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.
An overview of the financial performance for the year ended December 31,
2013, as compared to the year ended December 31, 2012, includes:
-
Distributable cash flow generated during the year ended December 31,
2013 was $60.6 million compared to $58.1 million for the year ended
December 31, 2012.
-
Operating income for the year ended December 31, 2013 was $38.4
million compared to $42.1 million for the year ended December 31,
2012, principally due to the following:
-
Revenue was $158.9 million compared to $156.2 million due to
increases in revenue at the Midwest and Brownsville terminals of
approximately $1.0 million and $6.3 million, respectively, offset
by decreases in revenue at the Gulf Coast and River terminals of
approximately $1.5 million and $3.2 million, respectively. Revenue
for the Southeast terminals was consistent period over period.
-
Direct operating costs and expenses were $69.4 million compared to
$66.0 million due to increases in direct operating costs and
expenses at the Midwest, Brownsville and Southeast terminals of
approximately $0.9 million, $4.4 million and $0.5 million,
respectively, offset by decreases in direct operating costs and
expenses at the Gulf Coast and River terminals of approximately
$1.1 million and $1.3 million, respectively.
-
A decrease in direct general and administrative expenses of $0.9
million
-
A decrease in earnings from unconsolidated affiliates of $0.9
million.
-
A one-time book loss of $1.3 million on the sale of our Mexico
operations effective August 8, 2013.
-
An increase in depreciation and amortization expense of
approximately $1.3 million.
-
Annual net earnings were $34.7 million compared to $38.6 million and
net earnings per limited partner unit - basic were $1.90 per unit
compared to $2.31 per unit due principally to the changes in annual
operating income discussed above.
Our terminaling services agreements are structured as either throughput
agreements or storage agreements. Most of our throughput agreements
contain provisions that require our customers to throughput a minimum
volume of product at our facilities over a stipulated period of time,
which results in a fixed amount of revenue to be recognized by us. Our
storage agreements require our customers to make minimum payments based
on the volume of storage capacity made available to the customer under
the agreement, which results in a fixed amount of revenue to be
recognized by us. We refer to the fixed amount of revenue recognized
pursuant to our terminaling services agreements as being “firm
commitments.” Revenue recognized in excess of firm commitments and
revenue recognized based solely on the volume of product distributed or
injected are referred to as “variable.” Our revenue was as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
Year ended December 31,
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
2013
|
|
|
|
2012
|
|
Firm Commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminaling services fees, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
$
|
8,117
|
|
|
$
|
8,308
|
|
|
|
$
|
31,234
|
|
|
$
|
32,412
|
|
Affiliates
|
|
|
|
20,011
|
|
|
|
21,559
|
|
|
|
|
83,328
|
|
|
|
84,347
|
|
Total firm commitments
|
|
|
|
28,128
|
|
|
|
29,867
|
|
|
|
|
114,562
|
|
|
|
116,759
|
|
Variable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Terminaling services fees, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
External customers
|
|
|
|
1,665
|
|
|
|
829
|
|
|
|
|
3,969
|
|
|
|
2,814
|
|
Affiliates
|
|
|
|
61
|
|
|
|
(8
|
)
|
|
|
|
54
|
|
|
|
(108
|
)
|
Total
|
|
|
|
1,726
|
|
|
|
821
|
|
|
|
|
4,023
|
|
|
|
2,706
|
|
Pipeline transportation fees
|
|
|
|
1,345
|
|
|
|
1,662
|
|
|
|
|
7,600
|
|
|
|
5,656
|
|
Management fees and reimbursed costs
|
|
|
|
1,549
|
|
|
|
1,532
|
|
|
|
|
6,281
|
|
|
|
5,806
|
|
Other
|
|
|
|
7,468
|
|
|
|
6,208
|
|
|
|
|
26,420
|
|
|
|
25,312
|
|
Total variable
|
|
|
|
12,088
|
|
|
|
10,223
|
|
|
|
|
44,324
|
|
|
|
39,480
|
|
Total revenue
|
|
|
$
|
40,216
|
|
|
$
|
40,090
|
|
|
|
$
|
158,886
|
|
|
$
|
156,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The amount of revenue recognized as “firm commitments” based on the
remaining contractual terms of the terminaling services agreements that
generated “firm commitments” for the year ended December 31, 2013 was as
follows (in thousands):
|
|
|
|
|
|
|
At December 31, 2013
|
Remaining terms on terminaling services agreements that generated
“firm commitments”:
|
|
|
|
Less than 1 year remaining
|
|
|
$20,454
|
1 year or more, but less than 3 years remaining
|
|
|
78,170
|
3 years or more, but less than 5 years remaining
|
|
|
10,976
|
5 years or more remaining
|
|
|
4,962
|
Total firm commitments for the year ended December 31, 2013
|
|
|
$114,562
|
|
|
|
|
RECENT DEVELOPMENTS
On December 20, 2013, Morgan Stanley announced that it is exploring
strategic options for its ownership interest in TransMontaigne Inc.
