Transmontaigne 8-K Results of Operations and Financial Condition

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Exhibit 99.1

Contact: Donald H. Anderson, President/CEO
Randall J. Larson, Executive Vice President/CFO
303-626-8200

TransMontaigne Announces Results For The Three and Nine Months Ended March 31, 2005 and Schedules Conference Call

Friday, May 6, 2005 Immediate Release

Denver, Colorado—TransMontaigne Inc. (NYSE:TMG) today announced financial results for the three and nine months ended March 31, 2005. The Company today filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

For the Three and Nine Months Ended
March 31, 2005 and 2004
(000s, except per share data)

		Three Months Ended						Nine Months Ended
		March 31, 2005			March 31, 2004			March 31, 2005			March 31, 2004
Income Statement Data
Revenues		$	2,668,432		$	3,133,767		$	8,239,489		$	7,858,946
Net operating margins:(1)
	Supply, distribution and marketing		84,473			42,752			128,169			64,418
	Terminals, pipelines, and tugs and barges		13,807			11,587			37,940			38,292
Operating income			85,114			38,138			115,575			54,505
Earnings before income taxes			78,442			30,620			91,904			32,342
Net earnings			47,065			18,372			55,142			19,405
Net earnings attributable to common stockholders			36,721			14,351			42,994			15,150
Net earnings per common share—basic		$	0.92		$	0.36		$	1.08		$	0.39
Non-GAAP Performance Measure
Adjusted operating income(2)		$	23,221		$	13,091		$	72,585		$	48,016
Cash Flow Activities
Net cash provided by (used in) operating activities		$	255,101		$	26,319		$	138,592		$	(13,643	)
Net cash provided by (used in) investing activities			5,446			(246	)		(7,112	)		(14,357	)
Net cash provided by (used in) financing activities			(248,639	)		(32,870	)		(118,346	)		9,770

	March 31, 2005		June 30, 2004
Balance Sheet Data
Working capital(3)	$	225,973	$	118,320
Long-term debt		200,000		200,000

(1)

Net operating margins represent revenues, less product costs and other direct costs and expenses.

(2)

See Supplement B for reconciliation of adjusted operating income to operating income and earnings before income taxes.

(3)

Working capital represents current assets less current liabilities.

Discussion and Analysis of Results of Operations for the Three Months Ended March 31, 2005

        Revenues for the three months ended March 31, 2005, were approximately $2.7 billion, as compared to approximately $3.1 billion for the comparable period in the prior year. The decrease in revenues is due to a decrease in delivered volumes offset by an increase in commodity prices. Net operating margins for the three months ended March 31, 2005, were approximately $84.5 million compared to approximately $42.8 million for the three months ended March 31, 2004. Net earnings for the three months ended March 31, 2005, were approximately $47.1 million, as compared to approximately $18.4 million for the three months ended March 31, 2004. Net operating margins and net earnings for both periods were impacted by inventory gains recognized, inventory gains deferred, gains on forward purchase commitments prior to receipt of the product, and lower of cost or market adjustments. TransMontaigne believes that "adjusted net operating margins" and "adjusted operating income," which eliminate the impact of these inventory-related adjustments, are useful measures to evaluate and compare performance between reporting periods. Supplement A provides information about how we derive "adjusted net operating margins" and "adjusted operating income" and potential limitations of adjusted operating income as a measure of financial performance. Supplement B provides a reconciliation of adjusted operating income to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles.

        Our adjusted operating income for three months ended March 31, 2005 and 2004 was approximately $23.2 million and $13.1 million, respectively.

        Our adjusted net operating margins for the supply, distribution and marketing segment for the three months ended March 31, 2005, were approximately $19.3 million, as compared to $12.0 million during the three months ended March 31, 2004. Light oil marketing margins were $7.9 million and $10.3 million during the three months ended March 31, 2005 and 2004, respectively. The decrease in light oil marketing margins is due principally to a decrease in delivered volumes of approximately 64,000 barrels per day. The Coastal Fuels assets contributed heavy oil margins of approximately $3.0 million and $5.4 million during the three months ended March 31, 2005 and 2004, respectively. The decrease in heavy oil margins is due principally to higher per unit procurement costs during 2005 as compared to 2004. The adjusted net operating margins from our supply chain management services increased to approximately $6.1 million during the three months ended March 31, 2005, from approximately $2.8 million for the comparable period in 2003, due principally to a increase in unit margins and additional volumes delivered to our existing customer base. The adjusted net operating margins (deficiencies) from our bulk and procurement activities and other increased to approximately $2.5 million in the three months ended March 31, 2005, as compared to approximately $(4.0) million in the three months ended March 31, 2004, due principally to a favorable spread between the cash market and the prompt month NYMEX futures contract during the liquidation of our inventory volumes. The adjusted net operating margins from our trading activities were due principally to short positions taken in the NYMEX options market in anticipation of declining commodity prices.

