Westlake Chemical Partners LP Announces Third Quarter 2016 Earnings
-
Increased quarterly cash distribution to $0.3353 per unit, a 2.9%
increase from the previous quarter
Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today
reported net income attributable to the Partnership of $8.7 million, or
$0.32 per limited partner unit, for the three months ended
September 30, 2016, a decrease of $1.4 million compared to third quarter
2015 net income attributable to the Partnership of $10.1 million, or
$0.37 per limited partner unit. The decrease in net income attributable
to the Partnership as compared to the prior-year period was primarily
due to lower operating rates at Westlake Chemical OpCo LP’s (“OpCo”)
Petro 1 facility in Lake Charles, Louisiana due to the planned
turnaround and expansion project, which was completed in July. The third
quarter 2016 results were also negatively impacted by lost production as
a result of an unplanned outage at OpCo’s Calvert City, Kentucky
facility.
The third quarter 2016 net income attributable to the Partnership of
$8.7 million, or $0.32 per limited partner unit, decreased by
$0.6 million from the second quarter 2016 net income attributable to the
Partnership of $9.3 million, or $0.34 per limited partner unit. The
decrease in net income was due to a decrease in sales to Westlake
Chemical (“Westlake”) associated with certain cost recovery provisions
in the ethylene sales agreement between OpCo and Westlake, which was
partially offset by increased production at OpCo’s Petro 1 and Calvert
City facilities.
On October 31, 2016, the Board of Directors of Westlake Chemical
Partners GP LLC, the general partner of the Partnership, announced a
quarterly distribution with respect to the third quarter of 2016 of
$0.3353 per limited partner unit to be payable on November 29, 2016 to
unit and IDR holders of record as of November 14, 2016. The third
quarter 2016 distribution increased 12.0% compared to the third quarter
2015 distribution and 2.88% compared to the second quarter 2016
distribution.
OpCo's sales agreement with Westlake is designed to provide for stable
and predictable cash flows. The sales agreement provides that 95% of
OpCo's ethylene output is sold to Westlake for a cash margin of $0.10
per pound, net of operating costs, maintenance capital expenditures and
reserves for future turnaround expenditures. Under the ethylene sales
agreement with Westlake, Westlake’s obligation to purchase the annual
minimum commitment under the ethylene sales agreement, which is measured
at year end, is not reduced for the first 45 days following a force
majeure event, such as the unplanned outage at Calvert City that began
in June 2016.
“We are pleased with OpCo’s recent performance following our turnaround
and expansion project, which was completed in July, and added 250
million pounds of capacity to our Petro 1 facility. We believe our
upcoming 100 million pound ethylene expansion at our Calvert City
facility in the first half of 2017, along with the recently completed
expansion at Petro 1, support our continued increase in distributions at
a low double digit growth rate to unitholders,” said Albert Chao,
President and Chief Executive Officer.
The statements in this release and the related teleconference
relating to matters that are not historical facts, such as statements
regarding growth of distributions and results of expansion projects, are
forward-looking statements. These forward-looking statements are subject
to significant risks and uncertainties. Actual results could differ
materially, based on factors including, but not limited to, operating
difficulties; the volume of ethylene that we are able to sell; the price
at which we are able to sell ethylene; changes in the price and
availability of electricity; changes in prevailing economic conditions;
actions of Westlake Chemical Corporation; actions of third parties;
unanticipated ground, grade or water conditions; inclement or hazardous
weather conditions, including flooding, and the physical impacts of
climate change; environmental hazards; industrial accidents; changes in
laws and regulations (or the interpretation thereof); inability to
acquire or maintain necessary permits; inability to obtain necessary
production equipment or replacement parts; technical difficulties or
failures; labor disputes; late delivery of raw materials; difficulty
collecting receivables; inability of our customers to take delivery;
changes in the price and availability of transportation; fires,
explosions or other accidents; our ability to borrow funds and access
capital markets; and other risk factors. For more detailed information
about the factors that could cause actual results to differ materially,
please refer to the Partnership's Annual Report on Form 10-K for the
year ended December 31, 2015, which was filed with the SEC in
March 2016, and the risk factors in our other filings with the SEC.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat one
hundred percent (100.0%) of the Partnership's distributions to non-U.S.
investors as being attributable to income that is effectively connected
with a United States trade or business. Accordingly, the Partnership's
distributions to non-U.S. investors are subject to federal income tax
withholding at the highest applicable effective tax rate.