Although we cannot predict whether or when any transaction may be
consummated, if Morgan Stanley consummates a transaction involving a
sale or other disposition of its interest in TransMontaigne Inc., the
transaction would result in a change in control of TransMontaigne
Partners, because TransMontaigne Inc. indirectly owns and controls our
general partner, TransMontaigne GP L.L.C. Although the possibility of a
change of control transaction has created significant uncertainty that
may adversely affect our business in the near future, management
believes that a change of control transaction could benefit our business
in the longer term. As discussed in more detail in our Annual Report on
Form 10-K (filed with the Securities and Exchange Commission on March
11, 2014), since 2008, our business has been subject to significant
uncertainty and constraints on our ability to undertake significant
capital transactions stemming from the regulatory environment affecting
Morgan Stanley as a result of its status as a financial holding company
under the Bank Holding Company Act. As a result, a change of control
transaction could serve to reduce or eliminate the impacts of this
uncertain and changing regulatory environment on our business to the
extent if TransMontaigne Partners ceases to be subject to consolidated
regulation and supervision by the Federal Reserve System, following the
consummation of such transaction.
On October 7, 2013, we announced the commencement of commercial
operations of BOSTCO. As of January, 2014, approximately 26 of the 51
initial phase storage tanks were placed into service, and the remaining
tanks are expected to come online during the next five months. A
two-berth ship dock and 12 barge berths were also placed into service.
Work on the 900,000 barrel ultra-low sulphur diesel expansion started in
the second quarter of 2013, with commercial operations expected to begin
in the fourth quarter of 2014. We received our first distribution from
BOSTCO in February, 2014, and we expect our distributions from BOSTCO to
increase throughout 2014 as the remaining tanks come on-line.
On December 20, 2013, Morgan Stanley Capital Group provided us notice
that it will terminate its portion of the Southeast terminaling services
agreement with respect to our Collins/Purvis terminal on December 31,
2015. Our firmly committed quarterly revenues under the Southeast
terminaling services agreement with respect to the Collins/Purvis
terminal are approximately $2.3 million. We are currently in the process
of identifying other parties to re-contract this capacity, and we
believe there is adequate demand for the use of the Collins/Purvis
terminal tanks.
On January 13, 2014, we announced a distribution of $0.65 per unit for
the period from October 1, 2013 through December 31, 2013, and we paid
the distribution on February 11, 2014 to unitholders of record on
January 31, 2014.
On January 10, 2014, we entered into a ten year capacity lease agreement
with Magellan Pipeline Company, L.P. (“Magellan”), effective March 1,
2014, covering 100% of the capacity of our Razorback terminals and the
use of our Razorback Pipeline, which runs from Mt. Vernon to Rogers. The
existing agreement for these facilities with Morgan Stanley Capital
Group terminated effective February 28, 2014. We expect this new
agreement with Magellan will generate approximately the same total
annual revenue as the Morgan Stanley Capital Group agreement.
