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L. Dunlap, CEO
TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS
March 8, 2010
Denver, ColoradoTransMontaigne Partners L.P. (NYSE:TLP) today announced its financial results for the three months and year ended December 31, 2009.
An overview of the financial performance for the three months ended December 31, 2009, as compared to the three months ended December 31, 2008, includes:
· Quarterly operating income decreased to $8.5 million from $8.6 million due principally to the following:
· Quarterly revenue increased to $36.9 million from $34.0 million due to increases in revenue at the Gulf Coast, Midwest, Brownsville and Southeast terminals of approximately $1.6 million, $0.4 million, $0.1 million and $1.8 million, respectively, offset by a decrease in revenue at the River terminals of approximately $1.0 million.
· Quarterly direct operating costs and expenses increased to $17.1 million from $14.7 million due to increases in direct operating costs and expenses at the Gulf Coast, Midwest, Brownsville, River and Southeast terminals of $0.2 million, $0.3 million, $0.5 million, $0.6 million and $0.8 million, respectively.
· A decrease in direct general and administrative expenses of approximately $0.2 million.
· An increase in depreciation and amortization expense of approximately $0.9 million.
· Quarterly net earnings increased to $7.2 million from $4.8 million due principally to an unrealized gain on our interest rate swap of approximately $0.3 million as compared to an unrealized loss on our interest rate swap of approximately $2.1 million.
· Net earnings per limited partner unitbasic increased to $0.53 per unit from $0.34 per unit.
· The distribution declared per limited partner unit was $0.59 per unit for the three months ended December 31, 2009 and 2008.
Distributable cash flow generated during the three months ended December 31, 2009 was $9.0 million and distributions allocable to the period for those units outstanding during the period were $8.0 million.
On November 13, 2009, the remaining approximately 1.7 million subordinated units converted into an equal number of common units.
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
The following information was filed by Transmontaigne Partners L.P. (TLP) on Monday, March 8, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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