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     181  0 Kommentare Martin Midstream Partners Reports Fourth Quarter and Full Year 2019 Financial Results, Quarterly Cash Distribution and 2020 Outlook

    • Exceeded Fourth Quarter and Full Year 2019 Net Income and Adjusted EBITDA Revised Guidance
    • 2019 Net Income from Continuing Operations of $4.5 Million Compared to 2018 Net Loss from Continuing Operations of $7.8 Million
    • Reduction of Quarterly Cash Distribution to Re-allocate Capital and Provide Financial Flexibility
    • 2020 Net Income and Adjusted EBITDA Guidance of $0.2 Million and $117.1 Million, Respectively

    KILGORE, Texas, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership”) announced today its financial results for the three months and year ended December 31, 2019.

    Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership said, "In the fourth quarter, the Partnership generated strong cash flow resulting in net income of $6.6 million and adjusted EBITDA of $35.5 million compared to our revised guidance of $3.2 million and $32.1 million, respectively.  Distributable cash flow was $20.7 million, resulting in a 2.11 times distribution coverage ratio for the quarter.  For the full year 2019, Adjusted EBITDA from continuing operations was $108.3 million, exceeding revised guidance by $3.4 million.  Total distributable cash flow was $51.5 million resulting in a distribution coverage ratio of 1.05 times for full year 2019.

    "Despite the positive quarter and the strategic actions taken over the last eighteen months to strengthen our balance sheet and reduce leverage, we believe more is required.  While our efforts have resulted in an adjusted leverage ratio of 4.69 times and distribution coverage ratio of 1.05 times at year-end 2019, we are still above our stated goals for both ratios.  In order to be competitive in today’s capital markets, adjusted leverage of below 4.00 times and a distribution coverage ratio of above 1.30 times is required.  To provide further financial flexibility, we are resetting our annual distribution to $0.25 per unit.  The Partnership will retain approximately $28.9 million annually, due to the distribution reduction, which along with estimated 2020 positive cash flow will be used for further debt reduction and future high return investment opportunities at our Beaumont and Corpus Christi facilities.

    "Expanding on the fourth quarter of 2019, the majority of the excess over revised guidance was in the Sulfur Services segment due to stronger margins within the fertilizer business.  In addition, I’m happy to report that after eight months of downtime our Neches terminal is fully operational, as replacement of the ship-loader was completed ahead of schedule enabling us to service our customers under their current contract terms. In the Natural Gas Liquids segment, the butane optimization business returned to historical seasonal price differentials, rebounding from the anomaly of last winter’s refinery blending season.  Within the Transportation segment, marine services continued to profit from increasing day rates coupled with high utilization, while land transportation performed slightly under revised guidance.

    "Moving to 2020 guidance, we estimate net income of $0.2 million and adjusted EBITDA of $117.1 million, with the majority of cash flow generated by fee based services.  Our maintenance capital expenditures are forecasted to be $17.4 million, resulting in distributable cash flow of $49.6 million."

    Net income from continuing operations for the fourth quarter 2019 was $6.6 million compared to the fourth quarter of 2018 of $1.6 million.  Net income from continuing operations for the year ended December 31, 2019 was $4.5 million compared to a net loss of $7.8 million for the year ended December 31, 2018.

    Adjusted EBITDA from continuing operations for the fourth quarter 2019 was $35.5 million compared to adjusted EBITDA from continuing operations for the fourth quarter 2018 of $25.5 million.  Adjusted EBITDA from continuing operations for the year ended December 31, 2019 was $108.3 million compared to adjusted EBITDA for the year ended December 31, 2018 of $107.2 million.

    Distributable cash flow from continuing operations for the fourth quarter of 2019 was $20.7 million compared to distributable cash flow from continuing operations for the fourth quarter of 2018 of $8.3 million.  Distributable cash flow from continuing operations for the year ended December 31, 2019 was $41.8 million compared to distributable cash flow from continuing operations for the year ended December 31, 2018 of $36.1 million.

