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 February 24, 2016 |
MARTIN MIDSTREAM PARTNERS L.P. By: Martin Midstream GP LLC, Its General Partner | ||||
Date: February 24, 2016 | By: /s/ Robert D. Bondurant | |||
Robert D. Bondurant | ||||
Executive Vice President, Treasurer, Principal Accounting Officer and Chief Financial Officer |
Exhibit | |||||
Number | Description | ||||
99.1 | Press release dated February 24, 2016 |
• | Distributable cash flow from continuing operations increased 42% compared to the year ended 2014 |
• | Adjusted EBITDA from continuing operations increased 26% compared to the year ended 2014 |
• | Distribution coverage ratio for fiscal year 2015 of 1.00 times |
• | No capital markets dependency in 2016 |
December 31, | |||||||
2015 | 2014 | ||||||
Assets | |||||||
Cash | $ | 31 | $ | 42 | |||
Trade and accrued accounts receivable, less allowance for doubtful accounts of $430 and $1,620 respectively | 74,355 | 134,173 | |||||
Product exchange receivables | 1,050 | 3,046 | |||||
Inventories | 75,870 | 88,718 | |||||
Due from affiliates | 10,126 | 14,512 | |||||
Fair value of derivatives | 675 | — | |||||
Other current assets | 5,718 | 6,772 | |||||
Assets held for sale | — | 40,488 | |||||
Total current assets | 167,825 | 287,751 | |||||
Property, plant and equipment, at cost | 1,387,814 | 1,343,674 | |||||
Accumulated depreciation | (404,574 | ) | (345,397 | ) | |||
Property, plant and equipment, net | 983,240 | 998,277 | |||||
Goodwill | 23,802 | 23,802 | |||||
Investment in unconsolidated entities | 132,292 | 134,506 | |||||
Notes receivable - Martin Energy Trading LLC | 15,000 | 15,000 | |||||
Intangibles and other assets, net | 58,314 | 81,465 | |||||
$ | 1,380,473 | $ | 1,540,801 | ||||
Liabilities and Partners’ Capital | |||||||
Trade and other accounts payable | $ | 81,180 | $ | 125,332 | |||
Product exchange payables | 12,732 | 10,396 | |||||
Due to affiliates | 5,738 | 4,872 | |||||
Income taxes payable | 985 | 1,174 | |||||
Other accrued liabilities | 18,533 | 21,801 | |||||
Total current liabilities | 119,168 | 163,575 | |||||
Long-term debt, net | 865,003 | 888,887 | |||||
Fair value of derivatives | 206 | — | |||||
Other long-term obligations | 2,217 | 2,668 | |||||
Total liabilities | 986,594 | 1,055,130 | |||||
Commitments and contingencies | |||||||
Partners’ capital | 393,879 | 485,671 | |||||
$ | 1,380,473 | $ | 1,540,801 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Terminalling and storage * | $ | 132,945 | $ | 130,506 | $ | 115,965 | |||||
Marine transportation * | 78,753 | 91,372 | 95,496 | ||||||||
Natural gas storage services * | 64,858 | 22,991 | — | ||||||||
Sulfur services | 12,270 | 12,149 | 12,004 | ||||||||
Product sales: * | |||||||||||
Natural gas services | 458,302 | 990,844 | 966,909 | ||||||||
Sulfur services | 157,891 | 203,322 | 201,120 | ||||||||
Terminalling and storage | 131,825 | 190,957 | 221,245 | ||||||||
748,018 | 1,385,123 | 1,389,274 | |||||||||
Total revenues | 1,036,844 | 1,642,141 | 1,612,739 | ||||||||
Costs and expenses: | |||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||
Natural gas services * | 413,795 | 948,765 | 928,725 | ||||||||
Sulfur services * | 114,766 | 159,782 | 157,723 | ||||||||
Terminalling and storage * | 112,836 | 172,069 | 195,640 | ||||||||
641,397 | 1,280,616 | 1,282,088 | |||||||||
Expenses: | |||||||||||
Operating expenses * | 183,466 | 184,049 | 170,155 | ||||||||