On February 12, 2014, we entered into a two year terminaling services
agreement with Chemoil Corporation for all of the bunker fuel storage
capacity at our Port Everglades North, Florida and Fisher Island,
Florida terminals, which is approximately 1.35 million barrels of
aggregate tank capacity. The agreement provides Chemoil Corporation the
option to extend for an additional three years. The agreement will
replace Morgan Stanley Capital Group as the bunker fuel customer at
these two terminals effective June 1, 2014. We expect that the new
agreement will generate slightly less revenue related to the bunker fuel
tanks at Fisher Island and Port Everglades than the Morgan Stanley
agreement generates with respect to those tanks. The new agreement with
Chemoil Corporation did not involve our Florida bunker fuel tanks
located at our Port Manatee, Florida or Cape Canaveral, Florida
terminals, which remain under contract with Morgan Stanley Capital Group
until May 31, 2014. We are currently in the process of identifying other
parties to re-contract this capacity, however, at this time we are
unsure if we will be successful in our re-contracting efforts.
LIQUIDITY AND CAPITAL RESOURCES
TransMontaigne Partners also released the following statements regarding
its current liquidity and capital resources:
-
Our credit facility provides for a maximum borrowing line of credit
equal to $350 million. The credit facility allows us to make up to
$225 million of investments in BOSTCO and to make an additional $75
million of “other permitted joint venture investments”, which may also
include additional investments in BOSTCO. The terms of the credit
facility also permit us to issue senior unsecured notes. The credit
facility became effective March 9, 2011 and expires on March 9, 2016.
At December 31, 2013, our outstanding borrowings were $212 million.
-
Management and the board of directors of our general partner have
approved additional investments in BOSTCO and expansion capital
projects at our existing terminals that currently are, or will be,
under construction with estimated completion dates that extend through
the fourth quarter of 2014. At December 31, 2013, the remaining
expenditures to complete the approved additional investments and
expansion capital projects are estimated to be approximately $30
million. We expect to fund our future investments and expansion
capital expenditures with additional borrowings under our credit
facility.
-
We have funded our investments in the BOSTCO construction project
utilizing additional borrowings under our credit facility. Upon
completion of the initial phases of the project, we expect our total
payments for the project to be approximately $215 million. At December
31, 2013, our capital investment in the BOSTCO project was
approximately $186 million.
-
Our primary liquidity needs are to fund our working capital
requirements, distributions to unitholders, approved investments,
approved capital projects and approved future expansion, development
and acquisition opportunities. We expect to initially fund our
approved investments, approved capital projects and our approved
future expansion, development and acquisition opportunities with
additional borrowings under our credit facility. After initially
funding these expenditures with borrowings under our credit facility,
we may raise funds through additional equity offerings and debt
financings. The proceeds of such equity offerings and debt financings
may then be used to reduce our outstanding borrowings under our credit
facility.
-
Under the credit facility, an event of default will occur if certain
specified transactions occur that constitute a change of control with
respect to TransMontaigne Inc., our general partner or the
partnership, among others. As discussed above under “Recent
Developments”, Morgan Stanley has announced that it is exploring
strategic options for its ownership interest in TransMontaigne Inc.
and TransMontaigne Partners L.P., which would result in a change of
control for purposes of the credit agreement. Accordingly, prior to
the consummation of any such transaction, we will need to seek a
waiver or amendment to our credit facility or a replacement financing
arrangement.
Attachment A contains additional selected financial information and
results of operations and Attachment B contains a computation of our
distributable cash flow.
FILING OF ANNUAL REPORT ON FORM 10-K
TransMontaigne Partners L.P.’s Annual Report on Form 10-K was filed with
the Securities and Exchange Commission on March 11, 2014 and was
simultaneously posted to our website: www.transmontaignepartners.com.
Unitholders may obtain a hard copy of the Annual Report on Form 10-K
containing TransMontaigne Partners L.P.’s complete audited financial
statements for the year ended December 31, 2013 free of charge by
contacting TransMontaigne Partners L.P., Attention: Investor Relations,
1670 Broadway, Suite 3100, Denver, Colorado 80202 or phoning (303)
626-8200.