        The net operating margins from our terminals, pipelines, tugs and barges were approximately $13.8 million for the three months ended March 31, 2005, as compared to approximately $11.6 million for the three months ended March 31, 2004. The increase in net operating margins is due principally to an increase in the net margins at our Historical Facilities of approximately $1.5 million and approximately $0.7 million at our Coastal Fuels assets.

        Selling, general and administrative expenses for the three months ended March 31, 2005 and 2004, were approximately $9.9 million and $10.5 million, respectively. The decrease in selling, general and administrative expenses is due principally to a decrease in wages and employee benefits expense resulting from a reduction in head count.

        Our average delivered volumes under our various sales arrangements are as follows (in barrels per day):

		Three Months Ended		Nine Months Ended
		March 31, 2005	March 31, 2004	March 31, 2005	March 31, 2004
Rack spot sales		45,000	115,000	42,000	124,000
Contract sales		233,000	230,000	221,000	204,000
Bulk sales		214,000	453,000	270,000	388,000
Supply chain management services		31,000	27,000	31,000	24,000
	Total	523,000	825,000	564,000	740,000

Product Supply Agreement

        On November 4, 2004, we executed a product supply agreement with Morgan Stanley Capital Group Inc. ("MSCG"). The product supply agreement expires on December 31, 2011, subject to provisions for early termination. Under the terms of the product supply agreement, MSCG is our principal supplier of gasoline and distillate to our existing marketing and distribution business at terminals connected to the Colonial and Plantation Pipelines and our Florida waterborne terminals. Product that we purchase from MSCG is at market-based rates. MSCG began supplying certain of our terminals during January 2005 with complete implementation during February 2005. We accept title and risk of loss to the products from MSCG upon discharge of the products from the delivering pipelines and vessels into our tank storage capacity at the respective terminals.

        On November 23, 2004, in connection with the closing of the product supply agreement and as partial consideration for MSCG entering into the product supply agreement, we issued warrants to MSCG to purchase 5.5 million shares of TransMontaigne Inc. common stock at an exercise price equal to $6.60 per share, subject to adjustments in accordance with the terms and conditions of the warrant certificate.

        Pursuant to the terms of the MSCG supply agreement, the per unit cost of the products are determined prior to their actual delivery to our terminals. During declining commodity prices, we will recognize losses between the pricing date and the date of receipt. Conversely, during rising commodity prices, we will recognize gains between the date the product is priced and the date of its receipt. Because of the significant increase in commodity prices experienced during the three months ended March 31, 2005, we recognized approximately $36.6 million on approximately 3.0 million barrels, which represents the average volume of barrels priced but not yet delivered to our terminals. Pursuant to our current risk management strategies, we generally do not manage the commodity price risk associated with these in-transit volumes that are supplied by MSCG to us at our terminals.

Conference Call

        TransMontaigne Inc. also announced today that it has scheduled a conference call for Wednesday, May 11, 2005 at 1:00 p.m. (MST) regarding the above information. Analysts, investors and other interested parties are invited to listen to management's presentation of the Company's results and supplemental financial information by accessing the call as follows:

(800) 553-0358
Ask for:
TransMontaigne

        A playback of the conference call will be available from 4:30 p.m. (MST) on Wednesday, May 11, 2005 until 11:59 p.m. (MDT) on Wednesday, May 18, 2005 by calling:

USA: 800-475-6701
International: 320-365-3844
Access Code: 781247

        TransMontaigne Inc. is a refined petroleum products marketing and distribution company based in Denver, Colorado with operations in the United States, primarily in the Gulf Coast, Midwest and East Coast regions. The Company's principal activities consist of (i) terminal, pipeline, and tug and barge operations, (ii) marketing and distribution, and (iii) supply chain management services. The Company's customers include refiners, wholesalers, distributors, marketers, and industrial and commercial end-users of refined petroleum products. Corporate news and additional information about TransMontaigne Inc. is available on the Company's web site: www.transmontaigne.com

