TransMontaigne Inc. (NYSE:TMG) today announced its fiscal first
quarter net income of $20.9 million ($.41 per share) compared with
net income of $3.8 million ($.08 per share) for the comparable
quarter in 2004. The first fiscal quarter highlights include: --
Supply, distribution and marketing revenues of $3.0 billion
generating $48.6 million in net operating margins compared to $24.2
million for the comparable quarter in 2004. -- Light oil margins
(deficiencies) were $(7.6) million compared to $4.5 million for the
comparable quarter in 2004. -- Radcliff/Economy Marine Services
("Radcliff") acquired August 1, 2005, contributed $2.2 million of
net operating margins to this segment. -- Terminal, pipelines, and
tugs and barges revenues of $29.2 million generating $10.5 million
in net operating margins compared to $12.1 million for the
comparable quarter in 2004. -- Radcliff contributed $.4 million of
net operating margins to this segment. -- Selling general and
administrative expenses increased by $1.1 million compared to last
year with Radcliff accounting for $.5 million of that increase.
Donald H. Anderson, Chief Executive Officer, said: "Light oil
margins were negatively impacted by price disparities in the
product supply market caused by Hurricanes Katrina and Rita. Our
inventory valuations on a per gallon basis were significantly
higher at September 30, as compared to June 30. This increase,
roughly $.50 per gallon, contributed significantly to the supply,
distribution and marketing operating margins. As the refineries and
pipelines returned to normal operations in early October, both the
pricing disparity and the increased inventory valuations
dissipated. Hurricanes Katrina, Rita and most recently Wilma
disrupted many of our operating facilities throughout Alabama,
Mississippi and Florida, but fortunately we are currently not aware
of any significant long-term damage to any of these facilities."
Conference Call TransMontaigne Inc. also announced that it has
scheduled a conference call for Thursday, November 10, 2005, at
3:00 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:
877-777-1967 A playback of the conference call will be available
from 6:30 p.m. (MST) on Thursday, November 10, 2005, until 11:59
p.m. (MST) on Thursday, November 17, 2005, by calling: USA:
800-475-6701 International: 320-365-3844 Access Code: 802394 The
following selected financial information is extracted from the
Company's Quarterly Report on Form 10-Q for the three months ended
September 30, 2005, which was filed today with the Securities and
Exchange Commission. -0- *T TRANSMONTAIGNE INC. AND SUBSIDIARIES
(000s, except per share data) Three Months Ended ------------------
September 30, September 30, 2005 2004 ---- ---- Income Statement
Data --------------------- Revenues $2,983,361 $2,055,724 Net
operating margins: Supply, distribution and marketing 48,619 24,156
Terminals, pipelines, and tugs and barges 10,529 12,065 Operating
income 42,131 16,382 Earnings before income taxes 36,597 6,381 Net
earnings 20,883 3,828 Net earnings attributable to common
stockholders 19,170 2,982 Net earnings per common share -- basic
$0.41 $0.08 Cash Flow Activities -------------------- Net cash
provided by (used in) operating activities $(36,535) $(3,424) Net
cash provided by (used in) investing activities (60,165) (12,390)
Net cash provided by (used in) financing activities 72,147 22,758
September 30, June 30, 2005 2005 ---- ---- Balance Sheet Data
------------------ Working capital $315,373 $319,636 Long-term debt
231,000 228,307 Non-controlling interests in TransMontaigne
Partners 82,601 81,440 Series B redeemable convertible preferred
stock 20,826 49,249 Common stockholders' equity 376,410 326,484 *T
Selected income statement data for the three months ended September
30, 2005 and 2004, is as follows: -0- *T Three Months Ended
------------------ September 30, September 30, 2005 2004 ---- ----
Terminals, pipelines, tugs and barges: TransMontaigne Partners L.P.
facilities $6,564 $4,306 Brownsville facilities 1,397 850 Southeast
facilities 3,292 5,011 River facilities 41 651 Other (765) 1,247
------- ------- Margins 10,529 12,065 ------- ------- Marketing:
Light oils -- marketing margins: TransMontaigne Partners L.P.
