Blackwater Midstream Corp. (BWMS) [Rocket]

In millions, except per share items	Jun-30-12	Mar-31-12	Dec-31-11	Sep-30-11	Jun-30-11	Mar-31-11	Dec-31-10	Sep-30-10
	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q
Total revenues [+]	10.4	10.0	9.0	8.4	7.9	6.9	6.2	5.3
Services				0.5				0.3
Lease / rental				1.8				2.7
Other income						0.2	0.1
Revenue growth	31.1%	44.7%	45.2%	60.0%	74.7%	74.0%
Cost of goods sold [+]	6.7	6.8	4.5	6.6	6.8	7.1	0.3	-0.4
Cost of services		0.7	0.1	0.2		0.0	-1.7	-0.9
Labor costs		0.2	0.0	0.1		0.0	-0.5	-0.5
Depreciation		0.1	0.1	0.1		0.0	-0.4	-0.2
Gross profit	3.7	3.1	4.6	1.8	1.1	-0.2	5.9	5.7
Gross margin	35.5%	31.5%	50.6%	21.8%	13.7%	-2.8%	95.1%	107.5%
Selling, general and administrative	3.8	3.6	3.6	3.3	3.6	3.5	3.1	3.5
Other operating expenses	-3.1	-7.0	-4.7	-6.9	-7.4	-4.6	1.8	2.1
EBITDA [+]	3.9	7.3	6.3	6.1	5.5	1.4	1.4	0.8
EBITDA growth	-28.8%	404.9%	337.8%	687.7%	2256.6%	-242.1%
EBITDA margin	37.4%	72.7%	70.2%	71.7%	68.9%	20.8%	23.3%	14.6%
Depreciation	0.7	0.7	0.6	0.6	0.6	0.6	0.5	0.7
EBITA	3.2	6.6	5.7	5.4	4.8	0.9	0.9	0.0
EBITA margin	30.5%	65.9%	63.2%	64.3%	61.1%	12.6%	15.3%	0.8%
Amortization of intangibles	0.2	0.1
EBIT [+]	3.0	6.5	5.7	5.4	4.8	0.9	0.9	0.0
EBIT growth	-37.8%	645.6%	500.8%	12868.3%	-1215.4%	-152.8%
EBIT margin	29.0%	65.1%	63.2%	64.3%	61.1%	12.6%	15.3%	0.8%
Non-recurring items [+]					0.1	-0.2	-0.1	-0.1
Loss (gain) on sale of assets					0.1	-0.2	0.2	0.2
Interest expense	0.9	0.9	0.9	1.0	1.1	0.9	1.1	0.9
Interest expense	0.9	0.9	0.9	1.0	1.1	0.9	1.1	0.9
Other income (expense), net [+]	0.7	-0.2	1.3	-0.4	-1.0	0.8	0.1	0.6
Gain (loss) on debt retirement					1.4
Other	-0.9				-0.4
Pre-tax income	2.8	5.0	6.1	4.1	2.7	1.0	0.1	-0.2
Income taxes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Tax rate	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net income	2.8	5.0	6.1	4.1	2.7	1.0	0.1	-0.7
Net margin	27.2%	50.4%	68.0%	48.5%	33.5%	14.5%	0.9%	-12.8%

Basic EPS [+]	$0.05	$0.09	$0.11	$0.07	$0.05	$0.02	$0.00	($0.01)
Growth	4.2%	392.7%	10878.6%	-692.4%	-520.9%	-152.3%
Diluted EPS [+]	$0.04	$0.08	$0.09	$0.06	$0.04	$0.02	$0.00	($0.01)
Growth	1.9%	378.3%	10034.2%	-617.3%	-483.2%	-145.4%

Shares outstanding (basic) [+]	55.9	55.6	55.3	55.0	54.8	54.6	54.1	53.7
Growth	2.1%	1.9%	2.2%	2.6%	3.1%	3.8%
Shares outstanding (diluted) [+]	66.0	66.0	66.0	66.1	63.2	62.9	59.6	56.3
Growth	4.5%	5.0%	10.8%	17.5%	13.2%	19.7%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.