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Charles L. Dunlap, CEO
TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2011
March 13, 2012
Denver, ColoradoTransMontaigne Partners L.P. (NYSE:TLP) today announced its unaudited financial results for the three months ended December 31, 2011.
An overview of the financial performance for the three months ended December 31, 2011, as compared to the three months ended December 31, 2010, includes:
· Quarterly operating income increased to $11.5 million from a $2.2 million loss, principally due to the following:
· Revenue was $39.2 million compared to $39.5 million due to increases in revenue at the Gulf Coast, Midwest and Southeast terminals of approximately $0.7 million, $0.1 million and $1.3 million, respectively, offset by decreases in revenue at the Brownsville and River terminals of approximately $2.3 million and $0.1 million, respectively. The decrease in the Brownsville revenue is primarily attributable to our contribution of product storage capacity to the Frontera joint venture in the second quarter of 2011.
· Direct operating costs and expenses were $15.8 million compared to $20.8 million due to decreases in direct operating costs and expenses at the Gulf Coast, Midwest, Brownsville, River and Southeast terminals of $2.7 million, $0.6 million, $0.5 million, $0.2 million and $1.0 million, respectively. The decrease in direct operating costs and expenses is primarily attributable to the timing of repairs and maintenance across our terminaling and transportation facilities. For the three months ended December 31, 2011, we had repairs and maintenance expenditures of approximately $5.5 million, which is a decrease of approximately $4.5 million from the three months ended December 31, 2010. During the quarter ended December 31, 2010, we incurred 49% of our total repairs and maintenance for 2010. During 2011, we have attempted to perform our repairs and maintenance more ratably through the year.
· An increase in direct general and administrative expenses of approximately $0.5 million.
· For the three months 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.
· Quarterly net earnings increased to $10.5 million from a $2.8 million loss due principally to the increase in operating income discussed above.
· Net earnings per limited partner unitbasic increased to $0.65 from a $0.24 per unit loss. Distributable cash flow generated during the three months ended December 31, 2011 was $13.6 million compared to $8.9 million for the three months ended December 31, 2010.
· The distribution declared per limited partner unit was $0.63 per unit for the three months ended December 31, 2011, as compared to $0.61 per unit for the three months ended December 31, 2010.
The following information was filed by Transmontaigne Partners L.P. (TLP) on Tuesday, March 13, 2012 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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