Selling, general and administrative * | 36,788 | 36,316 | 29,236 | ||||||||
Impairment of long lived assets | 10,629 | 3,445 | — | ||||||||
Depreciation and amortization | 92,250 | 68,830 | 50,962 | ||||||||
Total costs and expenses | 964,530 | 1,573,256 | 1,532,441 | ||||||||
Other operating income (loss) | (2,161 | ) | (1,014 | ) | 1,166 | ||||||
Operating income | 70,153 | 67,871 | 81,464 | ||||||||
Other income (expense): | |||||||||||
Equity in earnings (loss) of unconsolidated entities | 8,986 | 5,466 | (53,048 | ) | |||||||
Debt prepayment premium | — | (7,767 | ) | (272 | ) | ||||||
Interest expense, net | (43,292 | ) | (42,203 | ) | (42,495 | ) | |||||
Gain on retirement of senior unsecured notes | 1,242 | — | — | ||||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | — | (30,102 | ) | — | |||||||
Other, net | 1,124 | 1,505 | 542 | ||||||||
Total other income (expense) | (31,940 | ) | (73,101 | ) | (95,273 | ) | |||||
Net income (loss) before taxes | 38,213 | (5,230 | ) | (13,809 | ) | ||||||
Income tax expense | (1,048 | ) | (1,137 | ) | (753 | ) | |||||
Income (loss) from continuing operations | 37,165 | (6,367 | ) | (14,562 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes | 1,215 | (5,338 | ) | 1,208 | |||||||
Net income (loss) | 38,380 | (11,705 | ) | (13,354 | ) | ||||||
Less general partner's interest in net (income) loss | (16,338 | ) | (3,503 | ) | 267 | ||||||
Less (income) loss allocable to unvested restricted units | (140 | ) | 32 | 40 | |||||||
Limited partner's interest in net income (loss) | $ | 21,902 | $ | (15,176 | ) | $ | (13,047 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Terminalling and storage | $ | 78,233 | $ | 74,467 | $ | 71,517 | |||||
Marine transportation | 27,724 | 24,389 | 24,654 | ||||||||
Natural gas services | 878 | — | — | ||||||||
Product sales | 5,671 | 7,661 | 4,698 | ||||||||
Costs and expenses: | |||||||||||
Cost of products sold: (excluding depreciation and amortization) | |||||||||||
Natural gas services | 25,797 | 37,703 | 32,639 | ||||||||
Sulfur services | 16,579 | 18,390 | 18,161 | ||||||||
Terminalling and storage | 17,718 | 36,341 | 48,868 | ||||||||
Expenses: | |||||||||||
Operating expenses | 77,871 | 79,577 | 70,333 | ||||||||
Selling, general and administrative | 24,968 | 23,679 | 17,689 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Allocation of net income (loss) attributable to: | |||||||||||
Limited partner interest: | |||||||||||
Continuing operations | $ | 21,208 | $ | (8,255 | ) | $ | (14,227 | ) | |||
Discontinued operations | 694 | (6,921 | ) | 1,180 | |||||||
$ | 21,902 | $ | (15,176 | ) | $ | (13,047 | ) | ||||
General partner interest: | |||||||||||
Continuing operations | $ | 15,821 | $ | 1,906 | $ | (291 | ) | ||||
Discontinued operations | 517 | 1,597 | 24 | ||||||||
$ | 16,338 | $ | 3,503 | $ | (267 | ) | |||||
Net income (loss) per unit attributable to limited partners: | |||||||||||
Basic: | |||||||||||
Continuing operations | $ | 0.60 | $ | (0.27 | ) | $ | (0.54 | ) | |||
Discontinued operations | 0.02 | (0.22 | ) | 0.04 | |||||||
$ | 0.62 | $ | (0.49 | ) | $ | (0.50 | ) | ||||
Weighted average limited partner units - basic | 35,309 | 30,785 | 26,558 | ||||||||
Diluted: | |||||||||||
Continuing operations | $ | 0.60 | $ | (0.27 | ) | $ | (0.54 | ) | |||
Discontinued operations | 0.02 | (0.22 | ) | 0.04 | |||||||
$ | 0.62 | $ | (0.49 | ) | $ | (0.50 | ) | ||||
Weighted average limited partner units - diluted | 35,372 | 30,785 | 26,558 |
