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

Stocks in this article: MMLP

(2) net income (loss) from discontinued operations (as reported in statements of operations); plus depreciation and amortization; less gain on sale of property, plant and equipment; less gain on sale of discontinued operations; plus income tax expense on sale from sale of discontinued operations; less equity in earnings of unconsolidated entities (all as reported in Note 5 under the caption "Notes to Consolidated Financial Statements" in the Partnership's Annual Report on Form 10-K to be filed with the SEC on March 4, 2013); less maintenance capital expenditures (as reported under the caption "Liquidity and Capital Resources" in the Partnership's Annual Report on Form 10-K to be filed with the SEC on March 4, 2013); plus distribution equivalents from unconsolidated entities and invested cash in unconsolidated entities (both as described below).

The Partnership's payments of installment notes payable and capital lease obligations is calculated as payments of notes payable and capital lease obligations (as reported in the statement of cash flows), less the early extinguishment of notes payable of $6.3 million.

The Partnership's Mont Belvieu indemnity escrow payment represents the final proceeds from the 2009 sale of certain assets comprising the Mont Belvieu railcar unloading facility.

For the year ended December 31, 2012, the Partnership incurred a debt prepayment premium of $2.2 million related to the early redemption of $25.0 million of Senior Notes and $0.3 million related to the early retirement of a note payable on certain marine transportation assets.

The Partnership's distribution equivalents from unconsolidated entities from continuing operations is calculated as distributions from unconsolidated entities (as reported in statements of cash flows); plus return of investments from unconsolidated entities (calculated as reported in statements of cash flows less a $2.0 million purchase price adjustment recorded as a return of investment by the Partnership in the statement of cash flows for the year ended December 31, 2012).

The Partnership's distribution equivalents from unconsolidated entities from discontinued operations is calculated as return of investments from unconsolidated entities; plus distributions in-kind from unconsolidated entities (all as reported under the caption "Liquidity and Capital Resources" in the Partnership's Annual Report on Form 10-K to be filed with the SEC on March 4, 2013).

The Partnership's invested cash in unconsolidated entities from discontinued operations is calculated as (Contributions to) unconsolidated entities for operations, plus expansion capital expenditures in unconsolidated entities (all as reported under the caption "Liquidity and Capital Resources" in the Partnership's Annual Report on Form 10-K to be filed with the SEC on March 4, 2013).

The Partnership's distributable cash flow attributable to Packaging Assets is calculated as net income attributable to the Packaging Assets prior to the acquisition by the Partnership, plus depreciation and amortization, plus deferred income taxes.

Additional information concerning the Partnership is available on the Partnership's website at www.martinmidstream.com .

Contact:   Robert D. Bondurant, Executive Vice President and Chief Financial Officer of Martin Midstream GP LLC, the Partnership's general partner at (903) 983-6200.

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
     
  December 31, 2012
  2012 2011 1
Assets    
Cash  $ 5,162  $ 266
Accounts and other receivables, less allowance for doubtful accounts of $2,805 and $3,384, respectively 190,652 143,036
Product exchange receivables 3,416 17,646
Inventories 95,987 93,254
Due from affiliates 13,343 5,968
Fair value of derivatives 622
Other current assets 2,777 4,366
Assets held for sale 3,578 212,787
Total current assets 314,915 477,945
     
Property, plant and equipment, at cost 767,344 651,460
Accumulated depreciation (256,963) (218,202)
Property, plant and equipment, net 510,381 433,258
     
Goodwill 19,616 8,337
Investment in unconsolidated entities 154,309 132,605
Debt issuance costs, net 10,244 13,330
Other assets, net 3,531 3,633
   $ 1,012,996  $ 1,069,108
Liabilities and Partners' Capital    
Current portion of long-term debt and capital lease obligations  $ 3,206  $ 1,261
Trade and other accounts payable 140,045 136,124
Product exchange payables 12,187 37,313
Due to affiliates 3,316 74,654
Income taxes payable 10,239 926
Fair value of derivatives 362
Other accrued liabilities 9,489 11,054
Liabilities held for sale 501
Total current liabilities 178,482 262,195
     
