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Martin Midstream Partners Reports 2012 Fourth Quarter And Fiscal Year Financial Results

KILGORE, Texas, Feb. 27, 2013 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today its financial results for the fourth quarter and year ended December 31, 2012.

The Partnership reported net income for the fourth quarter of 2012 of $6.7 million, or $0.27 per limited partner unit. This compared to net income for the fourth quarter of 2011 of $3.0 million, or $0.06 per limited partner unit. The Partnership reported net income for the year ended December 31, 2012 of $102.0 million, or $3.96 per limited partner unit. This compared to net income for the year ended December 31, 2011 of $22.8 million, or $0.92 per limited partner unit.

The Partnership reported income from continuing operations for the fourth quarter of 2012 of $9.2 million, or $0.36 per limited partner unit. This compared to income from continuing operations for the fourth quarter of 2011 of $1.4 million, or $0.03 per limited partner unit. The Partnership reported a loss from discontinued operations for the fourth quarter of 2012 of $2.4 million, or $0.09 per limited partner unit. This compared to income from discontinued operations for the fourth quarter of 2011 of $1.7 million, or $0.03 per limited partner unit. Revenues for the fourth quarter of 2012 were $454.1 million compared to $347.2 million for the fourth quarter of 2011.

The Partnership reported income from continuing operations for the year ended December 31, 2012 of $37.1 million, or $1.32 per limited partner unit. This compared to income from continuing operations for the year ended December 31, 2011 of $13.4 million, or $0.57 per limited partner unit. The Partnership reported income from discontinued operations for the year ended December 31, 2012 of $64.9 million, or $2.64 per limited partner unit. This compared to income from discontinued operations for the year ended December 31, 2011 of $9.4 million, or $0.35 per limited partner unit. Income from discontinued operations was positively impacted by a gain on the sale of the Prism Assets of $61.8 million for the year ended December 31, 2012. Revenues for the year ended December 31, 2012 were $1.5 billion compared to $1.2 billion for the year ended December 31, 2011.

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