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Supplement A

TRANSMONTAIGNE INC. AND SUBSIDIARIES

        Our CEO reviews our financial performance using a non-GAAP financial performance measure that we refer to as "adjusted operating income"(1) for purposes of making operating decisions, allocating resources and assessing financial performance. Adjusted operating income excludes recurring items that are included in the most comparable GAAP measure. Therefore, the use of adjusted operating income may be subject to limitations compared to the use of the most comparable GAAP measure.(2) Nevertheless, TransMontaigne's management believes that adjusted operating income is an appropriate financial performance measure for evaluating TransMontaigne's performance and operating its business.(3) Our adjusted operating income is as follows (in thousands):

				Three Months Ended March 31,						Nine Months Ended March 31,
				2005			2004			2005			2004
Terminals, Pipelines, and Tugs and Barges(4)
	Historical facilities
		Revenues		$	18,110		$	17,063		$	52,652		$	51,957
		Direct operating costs and expenses			(9,007	)		(9,431	)		(26,212	)		(24,925	)
					9,103			7,632			26,440			27,032
	Coastal Fuels assets(5)
		Revenues			11,144			9,739			30,596			28,106
		Direct operating costs and expenses			(6,440	)		(5,784	)		(19,096	)		(16,846	)
					4,704			3,955			11,500			11,260
		Adjusted net operating margins			13,807			11,587			37,940			38,292
Supply, Distribution and Marketing(6)
	Light oils-marketing margins				7,939			10,341			24,969			19,526
	Heavy oils-marketing margins				2,980			5,416			10,956			10,280
	Supply chain management services				6,067			2,783			12,715			9,204
	Bulk and procurement activities and other margins				2,485			(4,002	)		8,270			835
	Trading activities, net				(181	)		(2,582	)		9,465			6
		Adjusted net operating margins			19,290			11,956			66,375			39,851
	Total adjusted net operating margins				33,097			23,543			104,315			78,143
	Selling, general and administrative expenses				(9,885	)		(10,452	)		(32,120	)		(30,133	)
	Dividend income				9			—			390			6
			Adjusted Operating Income(1)(2)(3)	$	23,221		$	13,091		$	72,585		$	48,016

(1)

Adjusted operating income is composed of our adjusted operating margins for each of our business segments offset by selling, general and administrative expenses and increased by dividend income. Adjusted operating income differs from operating income as determined in accordance with GAAP in the treatment of our inventories-discretionary volumes, the exclusion of depreciation and amortization expense, the exclusion of gains (losses) on disposition of assets, and the inclusion of dividend income.

(2)

The presentation of adjusted operating income should not be used exclusively as an alternative to operating income as determined in accordance with GAAP as an indicator of our operating performance. Our inventories—discretionary volumes are carried at the lower of cost (FIFO) or market, while our corresponding derivative and risk management contracts are marked to market.

As a result, if prices are increasing during the end of a quarter, we are likely to report significant losses on derivative and risk management contracts and significant deferred gains on discretionary inventory volumes held for immediate sale or exchange at the end of that quarter and report significant gains on our beginning inventories-discretionary volumes held for immediate sale or exchange when they are sold in the following quarter. Adjusted operating income treats our inventories-discretionary volumes held for immediate sale or exchange and our derivative and risk management contracts on a mark-to-market basis. As discussed in (3), below, management believes that adjusted operating income is a useful measure to evaluate TransMontaigne's performance. However, adjusted operating income excludes items that are included in the most comparable GAAP measure, which may limit the usefulness of adjusted operating income for some purposes compared to the most comparable GAAP measure.

For example, adjusted operating income excludes depreciation and amortization expense. The exclusion of depreciation and amortization expense from adjusted operating income could be viewed as limiting the usefulness of the adjusted operating income as a performance measure because it does not account in current periods for the implied reduction in value of our capital assets, such as storage tanks and barges, caused by aging and wear and tear. Management compensates for this limitation by recognizing that depreciation and amortization are largely offset by repair and maintenance costs, which keep the actual value of our principal fixed assets from declining. These maintenance costs are a component of direct operating costs and expenses that are included in adjusted net operating margins and adjusted operating income.

