Delek US Holdings Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported net loss from continuing operations of $21.1 million, or $0.39 per basic and diluted share, versus net income from continuing operations of $1.4 million, or $0.03 per basic and diluted share, in the fourth quarter 2008. Net sales were $849.5 million against $678.8 million last year. Operating loss was $22.7 million against operating income of $11.3 million last year. Loss from continuing operations before income tax expense was $31.0 million against income from continuing operations before income tax expense of $7.3 million last year. Net loss was $21.1 million or $0.39 per basic and diluted share against net income of $2.1 million or $0.04 per basic and diluted share last year. Adjusted loss per share from continuing operations was $0.50 against adjusted earnings per share from continuing operations of $0.35 last year. Adjusted loss per share was $0.50 against adjusted earnings per share of $0.36 last year. Adjusted net loss from continuing operations before tax was $41.5 million and adjusted net loss from continuing operations after tax was $27.0 million. Total adjusted net loss before tax was $41.5 million and total adjusted net loss after tax was $27.0 million. For the full year, the company reported net income from continuing operations of $2.3 million, or $0.04 per basic and diluted share, versus net income from continuing operations of $24.6 million, or $0.46 per diluted share, in 2008. Net sales were $2,666.7 million against $4,723.7 million last year. Operating income was $31.4 million against operating income of $72.1 million last year. Income from continuing operations before income tax expense was $5.4 million against income from continuing operations before income tax expense of $43.2 million last year. Net income was $0.7 million or $0.01 per basic and diluted share against net income of $26.5 million or $0.49 per diluted share last year. Adjusted loss per share from continuing operations was $0.41 against adjusted earnings per share from continuing operations of $0.78 last year. Adjusted loss per share was $0.44 against adjusted earnings per share of $0.81 last year. Adjusted net loss from continuing operations before tax was $36.8 million and adjusted net loss from continuing operations after tax was $22.4 million. Total adjusted net loss before tax was $39.5 million and total adjusted net loss after tax was $24.0 million. Cash flows provided by operating activities were $137.8 million against $28.6 million last year. As of Dec. 31, 2009, the company had $68.4 million in cash and $317.1 million in debt, resulting in a net debt position of $248.7 million. For the quarter, impairment of goodwill before tax was $7.0 million against $11.2 million last year. Impairment of goodwill after tax was $4.3 million or $0.08 per share. The company anticipates total capital spending will decline significantly in 2010, compared to prior years.

Delek US Holdings Inc. held its earnings conference call. The company intends to look at acquisition opportunities. Uzi Yemin, President and CEO of the company said: Our goal in the past was, and still, to make strategic acquisition. However, as we said in the past, we're not going to stretch the balance sheet more than what we think is needed and we're not going to risk the Company for an acquisition. So, by the end of the day, we will probably keep looking. Not probably, we will keep looking and a lot of opportunity in the marketplace. However, we want to be much disciplined and not to stretch the balance sheet too hard. Fred Green, VP and COO of the company said: I think we've put ourselves in a position that, as Uzi just mentioned, if an attractive acquisition came along, we will have the debt capacity on the revolving side. But I would emphasize again, as Uzi talked about a few minutes ago, that we want to maintain the level of leverage we have today. We could possibly go up to 2.5 times EBITDA, but that would be as high as we want to go. So any acquisitions we would make, I think there would be a portion of equity and a portion of debt financing so that we keep our capital structure in line with where it is today and not deteriorate from where we are today.

Delek US Holdings Inc. Presents at The 2010 INVESTTennessee Equity Conference, May-27-2010. Venue: Nashville Convention Center, Nashville, Tennessee, United States.

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