WHIPPANY, N.J., Oct. 23 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (NYSE: SPH), a nationwide distributor of propane gas, fuel
oil and related products and services, as well as a marketer of natural gas
and electricity, today announced that its Board of Supervisors declared the
nineteenth increase (since the Partnership's recapitalization in 1999) in
the Partnership's quarterly distribution from $0.80 to $0.805 per Common
Unit for the three months ended September 27, 2008. The distribution
equates to $3.22 per Common Unit annualized, an increase of $0.02 per
Common Unit from the previous distribution rate, and a growth rate of 7.3%
compared to the fourth quarter of fiscal 2007. The distribution at this
increased rate is payable on November 10, 2008 to Common Unitholders of
record as of November 3, 2008.
In announcing the increase in the distribution rate, Chief Executive
Officer Mark A. Alexander said, "We are extremely pleased to declare our
tenth consecutive increase in our quarterly distribution, which equates to
an annualized rate of $3.22 per Common Unit and which represents more than
7% growth over the prior year fourth quarter. In the midst of the current
financial crisis, our financial position is stronger and more stable than
ever. In fact, we ended fiscal 2008 with more than $137.0 million of cash
on hand, thus providing sufficient liquidity to fund our ongoing operations
without an immediate need to access the capital markets. Our strong
financial structure, coupled with the improvements made to our operating
platform over the past several years, puts us in an excellent position to
continue delivering sustainable, profitable growth to our valued
Unitholders."
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 approximately 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://www.prnewswire.com/comp/112074.htm
CONTACT:
Michael Stivala, Chief Financial Officer &
Chief Accounting Officer of Suburban Propane Partners, L.P.,
+1-973-503-9252
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