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TransMontaigne Announces Fourth Quarter and Full Year 2016 Results and the Filing of its 2016 Annual Report on Form 10-K
Denver, Colorado, March 14, 2017 – TransMontaigne Partners L.P. (NYSE:TLP) (the Partnership, we, us, our) today announced fourth quarter and full year 2016 financial and operating results.
“Our business continues to perform extremely well and we were able to achieve record levels of revenue, EBITDA and distributable cash flow for the 2016 year,” said Fred Boutin, Chief Executive Officer of TransMontaigne Partners. “Our consistent performance and stable cash flows have allowed us to raise our distribution for five consecutive quarters, representing 6% growth for 2016, while maintaining a conservative distribution coverage ratio of 1.40x for 2016. The first portion of our Phase I, $75 million fee-based and fully contracted, Collins terminal expansion is now in service and earning revenue. The remaining portions of our previously announced Phase I expansion will be in service before the end of the second quarter of this year. We remain committed to growth in our distribution over the long-term, and we continue to execute on our expansion plans, including growth through organic expansions and potential acquisitions.”
Revenue for the fourth quarter of 2016 totaled $42.5 million, an increase of $2.2 million, or approximately 5.5% compared to the $40.3 million reported for the fourth quarter of 2015. Consolidated EBITDA for the fourth quarter of 2016 of $25.5 million represented a $2.1 million, or approximately 9% increase compared to the $23.4 million reported for the fourth quarter of 2015. The improvement compared to the prior year was primarily attributed to re-contracting of storage capacity throughout the year, including a portion at higher rates and greater utilization.
Terminaling services fees from firm commitments were approximately 71% of fourth quarter 2016 total revenue, an increase compared to approximately 68% in fourth quarter of 2015. Approximately 57% of our terminaling services revenues for the fourth quarter of 2016 were generated from agreements with remaining firm commitments of 3 years or more as of December 31, 2016.
An overview of our financial performance for the quarter ended December 31, 2016 compared to the quarter ended December 31, 2015, includes:
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The following information was filed by Transmontaigne Partners L.P. (TLP) on Tuesday, March 14, 2017 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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