CONFERENCE CALL
TransMontaigne Partners L.P. previously announced that it has scheduled
a conference call for Tuesday, March 11, 2014 at 11:00 a.m. (ET)
regarding the above information. Analysts, investors and other
interested parties are invited to listen to management’s presentation of
the Company’s results and supplemental financial information by
accessing the call as follows:
(800) 230-1096
Ask for:
TransMontaigne
Partners
A playback of the conference call will be available from 1:00 p.m. (ET)
on Tuesday, March 11, 2014 until 11:59 p.m. (ET) on Tuesday, March 18,
2014 by calling:
USA: (800) 475-6701
International: (320)
365-3844
Access Code: 321094
ATTACHMENT A
SELECTED FINANCIAL INFORMATION AND RESULTS
OF OPERATIONS
Selected results of operations data for the three months and years ended
December 31, 2013 and 2012 are summarized below (in thousands, except
per unit amounts):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
Income Statement Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
40,216
|
|
|
|
$
|
40,090
|
|
|
|
$
|
158,886
|
|
|
|
$
|
156,239
|
|
Direct operating costs and expenses
|
|
|
|
(17,525
|
)
|
|
|
|
(19,641
|
)
|
|
|
|
(69,390
|
)
|
|
|
|
(65,964
|
)
|
Direct general and administrative expenses
|
|
|
|
(959
|
)
|
|
|
|
(1,203
|
)
|
|
|
|
(3,911
|
)
|
|
|
|
(4,810
|
)
|
Gain (loss) on disposition of assets
|
|
|
|
104
|
|
|
|
|
—
|
|
|
|
|
(1,294
|
)
|
|
|
|
—
|
|
Earnings (loss) from unconsolidated affiliates
|
|
|
|
(591
|
)
|
|
|
|
(94
|
)
|
|
|
|
(321
|
)
|
|
|
|
558
|
|
Operating income
|
|
|
|
9,880
|
|
|
|
|
7,969
|
|
|
|
|
38,426
|
|
|
|
|
42,143
|
|
Net earnings
|
|
|
|
8,960
|
|
|
|
|
6,923
|
|
|
|
|
34,726
|
|
|
|
|
38,572
|
|
Net earnings allocable to limited partners
|
|
|
|
7,364
|
|
|
|
|
5,654
|
|
|
|
|
28,797
|
|
|
|
|
33,415
|
|
Net earnings per limited partner unit—basic
|
|
|
$
|
0.45
|
|
|
|
$
|
0. 39
|
|
|
|
$
|
1.90
|
|
|
|
$
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
December 31, 2012
|
Balance Sheet Data
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
$
|
407,045
|
|
|
|
$
|
427,701
|
|
Investments in unconsolidated affiliates
|
|
|
|
211,605
|
|
|
|
|
105,164
|
|
Goodwill
|
|
|
|
8,485
|
|
|
|
|
8,736
|
|
Total assets
|
|
|
|
648,432
|
|
|
|
|
569,801
|
|
Long-term debt
|
|
|
|
212,000
|
|
|
|
|
184,000
|
|
Partners’ equity
|
|
|
|
408,467
|
|
|
|
|
348,737
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected results of operations data for each of the quarters in the
years ended December 31, 2013 and 2012 are summarized below (in
thousands):
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Year ending December 31, 2013
|
|
|
|
March 31, 2013
|
|
|
June 30, 2013
|
|
|
September 30, 2013
|
|
|
December 31, 2013
|
|
|
Revenue
|
|
|
$
|
41,598
|
|
|
|
$
|
38,698
|
|
|
|
$
|
38,374
|
|
|
|
$
|
40,216
|
|
|
|
$
|
158,886
|
|
Direct operating costs and expenses
|
|
|
|
(16,728
|
)
|
|
|
|
(17,294
|
)
|
|
|
|
(17,843
|
)
|
|
|
|
(17,525
|
)
|
|
|
|
(69,390
|
)
|
Direct general and administrative expenses
|
|
|
|
(1,100
|
)
|
|
|
|
(651
|
)
|
|
|
|
(1,201
|
)
|
|
|
|
(959
|
)
|
|
|
|
(3,911
|
)
|
Allocated general and administrative expenses
|
|
|
|
(2,740
|
)
|
|
|
|
(2,741
|
)
|
|
|
|
(2,741
|
)
|
|
|
|
(2,741
|
)
|
|
|
|
(10,963
|
)
|
Allocated insurance expense
|
|
|
|
(958
|
)
|
|
|
|
(935
|
)
|
|
|
|
(935
|
)
|
|
|
|
(935
