FINANCIAL RESULTS. Frederick W. Boutin, CEO Gregory J. Pound, COO Robert T. Fuller, CFO
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1 Cntact: Frederick W. Butin, CEO Gregry J. Pund, COO Rbert T. Fuller, CFO TRANSMONTAIGNE PARTNERS L.P. ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS AND THE YEAR ENDED DECEMBER 31, 2015 AND THE FILING OF ITS ANNUAL REPORT ON FORM 10-K Thursday, March 10, 2016 Immediate Release Denver, Clrad TransMntaigne Partners L.P. (NYSE:TLP) tday annunced its financial results fr the three mnths and the year ended December 31, FINANCIAL RESULTS An verview f the financial perfrmance fr the year ended December 31, 2015 cmpared t the year ended December 31, 2014, includes: Distributable cash flw fr the year ended December 31, 2015 was $70.7 millin cmpared t $65.7 millin fr the year ended December 31, The distributin declared per limited partner unit was $2.665 per unit fr the year ended December 31, 2015 cmpared t $2.655 per unit fr the year ended December 31, We paid aggregate distributins f $50.7 millin fr the year ended December 31, 2015, resulting in an annual distributin cverage rati f 1.39x. Cnslidated EBITDA fr the year ended December 31, 2015 was $89.6 millin cmpared t $74.8 millin fr the year ended December 31, Operating incme fr the year ended December 31, 2015 was $49.9 millin cmpared t $38.9 millin fr the year ended December 31, 2014, principally due t the fllwing: Revenue was $152.5 millin cmpared t $150.1 millin due t increases in revenue at the Brwnsville and River terminals f apprximately $4.3 millin and $0.9 millin, respectively, ffset by decreases in revenue at the Gulf Cast, Midwest and Sutheast terminals f apprximately $1.5 millin, $0.4 millin and $0.8 millin, respectively. Direct perating csts and expenses were $64.0 millin cmpared t $66.2 millin due t decreases in direct perating csts and expenses at the Gulf Cast, Midwest, Brwnsville and River terminals f apprximately $0.3 millin, $0.1 millin, $2.1 millin and $0.9 millin, respectively, ffset by an increase in direct perating csts and expenses at the Sutheast terminals f apprximately $1.2 millin. An increase in depreciatin and amrtizatin expenses f apprximately $1.1 millin. An increase in earnings frm investments in uncnslidated affiliates f $7.5 millin, which was primarily attributable t the BOSTCO terminal being fully peratinal thrughut Annual net earnings fr the year ended December 31, 2015 were $41.7 millin cmpared t $32.5 millin fr the year ended December 31, 2014, principally due t the changes in annual perating incme discussed abve, ffset by an increase in interest expense f apprximately $1.9 millin. 1
2 Annual net earnings per limited partner unit was $2.12 per unit fr the year ended December 31, 2015 cmpared t $1.57 per unit fr the year ended December 31, An verview f the financial perfrmance fr the quarter ended December 31, 2015 cmpared t the quarter ended December 31, 2014, includes: Distributable cash flw fr the quarter ended December 31, 2015 was $18.5 millin cmpared t $14.9 millin fr the quarter ended December 31, The distributin declared per limited partner unit was $0.67 per unit fr the quarter ended December 31, 2015 cmpared t $0.665 per unit fr the quarter ended December 31, We paid aggregate distributins f $12.8 millin fr the quarter ended December 31, 2015, resulting in a quarterly distributin cverage rati f 1.45x. Cnslidated EBITDA fr the quarter ended December 31, 2015 was $23.4 millin cmpared t $18.3 millin fr the quarter ended December 31, Operating incme fr the quarter ended December 31, 2015 was $13.1 millin cmpared t $7.9 millin fr the quarter ended December 31, 2014, principally due t the fllwing: Revenue was $40.3 millin cmpared t $36.9 millin due t increases in revenue at the Gulf Cast, River and Sutheast terminals f apprximately $3.4 millin, $0.4 millin and $0.4 millin, respectively, ffset by decreases in revenue at the Midwest and Brwnsville terminals f apprximately $0.2 millin and $0.6 millin, respectively. Direct perating csts and expenses were $16.6 millin cmpared t $17.9 millin due t decreases in direct