Investolator
4年前
NEWS: Martin Midstream Partners L.P. Announces Sale of Mega Lubricants
December 22 2020 - 04:02PM
GlobeNewswire Inc.
Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today the sale of certain assets used in connection with the Mega Lubricants shore-based terminals business to John W. Stone Oil Distributor, LLC (“Stone Oil”) for $22.4 million.
Robert Bondurant, Executive Vice President, Chief Financial Officer and Director of the Partnership, said, “The announcement today reflects our continued emphasis on debt reduction through the sale of non-core assets allowing MMLP to focus on our commercial strengths and long-term relationships built around our refinery services assets. As I stated in our last earnings call, my vision as I begin my role as CEO on January 1, 2021 is to make our Partnership attractive to investors again. Reducing our leverage is integral to that vision.”
Mega Lubricants is engaged in the business of blending, manufacturing and delivering various marine application lubricants, sub-sea specialty fluids, and proprietary developed commercial and industrial products.
John Stone, Jr., General Manager of Stone Oil, said, “John W. Stone Oil Distributor has been in the marine fuel and lubricants distribution business for nearly 75 years, plying its trade on the lower Mississippi River and the Gulf of Mexico. With the acquisition of the lubricant formulation, blending, and distribution business, we are excited to expand our offering. Mega Lubricants and John W. Stone Oil Distributor are very complementary businesses that share the same business spirit: a commitment to safety, quality, and service. Mega Lubricant’s delivery operations will expand Stone Oil’s existing distribution and delivery operations. We look forward to integrating seamlessly because of the similarities in corporate culture and personnel. We are excited about this acquisition and continue to look at growth in the future.”
About Martin Midstream Partners
Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.
Additional information concerning Martin Midstream is available on its website at www.MMLP.com, or by contacting:
Sharon Taylor – Director of Investor Relations
(877) 256-6644
MMLP-C
swanlinbar
6年前
MMLP Martin Midstream Partners L.P. Completes the Previously Announced Divestiture of the West Texas LPG Pipeline Interest
8:30 am ET August 1, 2018 (Globe Newswire) Print
Martin Midstream Partners L.P. (NASDAQ:MMLP) (the "Partnership") announces the completion of the divestiture of its 20 percent non-operating partnership interests in the West Texas LPG Pipeline Limited Partnership ("WTLPG") to ONEOK, Inc. The net proceeds of approximately $193.7 million will be used to reduce outstanding borrowings under the Partnership's revolving credit facility.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, "The WTLPG divestiture is reflective of our commitment to improving the Partnership's balance sheet and reducing our leverage ratio to below 4.50 times. On a pro-forma basis this sale represents more than a full turn of leverage improvement, or 4.36 times compared to actual leverage of 5.46 times at June 30, 2018. Furthermore, due to our reduced financial leverage Moody's Investor Services recently revised the Partnership's rating outlook favorably from stable to positive, while affirming the corporate credit rating of (B2) and senior unsecured debt rating of (Caa1).
"We believe that with the benefits from this sale, the Partnership is now in a position to take advantage of viable growth opportunities including potential drop-downs from our general partner which could drive our distribution coverage ratio to a target of greater than 1.2 times."
About Martin Midstream Partners (NASDAQ:MMLP)
The Partnership is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business segments include: (1) natural gas services, including liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.
Forward-Looking Statements
Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Partnership's control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Additional information concerning the Partnership is available on the Partnership's website at www.martinmidstream.com or by contacting:
Sharon Taylor - Head of Investor Relations
(877) 256-6644
https://resource.globenewswire.com/Resource/Download/97fdaee8-b458-4197-bc3b-63327feb8951?size=1
swanlinbar
7年前
Moody's changes Martin Midstream's outlook to positive; affirms B2 CFR
26 Jul 2018
Approximately $374 million of rated debt affected
New York, July 26, 2018 -- Moody's Investors Service ("Moody's") changed Martin Midstream Partners L.P.'s (Martin Midstream) rating outlook to positive from stable and affirmed its Corporate Family Rating (CFR) at B2, its Probability of Default Rating (PDR) at B2-PD, and its senior unsecured notes rating at Caa1. Concurrently, Moody's affirmed Martin Midstream's Speculative Grade Liquidity (SGL) rating of SGL-3.
