DELAWARE
(State of incorporation
or organization)
|
000-50056
(Commission file number)
|
05-0527861
(I.R.S. employer identification number)
|
||||
4200 STONE ROAD
|
||||||
KILGORE, TEXAS
(Address of principal executive offices)
|
75662
(Zip code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
Exhibit
|
||||
Number
|
Description
|
|||
99.1
|
Press release dated August 1, 2012.
|
MARTIN MIDSTREAM PARTNERS L.P.
By: Martin Midstream GP LLC,
Its General Partner
|
|||||
Date: August 1, 2012
|
By: /s/ Robert D. Bondurant
|
||||
Robert D. Bondurant,
|
|||||
Executive Vice President and
Chief Financial Officer
|
|||||
Exhibit
|
||||
Number
|
Description
|
|||
99.1
|
Press release dated August 1, 2012.
|
(1)
|
net income from continuing operations (as reported in statements of operations); plus depreciation and amortization; plus loss on sale of property, plant and equipment; plus amortization of debt discount and amortization of deferred debt issue costs; less deferred taxes (all as reported in statements of cash flows); less payments of installment notes payable and capital lease obligations expenditures (as described below); plus distribution equivalents from unconsolidated entities (as described below); less Mont Belvieu indemnity escrow payment (as described below); plus debt prepayment premium (as described below); plus equity in losses of unconsolidated entities (as reported in statements of operations); less payments for plant turnaround costs (as reported in statements of cash flows); less maintenance capital expenditures (as reported under the caption “Liquidity and Capital Resources” in the Partnership’s Quarterly Report on Form 10-Q to be filed with the SEC on August 6, 2012); plus unit-based compensation (as reported in statements of changes in capital); plus invested cash in unconsolidated entities (as described below); and
|
(2)
|
net income from discontinued operations (as reported in statements of operations); plus depreciation and amortization; plus transaction costs related to the disposition of Prism Assets; less gain on sale of property, plant and equipment; less equity in earnings of unconsolidated entities; (all as reported in Note 4 under the caption “Notes to the Consolidated and Condensed Financial Statements” in the Partnership’s Quarterly Report on Form 10-Q to be filed with the SEC on August 6, 2012); less non-cash mark-to-market on derivatives (as reported in statements of cash flows; less maintenance capital expenditures (as reported under the caption “Liquidity and Capital Resources” in the Partnership’s Quarterly Report on Form 10-Q to be filed with the SEC on August 6, 2012); plus distribution equivalents from unconsolidated entities and invested cash in unconsolidated entities (both as described below).
|
June 30,
2012
(Unaudited)
|
December 31, 2011
(Audited)
|
|||||||
Assets
|
||||||||
Cash
|
$ | 106 | $ | 266 | ||||
Accounts and other receivables, less allowance for doubtful accounts of $3,093 and $3,021, respectively
|
97,471 | 126,461 | ||||||
Product exchange receivables
|
8,129 | 17,646 | ||||||
Inventories
|
83,759 | 77,677 | ||||||
Due from affiliates
|
17,199 | 5,968 | ||||||
Fair value of derivatives
|
41 | 622 | ||||||
Other current assets
|
2,074 | 1,978 | ||||||
Assets held for sale
|
211,588 | 212,787 | ||||||
Total current assets
|
