 million to $6.6 million for the three months up until 30 June, 2020, compared with the same period for 2019, primarily due to an increase in railcar lease expense as well as accretion expense associated with asset retirement obligations.
General and administrative expenses decreased $0.1 million to $0.9 million for the same three months, compared with the same period for 2019, primarily due to a reduction in accounting fees.
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