Exhibit 99.1
Contact: |
| Donald H. Anderson, President/CEO |
TRANSMONTAIGNE INC. ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2006 AND SCHEDULES CONFERENCE CALL
Tuesday, May 9, 2006 |
| Immediate Release |
Denver, Colorado—TransMontaigne Inc. (NYSE:TMG) today announced its financial results for the fiscal third quarter, which resulted in net earnings of $25.7 million, or earnings of $0.50 per share, compared with net income of $47.1 million, and earnings of $0.92 per share for the comparable quarter in 2005. For the nine months ended March 31, 2006 the Company reported net earnings of $11.4 million, or earnings of $0.22 per share, compared with $55.1 million in net earnings, and earnings of $1.08 per share, during the comparable period in 2005.
During the third quarter, wholesale petroleum product prices increased from $1.70 per gallon to $1.86 per gallon. This significant increase in value contributed to an inventory procurement and management gain of $38.7 million, net of hedging costs.
Highlights for the quarter include:
• Supply, distribution and marketing revenues of $2.4 billion resulted in net margins of $49.1 million, which includes the $38.7 million gain in inventory procurement and management and a $1.9 million charge due to FIFO inventory adjustments.
• Light oil marketing margins were $7.4 million, compared to $5.0 million for the comparable quarter in 2005. During the quarter, the wholesale value of product at our Southeast terminals approximated the cost of the product at the tailgate of the refineries plus the cost of transportation to our terminals, which resulted in breakeven marketing results at the Southeast terminals.
• Radcliff/Economy Marine Services, Inc. (“Radcliff”) acquired August 1, 2005, contributed $1.0 million in marketing margins during the quarter.
• Terminal, pipelines, and tugs and barges generated $12.5 million in net margins, compared to $13.8 million for the comparable quarter in 2005.
• During the quarter, we entered into a new seven-year terminaling services agreement with a subsidiary of Valero Energy Corporation regarding approximately 1.0 million barrels of gasoline and distillate storage capacity throughout our River terminal facilities. The terminaling services agreement became effective April 1, 2006. During the quarter, we incurred approximately $1.8 million in repairs and maintenance at our River terminal facilities in preparation for the commencement of the Valero terminaling services agreement.
• Radcliff contributed $0.7 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
• Selling general and administrative expenses increased by $2.2 million compared to the comparable quarter in 2005 due principally to Radcliff accounting for $0.3 million and TransMontaigne Partners’ incremental General and Administrative Costs of $1.1 million.
• TransMontaigne Inc. has announced that its Board of Directors has authorized management to meet with representatives of Morgan Stanley Capital Group Inc. to negotiate a definitive merger agreement in accordance with the terms of Morgan Stanley’s letter to TransMontaigne dated April 26, 2006, in which Morgan Stanley offered to acquire all of the outstanding capital stock of TransMontaigne Inc. for cash consideration of $10.50 per common share. As previously announced, on March 27, 2006, TransMontaigne entered into a merger agreement with SemGroup, L.P. and certain of its affiliated entities providing for the acquisition by SemGroup of all of the outstanding capital stock of TransMontaigne for cash consideration of $9.75 per common share. On May 8, 2006, we announced that our Board of Directors is prepared to accept the terms of a definitive merger agreement with Morgan Stanley under which Morgan Stanley will acquire all of our outstanding capital stock for cash consideration of $10.50 per share. SemGroup has until the close of business on Thursday, May 11, 2006, to provide our Board of Directors with a revised merger agreement that our Board of Directors determines is at least as favorable to our stockholders as the Morgan Stanley merger agreement. Until such time as TransMontaigne executes an agreement with Morgan Stanley, the merger agreement between TransMontaigne and SemGroup remains in effect.
Donald H. Anderson, Chief Executive Officer said, “Increases in both crude oil prices and refinery margins (crack spreads) once again moved wholesale gasoline prices to higher levels. These higher prices encourage the rapid liquidation of refined product inventory which has the tendency to lower light oil marketing margins (net backs) throughout our pipeline supplied Southeast terminaling network. As has been previously reported, the Company has received two competing offers for 100% of the Company’s common stock. The Company’s Board is continuing to evaluate both offers.”
