WHIPPANY, N.J., Oct. 18 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (the "Partnership") (NYSE: SPH), a nationwide marketer of
propane gas, fuel oil and related products and services, today announced
the re-election, at the 2006 Tri-Annual Meeting of the Unitholders of the
Partnership held on October 17, 2006, of all three of the Board's nominees
to its Board of Supervisors. These Supervisors will serve for a three-year
term.
Also approved at the Tri-Annual Meeting were (1) the previously
announced exchange of 2,300,000 Common Units for the general partner's
incentive distribution rights and other economic interests, (2) certain
amendments to the Partnership Agreement to affect and reflect the exchange
transaction and restrict transactions with certain interested unitholders
and (3) the Partnership's 2000 Restricted Unit Plan, as amended and
restated.
The Board of Supervisors exercised the authority granted to it by the
unitholders to adjourn the Tri-Annual Meeting until 2:00 PM on October 19,
2006, at which time the remaining proposal will be voted on. This proposal
would authorize amendment of the Partnership Agreement to require a 66-2/3%
vote for changes to the procedure to nominate Supervisors. The reconvened
Tri-Annual Meeting will be held at the Partnership's executive offices
located at One Suburban Plaza, 240 Route 10 West, Whippany, New Jersey.
Unitholders wishing to vote at the adjourned Tri-Annual Meeting on the
remaining proposal or having any questions with respect thereto should
contact the proxy solicitor retained by the Partnership, Innisfree M&A
Incorporated. Unitholders Call Toll Free: (877) 717-3930 and Banks &
Brokers Call Collect: (212) 750-5833.
Suburban Propane Partners, L.P. is a publicly traded master limited
partnership listed on the New York Stock Exchange. Headquartered in
Whippany, New Jersey, Suburban has been in the customer service business
since 1928. The Partnership serves the energy needs of approximately
1,000,000 residential, commercial, industrial and agricultural customers
through more than 370 locations in 30 states.
This press release contains certain forward-looking statements relating
to future business expectations and financial condition and results of
operations of the Partnership, based on management's current good faith
expectations and beliefs concerning future developments. These
forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those discussed
or implied in such forward-looking statements, including the following:
* The impact of weather conditions on the demand for propane, fuel oil and
other refined fuels, natural gas and electricity;
* Fluctuations in the unit cost of propane, fuel oil and other refined
fuels and natural gas, and the impact of price increases on customer
conservation;
* The ability of the Partnership to compete with other suppliers of
propane, fuel oil and other energy sources;
* The impact on the price and supply of propane, fuel oil and other
refined fuels from the political, military or economic instability of
the oil producing nations, global terrorism and other general economic
conditions;
* The ability of the Partnership to acquire and maintain reliable
transportation for its propane, fuel oil and other refined fuels;
* The ability of the Partnership to retain customers;
* The impact of energy efficiency and technology advances on the demand
for propane and fuel oil;
* The ability of management to continue to control expenses including the
results of our recent field realignment initiative;
* The impact of changes in applicable statutes and government regulations,
or their interpretations, including those relating to the environment
and global warming and other regulatory developments on the
Partnership's business;
* The impact of operating hazards that could adversely affect the
Partnership's operating results to the extent not covered by insurance;
The impact of legal proceedings on the Partnership's business; and
* The Partnership's ability to integrate acquired businesses successfully.
Some of these risks and uncertainties are discussed in more detail in
the Partnership's Annual Report on Form 10-K for its fiscal year ended
September 24, 2006, its Quarterly Report on Form 10-Q for the quarter ended
June 24, 2006 and other periodic reports filed with the Securities and
Exchange Commission. Readers are cautioned not to place undue reliance on
forward- looking statements, which reflect management's view only as of the
date made. The Partnership undertakes no obligation to update any
forward-looking statement.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://suburbanpropane.com
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CONTACT:
Robert M. Plante, Vice President & Chief
Financial Officer of Suburban Propane Partners, L.P.,
+1-973-503-9252
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