Dominion Midstream Partners (NYSE: DM) reported unaudited net income attributable to DM of $11.8 million, or $0.19 per limited partner unit for the three months ended March 31, 2015. Adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA) was $11.8 million and distributable cash flow was $11.9 million for the quarter.
Dominion Midstream uses adjusted EBITDA and distributable cash flow as the primary performance measurement of its earnings and results for public communications with analysts and investors. Dominion Midstream also uses adjusted EBITDA and distributable cash flow internally for budgeting, reporting to the Board of Directors and other purposes. Dominion Midstream management believes adjusted EBITDA and distributable cash flow provide a more meaningful representation of the company’s financial performance.
On April 1, the partnership acquired Dominion Carolina Gas Transmission, LLC, from Dominion Resources, Inc. (NYSE: D), for approximately $495 million, subject to working capital adjustments. Dominion Midstream issued approximately $200 million of limited partnership units to Dominion and entered into a two-year note with Dominion for the remaining $295 million in transaction consideration.
On April 22, the board of directors declared a quarterly distribution of $0.175 per unit, payable May 15, 2015, to unit holders of record at the close of business on May 5, 2015.
CONFERENCE CALL TODAY
Dominion Midstream will host its first-quarter earnings conference call at 10 a.m. ET on Monday, May 4. Management will discuss its first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (877) 410-5657. The passcode for the conference call is “Dominion.” International callers should dial (334) 323-9872. Participants should dial in 10 to 15 minutes prior to the scheduled start time. Members of the media also are invited to listen.