perating csts and expenses at the Midwest, Brwnsville, River and Sutheast terminals f apprximately $0.2 millin, $1.1 millin, $0.5 millin and $0.1 millin, respectively, ffset by an increase in direct perating csts and expenses at the Gulf Cast terminals f apprximately $0.6 millin. A decrease in direct general and administrative expenses f apprximately $0.3 millin. An increase in depreciatin and amrtizatin expenses f apprximately $0.8 millin. An increase in earnings frm investments in uncnslidated affiliates f $0.8 millin. Quarterly net earnings fr the quarter ended December 31, 2015 were $11.7 millin cmpared t $5.9 millin fr the quarter ended December 31, 2014, principally due t the changes in quarterly perating incme discussed abve and a decrease in interest expense f apprximately $0.5 millin. Quarterly net earnings per limited partner unit was $0.60 per unit fr the quarter ended December 31, 2015 cmpared t $0.26 per unit fr the quarter ended December 31,
3 Our terminaling services agreements are structured as either thrughput agreements r strage agreements. Mst f ur thrughput agreements cntain prvisins that require ur custmers t thrughput a minimum vlume f prduct at ur facilities ver a stipulated perid f time, which results in a fixed amunt f revenue t be recgnized by us. Our strage agreements require ur custmers t make minimum payments based n the vlume f strage capacity made available t the custmer under the agreement, which results in a fixed amunt f revenue t be recgnized by us. We refer t the fixed amunt f revenue recgnized pursuant t ur terminaling services agreements as being firm cmmitments. Revenue recgnized in excess f firm cmmitments and revenue recgnized based slely n the vlume f prduct distributed r injected are referred t as variable. Our revenue was as fllws (in thusands): Three mnths ended Year ended December 31, December 31, Firm Cmmitments: Terminaling services fees: External custmers $ 20,175 $ 16,591 $ 75,218 $ 49,024 Affiliates 7,115 9,401 31,856 58,226 Ttal firm cmmitments 27,290 25, , ,250 Variable: Terminaling services fees: External custmers 919 1,148 4,169 3,789 Affiliates , Ttal variable 1,674 1,412 7,161 4,607 Ttal terminaling services fees 28,964 27, , ,857 Pipeline transprtatin fees 1,665 1,059 6,613 3,314 Management fees and reimbursed csts 1,906 1,850 7,626 7,053 Other 7,775 6,634 24,036 27,838 Ttal revenue $ 40,310 $ 36,947 $ 152,510 $ 150,062 The amunt f revenue recgnized as firm cmmitments based n the remaining cntractual term f the terminaling services agreements that generated firm cmmitments fr the year ended December 31, 2015 was as fllws (in thusands): Remaining terms n terminaling services agreements that generated firm cmmitments : Less than 1 year remaining $ 9,695 1 year r mre, but less than 3 years remaining 32,266 3 years r mre, but less than 5 years remaining 25,555 5 years r mre remaining 39,558 Ttal firm cmmitments fr the year ended December 31, 2015 $ 107,074 Our investments in uncnslidated affiliates include a 42.5% interest in BOSTCO and a 50% interest in Frntera. BOSTCO is a newly cnstructed terminal facility lcated n the Hustn Ship Channel. BOSTCO began initial cmmercial peratins in the furth quarter f 2013, with the cmpletin f its 3
4 apprximately 7.1 millin barrels f strage capacity and related infrastructure ccurring at the end f the third quarter f Frntera is a terminal facility lcated in Brwnsville, Texas that encmpasses apprximately 1.5 millin barrels f light petrleum prduct strage capacity, as well as related ancillary facilities. The fllwing table summarizes ur investments in uncnslidated affiliates: Carrying value Percentage f wnership (in thusands) December 31, December 31, December 31, December 31, BOSTCO 42.5 % 42.5 % $ 223,214 $ 225,920 Frntera 50 % 50 % 23,486 23,756 Ttal investments in uncnslidated affiliates $ 246,700 $ 249,676 Earnings frm investments in uncnslidated affiliates were as fllws (in thusands): Three mnths ended Year ended December 31, December 31, BOSTCO $ 1,724 $ 1,236 $ 9,968 $ 3,853 Frntera , Ttal earnings frm investments in uncnslidated affiliates $ 2,184 $ 