420,367 | 443,405 | ||||||
Property, plant and equipment, at cost
|
678,263 | 632,728 | ||||||
Accumulated depreciation
|
(234,168 | ) | (215,272 | ) | ||||
Property, plant and equipment, net
|
444,095 | 417,456 | ||||||
Goodwill
|
8,337 | 8,337 | ||||||
Investment in unconsolidated entities
|
76,411 | 62,948 | ||||||
Debt issuance costs, net
|
11,603 | 13,330 | ||||||
Other assets, net
|
6,043 | 3,633 | ||||||
$ | 966,856 | $ | 949,109 | |||||
Liabilities and Partners’ Capital
|
||||||||
Current installments of long-term debt and capital lease obligations
|
$ | 206 | $ | 1,261 | ||||
Trade and other accounts payable
|
109,429 | 125,970 | ||||||
Product exchange payables
|
15,779 | 37,313 | ||||||
Due to affiliates
|
12,316 | 18,485 | ||||||
Income taxes payable
|
839 | 893 | ||||||
Fair value of derivatives
|
— | 362 | ||||||
Other accrued liabilities
|
9,317 | 11,022 | ||||||
Liabilities held for sale
|
508 | 501 | ||||||
Total current liabilities
|
148,394 | 195,807 | ||||||
Long-term debt and capital leases, less current maturities
|
452,970 | 458,941 | ||||||
Deferred income taxes
|
7,336 | 7,657 | ||||||
Other long-term obligations
|
1,061 | 1,088 | ||||||
Total liabilities
|
609,761 | 663,493 | ||||||
Partners’ capital
|
357,032 | 284,990 | ||||||
Accumulated other comprehensive income
|
63 | 626 | ||||||
Total partners’ capital
|
357,095 | 285,616 | ||||||
Commitments and contingencies
|
||||||||
$ | 966,856 | $ | 949,109 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Terminalling and storage *
|
$ | 21,046 | $ | 19,327 | $ | 41,232 | $ | 37,450 | ||||||||
Marine transportation *
|
20,714 | 17,376 | 41,576 | 36,775 | ||||||||||||
Sulfur services
|
2,925 | 2,850 | 5,851 | 5,700 | ||||||||||||
Product sales: *
|
||||||||||||||||
Natural gas services
|
164,817 | 127,050 | 336,928 | 264,205 | ||||||||||||
Sulfur services
|
64,168 | 74,083 | 135,794 | 130,991 | ||||||||||||
Terminalling and storage
|
19,208 | 19,371 | 40,881 | 37,916 | ||||||||||||
248,193 | 220,504 | 513,603 | 433,112 | |||||||||||||
Total revenues
|
292,878 | 260,057 | 602,262 | 513,037 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Cost of products sold: (excluding depreciation and amortization)
|
||||||||||||||||
Natural gas services *
|
163,043 | 125,648 | 330,242 | 257,926 | ||||||||||||
Sulfur services *
|
47,350 | 59,892 | 102,310 | 104,334 | ||||||||||||
Terminalling and storage
|
17,367 | 17,395 | 37,387 | 33,955 | ||||||||||||
227,760 | 202,935 | 469,939 | 396,215 | |||||||||||||
Expenses:
|
||||||||||||||||
Operating expenses *
|
34,442 | 33,372 | 71,454 | 66,322 | ||||||||||||
Selling, general and administrative *
|
4,603 | 3,751 | 9,007 | 7,477 | ||||||||||||
Depreciation and amortization
|
9,791 | 9,928 | 19,491 | 19,498 | ||||||||||||
Total costs and expenses
|
276,596 | 249,986 | 569,891 | 489,512 | ||||||||||||
Other operating income
|
378 | 98 | 373 | 98 | ||||||||||||
Operating income
|
16,660 | 10,169 | 32,744 | 23,623 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Equity in earnings of unconsolidated entities
|
(745 | ) | 153 | (363 | ) | 153 | ||||||||||
Interest expense
|
(8,265 | ) | (4,403 | ) | (15,472 | ) | (12,805 | ) | ||||||||
Debt prepayment premium
|
(2,219 | ) | — | (2,470 | ) | — | ||||||||||
Other, net
|
84 | 44 | 145 | 102 | ||||||||||||
Total other (expense)
|
