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Martin Midstream Partners Reports 2010 Third Quarter Financial Results

KILGORE, Texas, Nov. 3, 2010 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) announced today its financial results for the third quarter ended September 30, 2010.

Martin Midstream Partners L.P. ("MMLP" or "the Partnership") reported net income for the third quarter of 2010 of $4.6 million, or $0.19 per limited partner unit. This compared to net income for the third quarter of 2009 of $4.3 million, or $0.26 per limited partner unit. Revenues for the third quarter of 2010 were $195.4 million compared to $159.3 million for the third quarter of 2009.

For the quarter ended September 30, 2010, net income was positively impacted by $0.9 million, or $0.05 per limited partner unit, in non-cash derivatives net gains from certain commodity and interest rate hedges that are subject to mark-to-market accounting.

Third quarter 2009 net income was positively impacted by $0.5 million, or $0.04 per limited partner unit, in non-cash derivatives net gains from certain commodity and interest rate hedges that are subject to mark-to-market accounting, and negatively impacted by $0.2 million in adjusted net income attributable to the Cross assets acquired in November 2009.

The Partnership reported net income for the nine months ended September 30, 2010 of $9.5 million, or $0.33 per limited partner unit. This compared to net income for the nine months ended September 30, 2009 of $20.2 million, or $1.02 per limited partner unit. Revenues for the nine months ended September 30, 2010 were $650.0 million compared to $461.5 million for the nine months ended September 30, 2009. For the nine months ended September 30, 2010, net income was positively impacted by $3.6 million, or $0.20 per limited partner unit, in non-cash derivatives net gains from certain commodity and interest rate hedges that are subject to mark-to-market accounting. 

For the nine months ended September 30, 2010, net income was negatively impacted by $3.8 million, or $0.22 per limited partner unit, due to the payment of fees for the early extinguishment of interest rate swaps in the first quarter 2010.

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