1,352 $ 11,948 $ 4,443 Cash distributins received frm uncnslidated affiliates were as fllws (in thusands): Three mnths ended Year ended December 31, December 31, BOSTCO $ 3,537 $ 3,677 $ 16,900 $ 7,749 Frntera ,749 2,304 Ttal cash distributins received frm uncnslidated affiliates $ 4,187 $ 4,356 $ 19,649 $ 10,053 RECENT DEVELOPMENTS Change in cntrl f ur general partner. Effective February 1, 2016, NGL Energy Partners LP ( NGL ) cnsummated the sale f its indirect 100% wnership interest in TransMntaigne GP L.L.C. t an affiliate f ArcLight Energy Partners Fund VI, L.P. ( ArcLight ) fr $350 millin in cash ( the Transactin ). TransMntaigne GP L.L.C. is ur general partner, and it hlds the 2% general partner interest and incentive distributin rights f ur partnership. The Transactin resulted in a change in ur cntrlling wnership. The Transactin did nt invlve any f ur limited partnership units held by the 4
5 public, and ur limited partnership units cntinue t trade n the New Yrk Stck Exchange. ArcLight is ne f the leading private equity firms fcused n Nrth American and Western Eurpean energy assets. Since its establishment in 2001, ArcLight has invested ver $15.3 billin acrss multiple energy cycles in mre than 97 investments. Headquartered in Bstn, Massachusetts with an additinal ffice in Luxemburg, the firm s investment team brings extensive energy expertise, industry relatinships and specialized value creatin capabilities t ur peratins. Upn the clsing f the Transactin, Atanas H. Atanasv, Benjamin Brgen, Brian Cannn and Dnald M. Jensen, each emplyees f NGL, resigned frm the bard f directrs f ur general partner. T fill the vacancies resulting frm the resignatin f the NGL Directrs, Daniel R. Revers, Kevin M. Crsby and Lucius H. Taylr, each emplyees f ArcLight, were appinted t the bard f directrs f ur general partner effective February 1, Thedre D. Burke, als an emplyee f ArcLight, was subsequently appinted t the bard f directrs f ur general partner effective February 22, In cnnectin with the cnsummatin f the Transactin, ur Sutheast terminaling services agreement with NGL was amended t extend the term f the agreement thrugh July 31, 2040 at the prevailing cntract rates cntained within the agreement. Subsequent t January 31, 2023, NGL has the ability t terminate the agreement at any time upn at least 24 mnths prir ntice f its intent t terminate the agreement. In additin, we als amended and restated ur mnibus agreement t assign it frm TransMntaigne LLC t ArcLight and t remve certain legacy prvisins that were n lnger applicable. Under the mnibus agreement, we pay ArcLight (and prir t the Transactin we paid TransMntaigne LLC, a whlly wned subsidiary f NGL,) an administrative fee fr the prvisin f certain management, legal, accunting, tax, crprate staff, engineering and ther supprt services. The mnibus agreement will cntinue in effect until the earlier t ccur f (i) ArcLight ceasing t cntrl ur general partner r (ii) the electin f us r ArcLight, fllwing at least 24 mnths prir written ntice t the ther party f the intent t terminate the agreement. The amended and restated mnibus agreement did nt change the financial terms, substantive rights r bligatins f the parties. Expansin f the Cllins/Purvis bulk strage terminal. Our Cllins/Purvis, Mississippi bulk strage terminal, with a current active strage capacity f apprximately 3.4 millin barrels, is the nly independent terminal capable f receiving frm, delivering t, and transferring refined petrleum prducts between the Clnial and Plantatin pipeline systems. We are in the prcess f expanding the capacity at this terminal, and the status f ur expansin effrt is as fllws: In Octber 2015 we entered int a six-year terminaling services agreement with NGL fr apprximately 1.2 millin barrels f new prduct strage capacity and apprximately 0.1 millin barrels f existing strage capacity. The terminaling services agreement with NGL was effective January 1, 2016 with the majrity f the cntract revenue t cme n-line upn cmpletin f the cnstructin f the new tank capacity. In the first quarter f 2016 we entered int five-year terminaling services agreements with varius third parties fr apprximately 0.8 millin barrels f new prduct strage capacity. The term f the terminaling services agreements will cmmence upn cnstructin f the new tank capacity. 5
