5/7/2021

speaker
Operator
Conference Operator

Good day and welcome to the Star Group Fiscal 2021 Second Quarter Results. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you will press the stars and one. Please note that this event is being recorded. I would now like to turn the conference over to Chris Witty, Investor Relations Moderator.

speaker
Chris Witty
Investor Relations Moderator

Please go ahead, sir. Thank you and good morning. With me on the call today are Jeff Woosnam, President and CEO, and Rich Ambury, CFO. I would now like to provide a brief safe harbor statement. This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties and may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements on historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations are disclosed in this conference call, the company's annual report on Form 10-K for the fiscal year ended September 30, 2020, and the company's other filings with the SEC. All subsequent written and oral forward-looking statements attributed to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Unless otherwise required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this conference call. I'd now like to turn the call over to Jeff Woosnam. Jeff?

speaker
Jeff Woosnam
President and CEO

Thanks, Chris, and good day, everyone. Thank you for joining us to discuss our quarterly results. I'm pleased to report that while temperatures in the second quarter were 9.5 9% warmer than normal. They were 16% colder than the same period last year, which drove improved operating performance across the business. Home heating oil and propane volumes rose, as did adjusted EBITDA, which increased by $12.9 million to $119.7 million. The increased activity level certainly tested the hybrid remote working platform that we've been operating in since last March, but as expected, our employees were more than up to the task and responded by demonstrating their ongoing commitment to providing the best customer experience possible. As a result, we have continued to see steady improvement in our internal customer satisfaction indicators. While the pandemic ran its course, we remain keenly focused on customer service, employee safety and operating fundamentals. Two areas previously impacted by the pandemic, namely equipment installations and service revenues, have normalized and performed quite well during the quarter. Our motor fuels business also improved, but volumes are still down from pre-pandemic levels. During the quarter, Star purchased two small heating oil dealers and in April acquired another, adding approximately 6 million gallons in aggregate of additional volume to our operations. With these acquisitions, we have now closed on five transactions since the beginning of the fiscal year, equating to some 13 million gallons in product annually. Our acquisition program remains an important part of our growth plan, and these recent purchases are already proving to be great additions to the organization. I remain confident that the overall strategy we've been executing has star well positioned and prepared for whatever challenges and opportunities lie ahead. With that, I'll turn the call over to Rich to provide additional comments on the quarter's results. Rich?

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

-

-