Partners’ Capital | ||||||||||||||
Common | General Partner | |||||||||||||
Units | Amount | Amount | Total | |||||||||||
Balances – December 31, 2012 | 26,566,776 | $ | 349,490 | $ | 8,472 | $ | 357,962 | |||||||
Net loss | — | (13,087 | ) | (267 | ) | (13,354 | ) | |||||||
Issuance of restricted units | 64,500 | — | — | — | ||||||||||
Forfeiture of restricted units | (250 | ) | — | — | — | |||||||||
General partner contribution | — | — | 37 | 37 | ||||||||||
Cash distributions ($3.11 per unit) | — | (82,735 | ) | (1,853 | ) | (84,588 | ) | |||||||
Excess purchase price over carrying value of acquired assets | — | (301 | ) | — | (301 | ) | ||||||||
Unit-based compensation | — | 911 | — | 911 | ||||||||||
Purchase of treasury units | (6,000 | ) | (250 | ) | — | (250 | ) | |||||||
Balances – December 31, 2013 | 26,625,026 | 254,028 | 6,389 | 260,417 | ||||||||||
Net income (loss) | — | (15,208 | ) | 3,503 | (11,705 | ) | ||||||||
Issuance of common units | 8,743,386 | 331,728 | — | 331,728 | ||||||||||
Issuance of restricted units | 8,900 | — | — | — | ||||||||||
Forfeiture of restricted units | (5,000 | ) | — | — | — | |||||||||
General partner contribution | — | — | 7,007 | 7,007 | ||||||||||
Cash distributions ($3.18 per unit) | — | (95,197 | ) | (2,171 | ) | (97,368 | ) | |||||||
Excess purchase price over carrying value of acquired assets | — | (4,948 | ) | — | (4,948 | ) | ||||||||
Unit-based compensation | — | 817 | — | 817 | ||||||||||
Purchase of treasury units | (6,400 | ) | (277 | ) | — | (277 | ) | |||||||
Balances – December 31, 2014 | 35,365,912 | 470,943 | 14,728 | 485,671 | ||||||||||
Net income | — | 22,042 | 16,338 | 38,380 | ||||||||||
Issuance of common units | — | (590 | ) | — | (590 | ) | ||||||||
Issuance of restricted units | 91,950 | — | — | — | ||||||||||
Forfeiture of restricted units | (1,250 | ) | — | — | — | |||||||||
General partner contribution | — | — | 55 | 55 | ||||||||||
Cash distributions ($3.25 per unit) | — | (115,229 | ) | (18,087 | ) | (133,316 | ) | |||||||
Reimbursement of excess purchase price over carrying value of acquired assets | — | 2,250 | — | 2,250 | ||||||||||
Unit-based compensation | — | 1,429 | — | 1,429 | ||||||||||
Balances – December 31, 2015 | 35,456,612 | $ | 380,845 | $ | 13,034 | $ | 393,879 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 38,380 | $ | (11,705 | ) | $ | (13,354 | ) | |||
Less: (Income) loss from discontinued operations | (1,215 | ) | 5,338 | (1,208 | ) | ||||||
Net income (loss) from continuing operations | 37,165 | (6,367 | ) | (14,562 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 92,250 | 68,830 | 50,962 | ||||||||
Amortization of deferred debt issue costs | 4,859 | 6,263 | 3,700 | ||||||||
Amortization of discount on notes payable | — | 1,305 | 306 | ||||||||
Amortization of premium on notes payable | (324 | ) | (245 | ) | — | ||||||
(Gain) loss on disposition or sale of property, plant, and equipment | 2,149 | 1,353 | (217 | ) | |||||||
Gain on sale of equity method investment | — | — | (750 | ) | |||||||
Gain on retirement of senior unsecured notes | (1,242 | ) | — | — | |||||||
Impairment of long lived assets | 10,629 | 3,445 | — | ||||||||
Equity in (earnings) loss of unconsolidated entities | (8,986 | ) | (5,466 | ) | 53,048 | ||||||
Reduction in fair value of investment in Cardinal due to the purchase of the controlling interest | — | 30,102 | — | ||||||||
Derivative (income) | (3,107 | ) | (5,877 | ) | — | ||||||
