Suburban Propane Partners, L.P. Declares Increase in Annualized Distribution Rate to $3.30 per Common Unit
WHIPPANY, N.J., July 23 /PRNewswire-FirstCall/ -- Suburban Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of propane, 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 22nd increase (since the Partnership's recapitalization in 1999) in the Partnership's quarterly distribution from $0.815 to $0.825 per Common Unit for the three months ended June 27, 2009. The distribution equates to $3.30 per Common Unit annualized, an increase of $0.04 per Common Unit from the previous distribution rate, and a growth rate of 3.1% compared to the third quarter of fiscal 2008. The distribution at this increased rate is payable on August 11, 2009 to Common Unitholders of record as of August 4, 2009.
In announcing the increase in the distribution rate, Chief Executive Officer Mark A. Alexander said, "We are extremely pleased to declare our 13th consecutive increase in our quarterly distribution, which equates to an annualized rate of $3.30 per Common Unit, representing more than 3% growth over the prior year third quarter. With our strong balance sheet and efficient operating platform, we continue to enhance our financial position and deliver increasing value to our 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 900,000 residential, commercial, industrial and agricultural customers through more than 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P.
/CONTACT: Michael Stivala, Chief Financial Officer & Chief Accounting
Officer of Suburban Propane Partners, L.P., +1-973-503-9252/
/Web Site: http://suburbanpropane.com /
CO: Suburban Propane Partners, L.P.
ST: New Jersey
IN: OIL UTI
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0443 07/23/200907:45 EDThttp://www.prnewswire.com