Use of Non-GAAP Financial Measures
This release includes the term MLP distributable cash flow, which is
a non-GAAP financial measure, as defined in Regulation G of the U.S.
Securities Exchange Act of 1934, as amended. We report our financial
results in accordance with U.S. generally accepted accounting principles
("GAAP"), but believe that certain non-GAAP financial measures, such as
MLP distributable cash flow and EBITDA, provide useful supplemental
information to investors regarding the underlying business trends and
performance of our ongoing operations and are useful for
period-over-period comparisons of such operations. These non-GAAP
financial measures should be considered as a supplement to, and not as a
substitute for, or superior to, the financial measures prepared in
accordance with GAAP. A reconciliation of MLP distributable cash flow
and EBITDA to net income and net cash provided by operating activities
can be found in the financial schedules at the end of this release. We
define distributable cash flow as net income plus depreciation and
amortization, less contributions from turnaround reserves and
maintenance capital expenditures. We define MLP distributable cash flow
as distributable cash flow less distributable cash flow attributable to
Westlake's noncontrolling interest in OpCo and distributions
attributable to incentive distribution rights holder. MLP distributable
cash flow does not reflect changes in working capital balances. We
define EBITDA as net income before interest expense, income taxes,
depreciation and amortization. Because MLP distributable cash flow and
EBITDA may be defined differently by other companies in our industry,
our definition of MLP distributable cash flow and EBITDA may not be
comparable to similarly titled measures of other companies.
Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake
Chemical Corporation to operate, acquire and develop facilities for the
processing of natural gas liquids as well as other qualifying
activities. Headquartered in Houston, Texas, the Partnership owns a
13.3% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's
assets include three facilities in Calvert City, Kentucky, and Lake
Charles, Louisiana which process ethane and propane into ethylene, and
an ethylene pipeline. For more information about Westlake Chemical
Partners LP, please visit http://www.wlkpartners.com.
Westlake Chemical Partners LP Conference Call Information:
A conference call to discuss Westlake Chemical Partners' third quarter
2016 results will be held November 8, 2016 at 12:00 PM Eastern Time
(11:00 AM Central Time). To access the conference call, dial (855)
765-5686 or (234) 386-2848 for international callers, approximately 10
minutes prior to the scheduled start time and reference passcode
96257816.
A replay of the conference call will be available beginning two hours
after its conclusion until 11:59 p.m. Eastern Time on November 15, 2016.
To hear a replay, dial (855) 859-2056 or (404) 537-3406 for
international callers. The replay passcode is 96257816.
