Some noncash expenses related to debt pushed third-quarter earnings lower at Blueknight Energy Partner LP, the company said Tuesday. Blueknight said net income was $7.9 million in the third quarter, down from $28.6 million in the third quarter of 2011. That translated into basic and diluted earnings per partnership unit of 10 cents, compared to 38 cents in the year-earlier quarter, the Oklahoma City partnership said. Quarterly revenue rose slightly to $47.1 million, up from $46.5 million in the third quarter of 2011. Blueknight said a $17.1 million decrease in a noncash interest expense affected net income in the third quarter. Earlier, the partnership announced a quarterly cash distribution of 11.25 cents per common unit and 17.87 cents per preferred unit.
From Staff Reports