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. -- 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 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. -0- *T TRANSMONTAIGNE INC. AND SUBSIDIARIES
(000s, except per share data) Three Months Ended
----------------------- March 31, March 31, 2006 2005 -----------
----------- 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) *T -0- *T March 31, June 30, 2006 2005
----------- ----------- 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 *T -0- *T Selected
income statement data is as follows (in thousands): Three Months
Ended --------------------- March 31, March 31, 2006 2005
--------------------- 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 ========== ========== *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 Sept. 30, Dec.
31, March 31, June 30, June 30, 2005 2005 2006 2006 2006
------------------------------------------------ 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 ========= ========= ========= ======== ======== *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 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 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 ========= ======== ========= ========
========= *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 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
(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 Sept. 30, Dec. 31, March 31, June 30, June 30, 2005
2005 2006 2006 2006
------------------------------------------------ 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 =========
========= ========= ======== ======== *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
-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 Sept. 30, Dec. 31,
March 31, June 30, June 30, 2005 2005 2006 2006 2006
------------------------------------------------ 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 *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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