6 The abve additinal capacity brings the ttal new tank capacity currently under cnstructin at ur Cllins/Purvis facility t apprximately 2.0 millin barrels, at an expected cst f apprximately $75 millin. The cmpletin f the cnstructin f the new tank capacity, which is cmmensurate with the assciated new cntract revenue cming n-line, is expected t ccur during the furth quarter f 2016 thrugh the secnd quarter f In additin, during 2015 we purchased land adjacent t ur Cllins/Purvis facility and have begun the prcess f permitting at least 3.0 millin barrels f additinal capacity. We are in discussins with ptential custmers fr this future capacity. Purchase f the Prt Everglades hydrant system. Effective January 28, 2016, we acquired frm TransMntaigne LLC its Prt Everglades, Flrida hydrant system fr a cash payment f $12 millin. The hydrant system encmpasses a system f pipelines that cnnect the Prt s ship berths t ur Prt Everglades Nrth terminal. It is the nly pipeline system in Prt Everglades fr fueling cruise ships, and it is currently under cntract with ne f ur existing terminal custmers fr apprximately three mre years. Increase in quarterly distributin. On January 19, 2016, we annunced a distributin f $0.67 per unit fr the perid frm Octber 1, 2015 thrugh December 31, The distributin represented a $0.005 increase ver the previus quarter and the first increase in the distributin frm the previus six quarters. The distributin was paid n February 8, 2016 t unithlders f recrd n January 29, LIQUIDITY AND CAPITAL RESOURCES TransMntaigne Partners L.P. als released the fllwing statements regarding its current liquidity and capital resurces: Our credit facility prvides fr a maximum brrwing line f credit equal t $400 millin. The credit facility allws us t make up t $125 millin in additinal future jint venture investments, which may include additinal investments in BOSTCO. The terms f the credit facility als permit us t issue senir unsecured ntes. Further, at ur request, the maximum brrwing line f credit can be increased by an additinal $100 millin, subject t the apprval f the administrative agent and the receipt f additinal cmmitments frm ne r mre lenders. The credit facility expires n July 31, At December 31, 2015, ur utstanding brrwings were $248 millin. Management and the bard f directrs f ur general partner have apprved additinal investments and expansin prjects at ur terminals that currently are, r will be, under cnstructin with estimated cmpletin dates that extend thrugh the secnd quarter f At December 31, 2015, the remaining expenditures t cmplete the apprved prjects are estimated t be apprximately $90 millin, which primarily includes the cnstructin csts assciated with the tank expansin at ur Cllins/Purvis terminal and the recent purchase f the Prt Everglades hydrant system, as further discussed abve. We expect t fund ur investment and expansin expenditures with additinal brrwings under ur credit facility. Our primary liquidity needs are t fund ur wrking capital requirements, distributins t unithlders, apprved investments, apprved capital prjects and apprved future expansin, 6
7 develpment and acquisitin pprtunities. We expect t initially fund ur apprved investments, apprved capital prjects and ur apprved future expansin, develpment and acquisitin pprtunities with additinal brrwings under ur credit facility. After initially funding these expenditures with brrwings under ur credit facility, we may raise funds thrugh additinal equity fferings and debt financings. The prceeds f such equity fferings and debt financings may then be used t reduce ur utstanding brrwings under ur credit facility. Attachment A cntains additinal selected financial infrmatin and results f peratins. Attachment B cntains a recnciliatin f net earnings t the cmputatin f ur distributable cash flw and Cnslidated EBITDA. FILING OF ANNUAL REPORT ON FORM 10-K TransMntaigne Partners L.P. s Annual