Net cash received for commodity derivatives | 143 | 3 | — | ||||||||
Net premiums received on derivatives that settled during the year on interest rate swaption contracts | 2,495 | 6,692 | — | ||||||||
Unit-based compensation | 1,429 | 817 | 911 | ||||||||
Preferred dividends from Martin Energy Trading | — | 1,498 | 1,738 | ||||||||
Return on investment | 11,200 | 2,600 | — | ||||||||
Other | — | — | 6 | ||||||||
Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||||||||||
Accounts and other receivables | 59,479 | 29,025 | 26,270 | ||||||||
Product exchange receivables | 1,996 | (319 | ) | 689 | |||||||
Inventories | 12,799 | 5,680 | 4,559 | ||||||||
Due from affiliates | 4,386 | (2,413 | ) | 1,244 | |||||||
Other current assets | 891 | 4,123 | (5,432 | ) | |||||||
Trade and other accounts payable | (44,153 | ) | (26,349 | ) | (9,978 | ) | |||||
Product exchange payables | 2,336 | 801 | (2,592 | ) | |||||||
Due to affiliates | 866 | 2,276 | (1,203 | ) | |||||||
Income taxes payable | (189 | ) | (30 | ) | (357 | ) | |||||
Other accrued liabilities | (2,802 | ) | 1,084 | 10,749 | |||||||
Change in other non-current assets and liabilities | (345 | ) | 181 | (1,449 | ) | ||||||
Net cash provided by continuing operating activities | 183,924 | 119,012 | 117,642 | ||||||||
Net cash used in discontinued operating activities | (1,352 | ) | (3,432 | ) | (5,459 | ) | |||||
Net cash provided by operating activities | 182,572 | 115,580 | 112,183 | ||||||||
Cash flows from investing activities: | |||||||||||
Payments for property, plant, and equipment | (65,791 | ) | (84,307 | ) | (92,243 | ) | |||||
Acquisitions, net of cash acquired | — | (102,696 | ) | (31,321 | ) | ||||||
Payments for plant turnaround costs | (1,908 | ) | (3,974 | ) | — | ||||||
Proceeds from sale of property, plant, and equipment | 2,644 | 1,030 | 5,576 | ||||||||
Proceeds from sale of equity method investment | — | — | 750 | ||||||||
Proceeds from involuntary conversion of property, plant and equipment | — | 2,475 | 2,200 | ||||||||
Investments in unconsolidated entities | — | (134,030 | ) | — | |||||||
Return of investments from unconsolidated entities | — | 225 | 1,738 | ||||||||
Contributions to unconsolidated entities for operations | — | (3,386 | ) | (30,877 | ) | ||||||
Net cash used in continuing investing activities | (65,055 | ) | (324,663 | ) | (144,177 | ) | |||||
Net cash provided by (used in) discontinued investing activities | 41,250 | — | (42,600 | ) | |||||||
Net cash used in investing activities | (23,805 | ) | (324,663 | ) | (186,777 | ) | |||||
Cash flows from financing activities: | |||||||||||
Payments of long-term debt | (308,836 | ) | (1,533,087 | ) | (650,000 | ) | |||||
Payments of notes payable and capital lease obligations | — | — | (8,809 | ) | |||||||
Proceeds from long-term debt | 282,000 | 1,493,250 | 839,000 | ||||||||
Net proceeds from issuance of common units | (590 | ) | 331,728 | — | |||||||
General partner contributions | 55 | 7,007 | 37 | ||||||||
Excess purchase price over carrying value of acquired assets | — | (4,948 | ) | (301 | ) | ||||||
Reimbursement of excess purchase price over carrying value of acquired assets | 2,250 | — | — | ||||||||
Purchase of treasury units | — | (277 | ) | (250 | ) | ||||||
Payments of debt issuance costs | (341 | ) | (3,722 | ) | (9,115 | ) | |||||
Cash distributions paid | (133,316 | ) | (97,368 | ) | (84,588 | ) | |||||