    Net income from discontinued operations for the three months ended December 31, 2019 was $0.0 million compared to net income from discontinued operations for the three months ended December 31, 2018 of $1.0 million.  The Partnership had a net loss from discontinued operations for the year ended December 31, 2019 of $179.5 million, which includes a non-cash charge related to the disposition of its natural gas storage assets of $178.8 million.  Net income from discontinued operations was $63.5 million for the year ended December 31, 2018, which includes a non-cash gain related to the disposition of its West Texas LPG Pipeline Limited Partnership interests of $48.6 million.

    Adjusted EBITDA from discontinued operations for the fourth quarter of 2019 was $0.0 million compared to adjusted EBITDA from discontinued operations for the fourth quarter of 2018 of $6.5 million.  Adjusted EBITDA from discontinued operations for the year ended December 31, 2019 was $10.7 million compared to adjusted EBITDA from discontinued operations for the year ended December 31, 2018 of $34.7 million.

    Distributable cash flow from discontinued operations for the fourth quarter of 2019 was $0.0 million compared to distributable cash flow from discontinued operations for the fourth quarter of 2018 of $6.0 million.  Distributable cash flow from discontinued operations for the year ended December 31, 2019 was $9.8 million compared to distributable cash flow from discontinued operations for the year ended December 31, 2018 of $32.7 million.

    Revenues for the fourth quarter of 2019 were $241.9 million compared to $267.2 million for the fourth quarter of 2018.  Revenues for the year ended December 31, 2019 were $847.1 million compared to $1,020.1 million for the year ended December 31, 2018.

    As discussed above, the Partnership announced it has declared a quarterly cash distribution of $0.0625 per unit, or $0.25 per unit on an annualized basis, for the quarter ended December 31, 2019.  The distribution is payable on February 14, 2020 to common unitholders of record as of the close of business on February 7, 2020.  The ex-dividend date for the cash distribution is February 6, 2020.

    Distributable cash flow from continuing operations, distributable cash flow from discontinued operations, EBITDA, adjusted EBITDA from continuing operations, and adjusted EBITDA from discontinued operations 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 from continuing operations, 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 financial statements as of and for the year ended December 31, 2019 and certain prior periods.  These financial statements should be read in conjunction with the information contained in the Partnership's Annual Report on Form 10-K, to be filed with the SEC on February 14, 2020.

    An earnings summary accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/a822e5d3-d871-4794-b55d- ...

    2020 Guidance

    The Partnership will discuss 2020 guidance during the investors’ conference call scheduled for Wednesday, January 29, 2020 at 8:00 a.m.  Details of the conference call are below.  A 2020 guidance presentation accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/e56b303f-5381-4f1c-9bc6- ...

    Investors' Conference Call

    An investors conference call to review the fourth quarter results will be held on Wednesday, January 29, 2020 at 8:00 a.m. Central Time. The live conference call will be available 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 9235509. An archive of the replay will be on Martin Midstream Partners’ website at www.MMLP.com.

    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.

    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, Adjusted EBITDA from Continuing Operations, and Adjusted EBITDA from Discontinued Operations.  Certain items excluded from EBITDA, adjusted EBITDA from continuing operations, and adjusted EBITDA from discontinued operations 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, adjusted EBITDA from continuing operations, and adjusted EBITDA from discontinued operations 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 and Distributable Cash Flow from Discontinued Operations.  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 from continuing operations, adjusted EBITDA from discontinued operations, distributable cash flow, and distributable cash flow from discontinued operations, 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.MMLP.com or by contacting:

    Sharon Taylor - Head of Investor Relations
    (877) 256-6644

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
       
      December 31,
      2019   2018
    Assets      
    Cash $ 2,856     $ 300  
    Trade and accrued accounts receivable, less allowance for doubtful accounts of $532 and $576, respectively 87,254     83,488  
    Product exchange receivables     166  
    Inventories 62,540     84,265  
    Due from affiliates 17,829     18,845  
    Fair value of derivatives     4  
    Other current assets 5,833     5,889  
    Assets held for sale 5,052     5,652  
    Current assets - Natural Gas Storage Assets     9,428  
    Total current assets 181,364     208,037  
           
