Niska Gas Storage Partners reported its financial results for its fiscal year and quarter ended March 31, 2015. Adjusted EBITDA for the year ended March 31, 2015 was $66.7 million, compared to $140 million for the year ended March 31, 2014.
Article continues below
Cash Available for Distribution was $14.1 million in fiscal 2015 compared to $75 million in fiscal 2014. Adjusted EBITDA and Cash Available for Distribution for the fiscal year ended March 31, 2015 include benefits from previous inventory write-downs of $23.1 million.
Excluding these benefits, Adjusted EBITDA and Cash Available for Distribution in fiscal 2015 would have been $43.6 million and negative $9 million, respectively.
In addition, results for the fiscal year ended March 31, 2015 include the previously disclosed one-time recognition of $26 million in revenues related to the termination and renegotiation of a long-term contract. Excluding this one-time payment, Adjusted EBITDA and Cash Available for Distribution would have been further reduced by $26 million.
The company's Fixed Charge Coverage Ratio ("FCCR"), which is included in its debt agreements and measures Adjusted EBITDA compared to fixed charges (substantially all of which is interest expense), was 1.3 to 1 for the year ended March 31, 2015.
Adjusted EBITDA and Cash Available for Distribution were $18.7 million and $4.6 million, respectively, for the three months ended March 31, 2015, compared to $55.5 million and $39.3 million, respectively, for the three months ended March 31, 2014.
Excluding benefits of previous inventory write-downs of $14.3 million recognized in the fourth quarter of the current year, Adjusted EBITDA and Cash Available for Distribution in the three months ended March 31, 2015 would have been $4.4 million and negative $9.7 million, respectively.
Niska's net loss for the fiscal year ended March 31, 2015 was $350.7 million ($9.34 per common unit), compared to a net loss of $9 million ($0.25 per common unit) for the fiscal year ended March 31, 2014. Niska's net loss for the three months ended March 31, 2015 was $43.2 million ($1.12 per common u ■