|
)
|
|
|
|
(3,763
|
)
|
Reimbursement of bonus awards
|
|
|
|
(313
|
)
|
|
|
|
(312
|
)
|
|
|
|
(313
|
)
|
|
|
|
(312
|
)
|
|
|
|
(1,250
|
)
|
Depreciation and amortization
|
|
|
|
(7,339
|
)
|
|
|
|
(7,460
|
)
|
|
|
|
(7,392
|
)
|
|
|
|
(7,377
|
)
|
|
|
|
(29,568
|
)
|
Gain (loss) on disposition of assets
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(1,398
|
)
|
|
|
|
104
|
|
|
|
|
(1,294
|
)
|
Earnings (loss) from unconsolidated affiliates
|
|
|
|
40
|
|
|
|
|
(4
|
)
|
|
|
|
234
|
|
|
|
|
(591
|
)
|
|
|
|
(321
|
)
|
Operating income
|
|
|
|
12,460
|
|
|
|
|
9,301
|
|
|
|
|
6,785
|
|
|
|
|
9,880
|
|
|
|
|
38,426
|
|
Other expenses, net
|
|
|
|
(922
|
)
|
|
|
|
(1,077
|
)
|
|
|
|
(781
|
)
|
|
|
|
(920
|
)
|
|
|
|
(3,700
|
)
|
Net earnings
|
|
|
$
|
11,538
|
|
|
|
$
|
8,224
|
|
|
|
$
|
6,004
|
|
|
|
$
|
8,960
|
|
|
|
$
|
34,726
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Year ending December 31, 2012
|
|
|
|
March 31, 2012
|
|
|
June 30, 2012
|
|
|
September 30, 2012
|
|
|
December 31, 2012
|
|
|
Revenue
|
|
|
$
|
38,833
|
|
|
|
$
|
38,442
|
|
|
|
$
|
38,874
|
|
|
|
$
|
40,090
|
|
|
|
$
|
156,239
|
|
Direct operating costs and expenses
|
|
|
|
(13,969
|
)
|
|
|
|
(16,184
|
)
|
|
|
|
(16,170
|
)
|
|
|
|
(19,641
|
)
|
|
|
|
(65,964
|
)
|
Direct general and administrative expenses
|
|
|
|
(3,188
|
)
|
|
|
|
785
|
|
|
|
|
(1,204
|
)
|
|
|
|
(1,203
|
)
|
|
|
|
(4,810
|
)
|
Allocated general and administrative expenses
|
|
|
|
(2,695
|
)
|
|
|
|
(2,695
|
)
|
|
|
|
(2,695
|
)
|
|
|
|
(2,695
|
)
|
|
|
|
(10,780
|
)
|
Allocated insurance expense
|
|
|
|
(897
|
)
|
|
|
|
(898
|
)
|
|
|
|
(897
|
)
|
|
|
|
(898
|
)
|
|
|
|
(3,590
|
)
|
Reimbursement of bonus awards
|
|
|
|
(313
|
)
|
|
|
|
(312
|
)
|
|
|
|
(313
|
)
|
|
|
|
(312
|
)
|
|
|
|
(1,250
|
)
|
Depreciation and amortization
|
|
|
|
(6,930
|
)
|
|
|
|
(6,940
|
)
|
|
|
|
(7,112
|
)
|
|
|
|
(7,278
|
)
|
|
|
|
(28,260
|
)
|
Earnings (losses) from unconsolidated affiliates
|
|
|
|
107
|
|
|
|
|
328
|
|
|
|
|
217
|
|
|
|
|
(94
|
)
|
|
|
|
558
|
|
Operating income
|
|
|
|
10,948
|
|
|
|
|
12,526
|
|
|
|
|
10,700
|
|
|
|
|
7,969
|
|
|
|
|
42,143
|
|
Other expenses, net
|
|
|
|
(806
|
)
|
|
|
|
(872
|
)
|
|
|
|
(847
|
)
|
|
|
|
(1,046
|
)
|
|
|
|
(3,571
|
)
|
Net earnings
|
|
|
$
|
10,142
|
|
|
|
$
|
11,654
|
|
|
|
$
|
9,853
|
|
|
|
$
|
6,923
|
|
|
|
$
|
38,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTACHMENT B DISTRIBUTABLE CASH FLOW
|
|
|
|
|
|
|
|
The following summarizes our distributable cash flow for the
periods indicated (in thousands):
|
|
|
|
|
|
|
|
|
|
|
October 1, 2013 through December 31,2013
|
|
|
January 1, 2013 through December 31,2013
|
|
|
|
|
|
|
|
Net earnings
|
|
|
$
|
8,960
|
|
|
|
$
|
34,726
|
|
Depreciation and amortization
|
|
|
|
7,377
|
|
|
|
|
29,568
|
|
Amounts due (received in advance) under long-term terminaling
services agreements, net
|
|
|
|
(204
|
)
|
|
|
|
792
|
|
Project amortization of deferred revenue under GAAP
|
|
|
|
(694
|
)
|
|
|
|
(3,672
|
)
|
Project amortization of deferred revenue for DCF
|
|
|
|
986
|
|
|
|
|
2,482
|
|
Deferred equity-based compensation
|
|
|
|
52
|
|
|
|
|
337
|
|
Distributions paid to holders of restricted phantom units
|
|
|
|
(11
|
)
|
|
|
|
(40
|
)
|
Cash paid for purchase of common units
|
|
|
|
(84
|
)
|
|
|
|
(585
|
)
|
Loss (gain) on disposition of assets
|
|
|
|
(104
