Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a second quarter net loss of $51.9 million, compared to net income of $9.6 million during the same period last year. The company says the loss is due to debt extinguishment costs, which totaled $58.2 million.
Calumet says, had the extra costs not played a factor, its net income would have been $6.3 million for the quarter. Chief Executive Officer Tim Go says the debt extinguishment "meaningfully reduced" the company’s debt burden and lowered interest expenses by $46 million per year.
"Calumet delivered another quarter of strong performance," said Go. "The results as reported were the third highest over the last three years even without the contribution of assets we divested last year. In addition, our self-help initiatives continue to allow us to capture value and enhance company-wide performance. Adjusting for the impact of divestitures from our portfolio, our results improved over 7% compared to underlying performance in the year-ago period."
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