The change in outlook follows Martin Midstream's announcement that it will sell its 20% non-operating interest in West Texas LPG Pipeline L.P. (WTLPG) for $195 million and apply the proceeds towards repayment of revolver borrowings. Martin Midstream's positive rating outlook reflects its reduced financial leverage achieved through this transaction and Moody's expectation for improvement in distribution coverage in 2019. Both Martin Midstream and Martin Resource Management Corporation have their own financing and capital needs, and entail the expectation of increasing distributions. Therefore, tempering upward rating movement are organic growth constraints and risks of re-leveraging as the partnership needs capital to reinvest in its business or make acquisitions to grow EBITDA and distributable cash flow.
Outlook Actions:
..Issuer: Martin Midstream Partners L.P.
....Outlook, Changed To Positive From Stable
Affirmations:
..Issuer: Martin Midstream Partners L.P.
.... Probability of Default Rating, Affirmed B2-PD
.... Speculative Grade Liquidity Rating, Affirmed SGL-3
.... Corporate Family Rating, Affirmed B2
....Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)
RATINGS RATIONALE
Martin Midstream's B2 CFR broadly reflects the partnership's small scale, complex business structure from a broad array of operations, and geographic concentration in the US Gulf Coast. The partnership benefits from a foundation of fee-based cash flows, a portfolio of midstream service offerings in an integrated system, and Moody's expectation for continued support from Martin Resource Management Corporation. Relative to much larger midstream businesses with greater financial resources, Martin Midstream is more susceptible to cyclical downturns and financial market disruptions, has more limited liquidity, and less access to capital markets—a particularly important source of funding given that excess cash flows are distributed to owners.
The credit profile is supported by the roughly 60% of EBITDA represented by contracts that are fee-based though this figure has decreased as the partnership's butane business has grown. Earnings power in the partnership's natural gas service segment is adversely impacted by lower rates on contracts that come up for renewal due to the lower price of the commodity relative to when prior contracts were executed. Concentration in the US Gulf Coast results in exposure to regional circumstances and subjects operations to the adverse impact of weather conditions such as hurricanes, which weighed on results in 2017. However, its location also positions the partnership well to serve the oil refining industry which are large customers for certain of its services. The partnership also has the specialized ability to store and transport hard-to-handle products across its integrated portfolio of services.
Pro forma for the asset sale and repayment of revolver borrowings, debt/EBITDA as of March 31, 2018 measures about 4.1x which is down meaningfully from 5.2x. Moody's expects leverage will climb modestly during the remainder of 2018 including through the seasonally weaker third quarter which tends to have weaker cash flows attributable in particular to the partnership's NGL business. As a result of the sale of its stake in WTLPG and elimination of its associated share of spending for an expansion project amounting to $24 million for the remainder of 2018, the partnership will reduce capital expenditure needs thereby benefiting cash flows. However, distribution coverage will likely remain pressured at least through the third quarter of 2018 as a result of certain non-discretionary maintenance capital expenditure needs during the year.
The SGL-3 liquidity rating reflects Moody's expectation that Martin Midstream will maintain adequate liquidity over the next 12 months. The partnership does not maintain a meaningful amount of cash on its balance sheet given that its partnership agreement calls for distribution of available cash. As of June 30, 2018 and pro forma for the repayment of revolver borrowings with proceeds from the asset sale, the partnership would have about $270 million drawn under its $664 million revolver due March 2020 though financial covenants could limit access to less than the full facility amount. Moody's anticipates that revolver borrowings will increase during the seasonally weaker third quarter of 2018 including to fund working capital needs.