The conference call will also be available via webcast at: http://edge.media-server.com/m/p/pgrx3b72
and the earnings release can be obtained via the Partnership web page
at: http://westlakepartners.investorroom.com/news-events
|
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars, except per unit data)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales—Westlake Chemical Corporation
("Westlake")
|
|
|
|
|
|
$
|
193,964
|
|
|
|
|
$
|
207,856
|
|
|
|
|
$
|
606,859
|
|
|
|
|
$
|
621,438
|
|
Net co-product, ethylene and other
sales—third parties
|
|
|
|
|
|
35,390
|
|
|
|
|
40,763
|
|
|
|
|
85,940
|
|
|
|
|
137,277
|
|
Total net sales
|
|
|
|
|
|
229,354
|
|
|
|
|
248,619
|
|
|
|
|
692,799
|
|
|
|
|
758,715
|
|
Cost of sales
|
|
|
|
|
|
142,553
|
|
|
|
|
154,474
|
|
|
|
|
407,203
|
|
|
|
|
473,815
|
|
Gross profit
|
|
|
|
|
|
86,801
|
|
|
|
|
94,145
|
|
|
|
|
285,596
|
|
|
|
|
284,900
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
5,788
|
|
|
|
|
5,831
|
|
|
|
|
17,733
|
|
|
|
|
17,826
|
|
Income from operations
|
|
|
|
|
|
81,013
|
|
|
|
|
88,314
|
|
|
|
|
267,863
|
|
|
|
|
267,074
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense—Westlake
|
|
|
|
|
|
(4,947
|
)
|
|
|
|
(1,054
|
)
|
|
|
|
(7,381
|
)
|
|
|
|
(3,794
|
)
|
Other (expense) income, net
|
|
|
|
|
|
(13
|
)
|
|
|
|
(73
|
)
|
|
|
|
230
|
|
|
|
|
(35
|
)
|
Income before income taxes
|
|
|
|
|
|
76,053
|
|
|
|
|
87,187
|
|
|
|
|
260,712
|
|
|
|
|
263,245
|
|
Provision for income taxes
|
|
|
|
|
|
194
|
|
|
|
|
141
|
|
|
|
|
890
|
|
|
|
|
567
|
|
Net income
|
|
|
|
|
|
75,859
|
|
|
|
|
87,046
|
|
|
|
|
259,822
|
|
|
|
|
262,678
|
|
Less: Net income attributable to noncontrolling
interest in Westlake Chemical OpCo LP ("OpCo")
|
|
|
|
|
|
67,198
|
|
|
|
|
76,943
|
|
|
|
|
229,733
|
|
|
|
|
233,632
|
|
Net income attributable to Westlake Partners
|
|
|
|
|
|
$
|
8,661
|
|
|
|
|
$
|
10,103
|
|
|
|
|
$
|
30,089
|
|
|
|
|
$
|
29,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per limited partners unit attributable to
Westlake Partners (basic and diluted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units
|
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
1.11
|
|
|
|
|
$
|
1.07
|
|
Subordinated units
|
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
1.11
|
|
|
|
|
$
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per unit
|
|
|
|
|
|
$
|
0.3353
|
|
|
|
|
$
|
0.2994
|
|
|
|
|
$
|
0.9780
|
|
|
|
|
$
|
0.8733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MLP distributable cash flow
|
|
|
|
|
|
$
|
6,833
|
|
|
|
|
$
|
9,475
|
|
|
|
|
$
|
20,643
|
|
|
|
|
$
|
27,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution declared
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Limited partner units—public
|
|
|
|
|
|
$
|
4,338
|
|
|
|
|
$
|
3,873
|
|
|
|
|
$
|
12,653
|
|
|
|
|
$
|
11,298
|
|
Limited partner units—Westlake
|
|
|
|
|
|
4,735
|
|
|
|
|
4,229
|
|
|
|
|
13,812
|
|
|
|
|
12,333
|
|
Incentive distribution rights
|
|
|
|
|
|
91
|
|
|
|
|
—
|
|
|
|
|
139
|
|
|
|
|
—
|
|
Total distribution declared
|
|
|
|
|
|
$
|
9,164
|
|
|
|
|
$
|
8,102
|
|
|
|
|
$
|
26,604
|
|
|
|
|
$
|
23,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
$
|
107,290
