Exhibit 99.1

 

 

Contact:

Charles L. Dunlap, CEO

 

Gregory J. Pound, COO

 

Frederick W. Boutin, CFO

 

303-626-8200

 

TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS

AND THE FILING OF ITS ANNUAL REPORT

 

March 10, 2011

Immediate Release

 

Denver, Colorado—TransMontaigne Partners L.P. (NYSE:TLP) today announced its financial results for the three months and year ended December 31, 2010.  TransMontaigne Partners L.P. also announced today its filing with the Securities and Exchange Commission of its Annual Report on Form 10-K containing TransMontaigne Partners L.P.’s complete audited financial statements for the year ended December 31, 2010.

 

“We are very pleased with TLP’s strong performance in 2010” said Charles Dunlap, CEO of TransMontaigne Partners.  “These results were driven by record revenues from our fee-based terminaling, storage, and transportation business.  While we did write-off approximately $8.5 million of goodwill in the fourth quarter, this non-cash item had no impact on our distributable cash flow, which grew over 20% to $53.1 million for 2010 compared to $43.9 million for 2009.”

 

FINANCIAL RESULTS

 

An overview of the financial performance for the year ended December 31, 2010, as compared to the year ended December 31, 2009, includes:

 

·                  Annual revenue increased to $150.9 million from $142.5 million due to increases in revenue at the Gulf Coast, Midwest, Brownsville and Southeast terminals of approximately $2.6 million, $1.0 million, $2.0 million and $5.5 million, respectively, offset by a decrease in revenue at the River terminals of approximately $2.7 million.

·                  Annual direct operating costs and expenses decreased to $64.7 million from $65.0 million due to decreases in direct operating costs and expenses at the Midwest, River and Southeast terminals of $0.7 million, $0.4 million and $1.1 million, respectively, offset by an increase in direct operating costs and expenses at the Gulf Coast and Brownsville terminals of approximately $1.1 million and $0.8 million, respectively.

·                  A decrease in direct general and administrative expenses of approximately $0.1 million.

·                  An increase in allocated expenses (general and administrative and insurance) of approximately $0.6 million.

·                  An increase in depreciation and amortization expense of approximately $1.6 million.

·                  For the year ended December 31, 2010, approximately $8.5 million and $0.8 million of non-cash charges related to a goodwill write-off and a loss on disposition of assets, respectively.

·                  As a result of the above, annual operating income decreased to $31.2 million from $33.9 million.

·                  Annual net earnings were consistent year over year at approximately $27.2 million principally to the decrease in annual operating income discussed above, offset by an increase in the unrealized gain on our interest rate swap of approximately $2.0 million and a decrease in interest expense of approximately $0.6 million.

·                  Net earnings per limited partner unit—basic decreased to $1.69 from $1.99 per unit.

·                  The distributions declared per limited partner unit were $2.41 per unit for the year ended December 31, 2010, as compared to $2.36 per unit for the year ended December 31, 2009.

 

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 information was filed by Transmontaigne Partners L.P. (TLP) on Thursday, March 10, 2011 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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