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TransMontaigne Partners' CEO Discusses Q2 2012 Results - Earnings Call Transcript

TransMontaigne Partners L.P. (TLP)

Q2 2012 Earnings Call

August 7, 2012 11:00 AM ET


Fred Boutin – EVP and CFO

Greg Pound – President and COO


Stephen Patti (ph) – Investor

Matt Neblack (ph)

Eric Nich (ph) – Barclays


Good day ladies and gentlemen and welcome to your TransMontaigne Partners earnings call. At this time all participants will be in a listen only mode but later we will conduct a question-and-answer-session which instructions will be given at that time.

(Operator Instructions)

And now I would like to introduce your host for today, Fred Boutin.

Fred Boutin

Good morning everyone. Chuck Dunlap is unavailable for today’s call. Greg Pound, our Chief Operating Officer is joining me on today’s call. And we’ll start with a review of the results of our operations for the quarter ended June 30th and Greg and I will field any questions you may have.

This quarter’s distributable cash flow was $16.5 million compared to $11 million for the year ago quarter. While at the same time, this quarter’s operating income was $12.5 million compared to $17.7 million for the year ago quarter. You might ask how our distributable cash flow could increase so much while our operating income was actually lower. The significant items impacting these comparisons include the following.

During Q2 of last year, operating income included the $9.6 million gain we realized upon the formation of the Frontera joint venture. While this gain was included in our operating income, it was not included in our computation of distributable cash flow. Second, we had revenue increases in our Gulf Coast, Midwest, River and Southeast terminals that were reduced by a small revenue decrease at our Brownsville terminal. Overall, our revenue increased from $36.8 million to $38.4 million. Approximately $800,000 of this increase is attributable to the new tanks at our Collins facility. While product gain income actually decreased by approximately $600,000.

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