Exhibit 99.1
Contact: | | Donald H. Anderson, President/CEO |
| | Randall J. Larson, Executive Vice President/CFO |
| | 303-626-8200 |
TRANSMONTAIGNE INC. ANNOUNCES RESULTS FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2005 AND SCHEDULES CONFERENCE CALL
Thursday, February 9, 2006 | | Immediate Release |
Denver, Colorado—TransMontaigne Inc. (NYSE:TMG) today announced its financial results for the fiscal second quarter, which resulted in a net loss of $35.2 million, or a loss of $.73 per share, compared with net income of $4.2 million, and a gain of $.08 per share for the comparable quarter in 2004. For the six months ended December 31, 2005 the Company reported a $14.3 million net loss, or a loss of $.31 per share, compared with $8.1 million in net income, and a gain of $.16 per share, during the comparable period in 2004.
During the second quarter, wholesale petroleum product prices declined from $2.10 per gallon to $1.70. This significant drop in value created a $65.9 million charge, net of hedges, in the Company’s inventory procurement and management cost. That charge reversed the first quarter’s $67.6 million gain in inventory procurement and management, net of hedges, created by the unprecedented rise in last quarter’s product prices caused by hurricanes Katrina and Rita.
Highlights for the quarter include:
• Supply, distribution and marketing revenues of $2.2 billion resulted in a $40.9 million net operating loss, which included the aforementioned $65.9 million charge in inventory procurement and management costs and a $4.9 million gain on FIFO inventory adjustments.
• Light oil margins were $13.0 million, compared to $12.7 million for the comparable quarter in 2004. During the quarter, the wholesale value of product at our terminals exceeded the cost of the product at the tailgate of the refineries plus the cost of transportation to our terminals, unlike the price disparities of the previous quarter.
• During December 2005, we renegotiated our largest Southeast light oil sales contract, representing approximately 60,000 barrels per day of demand for 2006. Under terms of the agreement, the customers will pay the lower of our rack spot posting, or the sum of bulk refining tailgate prices, plus transportation, terminaling, and marketing fees. This new agreement will reduce our exposure to future branded vs. unbranded price disparities while providing our customers pricing optionality between daily rack spot postings, or a daily calculated contract value.
• Radcliff/Economy Marine Services Inc. (“Radcliff”) acquired August 1, 2005, contributed $2.1 million in marketing margins during the quarter.
• Terminal, pipelines, and tugs and barges generated $14.9 million in net operating margins, compared to $12.1 million for the comparable quarter in 2004.
• Radcliff contributed $0.9 million of terminaling margins during the quarter.
1670 Broadway • Suite 3100 • Denver, CO 80202 • 303-626-8200 (phone) • 303-626-8228 (fax)
Mailing Address: • P. O. Box 5660 • Denver, CO 80217-5660
www.transmontaigne.com
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• Selling general and administrative expenses increased by $1.6 million compared to last year due principally to Radcliff accounting for $0.6 million and TransMontaigne Partners’ incremental General and Administrative Costs of $0.7 million.
Donald H. Anderson, Chief Executive Officer said, “Our ending inventory valuations were roughly $.40 per gallon lower than last quarter’s hurricane influenced prices. That decline effectively eliminated the $68 million inventory gains from last quarter, resulting in a net $100 million inventory gain over the last two years. These inventory valuation changes obviously materially impact our reported results, but our primary focus remains on increasing our terminaling and marketing margins over the long haul. There is but only one time when the value of our base inventory is truly meaningful to our shareholders, and that is upon its final liquidation.”
CONFERENCE CALL
TransMontaigne Inc. also announced that it has scheduled a conference call for Tuesday, February 14, 2006 at 2:00 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) 762-6067
A playback of the conference call will be available from 5:30 p.m. (MST) on Tuesday, February 14, 2006 until 11:59 p.m. (MST) on Tuesday, February 21, 2006 by calling:
USA: 800-475-6701
International: 320-365-3844
Access Code: 818548
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The following selected financial information is extracted from the Company’s Quarterly Report on Form 10-Q for the three months ended December 31, 2005, which was filed today with the Securities and Exchange Commission.