Reprt n Frm 10-K was filed with the Securities and Exchange Cmmissin n March 10, 2016 and was simultaneusly psted t ur website:. Unithlders may btain a hard cpy f the Annual Reprt n Frm 10-K cntaining TransMntaigne Partners L.P. s cmplete audited financial statements fr the year ended December 31, 2015 free f charge by cntacting TransMntaigne Partners L.P., Attentin: Investr Relatins, 1670 Bradway, Suite 3100, Denver, Clrad r phning (303) CONFERENCE CALL TransMntaigne Partners L.P. previusly annunced that it has scheduled a cnference call fr Thursday, March 10, 2016 at 11:00 a.m. (ET) regarding the abve infrmatin. Analysts, investrs and ther interested parties are invited t listen t management s presentatin f the Cmpany s results and supplemental financial infrmatin by accessing the call as fllws: (800) Ask fr: TransMntaigne Partners A playback f the cnference call will be available frm 1:00 p.m. (ET) n Thursday, March 10, 2016 until 11:59 p.m. (ET) n Thursday, March 17, 2016 by calling: USA: (800) Internatinal: (320) Access Cde:
8 ATTACHMENT A SELECTED FINANCIAL INFORMATION AND RESULTS OF OPERATIONS The fllwing selected financial infrmatin is extracted frm ur Annual Reprt n Frm 10-K fr the three mnths and year ended December 31, 2015, which was filed n March 10, 2016 with the Securities and Exchange Cmmissin (in thusands, except per unit amunts): Three mnths ended Year ended December 31, December 31, Incme Statement Data Revenue $ 40,310 $ 36,947 $ 152,510 $ 150,062 Direct perating csts and expenses (16,552) (17,881) (64,033) (66,183) Direct general and administrative expenses (763) (1,069) (3,573) (3,535) Earnings frm uncnslidated affiliates 2,184 1,352 11,948 4,443 Operating incme 13,147 7,925 49,859 38,927 Net earnings 11,667 5,865 41,689 32,463 Net earnings allcable t limited partners 9,707 4,098 34,183 25,296 Net earnings per limited partner unit basic $ 0.60 $ 0.26 $ 2.12 $ 1.57 December 31, December 31, Balance Sheet Data Prperty, plant and equipment, net $ 388,423 $ 385,301 Investments in uncnslidated affiliates 246, ,676 Gdwill 8,485 8,485 Ttal assets 656, ,057 Lng-term debt 248, ,000 Partners equity 383, ,465 8
9 Selected results f peratins data fr each f the quarters in the years ended December 31, 2015 and 2014 are summarized belw (in thusands): Three mnths ended Year ending March 31, June 30, September 30, December 31, December 31, Revenue $ 37,897 $ 37,034 $ 37,269 $ 40,310 $ 152,510 Direct perating csts and expenses (14,954) (15,872) (16,655) (16,552) (64,033) Direct general and administrative expenses (1,021) (672) (1,117) (763) (3,573) Allcated general and administrative expenses (2,803) (2,802) (2,835) (2,844) (11,284) Allcated insurance expense (934) (934) (944) (944) (3,756) Reimbursement f bnus awards expense (525) (539) (121) (118) (1,303) Depreciatin and amrtizatin (7,337) (7,476) (7,711) (8,126) (30,650) Earnings frm uncnslidated affiliates 2,056 5,517 2,191 2,184 11,948 Operating incme 12,379 14,256 10,077 13,147 49,859 Other expenses (2,257) (2,068) (2,365) (1,480) (8,170) Net earnings $ 10,122 $ 12,188 $ 7,712 $ 11,667 $ 41,689 Three mnths ended Year ending March 31, June 30, September 30, December 31, December 31, Revenue $ 38,053 $ 39,359 $ 35,703 $ 36,947 $ 150,062 Direct perating csts and expenses (15,392) (16,396) (16,514) (17,881) (66,183) Direct general and administrative expenses (918) (462) (1,086) (1,069) (3,535) Allcated general and administrative expenses (2,782) (2,782) (2,782) (2,781) (11,127) Allcated insurance expense (914) (913) (942) (942) (3,711) Reimbursement f bnus awards expense (375) (375) (375) (375) (1,500) Depreciatin and amrtizatin (7,400) (7,396) (7,400) (7,326) (29,522) Earnings frm uncnslidated affiliates 163 1,275 1,653 1,352 4,443 Operating incme 10,435 12,310 8,257 7,925 38,927 Other expenses (1,197) (1,470) (1,737) (2,060) (6,464) Net earnings $ 9,238 $ 10,840 $ 6,520 $ 5,865 $ 32,463 9