    Property, plant and equipment, at cost 884,728     886,435  
    Accumulated depreciation (467,531 )   (438,602 )
    Property, plant and equipment, net 417,197     447,833  
           
    Goodwill 17,705     17,785  
    Right-of-use assets 23,901      
    Deferred income taxes, net 23,422      
    Intangibles and other assets, net 3,567     4,584  
    Non current assets - Natural Gas Storage Assets     395,389  
      $ 667,156     $ 1,073,628  
    Liabilities and Partners’ Capital      
    Current portion of finance lease obligations $ 6,758     $ 5,409  
    Trade and other accounts payable 64,802     64,041  
    Product exchange payables 4,322     12,103  
    Due to affiliates 1,470     2,133  
    Income taxes payable 472     445  
    Fair value of derivatives 667      
    Other accrued liabilities 28,789     24,380  
    Current liabilities - Natural Gas Storage Assets     3,240  
    Total current liabilities 107,280     111,751  
           
    Long-term debt, net 569,788     656,459  
    Finance lease obligations 717     6,272  
    Operating lease liabilities 16,656      
    Other long-term obligations 8,911     10,045  
    Non current liabilities - Natural Gas Storage Assets     669  
    Total liabilities 703,352     785,196  
    Commitments and contingencies      
    Partners’ capital (deficit) (36,196 )   288,432  
    Total partners’ capital (deficit) (36,196 )   288,432  
      $ 667,156     $ 1,073,628  
                   

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per unit amounts)
       
      Year Ended December 31,
      2019   2018   2017
    Revenues:          
    Terminalling and storage  * $ 87,397     $ 96,204     $ 99,643  
    Transportation  * 159,622     150,121     135,350  
    Sulfur services 11,434     11,148     10,952  
    Product sales: *          
    Natural gas liquids 366,502     496,007     473,317  
    Sulfur services 99,906     121,388     123,732  
    Terminalling and storage 122,257     145,236     130,392  
      588,665     762,631     727,441  
    Total revenues 847,118     1,020,104     973,386  
               
    Costs and expenses:          
    Cost of products sold: (excluding depreciation and amortization)          
    Natural gas liquids * 325,376     449,103     406,388  
    Sulfur services * 65,893     83,641     76,119  
    Terminalling and storage * 101,526     126,562     112,168  
      492,795     659,306     594,675  
    Expenses:          
    Operating expenses  * 209,313     216,182     228,778  
    Selling, general and administrative  * 41,433     39,116     39,080  
    Impairment of long-lived assets         2,225  
    Depreciation and amortization 60,060     61,484     65,108  
    Total costs and expenses 803,601     976,088     929,866  
    Other operating income, net 14,587     1,041     2,096  
    Operating income 58,104     45,057     45,616  
               
    Other income (expense):          
    Interest expense, net (51,690 )   (52,349 )   (47,770 )
    Other, net 6     38     1,129  
    Total other income (expense) (51,684 )   (52,311 )   (46,641 )
    Net income (loss) before taxes 6,420     (7,254 )   (1,025 )
    Income tax expense (1,900 )   (577 )   (158 )
    Income (loss) from continuing operations 4,520     (7,831 )   (1,183 )
    Income (loss) from discontinued operations, net of income taxes (179,466 )   63,486     21,099  
    Net income (loss) (174,946 )   55,655     19,916  
    Less general partner's interest in net (income) loss 3,499     (882 )   (343 )
    Less pre-acquisition income allocated to the general partner     (11,550 )   (2,781 )
    Less income allocable to unvested restricted units (41 )   (28 )   (42 )
    Limited partners' interest in net income (loss) $ (171,488 )   $ 43,195     $ 16,750  
                           

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

    *Related Party Transactions Shown Below

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per unit amounts)
     
