WHIPPANY, N.J., Oct. 25 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (NYSE: SPH), a marketer of propane gas, fuel oil and related
products and services nationwide, today announced that its Board of
Supervisors declared the fifteenth increase (since the Partnership's
recapitalization in 1999) in the Partnership's quarterly distribution from
$0.7125 to $0.75 per Common Unit for the three months ended September 29,
2007. The distribution equates to $3.00 per Common Unit annualized, an
increase of $0.15 per Common Unit from the previous distribution rate, and
is payable on November 13, 2007 to Common Unitholders of record as of
November 6, 2007.
In announcing the increase in the distribution rate, Chief Executive
Officer Mark A. Alexander said, "The success we've had in driving
efficiencies to the bottom line while enhancing our customer base have put
us in the strongest financial position since our initial public offering in
1996. We're extremely pleased to continue to pass along these benefits to
our Unitholders. With this increase, our distribution rate has grown 13%
over the prior year fourth quarter. We look forward to building upon our
successes as we maintain our focus on measures that support our long-term
business strategy to deliver increasing value to our Unitholders by
achieving sustainable, profitable growth."
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 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://suburbanpropane.com
http://www.prnewswire.com/comp/112074.html /
CONTACT:
Michael Stivala, Chief Financial Officer &
Chief Accounting Officer of Suburban Propane Partners, L.P.,
+1-973-503-9252
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