(11,145 | ) | (4,206 | ) | (18,160 | ) | (12,550 | ) | ||||||||
Income from continuing operations before taxes
|
5,515 | 5,963 | 14,584 | 11,073 | ||||||||||||
Income tax (expense)
|
( 307 | ) | ( 223 | ) | (572 | ) | (444 | ) | ||||||||
Income from continuing operations
|
5,208 | 5,740 | 14,012 | 10,629 | ||||||||||||
Income from discontinued operations, net of income taxes
|
1,984 | 3,030 | 3,709 | 5,463 | ||||||||||||
Net income
|
$ | 7,192 | $ | 8,770 | $ | 17,721 | $ | 16,092 | ||||||||
Revenues:
|
||||||||||||||||
Terminalling and storage
|
$ | 14,805 | $ | 12,897 | $ | 30,080 | $ | 25,835 | ||||||||
Marine transportation
|
4,446 | 6,306 | 9,303 | 12,871 | ||||||||||||
Product Sales
|
1,958 | 1,768 | 4,147 | 5,569 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Cost of products sold: (excluding depreciation and amortization)
|
||||||||||||||||
Natural gas services
|
7,707 | 1,961 | 12,022 | 4,422 | ||||||||||||
Sulfur services
|
3,970 | 4,492 | 8,401 | 8,645 | ||||||||||||
Expenses:
|
||||||||||||||||
Operating expenses
|
14,392 | 13,477 | 28,208 | 25,265 | ||||||||||||
Selling, general and administrative
|
2,828 | 1,965 | 5,494 | 3,971 |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Allocation of net income attributable to:
Limited partner interest:
|
||||||||||||||||
Continuing operations
|
$ | 4,089 | $ | 4,633 | $ | 11,644 | $ | 8,517 | ||||||||
Discontinued operations
|
1,558 | 2,445 | 3,082 | 4,377 | ||||||||||||
5,647 | 7,078 | 14,726 | 12,894 | |||||||||||||
General partner interest:
|
||||||||||||||||
Continuing operations
|
1,119 | 926 | 2,368 | 1,746 | ||||||||||||
Discontinued operations
|
426 | 489 | 627 | 898 | ||||||||||||
1,545 | 1,415 | 2,995 | 2,644 | |||||||||||||
Net income attributable to:
|
||||||||||||||||
Continuing operations
|
5,208 | 5,559 | 14,012 | 10,263 | ||||||||||||
Discontinued operations
|
1,984 | 2,934 | 3,709 | 5,275 | ||||||||||||
Net income attributable to limited partners:
Basic:
|
$ | 7,192 | $ | 8,493 | $ | 17,721 | $ | 15,538 | ||||||||
Continuing operations
|
$ | 0.18 | $ | 0.24 | $ | 0.51 | $ | 0.44 | ||||||||
Discontinued operations
|
0.07 | 0.13 | 0.13 | 0.23 | ||||||||||||
$ | 0.25 | $ | 0.37 | $ | 0.64 | $ | 0.67 | |||||||||
Weighted average limited partner units - basic
|
23,103 | 19,159 | 22,839 | 19,163 | ||||||||||||
Diluted:
|
||||||||||||||||
Continuing operations
|
$ | 0.18 | $ | 0.24 | $ | 0.51 | $ | 0.44 | ||||||||
Discontinued operations
|
0.07 | 0.13 | 0.13 | 0.23 | ||||||||||||
$ | 0.25 | $ | 0.37 | $ | 0.64 | $ | 0.67 | |||||||||
Weighted average limited partner units - diluted
|
23,104 | 19,159 | 22,842 | 19,164 | ||||||||||||
Partners’ Capital
|
||||||||||||||||||||||||||
Common Limited | Subordinated Limited |
General Partner
|
Accumulated Other Comprehensive
Income
|
|||||||||||||||||||||||
Units
|
Amount
|
Units
|
Amount
|
Amount
|
(Loss)
|
Total
|
||||||||||||||||||||
Balances – January 1, 2011
|
17,707,832 | $ | 250,785 | 889,444 | $ | 17,721 | $ | 4,881 | $ | 1,419 | $ | 274,806 | ||||||||||||||
Net income
|
— | 13,448 | — | — | 2,644 | — | 16,092 | |||||||||||||||||||
Recognition of beneficial conversion feature
|
— | (554 | ) | — | 554 | — | — | — | ||||||||||||||||||
Follow-on public offering
|
1,874,500 | 70,330 | — | — | — | — | 70,330 | |||||||||||||||||||
General partner contribution
|
— | — | — | — | 1,505 | — | 1,505 | |||||||||||||||||||