Factors that could lead to an upgrade include EBITDA growth and increased scale without meaningfully increasing business risk while maintaining adequate liquidity, distribution coverage sustained above 1.1x (measured as funds from operations less maintenance capital expenditures divided by distributions), and debt/EBITDA sustained below 5x.
Factors that could lead to a downgrade include debt/EBITDA approaching 6x, distribution coverage falling meaningfully below 1x or deterioration in liquidity.
The principal methodology used in these ratings was Midstream Energy published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Martin Midstream, headquartered in Kilgore, Texas, is a publicly-traded master limited partnership with primary operations in the United States Gulf Coast region. Martin Resource Management Corporation has a 51% voting interest in Martin Midstream's general partner with the other 49% voting interest held by Alinda Capital Partners. Revenue for the 12 months ended March 31, 2018 was $978 million.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Jonathan Teitel, CFA
Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Peter Speer
Senior Vice President
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
swanlinbar
7年前
MMLP Martin Midstream Partners LP, Inst Holders, 2Q 2018 (MMLP)
4:01 am ET July 20, 2018 (Dow Jones) Print
The following table shows the largest shareholders in MARTIN MIDSTREAM PARTNERS UNIT (MMLP) for the quarter ended June 30, 2018, listed by holding size. The list represents up to 50 of the largest holders in the company.
Note: Unless otherwise mentioned the reporting date is 06/30/2018
Institution Shares Shares % Last
Held Changed Held Report
OppenheimerFunds Inc. 6,444,952 7,900 16.504 03/31
Brookfield Investment Manageme 2,025,324 2,025,324 5.186 03/31
First Trust Advisors LP 603,731 (48,553) 1.546 03/31
Goldman Sachs Asset Management 565,000 15,000 1.447 03/31
Advisory Research Inc. 544,995 0 1.396 03/31
Advisors Capital Management LL 165,643 14,523 0.424 03/31
Rafferty Asset Management LLC 148,918 553 0.381 03/31
Barings LLC 107,800 0 0.276 03/31
Raymond James Financial Servic 94,138 7,771 0.241 03/31
Susquehanna Financial Group LL 84,179 (4,257) 0.216 03/31
Trust Asset Management LLC 60,791 0 0.156 03/31
Bramshill Investments LLC 56,101 (3,685) 0.144 03/31
The Bollard Group LLC 54,950 39,100 0.141 03/31
Arrow Investment Advisors LLC 47,923 4,939 0.123 03/31
Raymond James & Associates In 45,922 1,050 0.118 03/31
UBS Financial Services Inc. 42,345 (44) 0.108 03/31
Walleye Trading Advisors LLC 42,060 8,110 0.108 03/31
CNH Partners LLC 40,794 3,100 0.104 03/31
Morgan Stanley Smith Barney LL 39,657 (233) 0.102 03/31
The California Public Employee 39,000 0 0.100 03/31
Sippican Capital Advisors LLC 38,610 2,625 0.099 06/30
GSA Capital Partners LLP 36,200 (14,280) 0.093 03/31
Guggenheim Partners Investment 34,241 (1,005) 0.088 03/31
Rational Advisors Inc. 33,800 33,800 0.087 03/31
PVG Asset Management Corp. 33,800 33,800 0.087 03/31
Texas Yale Capital Corp. 31,075 0 0.080 03/31
Albert D. Mason Inc. 29,301 (200) 0.075 03/31
HighTower Advisors LLC 28,537 8,186 0.073 03/31
Goldman Sachs & Co. LLC (Priva 27,120 10,948 0.069 03/31
Independent Advisor Alliance L 24,833 7,878 0.064 03/31
Geode Capital Management LLC 24,013 0 0.061 03/31
B. Riley Capital Management LL 22,509 22,509 0.058 03/31
RBC Capital Markets LLC (Inves 21,206 (2,244) 0.054 03/31
Citigroup Global Markets Inc. 20,202 (7,481) 0.052 03/31
Huntington National Bank (Inve 18,128 0 0.046 03/31
Deutsche Bank Securities Inc. 17,147 0 0.044 03/31
Merrill Lynch Pierce Fenner 17,095 1,705 0.044 03/31
Bell & Brown Wealth Advisors L 16,400 (400) 0.042 03/31
Wells Fargo Clearing Services 16,398 (8,606) 0.042 03/31
UBS Securities LLC 16,332 (2,473) 0.042 03/31
Deutsche Asset Management Inve 14,900 (43,963) 0.038 03/31
Virtu Financial BD LLC 14,093 14,093 0.036 03/31
Credit Suisse Securities (USA) 11,705 11,705 0.030 03/31