TRANSMONTAIGNE INC. AND SUBSIDIARIES
(000s, except per share data)
| | Three Months Ended | |
| | December 31,
2005 | | December 31,
2004 | |
Income Statement Data | | | | | |
Revenues | | $ | 2,218,100 | | $ | 1,839,056 | |
Net operating margins (deficiencies): | | | | | |
Supply, distribution and marketing | | (40,897 | ) | 19,540 | |
Terminals, pipelines, and tugs and barges | | 14,894 | | 12,068 | |
Operating income (loss) | | (46,139 | ) | 14,079 | |
Earnings (loss) before income taxes | | (53,464 | ) | 7,081 | |
Net earnings (loss) | | (35,195 | ) | 4,249 | |
Net earnings (loss) attributable to common stockholders | | (35,383 | ) | 3,314 | |
Net earnings (loss) per common share—basic | | (0.73 | ) | 0.08 | |
| | | | | |
Cash Flow Activities | | | | | |
Net cash provided by (used in) operating activities | | 20,854 | | (113,082 | ) |
Net cash provided by (used in) investing activities | | 7,540 | | (171 | ) |
Net cash provided by (used in) financing activities | | (20,463 | ) | 107,535 | |
| | | | | | | |
| | December 31,
2005 | | June 30,
2005 | |
Balance Sheet Data | | | | | |
Working capital | | $ | 274,743 | | $ | 319,636 | |
Long-term debt | | 228,000 | | 228,307 | |
Non-controlling interests in TransMontaigne Partners | | 82,927 | | 81,440 | |
Series B redeemable convertible preferred stock | | 20,717 | | 49,249 | |
Common stockholders’ equity | | 340,888 | | 326,484 | |
| | | | | | | |
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Selected income statement data for the three months ended December 31, 2005 and 2004, is as follows:
| | Three Months Ended | |
| | December 31,
2005 | | December 31,
2004 | |
Terminals, pipelines, tugs and barges: | | | | | |
TransMontaigne Partners L.P. facilities | | $ | 7,168 | | $ | 4,313 | |
Brownsville facilities | | 1,425 | | 1,204 | |
Southeast facilities | | 4,324 | | 5,798 | |
River facilities | | 583 | | 302 | |
Other | | 1,394 | | 451 | |
Margins | | 14,894 | | 12,068 | |
Marketing: | | | | | |
Light oils—marketing margins: | | | | | |
TransMontaigne Partners L.P. facilities | | 3,850 | | 4,246 | |
Southeast facilities | | 4,630 | | 7,603 | |
River facilities | | 1,670 | | 759 | |
Other | | 2,842 | | 136 | |
Light oil margins | | 12,992 | | 12,744 | |
Heavy oils—marketing margins | | 7,349 | | 5,406 | |
Supply chain management services margins (deficiencies) | | (191 | ) | 3,608 | |
Margins | | 20,150 | | 21,758 | |
Total margins | | 35,044 | | 33,826 | |
Selling, general and administrative expenses | | (13,354 | ) | (11,802 | ) |
Total margins less S, G & A expenses | | 21,690 | | 22,024 | |
| | | | | |
Inventory procurement and management: | | | | | |
Gains from risk management of light oil volumes to be liquidated upon commencement of MSCG product supply agreement | | — | | 9,618 | |
(Decrease) in value of light oil volumes nominated under the MSCG product supply agreement prior to receipt of the product at our terminals | | (51,678 | ) | — | |
(Decrease) in value of base operating inventory | | (29,394 | ) | (36,847 | ) |
Gains from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement | | 27,095 | | — | |
Storage fees for light oil tank capacity | | (457 | ) | (2,200 | ) |
Other financial and costing variances, net | | (11,498 | ) | 12,232 | |
Trading activities, net | | — | | 1,031 | |
Inventory procurement and management | | (65,932 | ) | (16,166 | ) |
| | | | | |
Inventory adjustments: | | | | | |
Gains recognized on beginning inventories—discretionary volumes | | 18,452 | | 24,158 | |