Cash distributions
|
— | (28,390 | ) | — | — | (3,025 | ) | — | (31,415 | ) | ||||||||||||||||
Excess purchase price over carrying value of acquired assets
|
— | (19,685 | ) | — | — | — | — | (19,685 | ) | |||||||||||||||||
Unit-based compensation
|
15,350 | 96 | — | — | — | — | 96 | |||||||||||||||||||
Purchase of treasury units
|
( 14,850 | ) | (582 | ) | — | — | — | — | (582 | ) | ||||||||||||||||
Unit-based compensation grant forfeitures
|
( 500 | ) | — | — | — | — | — | — | ||||||||||||||||||
Adjustment in fair value of derivatives
|
— | — | — | — | — | (799 | ) | (799 | ) | |||||||||||||||||
Balances – June 30, 2011
|
19,582,332 | $ | 285,448 | 889,444 | $ | 18,275 | $ | 6,005 | $ | 620 | $ | 310,348 | ||||||||||||||
Balances – January 1, 2012
|
20,471,776 | $ | 279,562 | — | $ | — | $ | 5,428 | $ | 626 | $ | 285,616 | ||||||||||||||
Net income
|
— | 14,726 | — | 2,995 | — | 17,721 | ||||||||||||||||||||
Follow-on public offering
|
2,645,000 | 91,361 | — | — | — | — | 91,361 | |||||||||||||||||||
General partner contribution
|
— | — | — | — | 1,951 | — | 1,951 | |||||||||||||||||||
Cash distributions
|
— | (35,253 | ) | — | — | (3,635 | ) | — | (38,888 | ) | ||||||||||||||||
Unit-based compensation
|
6,250 | 118 | — | — | — | — | 118 | |||||||||||||||||||
Purchase of treasury units
|
( 6,250 | ) | (221) | — | — | — | — | (221 | ) | |||||||||||||||||
Adjustment in fair value of derivatives
|
— | — | — | — | — | (563 | ) | (563 | ) | |||||||||||||||||
Balances – June 30, 2012
|
23,116,776 | $ | 350,293 | — | $ | — | $ | 6,739 | $ | 63 | $ | 357,095 |
Six Months Ended
June 30,
|
||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 17,721 | $ | 16,092 | ||||
Less: Income from discontinued operations
|
(3,709 | ) | (5,463 | ) | ||||
Net income from continuing operations
|
14,012 | 10,629 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
19,491 | 19,498 | ||||||
Amortization of deferred debt issuance costs
|
1,931 | 2,390 | ||||||
Amortization of debt discount
|
427 | 175 | ||||||
Deferred taxes
|
(321 | ) | (32 | ) | ||||
Loss on sale of property, plant and equipment
|
3 | 714 | ||||||
Equity in earnings (loss) of unconsolidated entities
|
363 | (153 | ) | |||||
Non-cash mark-to-market on derivatives
|
(344 | ) | (2,346 | ) | ||||
Other
|
118 | 96 | ||||||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
|
||||||||
Accounts and other receivables
|
28,990 | (3,843 | ) | |||||
Product exchange receivables
|
9,517 | (7,542 | ) | |||||
Inventories
|
(6,082 | ) | (10,344 | ) | ||||
Due from affiliates
|
(11,231 | ) | (12,685 | ) | ||||
Other current assets
|
(96 | ) | 1,176 | |||||
Trade and other accounts payable
|
(16,541 | ) | 7,848 | |||||
Product exchange payables
|
(21,534 | ) | 5,257 | |||||
Due to affiliates
|
(6,169 | ) | 10,270 | |||||
Income taxes payable
|
(54 | ) | (210 | ) | ||||
Other accrued liabilities
|
(1,705 | ) | (365 | ) | ||||
Change in other non-current assets and liabilities
|
(574 | ) | (92 | ) | ||||
Net cash provided by continuing operating activities
|
10,201 | 20,441 | ||||||
Net cash provided by discontinued operating activities
|
6,918 | 9,634 | ||||||
Net cash provided by operating activities
|
17,119 | 30,075 | ||||||
Cash flows from investing activities:
|
||||||||
Payments for property, plant and equipment
|