Peak6 Capital Management LLC 11,476 (33,086) 0.029 03/31
Susquehanna Investment Group L 10,119 10,119 0.026 03/31
Barclays Bank Plc (Private Ban 8,581 (1,200) 0.022 03/31
Bank of America NA (Private B 7,795 (1,995) 0.020 03/31
Cutler Group LP 7,111 4,200 0.018 03/31
Endurance Wealth Management I 6,600 3,000 0.017 03/31
Wells Capital Management Inc. 5,678 5,678 0.015 03/31
13F data provided by: Factset Research Systems Inc.;
Please send questions to ownership@factset.com.
Copyright, Factset Research Systems, 2018. All Rights Reserved.
(END) Dow Jones Newswires
July 20, 2018 04:01 ET (08:01 GMT)
swanlinbar
7年前
MMLP Martin Midstream Partners to Announce Second Quarter Financial Results on July 25
4:05 pm ET July 12, 2018 (Globe Newswire) Print
Martin Midstream Partners (NASDAQ:MMLP) plans to publicly release its financial results for the second quarter ended June 30, 2018 after the market closes on Wednesday, July 25, 2018.
A conference call to review the second quarter results will be held on Thursday, July 26, 2018 at 8:00 a.m. Central Time. The live conference call can be accessed by calling (877) 878-2695. For a limited time, an audio replay of the conference call will be available by calling (855) 859-2056. The conference ID is 3192908. The replay will also be archived on Martin Midstream Partners' website at www.martinmidstream.com
During the conference call, management will discuss certain non-generally accepted accounting principle financial measures for which reconciliations to the most directly comparable GAAP financial measures will be provided in Martin Midstream Partners' announcement concerning its financial results for the quarter ended June 30, 2018, which will be available on the investor relations page of Martin Midstream Partners' website.
Qualified Notice to Nominees
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of the Partnership's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
About Martin Midstream Partners
Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) natural gas liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.
Forward-Looking Statements
Statements about Martin Midstream Partners' outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While Martin Midstream Partners believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in Martin Midstream Partners' annual and quarterly reports filed from time to time with the Securities and Exchange Commission. Martin Midstream Partners disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise.
Additional information concerning Martin Midstream is available on its website at www.martinmidstream.com, or
Sharon Taylor - Head of Investor Relations
(877) 256-6644
https://resource.globenewswire.com/Resource/Download/97fdaee8-b458-4197-bc3b-63327feb8951?size=1
swanlinbar
7年前
Martin Midstream Partners 1Q Net $12.8M >MMLP
4:01 pm ET April 25, 2018 (Dow Jones) Print
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April 25, 2018 16:01 ET (20:01 GMT)
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Martin Midstream Partners Reports 2018 First Quarter Financial Results
-- First Quarter 2018 Net Income of $12.8 million
-- Strong Quarterly Distribution Coverage Ratio of 1.36 times
-- First Quarter Distributable Cash Flow and Adjusted EBITDA Exceeds
Guidance
KILGORE, Texas, April 25, 2018 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today its financial results for the quarter ended March 31, 2018.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, "I am pleased with our first quarter 2018 performance as the Partnership earned adjusted EBITDA of $44.7 million, approximately 2.0% ahead of our guidance. As is typical with the seasonal nature of our businesses, we followed a strong fourth quarter 2017 with sequentially strong cash flow during the first quarter this year. Correspondingly, our distribution coverage ratio for the quarter was similarly robust at 1.36 times.