Adjusted operating income also does not reflect the implied expenses reported for lower of cost or market write-downs on base operating inventory volumes that may be reported in periods of declining commodity prices. Base operating inventory volumes are product volumes that must remain in the common carrier pipeline systems we use to transport our product to our terminals. The exclusion of these write-downs could be viewed as limiting the usefulness of adjusted operating income as a performance measure because declines in the market value of this product are not taken into account in current results. Management compensates for this limitation by recognizing that these volumes must remain in the common carrier system in order for our terminals and pipelines to function. TransMontaigne would sell or dispose of these volumes only in connection with the sale, closure or significant decrease in the nature and scope of our supply, distribution and marketing business. Consequently, these base operating inventory volumes are, in management's view, more like a fixed asset than inventory held for sale in the ordinary course of business.

(3)

Adjusted operating income treats our inventories-discretionary volumes held for immediate sale or exchange and our derivative and risk management contracts on a mark-to-market basis. Whereas GAAP requires that we report the value of our inventories-discretionary volumes at the lower of cost or market, and our corresponding derivative and risk management contracts are marked to market. As a result, if prices are increasing during the end of a quarter, under GAAP we are likely to report significant losses on derivative and risk management contracts and significant deferred gains on discretionary inventory volumes held for immediate sale or exchange at the end of that quarter and report significant gains on our beginning inventories-discretionary volumes held for immediate sale or exchange when they are sold in the following quarter.

Adjusted operating income may, however, be limited as a measure of financial performance because it does not use the lower of cost or market method of accounting for our inventories-discretionary volumes held for immediate sale or exchange. The lower of cost or market method prevents the recognition of gains from commodity price increases prior to realization of gains on the actual sale of inventory and, therefore, is considered to be a more conservative method of valuing inventory. TransMontaigne believes that this limitation is compensated for by the deep and active market for refined petroleum products, which makes market prices readily available and

permits product to be readily sold, as well as by the high rate of turnover of TransMontaigne's inventory.

We believe that adjusted operating income is useful to investors because it adjusts the treatment of our inventories in calculating adjusted operating income so that our inventories-discretionary volumes held for immediate sale or exchange are reflected at fair value, which matches the treatment of our derivative and risk management contracts. Because our inventories-discretionary volumes are composed of refined petroleum products, which are commodities with established trading markets and readily ascertainable market prices, we believe that the financial performance of the supply, distribution and marketing segment can be appropriately evaluated using the mark-to-market method rather than the lower-of-cost-or-market method of accounting for our inventories-discretionary volumes held for immediate sale or exchange. Adjusted operating income permits us to measure and analyze the financial performance of TransMontaigne's overall business, which involves the use of risk management contracts to reduce commodity price risk on product inventories and focuses on producing income through supply, distribution and marketing activities. Therefore, by including the effects of changes in the fair value of our inventories-discretionary volumes held for immediate sale or exchange in adjusted operating income in the period in which the fair value actually changes, we believe that adjusted operating income gives investors a useful indication of TransMontaigne's financial performance. We manage the commodity price risk associated with our inventories-discretionary volumes held for immediate sale or exchange through the use of NYMEX futures contracts that are closely related to our actual inventory positions. Because the NYMEX contracts settle daily, global commodity price risk in our inventory position is managed, and changes in commodity prices are not likely to distort the financial performance of the Company. Because refined petroleum product commodity prices can be volatile, some investors may consider this alternative measure of performance to be useful because changes in commodity prices would be less likely to distort the financial performance of the Company.

Our working capital credit facility also uses a measure substantially identical to adjusted operating income to measure compliance with our financial covenants.

(4)

Our "adjusted net operating margins" for the terminals, pipelines, and tugs and barges segment are composed of revenues, less direct operating costs and expenses. There are no differences between "adjusted net operating margins" for our terminals, pipelines, and tugs and barges segment and the net operating margins for that segment in our historical financial statements.

(5)

The acquisition of both Coastal Fuels Marketing, Inc. and Coastal Tug and Barge, Inc. closed on February 28, 2003, and accordingly, the adjusted net operating margins attributable to those activities are included only from the date of acquisition.

(6)

For our supply, distribution and marketing segment, "adjusted net operating margins" are composed of revenues less, cost of product sold and other direct costs and expenses. For purposes of computing our "adjusted net operating margins" for the supply, distribution and marketing segment, cost of product sold is reflected at market value, which matches the treatment of our derivative and risk management contracts. Additionally, for purposes of computing our "adjusted net operating margins," our discretionary inventories—base operating volumes are maintained at original cost. The differences between "adjusted net operating margins" for the supply, distribution and marketing segment and the net operating margins reported for that segment in our historical financial statements are presented in the accompanying Supplement B.