(45,616 | ) | (29,473 | ) | ||||
Acquisitions
|
— | (16,815 | ) | |||||
Payments for plant turnaround costs
|
(2,403 | ) | (2,044 | ) | ||||
Proceeds from sale of property, plant and equipment
|
23 | — | ||||||
Investment in unconsolidated subsidiaries
|
(775 | ) | (59,319 | ) | ||||
Return of investments from unconsolidated entities
|
4,297 | — | ||||||
Distributions from (contributions to) unconsolidated entities for operations
|
(17,348 | ) | — | |||||
Net cash used in continuing investing activities
|
(61,822 | ) | (107,651 | ) | ||||
Net cash used in discontinued investing activities
|
(2,003 | ) | (5,923 | ) | ||||
Net cash used in investing activities
|
(63,825 | ) | (113,574 | ) | ||||
Cash flows from financing activities:
|
||||||||
Payments of long-term debt
|
(217,000 | ) | (301,500 | ) | ||||
Payments of notes payable and capital lease obligations
|
(6,453 | ) | (543 | ) | ||||
Proceeds from long-term debt
|
216,000 | 357,500 | ||||||
Net proceeds from follow on offering
|
91,361 | 70,330 | ||||||
General partner contribution
|
1,951 | 1,505 | ||||||
Treasury units purchased
|
(221 | ) | (582 | ) | ||||
Payment of debt issuance costs
|
(204 | ) | (3,424 | ) | ||||
Excess purchase price over carrying value of acquired assets
|
— | (19,685 | ) | |||||
Cash distributions paid
|
(38,888 | ) | (31,415 | ) | ||||
Net cash provided by financing activities
|
46,546 | 72,186 | ||||||
Net decrease in cash
|
(160 | ) | (11,313 | ) | ||||
Cash at beginning of period
|
266 | 11,380 | ||||||
Cash at end of period
|
$ | 106 | $ | 67 |
Terminalling and Storage Segment
|
Three Months Ended
June 30,
|
|||||
2012
|
2011
|
|||||
(In thousands)
|
||||||
Revenues:
|
||||||
Services
|
$ | 22,222 | $ | 20,375 | ||
Products
|
19,208 | 19,391 | ||||
Total revenues
|
41,430 | 39,766 | ||||
Cost of products sold
|
17,890 | 18,290 | ||||
Operating expenses
|
13,922 | 12,939 | ||||
Selling, general and administrative expenses
|
51 | 92 | ||||
Depreciation and amortization
|
4,944 | 4,745 | ||||
4,623 | 3,700 | |||||
Other operating income (loss)
|
375 | (577 | ) | |||
Operating income
|
$ | 4,998 | $ | 3,123 | ||
Natural Gas Services Segment
|
Three Months Ended
June 30,
|
|||||
2012
|
2011
|
|||||
(In thousands)
|
||||||
Revenues
|
$ | 164,817 | $ | 127,050 | ||
Cost of products sold
|
163,427 | 125,891 | ||||
Operating expenses
|
804 | 776 | ||||
Selling, general and administrative expenses
|
859 | 522 | ||||
Depreciation and amortization
|
144 | 144 | ||||
(417 | (283 | ) | ||||
Other operating income
|
— | — | ||||
Operating loss
|
$ | (417 | $ | (283 | ) | |
NGLs Volumes (Bbls)
|
2,436 | 1,547 | ||||
Equity in earnings (loss) of unconsolidated entities
|
$ | (745 | $ | 153 |
Sulfur Services Segment
|
Three Months Ended
June 30,
|
|||||||
2012
|
2011
|
|||||||
Revenues:
|
||||||||
Services
|
$ | 2,925 | $ | 2,850 | ||||
Products
|
64,168 | 74,083 | ||||||
Total revenues
|
67,093 | 76,933 | ||||||
Cost of products sold
|
47,440 | 59,983 | ||||||
Operating expenses
|
4,614 | 4,966 | ||||||
Selling, general and administrative expenses
|
982 | 857 | ||||||
Depreciation and amortization
|
1,782 | 1,700 | ||||||
12,275 | 9,427 | |||||||
Other operating income
|
3 3
|
675 | ||||||
Operating income
|
$ | 12,278 | $ | 10,102 | ||||
Sulfur (long tons)
|
328.0 | 339.6 | ||||||
Fertilizer (long tons)
|
83.6 | 69.4 | ||||||