    *Related Party Transactions Included Above
      Year Ended December 31,
      2019   2018   2017
    Revenues:          
    Terminalling and storage $ 71,733     $ 79,137     $ 82,142  
    Transportation 24,243     27,588     29,807  
    Natural gas liquids         122  
    Product sales 931     1,297     3,497  
    Costs and expenses:          
    Cost of products sold: (excluding depreciation and amortization)          
    Transportation 61,376     62,965     63,487  
    Natural gas liquids         4,354  
    Sulfur services 10,765     10,641     9,345  
    Terminalling and storage 23,859     24,613     16,672  
    Expenses:          
    Operating expenses 88,194     90,878     95,546  
    Selling, general and administrative 32,622     26,441     26,393  
                     

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per unit amounts)
       
      Year Ended December 31,
      2019   2018   2017
    Allocation of net income (loss) attributable to:          
    Limited partner interest:          
    Continuing operations $ 4,430     $ (18,982 )   $ (3,875 )
    Discontinued operations (175,918 )   62,177     20,625  
      $ (171,488 )   $ 43,195     $ 16,750  
    General partner interest:          
    Continuing operations $ 91     $ (387 )   $ (79 )
    Discontinued operations (3,590 )   1,269     422  
      $ (3,499 )   $ 882     $ 343  
               
    Net income (loss) per unit attributable to limited partners:          
    Basic:          
    Continuing operations $ 0.11     $ (0.49 )   $ (0.10 )
    Discontinued operations (4.55 )   1.60     0.54  
      $ (4.44 )   $ 1.11     $ 0.44  
               
    Weighted average limited partner units - basic 38,659     38,907     38,102  
               
    Diluted:          
    Continuing operations $ 0.11     $ (0.49 )   $ (0.10 )
    Discontinued operations (4.55 )   1.60     0.54  
      $ (4.44 )   $ 1.11     $ 0.44  
               
    Weighted average limited partner units - diluted 38,659     38,923     38,165  
                     

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED STATEMENTS OF CAPITAL
    (Dollars in thousands)
               
          Partners’ Capital    
      Parent Net
      Common   General
    Partner
       
      Investment   Units   Amount   Amount   Total
    Balances – December 31, 2016 $ 19,054     35,452,062     $ 304,594     $ 7,412     $ 331,060  
                       
    Net income 2,781         16,792     343     19,916  
    Issuance of common units, net     2,990,000     51,056         51,056  
    Issuance of restricted units     12,000              
    Forfeiture of restricted units     (9,250 )            
    General partner contribution             1,098     1,098  
    Cash distributions         (75,399 )   (1,539 )   (76,938 )
    Deemed contribution from Martin Resource Management Corporation 2,405                 2,405  
    Reimbursement of excess purchase price over carrying value of acquired assets         1,125         1,125  
    Excess carrying value of the assets over the purchase price paid by Martin Resource Management         (7,887 )       (7,887 )
    Unit-based compensation         650         650  
    Purchase of treasury units     (200 )   (4 )       (4 )
    Balances – December 31, 2017 24,240     38,444,612     290,927     7,314     322,481  
                       
    Net income 11,550         43,223     882     55,655  
    Issuance of common units, net         (118 )       (118 )
    Issuance of time-based restricted units     315,500              
    Issuance of performance-based restricted units     317,925              
    Forfeiture of restricted units     (27,000 )            
    Cash distributions         (76,872 )   (1,569 )   (78,441 )
    Deemed distribution from Martin Resource Management Corporation (12,070 )               (12,070 )
    Excess purchase price over carrying value of acquired assets         (26 )       (26 )
    Unit-based compensation         1,224         1,224  
    Purchase of treasury units     (18,800 )   (273 )       (273 )
    Balances – December 31, 2018 23,720     39,032,237     258,085     6,627     288,432  
                       
    Net loss         (171,447 )   (3,499 )   (174,946 )
    Issuance of common units, net         (289 )       (289 )
    Issuance of time-based restricted units     16,944              
    Forfeiture of restricted units     (154,288 )            
    Cash distributions         (48,111 )   (982 )   (49,093 )
    Excess purchase price over carrying value of acquired assets         (102,393 )       (102,393 )
    Deferred taxes on acquired assets and liabilities         24,781         24,781  
    Unit-based compensation         1,424         1,424  
    Purchase of treasury units     (31,504 )   (392 )       (392 )
    Contribution to parent (23,720 )               (23,720 )
    Balances – December 31, 2019 $     38,863,389     $ (38,342 )   $ 2,146     $ (36,196 )
                                         

