-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, I5+nYvEqITUnTkwjy0ylHDJcZ2pMtE8RSAe4SsYsh0vOtKRAh1nxgyK8LArOUdx8 wTYUVPwF1vGFZ5N+NrSY3A== 0001104659-06-053908.txt : 20060811 0001104659-06-053908.hdr.sgml : 20060811 20060811112000 ACCESSION NUMBER: 0001104659-06-053908 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060811 DATE AS OF CHANGE: 20060811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TransMontaigne Partners L.P. CENTRAL INDEX KEY: 0001319229 STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610] IRS NUMBER: 342037221 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32505 FILM NUMBER: 061023520 BUSINESS ADDRESS: STREET 1: 1670 BROADWAY STREET 2: SUITE 3100 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 303-626-8200 MAIL ADDRESS: STREET 1: 1670 BROADWAY STREET 2: SUITE 3100 CITY: DENVER STATE: CO ZIP: 80202 8-K 1 a06-17922_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported) August 9, 2006

TRANSMONTAIGNE PARTNERS L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

001-32505

34-2037221

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. Employer
Identification Number)

 

 

 

1670 Broadway, Suite 3100, Denver, CO 80202

(Address of principal executive offices)

Registrant’s telephone number, including area code: 303-626-8200

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨  Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  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.

On August 9, 2006, we announced our consolidated financial results for the three months ended June 30, 2006. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this current report shall not be incorporated by reference into any registration or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01  Financial Statements, Pro Forma Financial Information and Exhibits.

(d)           Exhibits.

Exhibit No.

 

Description of Exhibit

99.1

 

TransMontaigne Partners L.P. press release dated August 9, 2006.

 

1



 

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRANSMONTAIGNE PARTNERS L.P.

 

 

 

By:

TransMontaigne GP L.L.C.,
its general partner

 

 

 

 

 

 

Date:  August 11, 2006

By:

/s/ Randall J. Larson

 

 

Randall J. Larson

Executive Vice President, Chief
Financial Officer  and Chief
Accounting Officer

 

2



 

Exhibit Index

Exhibit No.

 

Description of Exhibit

99.1

 

TransMontaigne Partners L.P. press release dated August 9, 2006.

 

3


 EX-99.1 2 a06-17922_1ex99d1.htm EX-99

Exhibit 99.1

Contact:

Donald H. Anderson, President/CEO

Randall J. Larson, Executive Vice President/CFO

303-626-8200

TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES RESULTS FOR THE THREE MONTHS
ENDED JUNE 30, 2006 AND SCHEDULES CONFERENCE CALL

Wednesday, August 9, 2006

 

Immediate Release

 

Denver, Colorado—TransMontaigne Partners L.P. (NYSE:TLP) today announced its net earnings allocable to limited partners of $1.5 million ($0.21 per limited partner unit) for the quarter ended June 30, 2006. The quarter’s highlights include:

 

·  Quarterly revenues increased to $11.6 million from $9.7 million last year

·  Quarterly operating income decreased to $2.4 million from $3.5 million last year due principally to increased operating costs and expenses associated with accrued environmental remediation costs and routine repairs and maintenance

·  Adjusted operating surplus generated during the period was $3.0 million

·  The Partnership declared a $0.43 per unit quarterly distribution for the period

 

Donald H. Anderson, Chief Executive Officer said, “Since the inception of the Partnership on May 27, 2005, our adjusted operating surplus has exceeded our distributions by approximately $4.7 million, which is in excess of 1.3 times coverage on all units.”

 

CONFERENCE CALL

 

TransMontaigne Partners L.P. also announced that it has scheduled a conference call for Thursday, August 10, 2006 at 1:00 p.m. (MDT) regarding the above information. Analysts, investors and other interested parties are invited to listen to management’s presentation of the Company’s results and supplemental financial information by accessing the call as follows:

 

(888) 400-7916

Ask for:

TransMontaigne Partners

 

A playback of the conference call will be available from 4:30 p.m. (MDT) on Thursday, August 10, 2006 until 11:59 p.m. (MDT) on Thursday, August 17, 2006 by calling:

 

USA:  (800) 475-6701

International:  (320) 365-3844

Access Code:  838951

 

1670 Broadway · Suite 3100 · Denver, CO 80202 · 303-626-8200 (phone) · 303-626-8228 (fax)

Mailing Address:  · P. O. Box 5660 · Denver, CO 80217-5660

www.transmontaignepartners.com

1



The following selected financial information is extracted from the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2006, which was filed today with the Securities and Exchange Commission.

TRANSMONTAIGNE PARTNERS L.P. AND SUBSIDIARIES
(000s, except per share data)

 

 

 

Three Months Ended

 

 

 

June 30,
     2006     

 

June 30,
     2005     

 

Income Statement Data

 

 

 

 

 

Revenues

 

$

11,563

 

$

9,687

 

Direct operating costs and expenses

 

(5,823

)

(3,710

)

Direct general and administrative expenses

 

(672

)

(79

)

Operating income

 

2,382

 

3,514

 

Net earnings

 

1,537

 

3,332

 

Net earnings allocable to limited partners

 

1,506

 

954

 

Net earnings per limited partners’ unit—basic

 

0.21

 

0.13

 

 

 

 

 

 

 

Cash Flow Activities

 

 

 

 

 

Net cash provided by operating activities

 

$

5,164

 

$

6,785

 

Net cash (used in) investing activities

 

(668

)

(1,567

)

Net cash (used in) financing activities

 

(3,470

)

(4,991

)

 

 

 

June 30,
2006

 

December 31,
2005

 

Balance Sheet Data

 

 

 

 

 

Property, plant and equipment, net

 

$

123,901

 

