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Charles L. Dunlap, CEO
Gregory J. Pound, COO
Frederick W. Boutin, CFO
TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS FOR THE YEAR AND THE THREE MONTHS ENDED DECEMBER 31, 2012
AND FILING OF ANNUAL REPORT ON FORM 10-K
March 12, 2013
Denver, ColoradoTransMontaigne Partners L.P. (NYSE:TLP) today announced its financial results for the three months and year ended December 31, 2012.
An overview of the financial performance for the year ended December 31, 2012, as compared to the year ended December 31, 2011, includes:
· Distributable cash flow generated during the year ended December 31, 2012 was $58.1 million compared to $53.1 million for the year ended December 31, 2011.
· The distribution declared per limited partner unit was $2.55 per unit for the year ended December 31, 2012, as compared to $2.48 per unit for the year ended December 31, 2011.
· Annual operating income for the year ended December 31, 2012 was $42.1 million compared to $50.1 million for the year ended December 31, 2011, principally due to the following:
· A one-time gain for the prior year ended December 31, 2011 of approximately $9.6 million from the contribution of the Brownsville light petroleum product storage business to the Frontera joint venture, in exchange for a cash payment of approximately $25.6 million and a 50% ownership interest.
· Revenue was $156.2 million compared to $152.3 million due to increases in revenue at the Gulf Coast, Midwest, River and Southeast terminals of approximately $0.7 million, $2.7 million, $1.5 million and $0.3 million, respectively, offset by decreases in revenue at the Brownsville terminals of approximately $1.2 million. 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 $66.0 million compared to $64.5 million due to increases in direct operating costs and expenses at the Gulf Coast, Midwest, River and Southeast terminals of approximately $1.2 million, $0.6 million, $0.6 million and $0.2 million, respectively, offset by a decrease in direct operating costs and expenses at the Brownsville terminals of approximately $1.2 million.
· An increase in depreciation and amortization expense of approximately $0.6 million.
· Annual net earnings decreased to $38.6 million from $46.5 million and net earnings per limited partner unit - basic decreased to $2.31 per unit from $2.92 per unit due principally to the decrease in operating income discussed above.
The following information was filed by Transmontaigne Partners L.P. (TLP) on Tuesday, March 12, 2013 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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