Supplement B

TRANSMONTAIGNE INC. AND SUBSIDIARIES
Reconciliation of "Adjusted Operating Income" to Earnings Before Income Taxes

				Three Months Ended March 31,						Nine Months Ended March 31,
				2005			2004			2005			2004
Adjusted net operating margins				$	33,097		$	23,543		$	104,315		$	78,143
Inventory Adjustments:
	Gains recognized on beginning inventories—discretionary volumes				6,093			15,469			2,330			5,855
	Gains deferred on ending inventories—discretionary volumes				(10,311	)		(6,039	)		(10,311	)		(6,039	)
	Gains (losses) recognized on light oil due to increasing (decreasing) prices prior to receipt at our terminals				36,632			—			36,632			—
	Increase (decrease) in FIFO cost basis of base operating inventory volumes				32,769			21,494			35,639			27,212
	Lower of cost or market write-downs on base operating inventory volumes				—			(128	)		(2,496	)		(2,461	)
Other Items:
	Selling, general and administrative expenses				(9,885	)		(10,452	)		(32,120	)		(30,133	)
	Depreciation and amortization				(6,274	)		(5,738	)		(17,808	)		(17,207	)
	Lower of cost or market write-downs on product linefill and tank bottom volumes				—			(11	)		—			(60	)
	Gain (loss) on disposition of assets, net				2,993			—			(606	)		(805	)
		Operating income			85,114			38,138			115,575			54,505
	Other expense, net				(6,672	)		(7,518	)		(23,671	)		(22,163	)
			Earnings Before Income Taxes	$	78,442		$	30,620		$	91,904		$	32,342

Supplement C

TRANSMONTAIGNE INC. AND SUBSIDIARIES
Quarterly Adjusted Operating Income by Fiscal Year

				1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.			Y-T-D Total
Fiscal Year Ending June 30, 2005
	Terminals, pipelines, and tugs and barges:
		Historical facilities		$	8,821		$	8,516			9,103			—		$	26,440
		Coastal Fuels assets			3,244			3,552			4,704			—			11,500
	Product supply, distribution and marketing:
		Light oils and other			2,076			37,033			16,310			—			55,419
		Heavy oils			2,570			5,406			2,980			—			10,956
			Adjusted net operating margins		16,711			54,507			33,097			—			104,315
	Dividend income				381			—			9			—			390
	Selling, general and administrative				(10,433	)		(11,802	)		(9,885	)		—			(32,120	)
	Adjusted Operating Income			$	6,659		$	42,705		$	23,221			—		$	72,585
Fiscal Year Ending June 30, 2004
	Terminals, pipelines, and tugs and barges:
		Historical facilities		$	9,897		$	9,504		$	7,632		$	7,600		$	34,633
		Coastal Fuels assets			3,140			4,165			3,955			3,215			14,475
	Product supply, distribution and marketing:
		Light oils and other			10,174			12,857			6,540			(7,494	)		22,077
		Heavy oils			1,440			3,424			5,416			3,376			13,656
			Adjusted net operating margins		24,651			29,950			23,543			6,697			84,841
	Dividend income				6			—			—			—			6
	Selling, general and administrative				(9,525	)		(10,157	)		(10,452	)		(7,399	)		(37,533	)
	Adjusted Operating Income (Loss)			$	15,132		$	19,793		$	13,091		$	(702	)	$	47,314
Fiscal Year Ended June 30, 2003
	Terminals, pipelines, and tugs and barges:
		Historical facilities		$	10,928		$	10,745		$	10,874		$	9,837		$	42,384
		Coastal Fuels assets			—			—			1,676			3,732			5,408
	Product supply, distribution and marketing:
		Light oils and other			7,612			13,343			11,669			16,391			49,015
		Heavy oils			—			—			2,489			3,810			6,299
			Adjusted net operating margins		18,540			24,088			26,708			33,770			103,106
	Dividend income				374			—			—			—			374
	Selling, general and administrative				(9,331	)		(8,775	)		(10,440	)		(11,945	)		(40,491	)
	Corporate relocation				(1,084	)		(365	)		—			—			(1,449	)
	Adjusted Operating Income			$	8,499		$	14,948		$	16,268		$	21,825		$	61,540