$

125,884

 

Total assets

 

130,012

 

131,036

 

Long-term debt

 

46,000

 

28,000

 

Partners’ equity

 

78,905

 

100,013

 

 

2



Selected quarterly results of operations data for each of the quarters in the year ending December 31, 2006, six months ended December 31, 2005 and year ended June 30, 2005 are as follows:

 

 

 

Three months ended

 

Year ending

 

 

 

March 31,
2006

 

June 30,
2006

 

September 30,
2006

 

December 31,
2006

 

December 31,
2006

 

Revenues

 

$

12,090

 

$

11,563

 

—

 

—

 

$

23,653

 

Direct operating costs and expenses

 

(4,695

)

(5,823

)

—

 

—

 

(10,518

)

Direct general and administrative expenses

 

(1,100

)

(672

)

—

 

—

 

(1,772

)

Allocated general and administrative expenses

 

(812

)

(822

)

—

 

—

 

(1,634

)

Allocated insurance expense

 

(82

)

(74

)

—

 

—

 

(156

)

Depreciation and amortization

 

(1,942

)

(1,790

)

—

 

—

 

(3,732

)

Operating income

 

3,459

 

2,382

 

—

 

—

 

5,841

 

Other income (expense), net

 

(740

)

(845

)

—

 

—

 

(1,585

)

Net earnings

 

$

2,719

 

$

1,537

 

—

 

—

 

$

4,256

 

 

 

 

Three months ended

 

Six months
ended

 

 

 

September 30,
2005

 

December 31,
2005

 

December 31,
2005

 

Revenues

 

$

10,967

 

$

11,941

 

$

22,908

 

Direct operating costs and expenses

 

(3,974

)

(4,275

)

(8,249

)

Direct general and administrative expenses

 

(595

)

(672

)

(1,267

)

Allocated general and administrative expenses

 

(775

)

(812

)

(1,587

)

Allocated insurance expense

 

(67

)

(81

)

(148

)

Depreciation and amortization

 

(1,746

)

(1,894

)

(3,640

)

Operating income

 

3,810

 

4,207

 

8,017

 

Other income (expense), net

 

(509

)

(548

)

(1,057

)

Net earnings

 

$

3,301

 

$

3,659

 

$

6,960

 

 

 

 

Three months ended

 

Year ended

 

 

 

September 30,
2004

 

December 31,
2004

 

March 31,
2005

 

June 30,
2005

 

June 30,
2005

 

Revenues

 

$

8,392

 

$

8,300

 

$

9,714

 

$

9,687

 

$

36,093

 

Direct operating costs and expenses

 

(4,086

)

(3,987

)

(4,059

)

(3,710

)

(15,842

)

Direct general and administrative expenses

 

—

 

—

 

—

 

(79

)

(79

)

Allocated general and administrative expenses

 

(700

)

(700

)

(700

)

(700

)

(2,800

)

Allocated insurance expense

 

(84

)

(83

)

(83

)

(83

)

(333

)

Depreciation and amortization

 

(1,537

)

(1,507

)

(1,509

)

(1,601

)

(6,154

)

Operating income

 

1,985

 

2,023

 

3,363

 

3,514

 

10,885

 

Other income (expense), net

 

—

 

—

 

—

 

(182

)

(182

)

Net earnings

 

$

1,985

 

$

2,023

 

$

3,363

 

$

3,332

 

$

10,703

 

 

3



TRANSMONTAIGNE PARTNERS L.P. AND SUBSIDIARIES
ADJUSTED OPERATING SURPLUS

During the subordination period, the common units will have the right to receive distributions in an amount equal to the minimum quarterly distribution of $0.40 per quarter, plus any arrearages in the payment of the minimum quarterly distribution on the common units, before any distributions will be made on the subordinated units. Conversions of subordinated units to common units will occur in the future only if, in addition to other requirements, we generate Adjusted Operating Surplus, as defined in the partnership agreement, equal to or greater than the minimum distribution requirement on all common units, subordinated units and the general partner interest. The following summarizes our Adjusted Operating Surplus generated during the periods indicated:

 

 

 

April 1, 2006
through
June 30, 2006

 

January 1, 2006
through
March 31, 2006

 

May 27, 2005
through
December 31, 2005

 

Cumulative
since
inception

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,537

 

$

2,719

 

$

7,640

 

$

11,896

 

Depreciation and amortization

 

1,790

 

1,942

 

3,785

 

7,517

 

Amortization of deferred equity-based compensation

 

268

 

162

 

371

 

801

 

Compensation expense on distributions paid to holders of restricted units

 

77

 

48

 

66

 

191

 

Cash reserved for repurchase of common units

 

(400

)

(800

)

—

 

(1,200

)

Maintenance capital expenditures

 

(297

)

(200

)

(497

)

(994

)

“Adjusted Operating Surplus” generated during the period

 

$

2,975

 

$

3,871

 

$

11,365

 

$

18,211

 

 

 

 

 

 

 

 

 

 

 

Distribution for the period

 

$

3,226

 

$

3,201

 

$

7,071

 

$

13,498

 

TransMontaigne Partners L.P. is a refined petroleum products terminaling and pipeline company based in Denver, Colorado with operations along the U.S. Gulf Coast and in the Midwest. We provide integrated terminaling, storage, pipeline and related services for companies engaged in the distribution and marketing of refined petroleum products and crude oil, including TransMontaigne Inc. The Company handles light refined products such as gasolines, distillates (including heating oil) and jet fuels; heavy refined products such as residual fuel oils and asphalt; and crude oil. Corporate news and additional information about TransMontaigne Partners L.P. is available on the Company’s web site: www.transmontaignepartners.com.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

-END-

4


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