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

     
    MARTIN MIDSTREAM PARTNERS L.P.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Dollars in thousands)
       
      Year Ended December 31,
      2019   2018   2017
    Cash flows from operating activities:          
    Net income (loss) $ (174,946 )   $ 55,655     $ 19,916  
    Less:  (Income) loss from discontinued operations 179,466     (63,486 )   (21,099 )
    Net income (loss) from continuing operations 4,520     (7,831 )   (1,183 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
    Depreciation and amortization 60,060     61,484     65,108  
    Amortization and write-off of deferred debt issue costs 4,041     3,445     2,897  
    Amortization of premium on notes payable (306 )   (306 )   (306 )
    Deferred income taxes 1,360     208     (156 )
    Gain on disposition or sale of property, plant, and equipment (13,332 )   (1,041 )   (2,090 )
    Impairment of long lived assets         2,225  
    Derivative (income) loss 5,137     (14,024 )   1,304  
    Net cash (paid) received for commodity derivatives (4,466 )   13,948     (5,136 )
    Unit-based compensation 1,424     1,224     650  
    Change in current assets and liabilities, excluding effects of acquisitions and dispositions:          
    Accounts and other receivables 62     29,085     (29,384 )
    Product exchange receivables 166     (137 )   178  
    Inventories 21,493     13,370     (14,927 )
    Due from affiliates 1,822     5,961     (12,096 )
    Other current assets (254 )   1,485     (1,743 )
    Trade and other accounts payable (898 )   (27,321 )   19,263  
    Product exchange payables (7,781 )   555     4,829  
    Due to affiliates (1,469 )   99     (5,564 )
    Income taxes payable 27     (65 )   (360 )
    Other accrued liabilities (3,017 )   (6,636 )   (223 )
    Change in other non-current assets and liabilities (543 )   1,206     2,780  
    Net cash provided by continuing operating activities 68,046     74,709     26,066  
    Net cash provided by discontinued operating activities 7,769     30,321     43,018  
    Net cash provided by operating activities 75,815     105,030     69,084  
    Cash flows from investing activities:          
    Payments for property, plant, and equipment (30,621 )   (35,255 )   (41,932 )
    Acquisitions, net of cash acquired (23,720 )       (19,533 )
    Payments for plant turnaround costs (5,677 )   (1,893 )   (1,583 )
    Proceeds from sale of property, plant, and equipment 20,660     11,483     13,676  
    Proceeds from involuntary conversion of property, plant and equipment 5,031          
    Proceeds from repayment of Note receivable - affiliate         15,000  
    Net cash used in continuing investing activities (34,327 )   (25,665 )   (34,372 )
    Net cash provided by (used in) discontinued investing activities 209,155     173,287     (7,263 )
    Net cash provided by (used in) investing activities 174,828     147,622     (41,635 )
    Cash flows from financing activities:          
    Payments of long-term debt (729,514 )   (559,201 )   (339,224 )
    Proceeds from long-term debt 638,000     399,000     341,000  
    Net proceeds from issuance of common units (289 )   (118 )   51,056  
    General partner contributions         1,098  
    Deemed contribution from (distribution to) Martin Resource Management     (12,070 )   2,405  
    Excess purchase price over carrying value of acquired assets (102,393 )   (26 )   (7,887 )
    Reimbursement of excess purchase price over carrying value of acquired assets         1,125  
    Purchase of treasury units (392 )   (273 )   (4 )
    Payments of debt issuance costs (4,406 )   (1,312 )   (66 )
    Cash distributions paid (49,093 )   (78,441 )   (76,938 )
    Net cash used in financing activities (248,087 )   (252,441 )   (27,435 )
               
    Net increase in cash 2,556     211     14  
    Cash at beginning of year 300     89     75  
    Cash at end of year $ 2,856     $ 300     $ 89  
               

    These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on February 14, 2020.

