Martin Midstream Partners (MMLP) 8-K Other Events

Exhibit 99.1

           As further discussed in notes 2(a) and 6 to our consolidated financial statements herein, our consolidated financial statements for all periods presented herein have been updated to reclassify the assets and related liabilities of our natural gas gathering and processing business as held for sale and the related results of operations as discontinued operations.  This filing includes updates only to the portions of Item 6, Item 7 and Item 8 of the December 31, 2011 Form 10-K that specifically relate to the reclassification of the assets and related liabilities of our natural gas gathering and processing business as held for sale and the related results of operations as discontinued operations and does not otherwise modify or update any other disclosures set forth in the December 31, 2011 Form 10-K.

Item 6.                      Selected Financial Data

The following table sets forth selected financial data and other operating data of Martin Midstream Partners L.P. for the years ended December 31, 2011, 2010, 2009, 2008 and 2007  is derived from the audited consolidated financial statements of Martin Midstream Partners L.P.

The following selected financial data are qualified by reference to and should be read in conjunction with our Consolidated and Combined Financial Statements and Notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this document.

		2011			2010			2009			2008			2007
	(Dollars in thousands, except per unit amounts)
Income Statement Data:
Revenues	$	1,115,735		$	799,641		$	591,244		$	1,095,149		$	702,000
Cost of product sold		885,645			594,327			398,107			878,586			524,650
Operating expenses		134,734			111,923			111,901			121,343			100,187
Selling, general, and administrative		17,430			15,111			14,551			15,305			10,202
Depreciation and amortization		39,445			36,204			35,543			31,348			23,424
Total costs and expenses		1,077,254			757,565			560,102			1,046,582			658,463
Other operating income		1,326			228			6,025			209			707
Operating income		39,807			42,304			37,167			48,776			44,244
Equity in earnings of unconsolidated entities		124			—			—			—			—
Interest expense		(24,518	)		(33,716	)		(18,995	)		(21,433	)		(15,125	)
Other, net		233			287			327			798			374
Income before income taxes		15,646			8,875			18,499			28,141			29,493
Income taxes		696			(914	)		(1,564	)		(1,399	)		(5,488	)
Income from continuing operations		14,950			7,961			16,935			26,742			24,005
Income from discontinued operations, net of tax		9,392			8,061			5,268			16,816			8,556
Net income	$	24,342		$	16,022		$	22,203		$	43,558		$	32,561
Net income per limited partner unit – continuing operations	$	0.57		$	0.31		$	0.87		$	1.65		$	1.09
Net income per limited partner unit – discontinued operations		0.35			0.32			0.30			1.07			0.58
Net income per limited partner unit	$	0.92		$	0.63		$	1.17		$	2.72		$	1.67
Weighted average limited partner units		19,545,427			17,525,089			14,680,807			14,529,826			14,018,799
Balance Sheet Data (at Period End):
Total assets	$	949,109		$	785,478		$	685,939		$	706,322		$	656,604
Due to affiliates		18,485			6,957			13,810			23,085			17,119
Long-term debt		458,941			372,862			304,372			295,000			225,000
Partner’s capital (owner’s equity)		285,616			274,806			264,951			246,379			246,765
Cash Flow Data:
Net cash flow provided by (used in):
Operating activities	$	86,870		$	37,518		$	47,592		$	86,340		$	61,209
Investing activities		(167,335	)		(76,728	)		(14,675	)		(106,621	)		(130,295	)
Financing activities		69,351			44,634			(34,944	)		24,151			69,896
Other Financial Data:
Maintenance capital expenditures	$	10,947		$	4,653		$	7,601		$	17,998		$	11,955
Expansion capital expenditures		63,048			12,367			28,572			89,435			109,474
Total capital expenditures	$	73,995		$	17,020		$	36,173		$	107,433		$	121,429
Cash dividends per common unit (in dollars)	$	3.05		$	3.00		$	3.00		$	2.91		$	2.60

