Quarterly / Earnings Reports | Third Quarter (3Q) Update | Financial Results | Capital Markets
Azure MIdstream Reports Negative Distributable Cash Flow - $0.2 million
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Azure Midstream Partners reported its 3rd Quarter results.
Distributable cash flow for the quarter was negative by $0.2 million. If the partnership were in compliance with all of its bank covenants, interest expense for the quarter would have been lower by approximately $0.9 million, implying a hypothetical distributable cash flow of $0.7 million, $0.063 per limited partner unit, or $0.25 on an annualized basis at 1.0 times distribution coverage.
As previously discussed, on August 4, 2016 Azure completed the sale of its 100 MMcf/d Panola I processing plant and Murvaul pipeline to Align Midstream Partners for $44.9 million in cash proceeds. Azure used $41.0 million of the sale proceeds to further reduce debt and improve leverage. Additionally, Azure recorded a $4.8 million gain on the sale of these assets during the third quarter of 2016.
Azure's net income was $14.4 million for the quarter ended September 30, 2016, compared to a net loss of $8.4 million for the prior quarter. As discussed below, this increase in earnings relates primarily to the recognition of previously deferred revenue of $18.5 million.
Operating Area - Assets
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