facilities 7,030 2,700 Southeast facilities (16,714) 993 River
facilities 1,024 759 Other 1,080 36 ------- ------- Light oil
margins (7,580) 4,488 Heavy oils -- marketing margins 3,460 2,570
Supply chain management services margins 1,180 3,040 -------
------- Margins (2,940) 10,098 ------- ------- Total margins 7,589
22,163 Selling, general and administrative expenses (11,554)
(10,433) ------- ------- Total margins less S, G & A expenses
(3,965) 11,730 ------- ------- Inventory procurement and
management: Increase in value of light oil volumes nominated under
the MSCG product supply agreement prior to receipt of the product
at our terminals 79,084 -- Increase in value of base operating
inventory 46,424 39,956 Losses from risk management of base
operating inventory and light oil volumes nominated under the MSCG
product supply agreement (28,755) -- Storage fees for light oil
tank capacity (457) (2,245) Other financial and costing variances,
net (28,654) (2,204) Trading activities, net -- (1,003) -------
------- Inventory procurement and management 67,642 34,504 -------
------- Inventory adjustments: Gains recognized on beginning
inventories -- discretionary volumes 2,369 3,712 Gains deferred on
ending inventories -- discretionary volumes (18,452) (24,158)
------- ------- Inventory adjustments (16,083) (20,446) -------
------- Depreciation and amortization (6,581) (5,807) Gain (loss)
on disposition of assets, net 1,118 (3,599) ------- -------
Operating income $42,131 $16,382 ======= ======= *T Selected income
statement data for each of the quarters in the year ended June 30,
2005, is summarized below (in thousands): -0- *T Three Months Ended
--------------------------------------- Year Ended Sept. 30, Dec.
31, March 31, June 30, June 30, 2004 2004 2005 2005 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 Change 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
Change 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 ======= ======= =======
======= ======= *T Selected income statement data for each of the
quarters in the year ended June 30, 2004, is summarized below (in
thousands): -0- *T Three Months Ended
--------------------------------------- Year Ended Sept. 30, Dec.
31, March 31, June 30, June 30, 2003 2003 2004 2004 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: 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: Change 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) Gain (loss) on disposition of
assets, net -- (805) -- (173) (978) ------- ------- ------- -------
------- Operating income $10,497 $5,870 $38,138 $5,819 $60,324
======= ======= ======= ======= ======= *T 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: -0- *T
Three Months Ended --------------------------------------- Year
Ended Sept. 30, Dec. 31, March 31, June 30, June 30, 2005 2005 2006
2006 2006 -------------------------------------------------- Light
oils--marketing volumes: TransMontaigne Partners' facilities 75,962
-- -- -- 75,962 Southeast facilities 137,586 -- -- -- 137,586 River
facilities 10,592 -- -- -- 10,592 Other 24,688 -- -- -- 24,688
------- ------- ------- ------- ------- 248,828 -- -- -- 248,828
======= ======= ======= ======= ======= *T -0- *T Three Months
Ended --------------------------------------- Year Ended Sept. 30,
Dec. 31, March 31, June 30, June 30, 2004 2004 2005 2005 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
======= ======= ======= ======= ======= *T -0- *T Three Months
Ended --------------------------------------- Year Ended Sept. 30,
Dec. 31, March 31, June 30, June 30, 2003 2003 2004 2004 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 ======= ======= ======= ======= ======= *T 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: -0- *T Three Months Ended
--------------------------------------- Year Ended Sept. 30, Dec.
31, March 31, June 30, June 30, 2005 2005 2006 2006 2006
-------------------------------------------------- Light oils --
marketing margins: TransMontaigne Partners' facilities 240 -- -- --
240 Southeast facilities (314) -- -- -- (314) River facilities 250
-- -- -- 250 Other 113 -- -- -- 113 ------- ------- ------- -------
------- All facilities -- weighted average (79) -- -- -- (79)
======= ======= ======= ======= ======= *T -0- *T Three Months
Ended --------------------------------------- Year Ended Sept. 30,
Dec. 31, March 31, June 30, June 30 2004 2004 2005 2005 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 =======
======= ======= ======= ======= *T -0- *T Three Months Ended
--------------------------------------- Year Ended Sept. 30, Dec.
31, March 31, June 30, June 30 2003 2003 2004 2004 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
======= ======= ======= ======= ======= *T 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.
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