Rio Vista Energy Partners L.P. (�Rio Vista�) (NASDAQ: RVEP), an
energy services master limited partnership focused on the
terminalling and transportation of bulk chemical and petroleum
products in Virginia and the development of oil and gas in
Oklahoma, today announced its financial results for the year ended
December 31, 2008. The Company reported a net loss of ($6.2)
million or ($2.34) per common unit.
The following table summarizes the results of operations from
continuing operations for the year ended December 31, 2008 and
reflects the results associated with i.) the Transportation and
Terminalling Business associated with bulk and petroleum products
associated with Regional operations (acquired during July 2007) and
LPG (commenced during August 2006 and was sold on December 31,
2007), (including all costs associated with operation of the
US-Mexico Pipelines and Matamoros Terminal Facility), ii.) the
operation of the Oklahoma Assets, which was acquired during
November 2007 and iii.) all indirect income and expenses of Rio
Vista.
Because of the commencement and sale of our LPG Transportation
business during August 2006 and December 2007, respectively, and
our rapid growth through the acquisitions of Regional and the
Oklahoma Assets during 2007, our historical results of operations
and period-to-period comparisons of these results during the years
ended 2007 and 2008 are not that meaningful or indicative of future
results.
YEAR ENDED DECEMBER 31, 2008 � � � � �
Oklahoma Regional LPG Corporate/
Assets (a) �
Enterprises
(b) �
Transportation (c) �
Other Total � Revenues $
5,247,000 $ 8,573,000 $ - $ 1,000 $ 13,821,000 Cost Of Goods Sold �
4,322,000 � � � 6,444,000 � � � - � � � (8,000 ) � 10,758,000 �
Gross Profit 925,000 2,129,000 - 9,000 3,063,000
Selling, General And
Administrative Expenses
493,000 1,167,000 - 3,650,000 5,310,000
Loss on sale of remaining LPG �
related assets
� - � � � - � � � 351,000 � � � - � � 351,000 � Operating Income
432,000 962,000 (351,000 ) (3,641,000 ) (2,598,000 ) Other Income
(Expense) Interest Expense (2,849,000 ) (631,000 ) - (178,000 )
(3,658,000 ) Interest Income � 7,000 � � � - � � � - � � � 1,000 �
� 8,000 � �
Income (loss) from Continuing
Operations Before Taxes
(2,410,000 ) 331,000 (351,000 ) (3,818,000 ) (6,248,000 )
Provision (Benefit) For Income
Taxes
� (103,000 ) � � 66,000 � � � - � � � - � � (37,000 )
Income (loss) From Continuing
Operations
$ (2,307,000 ) � $ 265,000 � � $ (351,000 ) � $ (3,818,000 ) $
(6,211,000 )
�
�
� �
YEAR ENDED DECEMBER 31, 2007 �
Oklahoma Regional LPG Corporate/
Assets (a) �
Enterprises
(b) �
Transportation (c) �
Other Total � Revenues $
528,000 $ 3,038,000 $ 2,341,000 $ - $ 5,906,000 Cost Of Goods Sold
� 390,000 � � � 2,399,000 � � � 1,971,000 � � � 45,000 � �
4,805,000 � Gross Profit 137,000 639,000 370,000 (45,000 )
1,101,000
Selling, General and
Administrative Expenses
41,000 363,000 258,000 4,008,000 4,670,000
Loss on sale of remaining LPG �
related assets
� - � � � - � � � 406,000 � � � - � � 406,000 � Operating Income
(loss) 96,000 276,000 (294,000 ) (4,053,000 ) (3,975,000 ) Other
Income (Expense) Interest Expense (275,000 ) (322,000 ) (281,000 )
(7,000 ) (885,000 ) Interest Income � - � � � 14,000 � � � 1,000 �
� � 2,000 � � 17,000 �
Loss From Continuing Operations
Before Taxes
(179,000 ) (32,000 ) (574,000 ) (4,058,000 ) (4,843,000 )
Provision (Benefit) For Income
Taxes
� (4,000 ) � � (51,000 ) � � 34,000 � � � - � � � (21,000 )
Income (loss) From Continuing
Operations
$ (175,000 ) � $ 19,000 � � $ (608,000 ) � $ (4,058,000 ) $
(4,822,000 ) � �
CHANGES YEAR ENDED DECEMBER 31, 2008
COMPARED WITH YEAR ENDED DECEMBER 31, 2007 � � � � �
Oklahoma Regional LPG Corporate/
Assets (a) �
Enterprises
(b) �
Transportation (c) �
Other Total � Revenues $
4,720,000 $ 5,535,000 $ (2,341,000 ) $ 1,000 $ 7,915,000 Cost Of
Goods Sold � 3,932,000 � � � 4,045,000 � � � (1,971,000 ) � �
(53,000 ) � 5,953,000 � Gross Profit 788,000 1,490,000 (370,000 )
54,000 1,962,000
Selling, General And
Administrative Expenses
452,000 804,000 (258,000 ) (358,000 ) 640,000
Loss on sale of remaining LPG �
related assets
� - � � � - � � � (55,000 ) � � - � � (55,000 ) Operating Income
(Loss) 336,000 686,000 (57,000 ) 412,000 1,377,000 Other Income
(Expense) Interest Expense (2,574,000 ) (309,000 ) 281,000 (171,000
) (2,773,000 ) Interest Income � 7,000 � � � (14,000 ) � � (1,000 )
� � (1,000 ) � (9,000 )
Income (loss) From Continuing
Operations Before Taxes
(2,231,000 ) 363,000 223,000 240,000 (1,405,000 )
Provision (Benefit) For Income
Taxes
� (99,000 ) � � 117,000 � � � (34,000 ) � � - � � � (16,000 )
�
Income (loss) From Continuing
Operations
$ (2,132,000 ) � $ 246,000 � �
$
257,000
� �
$
240,000
� $ (1,389,000 ) �
�
(a) Acquired during November 2007(b)
Acquired during July 2007(c) Business commenced in August 2006 and
sold December 31, 2007
_______________________
Year Ended December 31, 2008 Compared With Year Ended December
31, 2007
Revenues. Revenues for the year ended
December 31, 2008 were $13.8 million and includes the results of
Regional and the Oklahoma Assets for the twelve months during 2008.
