Exhibit 99.1

Picture 2

 

TransMontaigne Announces Second Quarter Results 

 

·

Revenue for the second quarter of 2018 totaled $55.3 million, compared to $45.4 million in the prior year second quarter

·

Achieved record levels of Consolidated EBITDA for the second quarter of 2018 that totaled $33.8 million, compared to $28.8 million in the prior year second quarter

·

Increased the quarterly cash distribution for the eleventh consecutive quarter to $0.795, reflecting a 7.4% increase over the prior year quarterly distribution

·

Distributable cash flow for the second quarter of 2018 totaled $21.2 million, with aggregate distributions of $16.9 million, resulting in quarterly distribution coverage of 1.25x

·

Leverage as of June 30, 2018 was 4.41x

 

Denver, Colorado, August 9, 2018 –  TransMontaigne Partners L.P. (NYSE:TLP) (the Partnership, we, us, our) today announced second quarter 2018 financial and operating results.

 

FINANCIAL RESULTS

 

Revenue for the second quarter of 2018 totaled $55.3 million, an increase of $9.9 million, or approximately 22%, compared to $45.4 million for the second quarter of 2017. Consolidated EBITDA totaled $33.8 million for the second quarter of 2018, representing an increase of $5.0 million, or approximately 17%, compared to $28.8 million for the second quarter of 2017. The improvement compared to the prior year was primarily attributed to the acquisition of the West Coast terminals on December 15, 2017 and our Collins Phase I terminal expansion in our Southeast terminal region coming fully on-line in June 2017.

 

An overview of our financial performance for the quarter ended June 30, 2018 compared to the quarter ended June 30, 2017, includes:

 

·

Operating income for the quarter ended June 30, 2018 was approximately $19.0 million compared to $17.3 million for the quarter ended June 30, 2017.  Changes in the primary components of operating income are as follows:

o

Revenue increased approximately $9.9 million to $55.3 million due to our December 15, 2017 acquisition of the West Coast terminals adding approximately $9.4 million to revenue. In addition there were increases in revenue at our Gulf Coast and Southeast terminals of approximately $0.8 million and $1.3  million, respectively, offset by decreases in revenue at our Midwest, Brownsville and River terminals of approximately $0.1 million $1.3 million and $0.2 million, respectively.  

o

Direct operating costs and expenses increased approximately $3.3 million to $19.3 million due to our acquisition of the West Coast terminals adding approximately $3.5 million to expense. In addition, direct operating costs and expenses at our River terminals increased approximately $0.3 million, offset by a decrease in direct operating costs and expenses at our Brownsville terminals of approximately $0.5 million.  Direct operating costs and expenses for the Gulf Coast, Midwest and Southeast terminals were consistent.

o

General and administrative expenses increased approximately $0.5 million to $4.6 million, which is primarily attributable to the previously announced increase in the omnibus fee effective as of May 13, 2018.

 

 

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, August 9, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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