     
    MARTIN MIDSTREAM PARTNERS L.P.
    SEGMENT OPERATING INCOME
    (Dollars and volumes in thousands, except BBL per day)
     
    Terminalling and Storage Segment
     
    Comparative Results of Operations for the Years Ended December 31, 2019 and 2018
      Year Ended
    December 31,
              Percent
      2019   2018   Variance   Change
                   
      (In thousands)    
    Revenues:              
    Services $ 93,980     $ 102,514     $ (8,534 )   (8 )%
    Products 122,333     145,326     (22,993 )   (16 )%
    Total revenues 216,313     247,840     (31,527 )   (13 )%
                   
    Cost of products sold 107,081     132,384     (25,303 )   (19 )%
    Operating expenses 53,279     54,129     (850 )   (2 )%
    Selling, general and administrative expenses 5,997     5,327     670     13 %
    Depreciation and amortization 30,952     39,508     (8,556 )   (22 )%
      19,004     16,492     2,512     15 %
    Other operating income (loss), net (1,334 )   1,328     (2,662 )   (200 )%
    Operating income $ 17,670     $ 17,820     $ (150 )   (1 )%
                   
    Shore-based throughput volumes (guaranteed minimum) (gallons) 80,000     80,000         %
    Smackover refinery throughput volumes (guaranteed minimum BBL per day) 6,500     6,500         %
                           


     
    Comparative Results of Operations for the Years Ended December 31, 2018 and 2017
      Year Ended
    December 31,
              Percent
      2018   2017   Variance   Change
                   
      (In thousands)    
    Revenues:              
    Services $ 102,514     $ 105,703     $ (3,189 )   (3 )%
    Products 145,326     130,466     14,860     11 %
    Total revenues 247,840     236,169     11,671     5 %
                   
    Cost of products sold 132,384     118,832     13,552     11 %
    Operating expenses 54,129     63,191     (9,062 )   (14 )%
    Selling, general and administrative expenses 5,327     5,832     (505 )   (9 )%
    Impairment of long-lived assets     600     (600 )   (100 )%
    Depreciation and amortization 39,508     45,160     (5,652 )   (13 )%
      16,492     2,554     13,938     546 %
    Other operating income, net 1,328     751     577     77 %
    Operating income $ 17,820     $ 3,305     $ 14,515     439 %
                   
    Shore-based throughput volumes (guaranteed minimum) (gallons) 80,000     144,998     (64,998 )   (45 )%
    Smackover refinery throughput volumes (guaranteed minimum BBL per day) 6,500     6,500         %
                           


     
    MARTIN MIDSTREAM PARTNERS L.P.
    SEGMENT OPERATING INCOME
    (Dollars and volumes in thousands, except BBL per day)
     
    Transportation Segment
     
    Comparative Results of Operations for the Years Ended December 31, 2019 and 2018
      Year Ended
    December 31,
              Percent
      2019   2018   Variance   Change
                   
      (In thousands)    
    Revenues $ 183,740     $ 178,163     $ 5,577     3 %
    Operating expenses 141,713     146,300     (4,587 )   (3 )%
    Selling, general and administrative expenses 8,199     6,305     1,894     30 %
    Depreciation and amortization 15,307     11,003     4,304     39 %
      18,521     14,555     3,966     27 %
    Other operating income (loss), net (1,691 )   215     (1,906 )   (887 )%
    Operating income $ 16,830     $ 14,770     $ 2,060     14 %
                                 


     
    Comparative Results of Operations for the Years Ended December 31, 2018 and 2017
      Year Ended
    December 31,
              Percent
      2018   2017   Variance   Change
      (In thousands)    
    Revenues $ 178,163     $ 164,043     $ 14,120     9 %
    Operating expenses 146,300     148,331     (2,031 )   (1 )%
    Selling, general and administrative expenses 6,305     4,807     1,498     31 %
    Impairment of long lived assets     1,625     (1,625 )   (100 )%
    Depreciation and amortization 11,003     9,285     1,718     19 %
      14,555     (5 )   14,560     291,200 %
    Other operating income, net 215     1,378     (1,163 )   (84 )%
    Operating income $ 14,770     $ 1,373     $ 13,397     976 %
                                 