Gains deferred on ending inventories—discretionary volumes | | (13,567 | ) | (10,210 | ) |
Inventory adjustments | | 4,885 | | 13,948 | |
| | | | | |
Depreciation and amortization | | (6,849 | ) | (5,727 | ) |
Gain on disposition of assets, net | | 67 | | — | |
Operating income (loss) | | $ | (46,139 | ) | $ | 14,079 | |
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Selected income statement data for each of the quarters in the year ending June 30, 2006, is summarized below (in thousands):
| | Three Months Ended | | Year | |
| | September 30,
2005 | | December 31,
2005 | | March 31,
2006 | | June 30,
2006 | | Ended
June 30, 2006 | |
Terminals, pipelines, tugs and barges: | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | $ | 6,564 | | $ | 7,168 | | — | | — | | $ | 13,732 | |
Brownsville facilities | | 1,398 | | 1,425 | | — | | — | | 2,823 | |
Southeast facilities | | 3,292 | | 4,324 | | — | | — | | 7,616 | |
River facilities | | 40 | | 583 | | — | | — | | 623 | |
Other | | (765 | ) | 1,394 | | — | | — | | 629 | |
Margins | | 10,529 | | 14,894 | | — | | — | | 25,423 | |
Marketing: | | | | | | | | | | | |
Light oils—marketing margins (deficiencies): | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | 7,030 | | 3,850 | | — | | — | | 10,880 | |
Southeast facilities | | (16,714 | ) | 4,630 | | — | | — | | (12,084 | ) |
River facilities | | 1,024 | | 1,670 | | — | | — | | 2,694 | |
Other | | 1,080 | | 2,842 | | — | | — | | 3,922 | |
Light oil margins (deficiencies) | | (7,580 | ) | 12,992 | | — | | — | | 5,412 | |
Heavy oils—marketing margins | | 3,460 | | 7,349 | | — | | — | | 10,809 | |
Supply chain management services margins | | 1,180 | | (191 | ) | — | | — | | 989 | |
Margins (deficiencies) | | (2,940 | ) | 20,150 | | — | | — | | 17,210 | |
Total margins | | 7,589 | | 35,044 | | — | | — | | 42,633 | |
Selling, general and administrative expenses | | (11,554 | ) | (13,354 | ) | — | | — | | (24,908 | ) |
Total margins less S, G & A expenses | | (3,965 | ) | 21,690 | | — | | — | | 17,725 | |
| | | | | | | | | | | |
Inventory procurement and management: | | | | | | | | | | | |
Increase (decrease) in value of light oil volumes nominated under the MSCG product supply agreement prior to the receipt of product at our terminals | | 79,084 | | (51,678 | ) | — | | — | | 27,406 | |
Increase (decrease) in value of base operating inventory | | 46,424 | | (29,394 | ) | — | | — | | 17,030 | |
Gains (losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement | | (28,755 | ) | 27,095 | | — | | — | | (1,660 | ) |
Storage fees for light oil tank capacity | | (457 | ) | (457 | ) | — | | — | | (914 | ) |
Other financial and costing variances, net | | (28,654 | ) | (11,498 | ) | — | | — | | (40,152 | ) |
Trading activities, net | | — | | — | | — | | — | | — | |
Inventory procurement and management | | 67,642 | | (65,932 | ) | — | | — | | 1,710 | |
| | | | | | | | | | | |
Inventory adjustments: | | | | | | | | | | | |
Gains recognized on beginning inventories—discretionary volumes | | 2,369 | | 18,452 | | — | | — | | 2,369 | |
Gains deferred on ending inventories—discretionary volumes | | (18,452 | ) | (13,567 | ) | — | | — | | (13,567 | ) |
Inventory adjustments | | (16,083 | ) | 4,885 | | — | | — | | (11,198 | ) |
| | | | | | | | | | | |
Depreciation and amortization | | (6,581 | ) | (6,849 | ) | — | | — | | (13,430 | ) |
Gain on disposition of assets, net | | 1,118 | | 67 | | — | | — | | 1,185 | |
Operating income (loss) | | $ | 42,131 | | $ | (46,139 | ) | — | | — | | $ | (4,008 | ) |