|
|
|
|
|
$
|
108,683
|
|
|
|
|
$
|
335,565
|
|
|
|
|
$
|
327,676
|
|
|
|
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")
|
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
September 30,
2016
|
|
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
75,006
|
|
|
|
|
$
|
169,559
|
|
Accounts receivable—Westlake
|
|
|
|
|
|
98,145
|
|
|
|
|
39,655
|
|
Accounts receivable, net—third parties
|
|
|
|
|
|
15,699
|
|
|
|
|
11,927
|
|
Inventories
|
|
|
|
|
|
3,428
|
|
|
|
|
3,879
|
|
Prepaid expenses and other current assets
|
|
|
|
|
|
—
|
|
|
|
|
267
|
|
Total current assets
|
|
|
|
|
|
192,278
|
|
|
|
|
225,287
|
|
Property, plant and equipment, net
|
|
|
|
|
|
1,217,451
|
|
|
|
|
1,020,469
|
|
Receivable from Westlake
|
|
|
|
|
|
20,428
|
|
|
|
|
—
|
|
Other assets, net
|
|
|
|
|
|
106,502
|
|
|
|
|
44,593
|
|
Total assets
|
|
|
|
|
|
$
|
1,536,659
|
|
|
|
|
$
|
1,290,349
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current liabilities (accounts payable and accrued liabilities)
|
|
|
|
|
|
$
|
47,577
|
|
|
|
|
$
|
57,694
|
|
Long-term debt payable to Westlake
|
|
|
|
|
|
595,083
|
|
|
|
|
384,006
|
|
Other liabilities
|
|
|
|
|
|
2,024
|
|
|
|
|
1,482
|
|
Total liabilities
|
|
|
|
|
|
644,684
|
|
|
|
|
443,182
|
|
Common unitholders—public
|
|
|
|
|
|
296,585
|
|
|
|
|
294,565
|
|
Common unitholder—Westlake
|
|
|
|
|
|
4,726
|
|
|
|
|
4,502
|
|
Subordinated unitholder—Westlake
|
|
|
|
|
|
41,766
|
|
|
|
|
39,786
|
|
General partner—Westlake
|
|
|
|
|
|
(242,481
|
)
|
|
|
|
(242,572
|
)
|
Accumulated other comprehensive (loss) income
|
|
|
|
|
|
(224
|
)
|
|
|
|
280
|
|
Total Westlake Partners partners' capital
|
|
|
|
|
|
100,372
|
|
|
|
|
96,561
|
|
Noncontrolling interest in OpCo
|
|
|
|
|
|
791,603
|
|
|
|
|
750,606
|
|
Total equity
|
|
|
|
|
|
891,975
|
|
|
|
|
847,167
|
|
Total liabilities and equity
|
|
|
|
|
|
$
|
1,536,659
|
|
|
|
|
$
|
1,290,349
|
|
|
|
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars)
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
259,822
|
|
|
|
|
$
|
262,678
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
67,472
|
|
|
|
|
60,637
|
|
Other balance sheet changes
|
|
|
|
|
|
(149,924
|
)
|
|
|
|
7,888
|
|
Net cash provided by operating activities
|
|
|
|
|
|
177,370
|
|
|
|
|
331,203
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
|
|
|
(268,647
|
)
|
|
|
|
(152,572
|
)
|
Proceeds from disposition of assets
|
|
|
|
|
|
157
|
|
|
|
|
—
|
|
Net cash used for investing activities
|
|
|
|
|
|
(268,490
|
)
|
|
|
|
(152,572
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt payable to Westlake
|
|
|
|
|
|
212,175
|
|
|
|
|
238,198
|
|
Repayment of debt payable to Westlake
|
|
|
|
|
|
(1,098
|
)
|
|
|
|
(135,341
|
)
|
Quarterly distributions to noncontrolling interest retained in OpCo
by Westlake
|
|
|
|
|
|
(188,736
|
)
|
|
|
|
(238,009
|
)
|
Quarterly distributions to unitholders
|
|
|
|
|
|
(25,774
|
)
|
|
|
|
(22,972
|
)
|
Net cash used for financing activities
|
|
|
|
|
|
(3,433
|
)
|
|
|
|
(158,124
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
|
(94,553
|
)
|
|
|
|
20,507
|
|
Cash and cash equivalents at beginning of the period
|
|
|
|
|
|
169,559
|
|
|
|
|
133,750
|
|