|
)
|
|
|
|
1,294
|
|
Loss from unconsolidated affiliates
|
|
|
|
591
|
|
|
|
|
321
|
|
Distributions from unconsolidated affiliates
|
|
|
|
590
|
|
|
|
|
1,467
|
|
Capitalized maintenance
|
|
|
|
(1,689
|
)
|
|
|
|
(6,115
|
)
|
“Distributable cash flow”, or DCF, generated during the period
|
|
|
$
|
15,770
|
|
|
|
$
|
60,575
|
|
|
|
|
|
|
|
|
Actual distribution for the period on all common units and the
general partner interest including incentive distribution
rights
|
|
|
$
|
12,140
|
|
|
|
$
|
47,016
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow is not a computation based upon generally
accepted accounting principles. The amounts included in the computation
of our distributable cash flow are derived from the results of our
operations for the three months and the year ended December 31, 2013.
Distributable cash flow should not be considered in isolation or as an
alternative to net earnings or operating income, as an indication of our
operating performance, or as an alternative to cash flows from operating
activities as a measure of liquidity. Distributable cash flow is not
necessarily comparable to similarly titled measures of other companies.
Distributable cash flow is presented here because it is a widely
accepted financial indicator used to compare partnership performance. We
believe that this measure provides investors an enhanced perspective of
the operating performance of our assets, the cash we are generating and
our ability to make distributions to our unitholders and our general
partner.
About TransMontaigne Partners L.P.
TransMontaigne Partners L.P. is a terminaling and transportation company
based in Denver, Colorado with operations in the United States along the
Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the
Mississippi and Ohio Rivers, and in the Southeast. We provide integrated
terminaling, storage, transportation and related services for customers
engaged in the distribution and marketing of light refined petroleum
products, heavy refined petroleum products, crude oil, chemicals,
fertilizers and other liquid products. Light refined products include
gasolines, diesel fuels, heating oil and jet fuels; heavy refined
products include residual fuel oils and asphalt. We do not purchase or
market products that we handle or transport. News and additional
information about TransMontaigne Partners L.P. is available on our
website: www.transmontaignepartners.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995. Although the
company believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those projected. Important factors that could
cause actual results to differ materially from the company’s
expectations and may adversely affect its business and results of
operations are disclosed in "Item 1A. Risk Factors" in the company’s
Annual Report on Form 10-K for the year ended December 31, 2013, filed
with the Securities and Exchange Commission on March 11, 2014. Further,
the company is subject to the risks and uncertainties of any strategic
alternative, including whether any strategic alternative will be
identified and, if identified, whether it will be pursued and
consummated. We do not assume any obligation to publicly release
any revisions to forward-looking statements to reflect events or changes
in our expectations after the date of this release.
Copyright Business Wire 2014