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Selected income statement data for each of the quarters in the year ended June 30, 2005, is summarized below (in thousands):
| | Three Months Ended | | Year | |
| | September 30,
2004 | | December 31,
2004 | | March 31,
2005 | | June 30,
2005 | | Ended
June 30, 2005 | |
Terminals, pipelines, tugs and barges: | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | $ | 4,306 | | $ | 4,313 | | $ | 5,655 | | $ | 5,977 | | $ | 20,251 | |
Brownsville facilities | | 850 | | 1,204 | | 1,230 | | 1,249 | | 4,533 | |
Southeast facilities | | 5,011 | | 5,798 | | 5,442 | | 4,254 | | 20,505 | |
River facilities | | 651 | | 302 | | 1,145 | | 747 | | 2,845 | |
Other | | 1,247 | | 451 | | 335 | | (184 | ) | 1,849 | |
Margins | | 12,065 | | 12,068 | | 13,807 | | 12,043 | | 49,983 | |
Marketing: | | | | | | | | | | | |
Light oils—marketing margins: | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | 2,700 | | 4,246 | | 1,666 | | 1,322 | | 9,934 | |
Southeast facilities | | 993 | | 7,603 | | 2,744 | | 2,849 | | 14,189 | |
River facilities | | 759 | | 759 | | 525 | | 791 | | 2,834 | |
Other | | 36 | | 136 | | 60 | | 79 | | 311 | |
Light oil margins | | 4,488 | | 12,744 | | 4,995 | | 5,041 | | 27,268 | |
Heavy oils—marketing margins | | 2,570 | | 5,406 | | 2,980 | | 2,164 | | 13,120 | |
Supply chain management services margins | | 3,040 | | 3,608 | | 6,067 | | 783 | | 13,498 | |
Margins | | 10,098 | | 21,758 | | 14,042 | | 7,988 | | 53,886 | |
Total margins | | 22,163 | | 33,826 | | 27,849 | | 20,031 | | 103,869 | |
Selling, general and administrative expenses | | (10,433 | ) | (11,802 | ) | (9,885 | ) | (10,729 | ) | (42,849 | ) |
Total margins less S, G & A expenses | | 11,730 | | 22,024 | | 17,964 | | 9,302 | | 61,020 | |
| | | | | | | | | | | |
Inventory procurement and management: | | | | | | | | | | | |
Gains (losses) from risk management of light oil volumes to be liquidated upon commencement of MSCG product supply agreement | | — | | 9,618 | | (181 | ) | — | | 9,437 | |
Increase (decrease) in value of light oil volumes nominated under the MSCG product supply agreement prior to the receipt of product at our terminals | | — | | — | | 36,632 | | (9,497 | ) | 27,135 | |
Increase (decrease) in value of base operating inventory | | 39,956 | | (36,847 | ) | 39,871 | | (4,408 | ) | 38,572 | |
Gains (losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement | | — | | — | | — | | 5,154 | | 5,154 | |
Storage fees for light oil tank capacity | | (2,245 | ) | (2,200 | ) | (857 | ) | (395 | ) | (5,697 | ) |
Other financial and costing variances, net | | (2,204 | ) | 12,232 | | 6,286 | | (4,241 | ) | 12,073 | |
Trading activities, net | | (1,003 | ) | 1,031 | | — | | — | | 28 | |
Inventory procurement and management | | 34,504 | | (16,166 | ) | 81,751 | | (13,387 | ) | 86,702 | |
| | | | | | | | | | | |
Inventory adjustments: | | | | | | | | | | | |
Gains recognized on beginning inventories—discretionary volumes | | 3,712 | | 24,158 | | 10,210 | | 21,530 | | 3,712 | |
Gains deferred on ending inventories—discretionary volumes | | (24,158 | ) | (10,210 | ) | (21,530 | ) | (2,369 | ) | (2,369 | ) |
Inventory adjustments | | (20,446 | ) | 13,948 | | (11,320 | ) | 19,161 | | 1,343 | |
| | | | | | | | | | | |
Depreciation and amortization | | (5,807 | ) | (5,727 | ) | (6,274 | ) | (6,407 | ) | (24,215 | ) |
Gain (loss) on disposition of assets, net | | (3,599 | ) | — | | 2,993 | | 735 | | 129 | |
Operating income | | $ | 16,382 | | $ | 14,079 | | $ | 85,114 | | $ | 9,404 | | $ | 124,979 | |
