Exhibit 99.1

 

 

Contact:

Charles L. Dunlap, CEO

Frederick W. Boutin, CFO

Gregory J. Pound, COO

303-626-8200

 

TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS

FOR THE THREE MONTHS AND THE YEAR ENDED DECEMBER 31, 2013

AND THE FILING OF ITS ANNUAL REPORT ON FORM 10-K

 

March 11, 2014

 

Immediate Release

 

Denver, Colorado—TransMontaigne Partners L.P. (NYSE:TLP) today announced its financial results for the three months and year ended December 31, 2013.

 

FINANCIAL RESULTS

 

“I am pleased to report that TransMontaigne Partners L.P. generated revenues of $40.2 million and distributable cash of $15.8 million in the fourth quarter.  These quarterly results assisted us in achieving record annual revenue and distributable cash flow for the year ended December 31, 2013,” said Chuck Dunlap, CEO of TransMontaigne Partners.

 

An overview of the financial performance for the three months ended December 31, 2013, as compared to the three months ended December 31, 2012, includes:

 

·                  Distributable cash flow generated during the quarter ended December 31, 2013 was $15.8 million compared to $10.2 million for the quarter ended December 31, 2012.

·                  Operating income for the quarter ended December 31, 2013 was $9.9 million compared to $8.0 million for the quarter ended December 31, 2012, principally due to the following:

·                  Revenue was $40.2 million compared to $40.1 million due to increases in revenue at the Gulf Coast and Brownsville terminals of approximately $0.4 million and $1.1 million, respectively, offset by decreases in revenue at the Midwest, River and Southeast terminals of approximately $0.3 million, $0.7 million and $0.4 million, respectively.

·                  Direct operating costs and expenses were $17.5 million compared to $19.6 million due to decreases in direct operating costs and expenses at the Gulf Coast, River and Southeast terminals of approximately $1.2 million, $0.5 million and $1.0 million, respectively, offset by an increase in direct operating costs and expenses at the Brownsville terminals of approximately $0.6 million. The direct operating costs and expenses for the Midwest terminals was consistent period over period. For the three months ended December 31, 2013, we had repairs and maintenance expenditures of approximately $5.7 million, which is a decrease of approximately $2.8 million from the three months ended December 31, 2012. During 2013, we have attempted to perform our repairs and maintenance more ratably through the year.

·                  A decrease in direct general and administrative expenses of $0.2 million

·                  A decrease in earnings from unconsolidated affiliates of $0.5 million, which is the result of the BOSTCO construction project beginning to come on line in October 2013 with most of its operating costs, but only limited amounts of revenue being generated. We expect the revenues and profits of BOSTCO to increase throughout 2014 as the remaining tanks are placed into service.

·                  Quarterly net earnings were $9.0 million compared to $6.9 million and net earnings per limited partner unit - basic were $0.45 per unit compared to $0.39 per unit due principally to the changes in quarterly operating income discussed above.

 

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 Tuesday, March 11, 2014 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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