Net cash provided by (used in) financing activities | (158,778 | ) | 192,583 | 85,974 | |||||||
Net increase (decrease) in cash | (11 | ) | (16,500 | ) | 11,380 | ||||||
Cash at beginning of year | 42 | 16,542 | 5,162 | ||||||||
Cash at end of year | $ | 31 | $ | 42 | $ | 16,542 |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 138,614 | $ | 135,697 | $ | 2,917 | 2% | ||||||
Products | 131,826 | 190,957 | (59,131 | ) | (31)% | ||||||||
Total revenues | 270,440 | 326,654 | (56,214 | ) | (17)% | ||||||||
Cost of products sold | 115,460 | 175,246 | (59,786 | ) | (34)% | ||||||||
Operating expenses | 83,917 | 83,504 | 413 | —% | |||||||||
Selling, general and administrative expenses | 3,804 | 3,565 | 239 | 7% | |||||||||
Impairment of long lived assets | 9,305 | — | 9,305 | ||||||||||
Depreciation and amortization | 38,731 | 37,622 | 1,109 | 3% | |||||||||
19,223 | 26,717 | (7,494 | ) | (28)% | |||||||||
Other operating income (loss) | (473 | ) | 290 | (763 | ) | 263% | |||||||
Operating income | $ | 18,750 | $ | 27,007 | $ | (8,257 | ) | (31)% | |||||
Lubricant sales volumes (gallons) | 22,909 | 32,418 | (9,509 | ) | (29)% | ||||||||
Shore-based throughput volumes (gallons) | 159,598 | 253,262 | (93,664 | ) | (37)% | ||||||||
Smackover refinery throughput volumes (barrels per day) | 6,162 | 6,159 | 3 | —% | |||||||||
Corpus Christi crude terminal throughput volumes (barrels per day) | 154,381 | 164,223 | (9,842 | ) | (6)% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 135,697 | $ | 120,717 | $ | 14,980 | 12% | ||||||
Products | 190,957 | 221,249 | (30,292 | ) | (14)% | ||||||||
Total revenues | 326,654 | 341,966 | (15,312 | ) | (4)% | ||||||||
Cost of products sold | 175,246 | 197,974 | (22,728 | ) | (11)% | ||||||||
Operating expenses | 83,504 | 74,441 | 9,063 | 12% | |||||||||
Selling, general and administrative expenses | 3,565 | 3,238 | 327 | 10% | |||||||||
Depreciation and amortization | 37,622 | 31,823 | 5,799 | 18% | |||||||||
26,717 | 34,490 | (7,773 | ) | (23)% | |||||||||
Other operating income | 290 | 792 | (502 | ) | 63% | ||||||||
Operating income | $ | 27,007 | $ | 35,282 | $ | (8,275 | ) | (23)% | |||||
Lubricant sales volumes (gallons) | 32,418 | 39,342 | (6,924 | ) | (18)% | ||||||||
Shore-based throughput volumes (gallons) | 253,262 | 270,522 | (17,260 | ) | (6)% | ||||||||
Smackover refinery throughput volumes (barrels per day) | 6,159 | 6,912 | (753 | ) | (11)% | ||||||||
Corpus Christi crude terminal (barrels per day) | 164,223 | 108,652 | 55,571 | 51% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 64,858 | $ | 22,991 | $ | 41,867 | 182% | ||||||
Products | 458,302 | 990,844 | (532,542 | ) | (54)% | ||||||||
Total revenues | 523,160 | 1,013,835 | (490,675 | ) | (48)% | ||||||||
Cost of products sold | 416,404 | 950,742 | (534,338 | ) | (56)% | ||||||||
Operating expenses | 23,979 | 10,797 | 13,182 | 122% | |||||||||
Selling, general and administrative expenses | 9,791 | 8,596 | 1,195 | 14% | |||||||||
Depreciation and amortization | 34,072 | 13,090 | 20,982 | 160% | |||||||||
38,914 | 30,610 | 8,304 | 27% | ||||||||||
Other operating loss | (303 | ) | — | (303 | ) | ||||||||
Operating income | $ | 38,611 | $ | 30,610 | $ | 8,001 | 26% | ||||||
Distributions from unconsolidated entities | $ | 11,200 | $ | 4,323 | $ | 6,877 | 159% | ||||||
NGLs Volumes (barrels) | 14,340 | 16,448 | (2,108 | ) | (13)% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 22,991 | $ | — | $ | 22,991 | |||||||