"The Partnership's adjusted EBITDA for the quarter exceeded guidance by $0.8 million. Looking across our operating segments, our Natural Gas Services segment exceeded guidance based primarily on the excellent performance in our wholesale propane business. Propane saw vastly improved margins and volume demand driven by colder weather. Likewise, our Marine Transportation segment continued to benefit from improved cost measures and operational efficiencies while utilization of our equipment was solid, as cash flow exceeded guidance. Performance in our sulfur services segment was in line with our guidance level. And finally, our Terminalling and Storage segment modestly missed cash flow guidance as weakness in our shore based terminals and lubricants businesses was offset by lower operating expenses and better than forecasted cash flow at the Smackover refinery.
"During the quarter, we continued the planned expansion and extension of the WTLPG Pipeline into the Delaware Basin. During 2018, we expect to invest a total of approximately $40.0 million in this project. To accommodate financing, we successfully amended our revolving credit facility to allow for these ongoing capital expenditures; and our amendment grants us additional flexibility related to the seasonal inventory build of natural gas liquids during the second and third quarters."
The Partnership had net income for the first quarter 2018 of $12.8 million, or $0.33 per limited partner unit. The Partnership had net income for the first quarter 2017 of $13.6 million, or $0.36 per limited partner unit. The Partnership's adjusted EBITDA for the first quarter 2018 was $44.7 million compared to adjusted EBITDA from for the first quarter 2017 of $46.8 million.
The Partnership's distributable cash flow for the first quarter 2018 was $26.7 million compared to distributable cash flow for the first quarter 2017 of $30.3 million.
Revenues for the first quarter 2018 were $284.2 million compared to the first quarter 2017 of $253.3 million.
Distributable cash flow, EBITDA and adjusted EBITDA are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.
Included with this press release are the Partnership's consolidated and condensed financial statements as of and for the three months ended March 31, 2018 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, to be filed with the Securities and Exchange Commission on April 25, 2018.
An attachment accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/ff94e25f-5398-478c-a83f-cda29333cb8b
Investors' Conference Call
An investors conference call to review the first quarter results will be held on Thursday, April 26, 2018 at 8:00 a.m. Central Time. The conference call can be accessed by calling (877) 878-2695. An audio replay of the conference call will be available by calling (855) 859-2056 from 11:00 a.m. Central Time on April 26, 2018 through 10:59 p.m. Central Time on May 7, 2018. The access code for the conference call and the audio replay is Conference ID No. 1799846. The audio replay of the conference call will also be archived on Martin Midstream Partners' website at www.martinmidstream.com
About Martin Midstream Partners
The Partnership is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business segments include: (1) natural gas services, including liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marine transportation services for petroleum products and by-products.
Forward-Looking Statements
Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Partnership's control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
Use of Non-GAAP Financial Information
The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance. These include: (1) net income before interest expense, income tax expense, and depreciation and amortization ("EBITDA"), (2) adjusted EBITDA and (3) distributable cash flow. The Partnership's management views these measures as important performance measures of core profitability for its operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The Partnership's management believes investors benefit from having access to the same financial measures that management uses.
EBITDA and Adjusted EBITDA. Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with additional information to better understand the following: financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.
Distributable Cash Flow. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by the Partnership to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.
EBITDA, adjusted EBITDA and distributable cash flow should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these measures may not be the same method used to compute similar measures reported by other entities.