10 ATTACHMENT B DISTRIBUTABLE CASH FLOW The fllwing summarizes ur distributable cash flw fr the perid indicated (in thusands): Octber 1, 2015 January 1, 2015 thrugh thrugh December 31, 2015 December 31, 2015 Net earnings $ 11,667 $ 41,689 Depreciatin and amrtizatin 8,126 30,650 Earnings frm uncnslidated affiliates (2,184) (11,948) Distributins frm uncnslidated affiliates 4,187 19,649 Equity-based cmpensatin 156 1,411 Interest expense 1,313 7,396 Amrtizatin f deferred financing csts Cnslidated EBITDA 23,432 89,621 Interest expense (1,313) (7,396) Unrealized lss (gain) n derivative instrument (551) Amrtizatin f deferred financing csts (167) (774) Amunts due under lng-term terminaling services agreements, net 417 1,144 Prject amrtizatin f deferred revenue under GAAP (264) (1,268) Prject amrtizatin f deferred revenue fr DCF 454 1,874 Cash paid fr purchase f cmmn units (92) Capitalized maintenance (3,484) (12,438) Distributable cash flw, r DCF, generated during the perid $ 18,524 $ 70,671 Actual distributin fr the perid n all cmmn units and the general partner interest including incentive distributin rights $ 12,795 $ 50,666 Distributin cverage rati 1.45x 1.39x Distributable cash flw, the distributin cverage rati and Cnslidated EBITDA are nt cmputatins based upn generally accepted accunting principles. The amunts included in the cmputatins f ur distributable cash flw and Cnslidated EBITDA are derived frm amunts separately presented in ur cnslidated financial statements, ntes theret and Item 7. Management's Discussin and Analysis f Financial Cnditin and Results f Operatins in ur Annual Reprt n Frm 10-K fr the year ended December 31, 2015, which was filed with the Securities and Exchange Cmmissin n March 10, Distributable cash flw and Cnslidated EBITDA shuld nt be cnsidered in islatin r as an alternative t net earnings r perating incme, as an indicatin f ur perating perfrmance, r as an alternative t cash flws frm perating activities as a measure f liquidity. Distributable cash flw and Cnslidated 10
11 EBITDA are nt necessarily cmparable t similarly titled measures f ther cmpanies. Distributable cash flw and Cnslidated EBITDA are presented here because they are widely accepted financial indicatrs used t cmpare partnership perfrmance. Further, Cnslidated EBITDA is calculated cnsistent with the prvisins ur credit facility and is a financial perfrmance measure used in the calculatin f ur leverage rati requirement. We believe that these measures prvide investrs an enhanced perspective f the perating perfrmance f ur assets, the cash we are generating and ur ability t make distributins t ur unithlders and ur general partner. Abut TransMntaigne Partners L.P. TransMntaigne Partners L.P. is a terminaling and transprtatin cmpany based in Denver, Clrad with peratins in the United States alng the Gulf Cast, in the Midwest, in Hustn and Brwnsville, Texas, alng the Mississippi and Ohi Rivers, and in the Sutheast. We prvide integrated terminaling, strage, transprtatin and related services fr custmers engaged in the distributin and marketing f light refined petrleum prducts, heavy refined petrleum prducts, crude il, chemicals, fertilizers and ther liquid prducts. Light refined prducts include gaslines, diesel fuels, heating il and jet fuels; heavy refined prducts include residual fuel ils and asphalt. We d nt purchase r market prducts that we handle r transprt. News and additinal infrmatin abut TransMntaigne Partners L.P. is available n ur website:. Frward-Lking Statements This press release includes statements that may cnstitute frward-lking statements made pursuant t the safe harbr prvisin f the Private Securities Litigatin Refrm Act f Althugh the cmpany believes that the expectatins reflected in such frward-lking statements are based n reasnable assumptins, such statements are subject t risks and uncertainties that culd cause actual results t differ materially frm thse prjected. Imprtant factrs that culd cause actual results t differ materially frm the cmpany s expectatins and may adversely affect its business and results f peratins are disclsed in "Item 1A. Risk Factrs" in the cmpany s Annual Reprt n Frm 10-K fr the year ended December 31, 2015, filed with the Securities and Exchange Cmmissin n March 10, END- 11
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