CONFERENCE CALL
TransMontaigne Inc. also announced that it has scheduled a conference call for Thursday, May 11, 2006 at 3:30 p.m. (MDT) 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:
(888) 400-7916
Ask For: TransMontaigne Inc.
A playback of the conference call will be available from 7:00 p.m. (MDT) on Thursday, May 11, 2006 until 11:59 p.m. (MDT) on Thursday, May 18, 2006 by calling:
USA: 800-475-6701
International: 320-365-3844
Access Code: 828139
2
The following selected financial information is extracted from the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2006, which was filed today with the Securities and Exchange Commission.
TRANSMONTAIGNE INC. AND SUBSIDIARIES
(000s, except per share data)
|
| Three Months Ended |
| ||||
|
| March 31, |
| March 31, |
| ||
Income Statement Data |
|
|
|
|
| ||
Revenues |
| $ | 2,456,697 |
| $ | 2,169,441 |
|
Net margins: |
|
|
|
|
| ||
Supply, distribution and marketing |
| 49,111 |
| 84,473 |
| ||
Terminals, pipelines, and tugs and barges |
| 12,474 |
| 13,807 |
| ||
Operating income |
| 51,437 |
| 85,114 |
| ||
Earnings before income taxes |
| 44,024 |
| 78,442 |
| ||
Net earnings |
| 25,724 |
| 47,065 |
| ||
Net earnings attributable to common stockholders |
| 24,204 |
| 36,721 |
| ||
Net earnings per common share—basic |
| 0.50 |
| 0.92 |
| ||
|
|
|
|
|
| ||
Cash Flow Activities |
|
|
|
|
| ||
Net cash provided by operating activities |
| $ | 12,442 |
| $ | 255,101 |
|
Net cash provided by (used in) investing activities |
| (2,682 | ) | 5,446 |
| ||
Net cash (used in) financing activities |
| (13,365 | ) | (248,639 | ) | ||
|
| March 31, |
| June 30, |
| ||
Balance Sheet Data |
|
|
|
|
| ||
Working capital |
| $ | 321,116 |
| $ | 319,636 |
|
Long-term debt |
| 245,508 |
| 228,307 |
| ||
Non-controlling interests in TransMontaigne Partners |
| 82,566 |
| 81,440 |
| ||
Series B redeemable convertible preferred stock |
| 20,608 |
| 49,249 |
| ||
Common stockholders’ equity |
| 367,020 |
| 326,484 |
| ||
3
Selected income statement data is as follows (in thousands):
|
| Three Months Ended |
| ||||
|
| March 31, |
| March 31, |
| ||
Terminals, pipelines, tugs and barges: |
|
|
|
|
| ||
TransMontaigne Partners L.P. facilities |
| $ | 7,395 |
| $ | 5,655 |
|
Brownsville facilities |
| 1,644 |
| 1,230 |
| ||
Southeast facilities |
| 3,765 |
| 5,442 |
| ||
River facilities |
| (835 | ) | 1,145 |
| ||
Other |
| 505 |
| 335 |
| ||
Margins |
| 12,474 |
| 13,807 |
| ||
Marketing: |
|
|
|
|
| ||
Light oils—marketing margins: |
|
|
|
|
| ||
TransMontaigne Partners L.P. facilities |
| 5,231 |
| 1,666 |
| ||
Southeast facilities |
| 187 |
| 2,744 |
| ||
River facilities |
| 1,170 |
| 525 |
| ||
Other |
| 800 |
| 60 |
| ||
Light oil margins |
| 7,388 |
| 4,995 |
| ||
Heavy oils—marketing margins |
| 2,445 |
| 2,980 |
| ||
Supply chain management services margins |
| 2,469 |
| 6,067 |
| ||
Margins |
| 12,302 |
| 14,042 |
| ||
Total margins |
| 24,776 |
| 27,849 |
| ||
Selling, general and administrative expenses |
| (12,142 | ) | (9,885 | ) | ||
Total margins less S, G & A expenses |
| 12,634 |
| 17,964 |
| ||
|
|
|
|
|
| ||
Inventory procurement and management: |
|
|
|
|
| ||
(Losses) from risk management of light oil volumes to be liquidated upon commencement of MSCG product supply agreement |