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Selected income statement data for each of the quarters in the year ended June 30, 2004, is summarized below (in thousands):
| | Three Months Ended | | Year | |
| | September 30,
2003 | | December 31,
2003 | | March 31,
2004 | | June 30,
2004 | | Ended
June 30, 2004 | |
Terminals, pipelines, tugs and barges: | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | $ | 4,875 | | $ | 4,941 | | $ | 4,923 | | $ | 4,885 | | $ | 19,624 | |
Brownsville facilities | | 617 | | 798 | | 861 | | 1,067 | | 3,343 | |
Southeast facilities | | 4,971 | | 4,805 | | 4,722 | | 3,848 | | 18,346 | |
River facilities | | 1,396 | | 965 | | 605 | | 585 | | 3,551 | |
Other | | 1,178 | | 2,160 | | 476 | | 429 | | 4,243 | |
Margins | | 13,037 | | 13,669 | | 11,587 | | 10,814 | | 49,107 | |
Marketing: | | | | | | | | | | | |
Light oils—marketing margins (deficiencies): | | | | | | | | | | | |
TransMontaigne Partners L.P. facilities | | $ | 803 | | $ | 958 | | $ | 3,548 | | $ | 5,137 | | $ | 10,446 | |
Southeast facilities | | (861 | ) | 2,670 | | 4,128 | | 3,100 | | 9,037 | |
River facilities | | 1,237 | | 828 | | 1,078 | | 2,025 | | 5,168 | |
Other | | 902 | | 1,234 | | 2,037 | | 1,656 | | 5,829 | |
Light oil margins | | 2,081 | | 5,690 | | 10,791 | | 11,918 | | 30,480 | |
Heavy oils—marketing margins | | 1,440 | | 3,424 | | 5,416 | | 3,376 | | 13,656 | |
Supply chain management services margins | | 2,351 | | 4,070 | | 2,783 | | (580 | ) | 8,624 | |
Margins | | 5,872 | | 13,184 | | 18,990 | | 14,714 | | 52,760 | |
Total margins | | 18,909 | | 26,853 | | 30,577 | | 25,528 | | 101,867 | |
Selling, general and administrative expenses | | (9,525 | ) | (10,157 | ) | (10,452 | ) | (7,398 | ) | (37,532 | ) |
Total margins less S, G & A expenses | | 9,384 | | 16,696 | | 20,125 | | 18,130 | | 64,335 | |
| | | | | | | | | | | |
Inventory procurement and management: | | | | | | | | | | | |
Increase (decrease) in value of base operating inventory | | (3,994 | ) | 12,573 | | 18,723 | | 3,303 | | 30,605 | |
Storage fees for light oil tank capacity | | (2,522 | ) | (2,495 | ) | (2,385 | ) | (2,309 | ) | (9,711 | ) |
Other financial and costing variances, net | | 6,133 | | 5,135 | | (2,067 | ) | (15,694 | ) | (6,493 | ) |
Trading activities, net | | 2,131 | | 457 | | (2,582 | ) | (829 | ) | (823 | ) |
Inventory procurement and management | | 1,748 | | 15,670 | | 11,689 | | (15,529 | ) | 13,578 | |
| | | | | | | | | | | |
Inventory adjustments: | | | | | | | | | | | |
Gains recognized on beginning inventories—discretionary volumes | | 10,176 | | 5,242 | | 24,984 | | 12,911 | | 10,176 | |
Gains deferred on ending inventories—discretionary volumes | | (5,242 | ) | (24,984 | ) | (12,911 | ) | (3,712 | ) | (3,712 | ) |
Inventory adjustments | | 4,934 | | (19,742 | ) | 12,073 | | 9,199 | | 6,464 | |
| | | | | | | | | | | |
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, net | | — | | (805 | ) | — | | (173 | ) | (978 | ) |
Operating income | | $ | 10,497 | | $ | 5,870 | | $ | 38,138 | | $ | 5,819 | | $ | 60,324 | |
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Our light oil marketing volumes in average barrels per day for each of the quarters in the years ended June 30, 2006, 2005 and 2004 are as follows:
| | Three Months Ended | | Year | |
| | September 30,
2005 | | December 31,
2005 | | March 31,
2006 | | June 30,
2006 | | Ending
June 30, 2006 | |
Light oils—marketing volumes: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 75,962 | | 81,672 | | — | | — | | 78,817 | |
Southeast facilities | | 137,586 | | 126,015 | | — | | — | | 131,801 | |