     
    MARTIN MIDSTREAM PARTNERS L.P.
    SEGMENT OPERATING INCOME
    (Dollars and volumes in thousands, except BBL per day)
     
    Sulfur Services Segment
     
    Comparative Results of Operations for the Years Ended December 31, 2019 and 2018
      Year Ended
    December 31,
              Percent
      2019   2018   Variance   Change
                   
      (In thousands)    
    Revenues:              
    Services $ 11,434     $ 11,148     $ 286     3 %
    Products 99,906     121,388     (21,482 )   (18 )%
    Total revenues 111,340     132,536     (21,196 )   (16 )%
                   
    Cost of products sold 71,806     90,780     (18,974 )   (21 )%
    Operating expenses 10,639     11,618     (979 )   (8 )%
    Selling, general and administrative expenses 4,784     4,326     458     11 %
    Depreciation and amortization 11,332     8,485     2,847     34 %
      12,779     17,327     (4,548 )   (26 )%
    Other operating income (loss), net 1,210     (111 )   1,321     1,190 %
    Operating income $ 13,989     $ 17,216     $ (3,227 )   (19 )%
                   
    Sulfur (long tons) 665.0     688.0     (23.0 )   (3 )%
    Fertilizer (long tons) 260.0     277.0     (17.0 )   (6 )%
    Sulfur services volumes (long tons) 925.0     965.0     (40.0 )   (4 )%
                           


     
    Comparative Results of Operations for the Years Ended December 31, 2018 and 2017
      Year Ended
    December 31,
              Percent
      2018   2017   Variance   Change
                   
      (In thousands)    
    Revenues:              
    Services $ 11,148     $ 10,952     $ 196     2 %
    Products 121,388     123,732     (2,344 )   (2 )%
    Total revenues 132,536     134,684     (2,148 )   (2 )%
                   
    Cost of products sold 90,780     82,760     8,020     10 %
    Operating expenses 11,618     13,783     (2,165 )   (16 )%
    Selling, general and administrative expenses 4,326     4,136     190     5 %
    Depreciation and amortization 8,485     8,117     368     5 %
      17,327     25,888     (8,561 )   (33 )%
    Other operating loss, net (111 )   (26 )   (85 )   (327 )%
    Operating income $ 17,216     $ 25,862     $ (8,646 )   (33 )%
                   
    Sulfur (long tons) 688.0     807.0     (119.0 )   (15 )%
    Fertilizer (long tons) 277.0     276.0     1.0     %
    Sulfur services volumes (long tons) 965.0     1,083.0     (118.0 )   (11 )%
                           


     
    MARTIN MIDSTREAM PARTNERS L.P.
    SEGMENT OPERATING INCOME
    (Dollars and volumes in thousands, except BBL per day)
     
    Natural Gas Services Segment
     
    Comparative Results of Operations for the Years Ended December 31, 2019 and 2018
      Year Ended
    December 31,
              Percent
      2019   2018   Variance   Change
                   
      (In thousands)    
    Products Revenues $ 366,502     $ 496,026     (129,524 )   (26 )%
    Cost of products sold 341,800     467,550     (125,750 )   (27 )%
    Operating expenses 6,300     7,107     (807 )   (11 )%
    Selling, general and administrative expenses 4,739     5,338     (599 )   (11 )%
    Depreciation and amortization 2,469     2,488     (19 )   (1 )%
      11,194     13,543     (2,349 )   (17 )%
    Other operating income (loss), net 16,402     (391 )   16,793     4,295 %
    Operating income $ 27,596     $ 13,152     $ 14,444     110 %
                   
    NGLs Volumes (barrels) 9,820     10,223     (403 )   (4 )%
                           


     
    Comparative Results of Operations for the Years Ended December 31, 2018 and 2017
      Year Ended
    December 31,
              Percent
      2018   2017   Variance   Change
                   