| — |
| (181 | ) | ||
Increase in value of light oil volumes nominated under the MSCG product supply agreement prior to receipt of the product at our terminals |
| 24,314 |
| 36,632 |
| ||
Increase in value of base operating inventory |
| 13,967 |
| 39,871 |
| ||
(Losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement |
| (7,409 | ) | — |
| ||
Storage fees for light oil tank capacity |
| (457 | ) | (857 | ) | ||
Other financial and costing variances, net |
| 8,268 |
| 6,286 |
| ||
Trading activities, net |
| — |
| — |
| ||
Inventory procurement and management |
| 38,683 |
| 81,751 |
| ||
|
|
|
|
|
| ||
Inventory adjustments: |
|
|
|
|
| ||
Gains recognized on beginning inventories—discretionary volumes |
| 13,567 |
| 10,210 |
| ||
Gains deferred on ending inventories—discretionary volumes |
| (15,441 | ) | (21,530 | ) | ||
Inventory adjustments |
| (1,874 | ) | (11,320 | ) | ||
|
|
|
|
|
| ||
Merger related expenses |
| (1,350 | ) | — |
| ||
Depreciation and amortization |
| (7,273 | ) | (6,274 | ) | ||
Gain on disposition of assets, net |
| 10,617 |
| 2,993 |
| ||
Operating income |
| $ | 51,437 |
| $ | 85,114 |
|
4
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, |
| December 31, |
| March 31, |
| June 30, |
|
| |||||
Terminals, pipelines, tugs and barges: |
|
|
|
|
|
|
|
|
|
|
| ||||
TransMontaigne Partners L.P. facilities |
| $ | 6,993 |
| $ | 7,666 |
| $ | 7,395 |
| — |
| $ | 22,054 |
|
Brownsville facilities |
| 1,398 |
| 1,425 |
| 1,644 |
| — |
| 4,467 |
| ||||
Southeast facilities |
| 3,292 |
| 4,324 |
| 3,765 |
| — |
| 11,381 |
| ||||
River facilities |
| 40 |
| 583 |
| (835 | ) | — |
| (212 | ) | ||||
Other |
| (1,194 | ) | 896 |
| 505 |
| — |
| 207 |
| ||||
Margins |
| 10,529 |
| 14,894 |
| 12,474 |
| — |
| 37,897 |
| ||||
Marketing: |
|
|
|
|
|
|
|
|
|
|
| ||||
Light oils—marketing margins (deficiencies): |
|
|
|
|
|
|
|
|
|
|
| ||||
TransMontaigne Partners L.P. facilities |
| 9,258 |
| 5,915 |
| 5,231 |
| — |
| 20,404 |
| ||||
Southeast facilities |
| (16,714 | ) | 4,630 |
| 187 |
| — |
| (11,897 | ) | ||||
River facilities |
| 1,024 |
| 1,670 |
| 1,170 |
| — |
| 3,864 |
| ||||
Other |
| (1,148 | ) | 777 |
| 800 |
| — |
| 429 |
| ||||
Light oil margins |
| (7,580 | ) | 12,992 |
| 7,388 |
| — |
| 12,800 |
| ||||
Heavy oils—marketing margins |
| 3,460 |
| 7,349 |
| 2,445 |
| — |
| 13,254 |
| ||||
Supply chain management services margins |
| 1,180 |
| (191 | ) | 2,469 |
| — |
| 3,458 |
| ||||
Margins (deficiencies) |
| (2,940 | ) | 20,150 |
| 12,302 |
| — |
| 29,512 |
| ||||
Total margins |
| 7,589 |
| 35,044 |
| 24,776 |
| — |
| 67,409 |
| ||||
Selling, general and administrative expenses |
| (11,554 | ) | (13,354 | ) | (12,142 | ) | — |
| (37,050 | ) | ||||
Total margins (deficiencies) less S, G & A expenses |
| (3,965 | ) | 21,690 |
| 12,634 |
| — |
| 30,359 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
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 | ) | 24,314 |
| — |
| 51,720 |
| ||||
Increase (decrease) in value of base operating inventory |
| 46,424 |
| (29,394 | ) | 13,967 |
| — |
| 30,997 |
| ||||
Gains (losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement |
| (28,755 | ) | 27,095 |
| (7,409 | ) | — |
| (9,069 | ) | ||||
