Cvr Energy Inc - Current report filing (8-K)
15 8월 2008 - 2:49AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 14, 2008 (August 13, 2008)
CVR ENERGY, INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
|
|
|
|
Delaware
(State or other
jurisdiction of
incorporation)
|
|
001-33492
(Commission File Number)
|
|
61-1512186
(I.R.S. Employer
Identification Number)
|
2277 Plaza Drive, Suite 500
Sugar Land, Texas 77479
(Address of principal executive offices)
Registrants telephone number, including area code: (281) 207-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 2.02. Results of Operations and Financial Condition.
On August 13, 2008, CVR Energy, Inc. (the Company) issued a press release announcing
information regarding its results of operations and financial condition for the quarter ended June
30, 2008, a copy of which is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached
hereto are being furnished pursuant to Item 2.02 of Form 8-K and shall not, except to the extent
required by applicable law or regulation, be deemed filed by the Company for purposes of Section 18
of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that
Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act
of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
To supplement the Companys consolidated financial statements presented in accordance with
U.S. generally accepted accounting principles (GAAP), the Company uses three non-GAAP measures:
(1) net income (loss) adjusted for unrealized gain or loss from Cash Flow Swap, (2) refining margin
and (3) refining margin adjusted for FIFO impact.
Net income (loss) adjusted for unrealized gain or loss from Cash Flow Swap is adjusted from
results based on GAAP. In managing the Companys business and assessing its growth and
profitability from a strategic and financial planning perspective, the Companys management and
board of directors considers the Companys GAAP net income results as well as net income (loss)
adjusted for unrealized gain or loss from Cash Flow Swap. The Company believes that net income
(loss) adjusted for unrealized gain or loss from Cash Flow Swap enhances the understanding of the
Companys results of operations by highlighting income attributable to its ongoing operating
performance exclusive of charges and income resulting from mark to market adjustments that are not
necessarily indicative of the performance of the Companys underlying business and its industry.
Net income (loss) adjusted for unrealized gain or loss from Cash Flow Swap is not a recognized term
under GAAP and should not be substituted for net income as a measure of the Companys performance
but instead should be utilized as a supplemental measure of financial performance or liquidity in
evaluating the Companys business.
Refining margin is a measurement calculated as the difference between net sales and cost of
product sold (exclusive of depreciation and amortization). Refining margin is a non-GAAP measure
that the Company believes is important to investors in evaluating the refinerys performance as a
general indicator of the amount above cost of product sold for which the Company is able to sell
refined products. Each of the components used in this calculation (net sales and cost of product
sold exclusive of depreciation and amortization) can be taken directly from the Companys statement
of operations. The Companys calculation of refining margin may differ from similar calculations
of other companies in the industry, thereby limiting its usefulness as a comparative measure.
Refining margin adjusted for FIFO impact is a measurement calculated as the difference between
net sales and cost of product sold (exclusive of depreciation and amortization) adjusted for FIFO
inventory gains or losses. Under the Companys FIFO accounting method, changes in crude oil prices
can cause fluctuations in the inventory valuation of its crude oil, work in process and finished
goods, thereby resulting in FIFO inventory gains when crude oil prices increase and FIFO inventory
losses when crude oil prices decrease. Refining margin adjusted for FIFO impact is a non-GAAP
measure that the Company believes is important to investors in evaluating the refinerys
performance as a general indication of the amount above cost of product sold that we are able to
sell refined products. The Companys calculation of refining margin adjusted for FIFO impact may
differ from similar calculations of other companies in our industry, thereby limiting its
usefulness as a comparative measure.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is being furnished as part of this Current Report on Form 8-K:
99.1
|
|
Press release, dated August 13, 2008, issued by CVR Energy, Inc.
pertaining to its results of operations and financial condition for
the quarter ended June 30, 2008.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 14, 2008
|
|
|
|
|
|
|
CVR ENERGY, INC.
|
|
|
By:
|
/s/ James T. Rens
|
|
|
|
James T. Rens
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
EXHIBIT INDEX
|
|
|
Exhibit No.
|
|
Title
|
|
|
|
99.1
|
|
Press release, dated August 13, 2008, issued by CVR Energy,
Inc. pertaining to its results of operations and financial
condition for the quarter ended June 30, 2008.
|
CVR Energy (NYSE:CVI)
과거 데이터 주식 차트
부터 7월(7) 2024 으로 8월(8) 2024
CVR Energy (NYSE:CVI)
과거 데이터 주식 차트
부터 8월(8) 2023 으로 8월(8) 2024