      (In thousands)    
    Products Revenues $ 496,026     $ 473,548     22,478     5 %
    Cost of products sold 467,550     424,610     42,940     10 %
    Operating expenses 7,107     6,905     202     3 %
    Selling, general and administrative expenses 5,338     7,072     (1,734 )   (25 )%
    Depreciation and amortization 2,488     2,546     (58 )   (2 )%
      13,543     32,415     (18,872 )   (58 )%
    Other operating loss, net (391 )   (7 )   (384 )   (5,486 )%
    Operating income $ 13,152     $ 32,408     $ (19,256 )   (59 )%
                   
    NGLs Volumes (barrels) 10,223     10,487     (264 )   (3 )%
                           

    Non-GAAP Financial Measures

    The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the quarter and years ended December 31, 2019 and 2018, which represents EBITDA, Adjusted EBITDA and Distributable Cash Flow.

     
    Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow
           
      Three Months Ended
    December 31,
      Year Ended
    December 31,
      2019   2018   2019   2018
                   
    Net income (loss) $ 6,642     $ 2,582     $ (174,946 )   $ 55,655  
    Less:  (Income) loss from discontinued operations, net of income taxes     (1,029 )   179,466     (63,486 )
    Income (loss) from continuing operations 6,642     1,553     4,520     (7,831 )
    Adjustments:              
    Interest expense 11,060     12,566     51,690     52,349  
    Income tax expense 328     198     1,900     577  
    Depreciation and amortization 15,063     14,264     60,060     61,484  
    EBITDA from Continuing Operations 33,093     28,581     118,170     106,579  
    Adjustments:              
    (Gain) loss on sale of property, plant and equipment 617     (928 )   (13,332 )   (1,041 )
    Unrealized mark-to-market on commodity derivatives 1,200     (2,972 )   671     (76 )
    Non-cash insurance related accruals         500      
    Lower of cost or market adjustments 226         633      
    Unit-based compensation 360     352     1,424     1,224  
    Transaction costs associated with acquisitions     465     224     465  
    Adjusted EBITDA from Continuing Operations 35,496     25,498     108,290     107,151  
    Adjustments:              
    Interest expense (11,060 )   (12,566 )   (51,690 )   (52,349 )
    Income tax expense (328 )   (198 )   (1,900 )   (577 )
    Amortization of deferred debt issuance costs 483     882     4,041     3,445  
    Amortization of debt premium (76 )   (76 )   (306 )   (306 )
    Deferred income taxes 260     208     1,360     208  
    Payments for plant turnaround costs (560 )   (1,014 )   (5,677 )   (1,893 )
    Maintenance capital expenditures (3,492 )   (4,389 )   (12,368 )   (19,553 )
    Distributable Cash Flow from Continuing Operations $ 20,723     $ 8,345     $ 41,750     $ 36,126  
                   
    Income (loss) from discontinued operations, net of income taxes $     $ 1,029     $ (179,466 )   $ 63,486  
    Adjustments:              
    Depreciation and amortization     4,742     8,161     18,795  
    EBITDA from Discontinued Operations              
    Equity in earnings             (3,382 )
    Distributions from unconsolidated entities             3,500  
    Gain from disposition of Investment in WTLPG             (48,564 )
    Loss on sale of property, plant and equipment, net     704     178,781     824  
    Non-cash insurance related accruals         3,213      
    Adjusted EBITDA from Discontinued Operations $     $ 6,475     $ 10,689     $ 34,659  
    Maintenance capital expenditures $     $ (497 )   $ (912 )   $ (1,952 )
    Distributable Cash Flow from Discontinued Operations $     $ 5,978     $ 9,777     $ 32,707  
                                   



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    Martin Midstream Partners Reports Fourth Quarter and Full Year 2019 Financial Results, Quarterly Cash Distribution and 2020 Outlook Exceeded Fourth Quarter and Full Year 2019 Net Income and Adjusted EBITDA Revised Guidance2019 Net Income from Continuing Operations of $4.5 Million Compared to 2018 Net Loss from Continuing Operations of $7.8 MillionReduction of Quarterly Cash …