 We acquired the assets of Cross from Martin Resource Management in November 2009.  The acquisition of the Cross assets was considered a transfer of net assets between entities under common control.  The acquisition of the Cross assets and increase in partners’ capital for the common and subordinated units issued in November 2009 are recorded at amounts based on the historical carrying value of the Cross assets at that date, and we are required to revise our historical financial statements to include the activities of the Cross assets as of the date of common control.  Our historical financial statements for 2007, 2008 and the period January 1, 2009 through November 24, 2009, have been revised to reflect the financial position, cash flows and results of operations attributable to the Cross assets as if we owned the Cross assets for these periods.

The following tables present our historical results of operations, the effect of including the results of the Cross assets, which are included in our terminalling and storage segment and the revised total amounts included in our consolidated financial statements:

1

	Year Ended December 31, 2009
	Historical Martin Midstream Partners LP			Cross Assets Results			Revised Total
	(Dollars in thousands, except per unit amounts)
Revenues	$	562,635		$	28,609		$	591,244
Costs and expenses:
Cost of products sold (excluding depreciation and amortization)		398,107			—			398,107
Operating expenses		93,140			18,761			111,901
Selling, general and administrative		12,866			1,685			14,551
Depreciation and amortization		31,180			4,363			35,543
Total costs and expenses		535,293			24,809			560,102
Other operating income		6,172			(147	)		6,025
Operating income		33,514			3,653			37,167
Interest expense		(18,124	)		(871	)		(18,995	)
Other, net		304			23			327
Net income before taxes		15,694			2,805			18,499
Income tax benefit (expense)		(423	)		( 1,141	)		(1,564	)
Income from continuing operations		15,271			1,664			16,935
Income from discontinued operations, net of tax		5,268			—			5,268
Net income	$	20,539		$	1,664		$	22,203

	Year Ended December 31, 2008
	Historical Martin Midstream Partners LP			Cross Assets Results			Revised Total
	(Dollars in thousands, except per unit amounts)
Revenues	$	1,062,663		$	32,486		$	1,095,149
Costs and expenses:
Cost of products sold (excluding depreciation and amortization)		878,586			—			878,586
Operating expenses		97,428			23,915			121,343
Selling, general and administrative		13,182			2,123			15,305
Depreciation and amortization		27,673			3,675			31,348
Total costs and expenses		1,016,869			29,713			1,046,582
Other operating income		209			—			209
Operating income		46,003			2,773			48,776
Interest expense		(19,777	)		(1,656	)		(21,433	)
Other, net		480			318			798
Net income before taxes		26,706			1,435			28,141
Income tax benefit (expense)		( 712	)		( 687	)		(1,399	)
Income from continuing operations		25,994			748			26,742
Income from discontinued operations, net of tax		16,816			—			16,816
Net income	$	42,810		$	748		$	43,558

	Year Ended December 31, 2007
	Historical Martin Midstream Partners LP			Cross Assets Results			Revised Total
	(Dollars in thousands, except per unit amounts)
Revenues	$	663,495		$	38,505		$	702,000
Costs and expenses:
Cost of products sold (excluding depreciation and amortization)		524,650			—			524,650
Operating expenses		79,555			20,632			100,187
Selling, general and administrative		8,269			1,933			10,202
Depreciation and amortization		20,543			2,881			23,424
Total costs and expenses		633,017			25,446			658,463
Other operating income		707			—			707
Operating income		31,185			13,059			44,244
Interest expense		(14,533	)		(592	)		(15,125	)
Other, net		268			106			374
Net income before taxes		16,920			12,573			29,493
Income tax benefit (expense)		( 537	)		( 4,951	)		(5,488	)
Income from continuing operations		16,383			7,622			24,005
Income from discontinued operations, net of tax		8,556			—			8,556
Net income	$	24,939		$	7,622		$	32,561