Additional information concerning the Partnership is available on the Partnership's website at www.martinmidstream.com or by contacting:
Joe McCreery, IRC - Vice President - Finance & Head of Investor Relations
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(877) 256-6644
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(Dollars in thousands)
March 31, December 31,
2018 2017
(Unaudited) (Audited)
Assets
Cash $ 184 $ 27
Accounts and other receivables, less
allowance for doubtful accounts of $419
and $314, respectively 84,554 107,242
Product exchange receivables 75 29
Inventories (Note 6) 73,894 97,252
Due from affiliates 25,866 23,668
Fair value of derivatives (Note 10) 82 --
Other current assets 6,004 4,866
Assets held for sale (Note 4) 9,442 9,579
Total current assets 200,101 242,663
Property, plant and equipment, at cost 1,265,516 1,253,065
Accumulated depreciation (432,275) (421,137)
Property, plant and equipment, net 833,241 831,928
Goodwill 17,296 17,296
Investment in WTLPG (Note 7) 130,644 128,810
Other assets, net (Note 9) 29,779 32,801
Total assets $1,211,061 $ 1,253,498
Liabilities and Partners' Capital
Trade and other accounts payable $ 86,751 $ 92,567
Product exchange payables 10,200 11,751
Due to affiliates 1,084 3,168
Income taxes payable 659 510
Fair value of derivatives (Note 10) -- 72
Other accrued liabilities (Note 9) 15,234 26,340
Total current liabilities 113,928 134,408
Long-term debt, net (Note 8) 795,139 812,632
Other long-term obligations 10,808 8,217
Total liabilities 919,875 955,257
Commitments and contingencies (Note 15)
Partners' capital (Note 11) 291,186 298,241
Total partners' capital 291,186 298,241
Total liabilities and partners'
capital $1,211,061 $ 1,253,498
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 25, 2018.
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)
eastunder
9年前
Martin Midstream Partners Reports Increased Distributable Cash Flow and Adjusted EBITDA in 2015 Third Quarter Results
•Distributable Cash Flow From Continuing Operations Increased 53% Compared to the Third Quarter of 2014
•Adjusted EBITDA of $41.4 Million Representing an Increase of 20% Compared to the Third Quarter of 2014
•Distribution Coverage Ratio for Trailing Twelve Months of 1.02 times
KILGORE, Texas, Oct. 28, 2015 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (MMLP) (the "Partnership") announced today its financial results for the quarter ended September 30, 2015.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of MMLP, said, "We finished the third quarter 2015 with a 0.87 times distribution coverage ratio. For the twelve months ended September 30, 2015 our distribution coverage ratio was 1.02 times. This quarter once again demonstrated the benefit of the diverse nature of our revenue streams even as underlying fundamentals across energy markets are experiencing weakness as we beat our internal cash flow forecast by approximately $2.1 million.
"Looking at our operations, performance for the third quarter included the full positive benefit of our new Arcadia Rail Terminal which is housed within our Natural Gas Services segment and provides us nationwide access to natural gas liquids where previously we were confined to servicing customers within the geographic footprint of trucking capabilities. The true benefit of this asset should be seen in the fourth quarter this year and the first quarter next year as we realize the cash flow from forward sales of butane to the refineries during blending season.
"Our Cardinal Gas Storage operating subsidiary, also within our Natural Gas Services segment, continued its strong year to date performance in the third quarter delivering better than expected cash flow from interruptible business services. Cardinal has now exceeded forecasted cash flow in all four quarters since being wholly-owned by the Partnership. Additionally, we saw an increased distribution from our West Texas LPG Pipeline joint venture of $1.1 million based on new shipping tariffs. We also outperformed our internal forecast in the Terminalling and Storage segment, particularly in our legacy specialty terminals division and at the Smackover refinery, both aided by reduced operating expenses.
"Going forward, our focus continues to be increasing our coverage ratio by improving upon our predominantly refinery-facing lines of business. For the fourth quarter 2015, we are optimistic we can achieve improved results from higher marine utilization and lower repair and maintenance costs. Additionally, we will begin the early seasonal shipment of next spring’s fertilizer volumes, which combined with realized sales in our refinery grade butane business is expected to improve our balance sheet by reducing working capital and providing additional cash flow."
