HOUSTON, TEXAS -- (Marketwired) -- 04/24/13 -- TC PipeLines, LP (NYSE: TCP) (the Partnership) today announced that the board of directors of TC PipeLines GP, Inc., its general partner (the General Partner), declared the Partnership's first quarter 2013 cash distribution of $0.78 per common unit. The distribution is unchanged from the fourth quarter 2012 distribution and is payable on May 15, 2013 to unitholders of record as of the close of business on May 6, 2013.
The Partnership also reported first quarter 2013 Partnership cash flows of $43 million and net income of $29 million or $0.52 per common unit.
"The Partnership performed as expected in the first quarter with the majority of our pipelines supported by stable longer-term contracts," said Steve Becker, president of TC PipeLines GP, Inc. "Great Lakes' revenues were lower in the quarter due to current challenging market conditions."
"We continue to believe in the long-term strength of the North American natural gas industry which we expect will generate ongoing value for our unitholders," added Becker.
First Quarter 2013 Highlights (All financial figures are unaudited)
-- Partnership cash flows of $43 million-- Paid cash distributions of $43 million or $0.78 per common unit-- Net income of $29 million or $0.52 per common unit
The Partnership's financial highlights for the first quarter of 2013 compared to the first quarter of 2012 were:
Three months ended(unaudited) March 31,(millions of dollars except per common unit amounts) 2013 2012----------------------------------------------------------------------------Partnership cash flows(a) 43 50Cash distributions paid (43) (42)Cash distributions paid per common unit $0.78 $ 0.77Net income 29 39Net income per common unit(b) - basic and diluted $0.52 $ 0.71Weighted average common units outstanding (millions) - basic and diluted 53.5 53.5Common units outstanding at end of period (millions) 53.5 53.5
(a) Partnership cash flows is a non-GAAP financial measure. Refer to the description of Partnership Cash Flows in the section of this release entitled "Partnership Cash Flows" and the Supplemental Schedule Non-GAAP Measures for further detail.
(b) Net income per common unit is computed by dividing net income, after deduction of the General Partner's allocation, by the weighted average number of common units outstanding. The General Partner's allocation is computed based upon the General Partner's effective two percent general partner interest plus an amount equal to incentive distributions.
Cash Distributions - On April 23, 2013, the board of directors of our General Partner declared the Partnership's first quarter 2013 cash distribution in the amount of $0.78 per common unit, payable on May 15, 2013 to unitholders of record as of May 6, 2013.