Revenues during the year ended December 31, 2007 were $5.9 million
and includes the results of Regional for the period July 28, 2007
to December 31, 2007, the results of the Oklahoma Assets for the
period November 19, 2007 to December 31, 2007 and the results of
the LPG transportation for the full twelve months. The results for
the two periods are not comparative since each period contains
different business operations for different periods of time.
Cost of goods sold. Cost of goods sold
for the year ended December 31, 2008 was $10.8 million and includes
the results of Regional and the Oklahoma Assets for the twelve
months during 2008. Cost of goods sold during the year ended
December 31, 2007 were $4.8 million and includes the costs of goods
sold of Regional for the period July 28, 2007 to December 31, 2007,
the cost of goods sold of the Oklahoma Assets for the period
November 19, 2007 to December 31, 2007 and the cost of goods sold
of the LPG transportation for the full twelve months. The results
for the two periods are not comparative since each period contains
different business operations for different periods of time.
Selling, general and administrative
expenses. Selling, general and administrative expenses were $5.3
million for the year ended December 31, 2008. Excluding the
selling, general and administrative expenses associated with the
acquisitions or sales of Regional, the Oklahoma Assets and/or the
LPG Transportation business, the remaining selling, general and
administrative expenses were associated with corporate related
activities. These selling, general and administrative costs were
$3.6 million during the year ended December 31, 2008 compared with
$4.0 million during the year ended December 31, 2007. These costs
were comprised of indirect selling, general and administrative
expenses directly incurred by Rio Vista or allocated by Penn Octane
to Rio Vista in accordance with the Omnibus Agreement. The costs
consisted of salary related costs, legal, accounting and other
professional fees, and other corporate related costs, including
insurance, taxes other than income, and public company expenses.
Salary related costs allocated by Penn Octane were based on the
percentage of time spent by those employees (including executive
officers) in performing Rio Vista related matters compared with the
overall time spent working by those employees.
Audit Opinion Going Concern
Qualification
The independent auditor�s opinion included in Rio Vista�s
financial statements for the year ended December 31, 2008 included
in its Form 10-K filed on April 14, 2009 with the Securities and
Exchange Commission (�SEC�) contained a �going concern�
qualification. The qualification states that �conditions exist
which raise substantial doubt about Rio Vista�s ability to continue
as a going concern.� Factors contributing to the inclusion of the
qualification include: 1) concern over Rio Vista�s ability to
generate sufficient cash flow in the future to pay its expenses and
its current debt obligations as they become due and 2) Rio Vista�s
dependence on Penn Octane Corporation, the parent of Rio Vista�s
general partner, to continue as a going concern. For further
information, please refer to Rio Vista�s Form 10-K filed with the
SEC on April 14, 2009 (SEC file number 000-50394).
About Rio Vista Energy Partners L.P.
Rio Vista is a master limited partnership focused on acquiring
and developing oil and gas exploration, production and
transportation assets. Through its subsidiaries, Rio Vista
currently owns certain leasehold interests of oil and gas producing
properties and associated pipeline gathering systems in East
Central Oklahoma. Rio Vista is also engaged in liquid bulk storage,
transloading and transportation of chemicals and petroleum products
through its assets and operations in Hopewell, Virginia. Rio Vista
seeks to grow primarily through the acquisition of qualified oil
and gas assets. Penn Octane Corporation (OTCBB: POCC) owns 75% of
Rio Vista GP LLC, the general partner of Rio Vista.
Forward-Looking Statements
Certain of the statements in this news release are
forward-looking statements, including statements regarding the
ability of Rio Vista to continue as a going concern. Although these
statements reflect Rio Vista's beliefs, they are subject to
uncertainties and risks that could cause actual results to differ
materially from expectations. The ability of Rio Vista to extend,
defer and/or restructure its current debt obligations is uncertain.
Continuation and expansion of its oil and gas properties requires
additional capital investment which Rio Vista has been unable thus
far to obtain. Future production may be lower than anticipated and
actual natural gas reserves may prove lower than estimated.
Revenues from the operations in Hopewell, Virginia may be lower
than anticipated. If Rio Vista is unable to extend, defer and/or
restructure its debt obligations, Rio Vista would suffer material
adverse consequences to its business, resulting Rio Vista�s
inability to meet its debt obligations when due, and Rio Vista�s
creditors may foreclose on those assets which are held as
collateral against those debt obligations. In addition, Rio Vista
may not generate sufficient cash to meet other obligations,
including operating expenses, distributions to unitholders and
other capital required to make additional acquisitions or to
develop opportunities for expansion. As a result, Rio Vista�s
growth will be limited. Rio Vista may be unable to complete future
acquisitions of qualified oil and gas assets or other transactions
and, even if completed, acquisitions may not prove successful.
Additional information regarding risks affecting Rio Vista's
business may be found in Rio Vista's most recent reports on Form
8-K, Form 10-Q and Form 10-K and its registration statement on Form
10 and in Penn Octane Corporation�s most recent reports on Form
8-K, Form 10 Q and Form 10-K filed with the Securities and Exchange
Commission.
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