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First Quarter Highlights: --Quarterly net income of $46.0 million. --Quarterly Adjusted EBITDA of $80.0 million and Distributable Cash Flow of $26.4 million. --Quarterly distribution increased to $0.68 per unit, a 4.6% increase over the fourth quarter 2012 and a 21.4% increase quarter over quarter. INDIANAPOLIS, May 8, 2013 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," the "Company," "Calumet," "we," "our" or "us") reported net income for the quarter ended March 31, 2013 of $46.0 million compared to $51.9 million for the same quarter in 2012. First quarter 2013 results include $24.5 million of noncash unrealized derivative gains, versus $26.0 million of noncash unrealized derivative gains in the first quarter of 2012.
Adjusted EBITDA (as defined below in the section of this press release titled "Non-GAAP Financial Measures") was $80.0 million for the quarter ended March 31, 2013, as compared to $69.7 million in the first quarter of 2012. Distributable Cash Flow (as defined below in the section of this press release titled "Non-GAAP Financial Measures") for the quarter ended March 31, 2013 was $26.4 million, versus $39.2 million in the same quarter in 2012. The $10.3 million increase in Adjusted EBITDA quarter over quarter was largely attributed to a $50.2 million increase in gross profit that was partially offset by a $22.8 million increase in total in selling and general and administrative expenses ($6.2 million of which was noncash amortization expense) and an $18.0 million decrease in realized derivative gains.
Adjusted EBITDA resulting from acquisitions consummated subsequent to the 2012 period were $18.6 million in the first quarter of 2013, while Calumets legacy assets generated Adjusted EBITDA of $61.4 million quarter over quarter. See the section of this press release titled "Non-GAAP Financial Measures" and the included tables for a discussion of EBITDA, Adjusted EBITDA, Distributable Cash Flow and other non-generally accepted accounting principles ("non-GAAP") financial measures, definitions of these measures and reconciliations of such measures to the comparable U.S. generally accepted accounting principles ("GAAP") measures.
Net income for the first quarter 2013 decreased $5.9 million quarter over quarter primarily due to an $18.0 million decrease in realized derivative gains, an $11.4 million increase in general and administrative expenses, an $11.4 million increase in selling expenses ($6.2 million of which was noncash amortization expense), a $7.9 million increase in transportation expense and a $6.2 million increase in interest expense, all partially offset by a $50.2 million increase in gross profit, as discussed below.
"Although our results were adversely impacted by reliability issues at our Shreveport refinery during the first quarter, the second quarter is off to a good start, supported by strong refining economics and improved utilization at our key production facilities. Beginning in early April, both demand and pricing for products sold in our core markets improved above first quarter levels," stated Bill Grube, Vice Chairman and Chief Executive Officer of Calumet Specialty Products Partners.
"Our previously announced 40-day plant-wide turnaround at the Superior refinery is scheduled to reach its conclusion in late May, while the remainder of our refining facilities, including the Shreveport refinery, are operating at normal rates as we prepare for what has traditionally been a seasonally strong period of the year for our business," continued Grube.
"On April 22, we increased our quarterly cash distribution for the eleventh consecutive quarter to $0.68 per unit ($2.72 per unit on an annualized basis) for the quarter ended March 31, 2013 on all of our outstanding limited partner units. This increase reflects our continued confidence in the strength of our business, as well as the long-term opportunities for growth still ahead of us," continued Grube.
Grube concluded: "We continue to manage our business to maximize quarterly cash distributions for our unitholders, while positioning Calumet for sustained growth across a wide range of geographies and market verticals. We continue to evaluate acquisition opportunities in both the specialty and fuels products markets that complement our existing businesses, as supported by ample availability under our revolver, cash from operations and other sources of potential financing.
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