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. -- 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 -0- *T 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 December 31, 31, 2005 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 *T
-0- *T December June 31, 30, 2005 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 *T -0- *T
Selected income statement data for the three months ended December
31, 2005 and 2004, is as follows: Three Months Ended
------------------ December December 31, 31, 2005 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 =========
======== *T -0- *T 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 ------------------------------
Ended September December March June June 30, 31, 31, 30, 30, 2005
2005 2006 2006 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) ========= ========= ===== ==== ======== *T
-0- *T 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 ------------------------------------ Ended
September December March June June 30, 31, 31, 30, 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
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 ========= ======== ======== ======== ========= *T -0- *T
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 ------------------------------------ Ended
September December March June June 30, 31, 31, 30, 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 (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 ========= ======== ========
======== ======== *T -0- *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: Three Months Ended
Year --------------------------------- Ending September December
March June June 30, 31, 31, 30, 30, 2005 2005 2006 2006 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
========== ========= ====== ===== ======== *T -0- *T Three Months
Ended Year ------------------------------------ Ended September
December March June June 30, 31, 31, 30, 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
September December March June June 30, 31, 31, 30, 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 -0- *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: Three Months Ended Year
--------------------------------- Ending September December March
June June 30, 31, 31, 30, 30, 2005 2005 2006 2006 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 ========= =========
====== ====== ====== *T -0- *T Three Months Ended Year
-------------------------------- Ended September December March
June June 30, 31, 31, 30, 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
September December March June June 30, 31, 31, 30, 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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