The Partnership's distributable cash flow from continuing operations for the third quarter of 2015 was $29.1 million compared to distributable cash flow from continuing operations for the third quarter of 2014 of $19.1 million, an increase of 53%.
The Partnership's distributable cash flow from continuing operations for the nine months ended September 30, 2015 was $98.1 million compared to distributable cash flow from continuing operations for the nine months ended September 30, 2014 of $60.9 million, an increase of 61%.
The Partnership's adjusted EBITDA from continuing operations for the third quarter of 2015 was $41.4 million compared to adjusted EBITDA from continuing operations for the third quarter of 2014 of $34.5 million, an increase of 20%. Net income for the third quarter of 2015 was $3.3 million, which resulted in a loss per limited partner unit of $0.02 after the incentive distribution rights were allocated to the general partner. As a result of a $30.1 million non-cash reduction in the carrying value of the Partnership's 42.2% unconsolidated investment in Cardinal Gas Storage Partners LLC and a $3.4 million non-cash asset impairment in the Partnership's Marine Transportation segment, the Partnership reported a loss for the third quarter of 2014 of $26.9 million, or $0.82 per limited partner unit.
The Partnership's adjusted EBITDA from continuing operations for the nine months ended September 30, 2015 was $136.8 million compared to adjusted EBITDA from continuing operations for the nine months ended September 30, 2014 of $106.4 million, an increase of 29%. Net income for the nine months ended September 30, 2015 was $31.5 million, or $0.54 per limited partner unit. As a result of a the non-cash charges referenced above, the Partnership reported a net loss of $16.1 million, or $0.54 per limited partner unit for nine months ended September 30, 2014.
Revenues for the third quarter of 2015 were $226.0 million compared to $377.1 million for the third quarter of 2014. Revenues for the nine months ended September 30, 2015 were $782.5 million compared to $1.3 billion for the nine months ended September 30, 2014. The decline in revenues is attributable primarily to significantly lower natural gas liquids prices.
On February 12, 2015, the Partnership exited the natural gas liquids floating storage and trans-loading businesses as a result of the sale of its six liquefied petroleum gas pressure barges, collectively referred to as the "Floating Storage Assets", for $41.3 million. The Partnership recorded a gain on the disposition of $1.5 million.
The Partnership had no net income, distributable cash flow or adjusted EBITDA from discontinued operations related to the Floating Storage Assets in the third quarter of 2015. Distributable cash flow and EBITDA from discontinued operations were negative $0.9 million for the third quarter of 2014. Discontinued operations resulted in a loss of $1.2 million, or $0.04 per limited partner unit, for the third quarter of 2014.
Distributable cash flow and adjusted EBITDA from discontinued operations were $1.2 million for the nine months ended September 30, 2015. The Partnership had net income from discontinued operations for the nine months ended September 30, 2015 of $1.2 million, or $0.02 per limited partner unit.
Distributable cash flow and adjusted EBITDA from discontinued operations were negative $2.0 million for the nine months ended September 30, 2014. Discontinued operations resulted in a loss of $3.0 million, or $0.10 per limited partner unit, for the nine months ended September 30, 2014.
Distributable cash flow, EBITDA and adjusted EBITDA are non-GAAP financial measures which are explained in greater detail below under the heading “Use of Non-GAAP Financial Information.” The Partnership has also included below a table entitled “Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow” in order to show the components of these non-GAAP financial measures and their reconciliation to the most directly comparable GAAP measurement.
Included with this press release are the Partnership's consolidated financial statements as of and for the three and nine months ended September 30, 2015 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, to be filed with the Securities and Exchange Commission on October 28, 2015.
Quarterly Cash Distribution
The quarterly cash distribution of $0.8125 per common unit, which was announced on October 22, 2015, is payable on November 13, 2015 to common unitholders of record as of the close of business on November 6, 2015. The ex-dividend date for the cash distribution is November 4, 2015. This distribution reflects an annualized distribution rate of $3.25 per unit.
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