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

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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

 

 

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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

 

 

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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-

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