Sulfur Services Volumes (long tons)
|
411.6 | 409.0 | ||||||
Marine Transportation Segment
|
Three Months Ended
June 30,
|
|||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Revenues
|
$ | 21,466 | $ | 19,351 | ||||
Operating expenses
|
16,033 | 16,505 | ||||||
Selling, general and administrative expenses
|
362 | 518 | ||||||
Depreciation and amortization
|
2,921 | 3,339 | ||||||
2,150 | (1,011 | ) | ||||||
Other operating income
|
— | — | ||||||
Operating income
|
$ | 2,150 | $ | (1,011 | ) | |||
Terminalling and Storage Segment
|
Six Months Ended
June 30,
|
|||||
2012 |
2011
|
|||||
(In thousands)
|
||||||
Revenues:
|
||||||
Services
|
$ | 43,583 | $ | 39,476 | ||
Products
|
40,881 | 37,936 | ||||
Total revenues
|
84,464 | 77,412 | ||||
Cost of products sold
|
38,430 | 35,780 | ||||
Operating expenses
|
27,967 | 25,254 | ||||
Selling, general and administrative expenses
|
61 | 176 | ||||
Depreciation and amortization
|
9,667 | 9,285 | ||||
8,339 | 6,917 | |||||
Other operating income (loss)
|
395 | (577 | ) | |||
Operating income
|
$ | 8,734 | $ | 6,340 | ||
Natural Gas Services Segment
|
Six Months Ended
June 30,
|
||||||
2012
|
2011
|
||||||
(In thousands)
|
|||||||
Revenues
|
$ | 336,928 | $ | 264,205 | |||
Cost of products sold
|
331,003 | 258,374 | |||||
Operating expenses
|
1,756 | 1,487 | |||||
Selling, general and administrative expenses
|
1,456 | 1,071 | |||||
Depreciation and amortization
|
287 | 287 | |||||
2,426 | 2,986 | ||||||
Other operating income
|
— | — | |||||
Operating income
|
$ | 2,426 | $ | 2,986 | |||
NGLs Volumes (Bbls)
|
4,733 | 3,376 | |||||
Equity in Earnings of Unconsolidated Entities
|
$ | (363 | ) | $ | 153 |
Sulfur Services Segment
|
Six Months Ended
June 30,
|
|||||||
2012
|
2011
|
|||||||
Revenues:
|
||||||||
Services
|
$ | 5,851 | $ | 5,700 | ||||
Products
|
135,794 | 130,991 | ||||||
Total revenues
|
141,645 | 136,691 | ||||||
Cost of products sold
|
102,491 | 104,515 | ||||||
Operating expenses
|
8,807 | 9,657 | ||||||
Selling, general and administrative expenses
|
1,937 | 1,743 | ||||||
Depreciation and amortization
|
3,575 | 3,322 | ||||||
24,835 | 17,454 | |||||||
Other operating income
|
(22 | ) | 675 | |||||
Operating income
|
$ | 24,813 | $ | 18,129 | ||||
Sulfur (long tons)
|
636.2 | 688.5 | ||||||
Fertilizer (long tons)
|
177.5 | 147.0 | ||||||
Sulfur Services Volumes (long tons)
|
813.7 | 835.5 |
Marine Transportation Segment
|
Six Months Ended
June 30,
|
|||||||
2012
|
2011
|
|||||||
(In thousands)
|
||||||||
Revenues
|
$ | 43,033 | $ | 40,790 | ||||
Operating expenses
|
34,747 | 33,531 | ||||||
Selling, general and administrative expenses
|
786 | 907 | ||||||
Depreciation and amortization
|
5,962 | 6,604 | ||||||
1,538 | (252 | ) | ||||||
Other operating income (loss)
|
— | — | ||||||
Operating income (loss)
|
$ | 1,538 | $ | (252 | ) | |||
Three Months Ended
June 30,
2012
|
Six Months Ended
June 30,
2012
|
|||||||
Net income
|
$ | 7,192 | $ | 17,721 | ||||
Less: Income from discontinued operations
|
(1,984 | ) | (3,709 | ) | ||||
Net income from continuing operations
|
5,208 | 14,012 | ||||||
Adjustments to reconcile net income to distributable cash flow:
|
||||||||
Continuing operations:
|
||||||||
Depreciation and amortization
|
9,791 | 19,491 | ||||||
Loss on sale of property, plant and equipment
|
7 | 3 | ||||||
Amortization of debt discount
