Crosstex Energy LP declares financial figures for second-quarter 2008

Aug 11, 2008 (M2 EQUITYBITES via COMTEX) -- XTEX | Quote | Chart | News | PowerRating -- Natural gas companies Crosstex Energy LP (NASDAQ: XTEX | Quote | Chart | News | PowerRating) (partnership) and Crosstex Energy Inc (NASDAQ: XTXI | Quote | Chart | News | PowerRating) (corporation) announced on 8 August its earnings for the second-quarter 2008.

The partnership reported net income of USD21.7m in the second quarter of 2008, including noncash mark-to-market income of USD16.8m from risk management activities. Net income for the second quarter of 2007 was USD2.9m, including noncash mark-to-market income of USD1.3m from risk management activities.

The companies' gross margin for the second quarter of 2008 rose 23% to USD110.4m, as compared with USD89.6m in the corresponding 2007 period.

Reportedly, the partnerships distributable cash flow in the second quarter of 2008 rose USD11.3m (43%) over distributable cash flow of USD26.2m in the second quarter of 2007.

Additionally, the corporation recorded net income of USD17.5m for the second quarter of 2008, as compared with net income of USD2.2m for the same period in 2007.

The recent increase in the partnerships distribution of USD0.01 per unit raised the corporations share of distributions by USD0.6m from USD22.8m in the first quarter of 2008 to USD23.4m in the second quarter of 2008.

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