River facilities | | 10,592 | | 7,697 | | — | | — | | 9,145 | |
Other | | 24,688 | | 23,801 | | — | | — | | 24,244 | |
| | 248,828 | | 239,185 | | — | | — | | 244,007 | |
| | Three Months Ended | | Year | |
| | September 30,
2004 | | December 31,
2004 | | March 31,
2005 | | June 30,
2005 | | Ended
June 30, 2005 | |
Light oils—marketing volumes: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 63,256 | | 59,565 | | 68,725 | | 72,297 | | 65,961 | |
Southeast facilities | | 142,928 | | 131,418 | | 143,751 | | 146,395 | | 141,123 | |
River facilities | | 9,800 | | 9,800 | | 7,091 | | 11,816 | | 9,627 | |
Other | | 38,104 | | 21,875 | | 19,901 | | 17,369 | | 24,312 | |
| | 254,088 | | 222,658 | | 239,468 | | 247,877 | | 241,023 | |
| | Three Months Ended | | Year | |
| | September 30,
2003 | | December 31,
2003 | | March 31,
2004 | | June 30,
2004 | | Ended
June 30, 2004 | |
Light oils—marketing volumes: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 62,392 | | 65,456 | | 70,108 | | 71,117 | | 67,268 | |
Southeast facilities | | 161,070 | | 157,366 | | 164,297 | | 160,209 | | 160,736 | |
River facilities | | 22,498 | | 16,372 | | 16,072 | | 20,469 | | 18,853 | |
Other | | 54,459 | | 44,750 | | 50,367 | | 46,748 | | 49,081 | |
| | 300,419 | | 283,944 | | 300,844 | | 298,543 | | 295,938 | |
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Our light oil marketing margins in points ($0.0001) per gallon for each of the quarters in the years ended June 30, 2006, 2005 and 2004 are as follows:
| | Three Months Ended | | Year | |
| | September 30,
2005 | | December 31,
2005 | | March 31,
2006 | | June 30,
2006 | | Ending
June 30, 2006 | |
Light oils—marketing margins: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 240 | | 122 | | — | | — | | 179 | |
Southeast facilities | | (314 | ) | 95 | | — | | — | | (119 | ) |
River facilities | | 250 | | 561 | | — | | — | | 381 | |
Other | | 113 | | 309 | | — | | — | | 209 | |
All facilities—weighted average | | (79 | ) | 118 | | — | | — | | 18 | |
| | Three Months Ended | | Year | |
| | September 30,
2004 | | December 31,
2004 | | March 31,
2005 | | June 30,
2005 | | Ended
June 30, 2005 | |
Light oils—marketing margins: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 110 | | 184 | | 64 | | 48 | | 98 | |
Southeast facilities | | 18 | | 150 | | 51 | | 51 | | 66 | |
River facilities | | 200 | | 200 | | 196 | | 175 | | 192 | |
Other | | 2 | | 16 | | 8 | | 12 | | 8 | |
All facilities—weighted average | | 46 | | 148 | | 55 | | 53 | | 74 | |
| | Three Months Ended | | Year | |
| | September 30,
2003 | | December 31,
2003 | | March 31,
2004 | | June 30,
2004 | | Ended
June 30, 2004 | |
Light oils—marketing margins: | | | | | | | | | | | |
TransMontaigne Partners’ facilities | | 33 | | 38 | | 132 | | 189 | | 101 | |
Southeast facilities | | (14 | ) | 44 | | 66 | | 51 | | 37 | |
River facilities | | 142 | | 131 | | 176 | | 259 | | 178 | |
Other | | 43 | | 71 | | 106 | | 93 | | 77 | |
All facilities—weighted average | | 18 | | 52 | | 95 | | 104 | | 67 | |
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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, Florida, East Coast and Midwest regions. The Company’s principal activities consist of (i) terminal, pipeline, tug and barge operations, (ii) marketing and distribution, (iii) supply chain management services and (iv) managing the activities of TransMontaigne Partners L.P. 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.
-END-
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