|
340 | 427 | ||||||
Amortization of deferred debt issuance costs
|
1,241 | 1,931 | ||||||
Deferred taxes
|
(151 | ) | (321 | ) | ||||
Payments of installment notes payable and capital lease obligations
|
(46 | ) | (176 | ) | ||||
Distribution equivalents from unconsolidated entities1
|
1,206 | 2,278 | ||||||
Mont Belvieu indemnity escrow payment
|
(375 | ) | (375 | ) | ||||
Debt prepayment premium
|
2,219 | 2,470 | ||||||
Equity in loss of unconsolidated entities
|
745 | 363 | ||||||
Payments for plant turnaround costs
|
(2,098 | ) | (2,403 | ) | ||||
Maintenance capital expenditures
|
(1,083 | ) | (2,265 | ) | ||||
Unit-based compensation
|
62 | 118 | ||||||
Invested cash in unconsolidated entities from discontinued operations3
|
— | — | ||||||
Distributable cash flow from continuing operations
|
17,066 | 35,553 | ||||||
Discontinued operations:
|
||||||||
Income from discontinued operations
|
1,984 | 3,709 | ||||||
Depreciation and amortization from discontinued operations
|
926 | 2,320 | ||||||
Transaction costs related to the disposition of Prism Assets
|
841 | 841 | ||||||
Gain on sale of property, plant, and equipment of discontinued operations
|
(10 | ) | (10 | ) | ||||
Equity in earnings of unconsolidated entities of discontinued operations
|
(1,769 | ) | (4,234 | ) | ||||
Non-cash mark-to-market on derivatives
|
(354 | ) | (344 | ) | ||||
Maintenance capital expenditures from discontinued operations
|
(201 | ) | (549 | ) | ||||
Distribution equivalents from unconsolidated entities from discontinued operations2
|
2,670 | 5,920 | ||||||
Invested cash in unconsolidated entities from discontinued operations4
|
581 | 1,599 | ||||||
Distributable cash flow from discontinued operations
|
4,668 | 9,252 | ||||||
Distributable cash flow
|
$ | 21,734 | $ | 44,805 | ||||
Three Months Ended
June 30,
2012
|
Six Months Ended
June 30,
2012
|
|||||||
1 Distribution equivalents from unconsolidated entities from continuing operations:
|
||||||||
Distributions from unconsolidated entities
|
$ | — | $ | — | ||||
Return of investments from unconsolidated entities
|
1,206 | 2,278 | ||||||
Distributions in-kind from equity investments
|
— | — | ||||||
Distributions equivalents from unconsolidated entities
|
$ | 1,206 | $ | 2,278 | ||||
2 Distribution equivalents from unconsolidated entities from discontinued operations:
|
||||||||
Distributions from unconsolidated entities
|
$ | — | $ | — | ||||
Return of investments from unconsolidated entities
|
135 | 295 | ||||||
Distributions in-kind from equity investments
|
2,535 | 5,625 | ||||||
Distributions equivalents from unconsolidated entities
|
$ | 2,670 | $ | 5,920 | ||||
3 Invested cash in unconsolidated entities from continuing operations:
|
||||||||
Distributions from (contributions to) unconsolidated entities for operations
|
$ | (9,691 | ) | $ | (17,348 | ) | ||
Expansion capital expenditures in unconsolidated entities
|
9,691 | 17,348 | ||||||
Invested cash in unconsolidated entities
|
$ | — | $ | — | ||||
4 Invested cash in unconsolidated entities from discontinued operations:
|
||||||||
Distributions from (contributions to) unconsolidated entities for operations
|
$ | (586 | ) | $ | (1,335 | ) | ||
Expansion capital expenditures in unconsolidated entities
|
1,167 | 2,934 | ||||||
Invested cash in unconsolidated entities
|
$ | 581 | $ | 1,599 |