Boston, MA 05/07/2014 (wallstreetpr) – Emerge Energy Services LP (NYSE:EMES) released its financial results for 1Q14. The net income was $18.5 million for the 1Q14 as compared to $9.9 million in 1Q13. The adjusted EBITDA reported was $28 million in 1Q14 as compared to $17.3 million in 1Q13. The distributable cash flow was $25.1 million for 1Q14. Emerge Energy has announced a distribution of $1.13 per unit for 1Q14, including $0.05 of distributable cash flow which was reserved in 3Q14. This distribution is 13% higher than the distribution of $1.00 per unit in 4Q13. The total revenue for the company was $2.74 billion in 1Q14 as compared to $1.52 billion in 1Q13.
Segment wise results
For 1Q14, the quantity of sand sold by Emerge Energy was 882,000 tons out of which 843,000 tons were sold from its Wisconsin facilities. The Barron facility had sales of 490,000 tons, as compared to 188,000 tons of sand for 1Q13. Income for the sand segment was $19.5 million for 1Q14 as compared to $10.2 million for 1Q13. There was 91% increase in income mainly due to the major ramp up of sales at the Barron facility and higher sales from translated facilities, offset by higher costs at the Barron facility and SGA costs.
For 1Q14, Emerge Energy Services LP (NYSE:EMES) sold 68 million gallons of refined fuel, as compared to 36 million gallons for 1Q13. It also had 53 million gallons as extra third party volume which passed through its terminals, as compared to 37 million gallons for 1Q13. The company refined 35 million gallons of transmix for 1Q14 as compared to 6 million gallons for 1Q13. The increase in volume was mainly due to Direct Fuels’ acquisition by the company on May 14, 2013. Income for fuel segment was $4.5 million for 1Q14 as compared to $3.9 million in 1Q13. The increase in income was because of the Direct Fuels’ acquisition, little offset by increased bonus accruals.