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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-Q

(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________  to ________

Commission file number: 1-4998
 
ATLAS PIPELINE PARTNERS, L.P.
(Exact name of registrant as specified in its charter)

DELAWARE  
23-3011077
  
(State or other jurisdiction of incorporation or organization)  
(I.R.S. Employer Identification No.)
  
     
311 Rouser Road      
Moon Township, Pennsylvania  
15108
  
(Address of principal executive office)  
(Zip code)
  

Registrant's telephone number, including area code: (412) 262-2830

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes x No o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes x No o
 

 
 ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES
INDEX TO QUARTERLY REPORT
ON FORM 10-Q


   
PAGE
PART I. FINANCIAL INFORMATION
  
   
Item 1.
  
     
 
 
3
     
 
4
     
 
5
     
 
6
     
 
7 - 19
     
Item 2.
20 - 28
     
Item 3.
28 - 31
     
Item 4.
31
     
PART II. OTHER INFORMATION
  
   
Item 2.
32
     
Item 4.
32
     
Item 6.
32
     
33


2

PART I.   FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit data)
(Unaudited)

   
March 31,
  
December 31,
  
ASSETS
  
2005
  
2004
  
   
 
      
Current assets:
          
Cash and cash equivalents
  
$
9,695
  
$
18,214
  
Accounts receivable−affiliates
    
−
    
1,496
  
Accounts receivable
    
16,566
    
13,769
  
Prepaid expenses
    
1,155
    
1,056
  
Total current assets
    
27,416
    
34,535
  
               
Property, plant and equipment, net 
    
179,847
    
175,259
  
               
Goodwill (net of accumulated amortization of $285) 
    
2,305
    
2,305
  
               
Other assets 
    
6,319
    
4,686
  
   
$
215,887
  
$
216,785
  
               
LIABILITIES AND PARTNERS’ CAPITAL
             
               
Current liabilities:
              
Current portion of long-term debt 
  
$
2,303
  
$
2,303
  
Accrued liabilities 
    
2,677
    
2,619
  
Hedge liability 
    
8,673
    
1,959
  
Accrued producer liabilities 
    
12,456
    
10,996
  
Accounts payable 
    
1,395
    
2,341
  
Accounts payable - affiliates 
    
963
    
−
  
Distribution payable 
    
6,904
    
6,467
  
Total current liabilities
    
35,371
    
26,685
  
               
Other long-term liabilities 
    
3,160
    
1,247
  
               
Long-term debt, less current portion 
    
51,570
    
52,149
  
               
Commitments and contingencies 
    
−
    
−
  
               
Partners’ capital:
              
Common unitholders; 7,204,790 and 5,563,659 units outstanding 
    
133,192
    
135,759
  
Subordinated unitholder, 0 and 1,641,026 units outstanding 
    
−
    
2
  
General partner 
    
2,181
    
2,261
  
Accumulated other comprehensive loss 
    
(9,587
)
  
(1,318
)
Total partners’ capital
    
125,786
    
136,704
  
   
$
215,887
  
$
216,785
  

See accompanying notes to consolidated financial statements

3

ATLAS PIPELINE PARTNERS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(in thousands, except per unit data)
(Unaudited)


   
2005
  
2004
  
Revenues:
          
Natural gas and liquids
  
$
42,334
  
$
-
  
Transportation and compression - affiliates
    
4,847
    
4,193
  
Transportation and compression - third party
    
15
    
17
  
Interest income and other
    
81
    
36
  
Total revenues and other income
    
47,277
    
4,246
  
               
Costs and expenses:
              
Natural gas and liquids 
    
35,459
    
−
  
Plant operating 
    
1,204
    
−
  
Transportation and compression 
    
676
    
607
  
General and administrative 
    
1,975
    
468
  
Compensation reimbursement - affiliates 
    
513
    
113
  
Terminated acquisition costs  
    
136
    
−
  
Depreciation and amortization 
    
1,929
    
518
  
Interest 
    
1,135
    
63
  
Total costs and expenses 
  
$
43,027
  
$