Storage fees for light oil tank capacity |
| (457 | ) | (457 | ) | (457 | ) | — |
| (1,371 | ) | ||||
Other financial and costing variances, net |
| (28,654 | ) | (11,498 | ) | 8,268 |
| — |
| (31,884 | ) | ||||
Trading activities, net |
| — |
| — |
| — |
| — |
| — |
| ||||
Inventory procurement and management |
| 67,642 |
| (65,932 | ) | 38,683 |
| — |
| 40,393 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Inventory adjustments: |
|
|
|
|
|
|
|
|
|
|
| ||||
Gains recognized on beginning inventories—discretionary volumes |
| 2,369 |
| 18,452 |
| 13,567 |
| — |
| 2,369 |
| ||||
Gains deferred on ending inventories—discretionary volumes |
| (18,452 | ) | (13,567 | ) | (15,441 | ) | — |
| (15,441 | ) | ||||
Inventory adjustments |
| (16,083 | ) | 4,885 |
| (1,874 | ) | — |
| (13,072 | ) | ||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
Merger related expenses |
| — |
| — |
| (1,350 | ) | — |
| (1,350 | ) | ||||
Depreciation and amortization |
| (6,581 | ) | (6,849 | ) | (7,273 | ) | — |
| (20,703 | ) | ||||
Gain on disposition of assets, net |
| 1,118 |
| 67 |
| 10,617 |
| — |
| 11,802 |
| ||||
Operating income (loss) |
| $ | 42,131 |
| $ | (46,139 | ) | $ | 51,437 |
| — |
| $ | 47,429 |
|
5
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, |
| December 31, |
| March 31, |
| June 30, |
|
| ||||||
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 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 |
|
6
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, |
| December 31, |
| March 31, |
| June 30, |
|
| ||||||
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 |
|
7
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, |
| December 31, |
| March 31, |
| June 30, |
|
| |
Light oils—marketing volumes: |
|
|
|
|
|
|
|
|
|
|
|
TransMontaigne Partners’ facilities |
| 84,838 |
| 90,126 |
| 92,073 |
| — |
| 89,012 |
|
Southeast facilities |
| 137,586 |
| 126,015 |
| 117,744 |
| — |
| 127,115 |
|
River facilities |
| 10,592 |
| 7,697 |
| 8,748 |
| — |
| 9,012 |
|
Other |
| 18,803 |
| 15,347 |
| 23,502 |
| — |
| 19,218 |
|
|
| 251,819 |
| 239,185 |
| 242,067 |
| — |
| 244,357 |
|
|
| Three Months Ended |
| Year |
| ||||||
|
| September 30, |
| December 31, |
| March 31, |
| June 30, |
|
| |
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, |
| December 31, |
| March 31, |
| June 30, |
|
| |
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 |
|
8
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, |
| December 31, |
| March 31, |
| June 30, |
|
| |
Light oils—marketing margins: |
|
|
|
|
|
|
|
|
|
|
|
TransMontaigne Partners’ facilities |
| 282 |
| 170 |
| 150 |
| — |
| 199 |
|
Southeast facilities |
| (314 | ) | 95 |
| 4 |
| — |
| (81 | ) |
River facilities |
| 250 |
| 561 |
| 354 |
| — |
| 372 |
|
Other |
| (158 | ) | 131 |
| 90 |
| — |
| 19 |
|
All facilities—weighted average |
| (78 | ) | 141 |
| 81 |
| — |
| 45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Three Months Ended |
| Year |
| ||||||
|
| September 30, |
| December 31, |
| March 31, |
| June 30, |
|
| |
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, |
| December 31, |
| March 31, |
| June 30, |
|
| |
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 |
|
9
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-
10