CENTRAL ENERGY PARTNERS LP

CIK:0001260828|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues	$ 686,000	$ 1,250,000	$ 1,595,000	$ 2,547,000
Cost of goods sold	1,071,000	1,004,000	2,055,000	2,011,000
Gross profit	(385,000)	246,000	(460,000)	536,000
Selling, general and administrative expenses and other
Legal and professional fees	80,000	(48,000)	142,000	85,000
Salaries and payroll related expenses	142,000	184,000	311,000	337,000
Other	139,000	110,000	300,000	325,000
Selling, General and Administrative Expense, Total	361,000	246,000	753,000	747,000
Operating income (loss) from continuing operations	(746,000)	0	(1,213,000)	(211,000)
Other income (expense)
Gain on sale of hauling equipment	274,000	0	274,000	0
Interest expense, net	(195,000)	(97,000)	(390,000)	(197,000)
Income (loss) before taxes	(667,000)	(97,000)	(1,329,000)	(408,000)
(Provision) benefit for income taxes	0	0	0	0
Net income (loss)	(667,000)	(97,000)	(1,329,000)	(408,000)
Net income (loss) allocable to the partners	(667,000)	(97,000)	(1,329,000)	(408,000)
Less General Partner’s interest in net income (loss)	(14,000)	(2,000)	(27,000)	(8,000)
Net income (loss) allocable to the common units	$ (653,000)	$ (95,000)	$ (1,302,000)	$ (400,000)
Net income (loss) per common unit	$ (0.04)	$ (0.00)	$ (0.07)	$ (0.02)
Weighted average common units outstanding	19,591,482	19,328,982	19,591,482	19,197,732

CONSOLIDATED STATEMENTS OF CASH FLOWS - Entity [Domain] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (1,329,000)	$ (408,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	278,000	273,000
Gain on sale of assets	(278,000)	0
Unit based compensation	18,000	51,000
Changes in current assets and liabilities:
Trade accounts receivable	99,000	(99,000)
Prepaid and other current assets	80,000	62,000
Accounts payable	(195,000)	(517,000)
Unearned revenue	(1,000)	79,000
Accrued liabilities and other	177,000	153,000
Taxes payable	(7,000)	(15,000)
Net cash used in operating activities	(1,158,000)	(421,000)
Cash flows from investing activities:
Capital expenditures	(57,000)	(423,000)
Proceeds from sale of assets	715,000	0
Net cash provided by (used in) investing activities	658,000	(423,000)
Cash flows from financing activities:
Change in amounts due General Partner, net	644,000	845,000
Payment of debt	(124,000)	0
Net cash provided by financing activities	520,000	845,000
Net (decrease) increase in cash	20,000	1,000
Cash at beginning of period	67,000	103,000
Cash at end of period	87,000	104,000
Cash paid during the period for:
Interest	153,000	161,000
Taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - Entity [Domain] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash	$ 87,000	$ 67,000
Trade accounts receivable (less allowance for doubtful accounts of $0 at 2014 and 2015)	195,000	294,000
Prepaid expenses and other current assets	244,000	324,000
Total current assets	526,000	685,000
Property, plant and equipment - net	2,814,000	3,470,000
Other assets	125,000	128,000
Goodwill	3,941,000	3,941,000
Total assets	7,406,000	8,224,000
Current Liabilities
Current maturities of long-term debt	2,376,000	388,000
Accounts payable	450,000	645,000
Taxes payable	0	7,000
Unearned revenue	39,000	40,000
Accrued liabilities	747,000	571,000
Total current liabilities	3,612,000	1,651,000
Long-term debt obligations	0	2,112,000
Due to General Partner	5,259,000	4,615,000
Deferred income taxes	387,000	387,000
Commitments and contingencies	0	0
Total liabilities	9,258,000	8,765,000
Partners’ deficit
Common units	(1,812,000)	(528,000)
General Partner’s deficit	(40,000)	(13,000)
Total partners’ deficit	(1,852,000)	(541,000)
Total liabilities and partners’ deficit	$ 7,406,000	$ 8,224,000