TRANSMONTAIGNE INC. AND SUBSIDIARIES
Adjusted Operating Income Reconciled to Net Earnings (Loss)

		1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.			Y-T-D Total
Fiscal Year Ending June 30, 2005
	Adjusted Operating Income	$	6,659		$	42,705			23,221			—		$	72,585
	Gains recognized on beginning inventories—discretionary volumes		2,330			4,405			6,093			—			2,330
	Gains deferred on ending inventories—discretionary volumes		(4,405	)		(6,093	)		(10,311	)		—			(10,311	)
	Gains (losses) recognized on light oil due to increasing (decreasing) prices prior to receipt at our terminals		—			—			36,632			—			36,632
	Increase (decrease) in FIFO cost basis of base operating inventory volumes		21,585			(18,715	)		32,769			—			35,639
	Lower of cost or market write-downs on base operating inventory volumes		—			(2,496	)		—			—			(2,496	)
	Depreciation and amortization		(5,807	)		(5,727	)		(6,274	)		—			(17,808	)
	Gain (loss) on disposition of assets		(3,599	)		—			2,993			—			(606	)
	Interest expense, net		(6,284	)		(6,556	)		(6,226	)		—			(19,066	)
	Other financing costs, net		(4,098	)		(442	)		(455	)		—			(4,995	)
	Income tax (expense) benefit		(2,553	)		(2,832	)		(31,377	)		—			(36,762	)
	Net Earnings	$	3,828		$	4,249		$	47,065			—		$	55,142
Fiscal Year Ending June 30, 2004
	Adjusted Operating Income	$	15,132		$	19,793		$	13,091		$	(702	)	$	47,314
	Gains recognized on beginning inventories—discretionary volumes held for immediate sale or exchange		5,855			3,067			15,469			6,039			5,855
	Gains deferred on ending inventories—discretionary volumes held for immediate sale or exchange		(3,067	)		(15,469	)		(6,039	)		(2,330	)		(2,330	)
	Change in FIFO cost basis of base operating inventory volumes		214			5,504			21,494			11,666			38,878
	Lower of cost or market write-downs on base operating inventory volumes		(2,062	)		(271	)		(128	)		(2,873	)		(5,334	)
	Depreciation and amortization		(5,537	)		(5,932	)		(5,738	)		(5,808	)		(23,015	)
	Lower of cost or market write-downs on product linefill and tank bottom volumes		(32	)		(17	)		(11	)		—			(60	)
	Loss on disposition of assets		—			(805	)		—			(173	)		(978	)
	Interest expense, net		(6,396	)		(6,623	)		(6,697	)		(6,556	)		(26,272	)
	Other financing costs, net		(813	)		(819	)		(821	)		(1,016	)		(3,469	)
	Income tax (expense) benefit		(1,318	)		629			(12,248	)		877			(12,060	)
	Net Earnings (Loss)	$	1,976		$	(943	)	$	18,372		$	(876	)	$	18,529

Fiscal Year Ended June 30, 2003
	Adjusted Operating Income	$	8,499		$	14,948		$	16,268		$	21,825		$	61,540
	Gains recognized on beginning inventories—discretionary volumes held for immediate sale or exchange		—			12,644			33,490			—			12,644
	Gains deferred on ending inventories—discretionary volumes held for immediate sale or exchange		—			(33,490	)		—			(5,855	)		(5,855	)
	Change in FIFO cost basis of base operating inventory volumes		—			(1,421	)		9,723			(7,887	)		415
	Lower of cost or market write-downs on base operating inventory volumes		—			—			(12,412	)		(23	)		(12,435	)
	Depreciation and amortization		(4,256	)		(4,293	)		(4,851	)		(5,971	)		(19,371	)
	Lower of cost or market write-downs on product linefill and tank bottom volumes		—			—			(633	)		—			(633	)
	Interest expense, net		(3,224	)		(2,967	)		(3,759	)		(4,469	)		(14,419	)
	Other financing income (costs), net		(154	)		966			(1,725	)		(4,363	)		(5,276	)
	Income tax benefit (expense)		(329	)		5,173			(13,722	)		368			(8,510	)
	Cumulative effect adjustment		—			(1,297	)		—			—			(1,297	)
	Net Earnings (Loss)	$	536		$	(9,737	)	$	22,379		$	(6,375	)	$	6,803

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TransMontaigne Announces Results For The Three and Nine Months Ended March 31, 2005 and Schedules Conference Call