Products | 990,844 | 966,909 | 23,935 | 2% | |||||||||
Total revenues | 1,013,835 | 966,909 | 46,926 | 5% | |||||||||
Cost of products sold | 950,742 | 930,315 | 20,427 | 2% | |||||||||
Operating expenses | 10,797 | 3,918 | 6,879 | 176% | |||||||||
Selling, general and administrative expenses | 8,596 | 3,731 | 4,865 | 130% | |||||||||
Depreciation and amortization | 13,090 | 962 | 12,128 | 1,261% | |||||||||
30,610 | 27,983 | 2,627 | 9% | ||||||||||
Other operating income | — | 20 | (20 | ) | (100)% | ||||||||
Operating income | $ | 30,610 | $ | 28,003 | $ | 2,607 | 9% | ||||||
Distributions from unconsolidated entities | $ | 4,323 | $ | 3,476 | $ | 847 | 24% | ||||||
NGLs Volumes (barrels) | 16,448 | 14,874 | 1,574 | 11% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 12,270 | $ | 12,149 | $ | 121 | 1% | ||||||
Products | 157,891 | 203,322 | (45,431 | ) | (22)% | ||||||||
Total revenues | 170,161 | 215,471 | (45,310 | ) | (21)% | ||||||||
Cost of products sold | 115,133 | 160,144 | (45,011 | ) | (28)% | ||||||||
Operating expenses | 15,279 | 17,136 | (1,857 | ) | (11)% | ||||||||
Selling, general and administrative expenses | 3,805 | 4,359 | (554 | ) | (13)% | ||||||||
Depreciation and amortization | 8,455 | 8,176 | 279 | 3% | |||||||||
27,489 | 25,656 | 1,833 | 7% | ||||||||||
Other operating loss | (376 | ) | — | (376 | ) | ||||||||
Operating income | $ | 27,113 | $ | 25,656 | $ | 1,457 | 6% | ||||||
Sulfur (long tons) | 856.0 | 848.0 | 8.0 | 1% | |||||||||
Fertilizer (long tons) | 274.0 | 306.0 | (32.0 | ) | (10)% | ||||||||
Sulfur services volumes (long tons) | 1,130.0 | 1,154.0 | (24.0 | ) | (2)% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues: | |||||||||||||
Services | $ | 12,149 | $ | 12,004 | $ | 145 | 1% | ||||||
Products | 203,322 | 201,120 | 2,202 | 1% | |||||||||
Total revenues | 215,471 | 213,124 | 2,347 | 1% | |||||||||
Cost of products sold | 160,144 | 158,085 | 2,059 | 1% | |||||||||
Operating expenses | 17,136 | 16,975 | 161 | 1% | |||||||||
Selling, general and administrative expenses | 4,359 | 4,083 | 276 | 7% | |||||||||
Depreciation and amortization | 8,176 | 7,979 | 197 | 2% | |||||||||
Operating income | $ | 25,656 | $ | 26,002 | $ | (346 | ) | (1)% | |||||
Sulfur (long tons) | 848.0 | 837.0 | 11.0 | 1% | |||||||||
Fertilizer (long tons) | 306.0 | 273.0 | 33.0 | 12% | |||||||||
Sulfur services volumes (long tons) | 1,154.0 | 1,110.0 | 44.0 | 4% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 81,784 | $ | 97,049 | $ | (15,265 | ) | (16)% | |||||
Operating expenses | 63,412 | 77,964 | (14,552 | ) | (19)% | ||||||||
Selling, general and administrative expenses | 417 | 1,084 | (667 | ) | (62)% | ||||||||
Impairment of long lived assets | 1,324 | 3,445 | (2,121 | ) | (62)% | ||||||||
Depreciation and amortization | 10,992 | 9,942 | 1,050 | 11% | |||||||||
5,639 | 4,614 | 1,025 | 22% | ||||||||||
Other operating loss | (1,009 | ) | (1,304 | ) | 295 | (23)% | |||||||
Operating income | $ | 4,630 | $ | 3,310 | $ | 1,320 | 40% |
Year Ended December 31, | Variance | Percent Change | |||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Revenues | $ | 97,049 | $ | 99,511 | $ | (2,462 | ) | (2)% | |||||
Operating expenses | 77,964 | 79,306 | (1,342 | ) | (2)% | ||||||||
Selling, general and administrative expenses | 1,084 | 1,347 | (263 | ) | (20)% | ||||||||
Impairment of long lived assets | 3,445 | — | 3,445 | ||||||||||
Depreciation and amortization | 9,942 | 10,198 | (256 | ) | (3)% | ||||||||