Cash and cash equivalents at end of the period
|
|
|
|
|
|
$
|
75,006
|
|
|
|
|
$
|
154,257
|
|
|
|
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")
|
|
RECONCILIATION OF MLP DISTRIBUTABLE CASH FLOW TO NET INCOME
|
AND NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars)
|
|
|
|
|
|
|
|
MLP distributable cash flow
|
|
|
|
|
|
$
|
4,295
|
|
|
|
$
|
6,833
|
|
|
|
$
|
9,475
|
|
|
|
$
|
20,643
|
|
|
|
$
|
27,671
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to
noncontrolling interest in OpCo
|
|
|
|
|
|
39,171
|
|
|
|
55,853
|
|
|
|
72,833
|
|
|
|
168,940
|
|
|
|
225,565
|
|
Incentive distribution rights
|
|
|
|
|
|
46
|
|
|
|
91
|
|
|
|
—
|
|
|
|
139
|
|
|
|
—
|
|
Maintenance capital expenditures
|
|
|
|
|
|
48,252
|
|
|
|
21,747
|
|
|
|
18,145
|
|
|
|
103,609
|
|
|
|
48,946
|
|
Contribution to turnaround reserves
|
|
|
|
|
|
10,214
|
|
|
|
17,625
|
|
|
|
7,035
|
|
|
|
33,963
|
|
|
|
21,133
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
(20,786
|
)
|
|
|
(26,290
|
)
|
|
|
(20,442
|
)
|
|
|
(67,472
|
)
|
|
|
(60,637
|
)
|
Net income
|
|
|
|
|
|
81,192
|
|
|
|
75,859
|
|
|
|
87,046
|
|
|
|
259,822
|
|
|
|
262,678
|
|
Changes in operating assets and liabilities
and other
|
|
|
|
|
|
(8,631
|
)
|
|
|
(83,835
|
)
|
|
|
14,383
|
|
|
|
(82,841
|
)
|
|
|
68,884
|
|
Deferred income taxes
|
|
|
|
|
|
141
|
|
|
|
69
|
|
|
|
(125
|
)
|
|
|
389
|
|
|
|
(359
|
)
|
Net cash provided by (used for) operating
activities
|
|
|
|
|
|
$
|
72,702
|
|
|
|
$
|
(7,907
|
)
|
|
|
$
|
101,304
|
|
|
|
$
|
177,370
|
|
|
|
$
|
331,203
|
|
|
|
WESTLAKE CHEMICAL PARTNERS LP ("WESTLAKE PARTNERS")
|
|
RECONCILIATION OF EBITDA TO NET INCOME AND NET CASH
|
PROVIDED BY (USED FOR) OPERATING ACTIVITIES
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
|
Ended June 30,
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of dollars)
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
$
|
103,478
|
|
|
|
|
$
|
107,290
|
|
|
|
|
$
|
108,683
|
|
|
|
|
$
|
335,565
|
|
|
|
|
$
|
327,676
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
|
|
|
(297
|
)
|
|
|
|
(194
|
)
|
|
|
|
(141
|
)
|
|
|
|
(890
|
)
|
|
|
|
(567
|
)
|
Interest expense
|
|
|
|
|
|
|
(1,203
|
)
|
|
|
|
(4,947
|
)
|
|
|
|
(1,054
|
)
|
|
|
|
(7,381
|
)
|
|
|
|
(3,794
|
)
|
Depreciation and amortization
|
|
|
|
|
|
|
(20,786
|
)
|
|
|
|
(26,290
|
)
|
|
|
|
(20,442
|
)
|
|
|
|
(67,472
|
)
|
|
|
|
(60,637
|
)
|
Net income
|
|
|
|
|
|
|
81,192
|
|
|
|
|
75,859
|
|
|
|
|
87,046
|
|
|
|
|
259,822
|
|
|
|
|
262,678
|
|
Changes in operating assets and liabilities
and other
|
|
|
|
|
|
|
(8,631
|
)
|
|
|
|
(83,835
|
)
|
|
|
|
14,383
|
|
|
|
|
(82,841
|
)
|
|
|
|
68,884
|
|
Deferred income taxes
|
|
|
|
|
|
|
141
|
|
|
|
|
69
|
|
|
|
|
(125
|
)
|
|
|
|
389
|
|
|
|
|
(359
|
)
|
Net cash provided by (used for) operating
activities
|
|
|
|
|
|
|
$
|
72,702
|
|
|
|
|
$
|
(7,907
|
)
|
|
|
|
$
|
101,304
|
|
|
|
|
$
|
177,370
|
|
|
|
|
$
|
331,203
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161108005199/en/ Copyright Business Wire 2016
Source: Business Wire
(November 8, 2016 - 6:45 AM EST)
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www.quotemedia.com
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