4,614 | 8,660 | (4,046 | ) | (47)% | |||||||||
Other operating income (loss) | (1,304 | ) | 354 | (1,658 | ) | 468% | |||||||
Operating income | $ | 3,310 | $ | 9,014 | $ | (5,704 | ) | (63)% |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income (loss) | $ | 6,841 | $ | 4,374 | $ | 38,380 | $ | (11,705 | ) | ||||||
Less: (Income) loss from discontinued operations, net of income taxes | — | 2,290 | (1,215 | ) | 5,338 | ||||||||||
Income (loss) from continuing operations | 6,841 | 6,664 | 37,165 | (6,367 | ) | ||||||||||
Adjustments: | |||||||||||||||
Interest expense | 10,827 | 7,852 | 43,292 | 42,203 | |||||||||||
Income tax (benefit) expense | 234 | 183 | 1,048 | 1,137 | |||||||||||
Depreciation and amortization | 23,513 | 24,554 | 92,250 | 68,830 | |||||||||||
EBITDA | 41,415 | 39,253 | 173,755 | 105,803 | |||||||||||
Adjustments: | |||||||||||||||
Equity in (income) loss of unconsolidated entities | (3,234 | ) | (1,169 | ) | (8,986 | ) | (5,466 | ) | |||||||
(Gain) loss on sale of property, plant and equipment | 398 | 1,407 | 2,149 | 1,353 | |||||||||||
Gain on retirement of senior unsecured notes | (514 | ) | — | (1,242 | ) | — | |||||||||
Impairment of long lived asset | 10,629 | — | 10,629 | 3,445 | |||||||||||
Unrealized mark to market on commodity derivatives | (1,033 | ) | 818 | (675 | ) | 818 | |||||||||
Reduction in fair value of investment in Cardinal due to purchase of the controlling interest | — | — | — | 30,102 | |||||||||||
Debt prepayment premium | — | — | — | 7,767 | |||||||||||
Distributions from unconsolidated entities | 3,400 | 2,000 | 11,200 | 4,323 | |||||||||||
Unit-based compensation | 349 | 228 | 1,429 | 817 | |||||||||||
Adjusted EBITDA | 51,410 | 42,537 | 188,259 | 148,962 | |||||||||||
Adjustments: | |||||||||||||||
Interest expense | (10,827 | ) | (7,852 | ) | (43,292 | ) | (42,203 | ) | |||||||
Income tax benefit (expense) | (234 | ) | (183 | ) | (1,048 | ) | (1,137 | ) | |||||||
Amortization of deferred debt issuance costs | 717 | 848 | 4,859 | 6,263 | |||||||||||
Amortization of debt discount | — | — | — | 1,305 | |||||||||||
Amortization of debt premium | (78 | ) | (81 | ) | (324 | ) | (245 | ) | |||||||
Unrealized mark to market on interest rate derivatives | 206 | (489 | ) | 206 | — | ||||||||||
Payments for plant turnaround costs | (154 | ) | 26 | (1,908 | ) | (3,974 | ) | ||||||||
Maintenance capital expenditures | (5,281 | ) | (1,296 | ) | (12,902 | ) | (14,556 | ) | |||||||
Distributable Cash Flow | $ | 35,759 | $ | 33,510 | $ | 133,850 | $ | 94,415 |
2015 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |||||||||||||||
Income from discontinued operations, net of income taxes | $ | 1,215 | $ | — | $ | — | $ | — | $ | 1,215 | |||||||||
Adjustments: | |||||||||||||||||||
Gain on sale of property, plant and equipment | (1,462 | ) | — | — | — | (1,462 | ) | ||||||||||||
Distributable Cash Flow from discontinued operations | $ | (247 | ) | $ | — | $ | — | $ | — | $ | (247 | ) |
2014 | |||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | YTD | |||||||||||||||
Loss from discontinued operations, net of income taxes | $ | (589 | ) | $ | (1,292 | ) | $ | (1,167 | ) | $ | (2,290 | ) | $ | (5,338 | ) | ||||
Adjustments: | |||||||||||||||||||
Depreciation and amortization | 383 | 383 | 286 | 482 | 1,534 | ||||||||||||||
Distributable Cash Flow from discontinued operations | $ | (206 | ) | $ | (909 | ) | $ | (881 | ) | $ | (1,808 | ) | $ | (3,804 | ) |