Long-term debt and capital leases, less current maturities 474,992 458,941
Deferred income taxes 9,697
Other long-term obligations 1,560 1,088
Total liabilities 655,034 731,921
     
Partners' capital 357,962 336,561
Accumulated other comprehensive income 626
Total partners' capital 357,962 337,187
Commitments and contingencies    
   $ 1,012,996  $ 1,069,108
1Financial information has been revised to include balances attributable to Redbird Class A interests and the Cross Packaging Assets. See Note 2(a) – Principles of Presentation and Consolidation. 
     
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
 
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)
       
  Year Ended December 31,
  2012¹ 2011¹ 2010¹
Revenues:      
Terminalling and storage *  $ 90,243  $ 77,283  $ 67,117
Marine transportation * 85,748 76,936 77,642
Sulfur services * 11,702 11,400
Product sales: *      
Natural gas services 825,506 611,749 442,005
Sulfur services 249,882 263,644 165,078
Terminalling and storage 227,280 201,478 128,273
  1,302,668 1,076,871 735,356
Total revenues 1,490,361 1,242,490 880,115
       
Costs and expenses:      
Cost of products sold: (excluding depreciation and amortization)      
Natural gas services * 801,724 598,814 427,657
Sulfur services * 194,952 219,697 122,121
Terminalling and storage 200,855 179,461 115,308
  1,197,531 997,972 665,086
Expenses:      
Operating expenses * 151,020 137,685 113,426
Selling, general and administrative * 25,494 20,531 16,865
Depreciation and amortization 42,063 40,276 36,884
Total costs and expenses 1,416,108 1,196,464 832,261
Other operating income (loss) (418) 1,326 228
Operating income 73,835 47,352 48,082
       
Other income (expense):      
Equity in earnings (loss) of unconsolidated entities (1,113) (4,752) 2,536
Gain from ownership change in unconsolidated entity 6,413
Debt prepayment premium (2,470)
Interest expense (30,665) (26,781) (35,322)
Other, net 1,092 420 385
Total other income (expense) (33,156) (31,113) (25,988)
Net income before taxes 40,679 16,239 22,094
Income tax expense (3,557) (2,872) (2,622)
Income from continuing operations 37,122 13,367 19,472
Income from discontinued operations, net of income taxes 64,865 9,392 8,061
Net income 101,987 22,759 27,533
Less general partner's interest in net income (4,748) (5,289) (3,869)
Less pre-acquisition (income) loss allocated to Parent (4,622) 1,583 (11,511)
Less beneficial conversion feature (1,108) (1,108)
Limited partner's interest in net income  $ 92,617  $ 17,945  $ 11,045
       
¹ Financial information for 2012, 2011 and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation. 
       
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
       
*Related Party Transactions Shown Below      
 
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)
       
*Related Party Transactions Included Above      
       
  Year Ended December 31,
  2012¹ 2011¹ 2010¹
Revenues:      
Terminalling and storage  $ 64,669  $ 54,211  $ 46,823
Marine transportation 17,494 23,478 28,194
Product Sales 7,201 9,081 7,903
Costs and expenses:      
Cost of products sold: (excluding depreciation and amortization)      
Natural gas services 27,512 16,749 7,517
Sulfur services 16,968 18,314 16,061
Terminalling and Storage 48,375 45,089 32,489
Expenses:      
Operating expenses 58,834 58,051 48,390
Selling, general and administrative 13,678 8,610 7,237
       
¹ Financial information for 2012, 2011, and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation. 
       
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
 
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and units in thousands, except per unit amounts)
       
  Year Ended December 31,
  2012 2011 2010
Allocation of net income attributable to:      
Limited partner interest:      
Continuing operations  $ 30,915  $ 11,193  $ 4,441
Discontinued operations 61,702 6,752 6,604
  92,617 17,945 11,045
General partner interest:      
Continuing operations 1,585 3,106 2,736
Discontinued operations 3,163 2,183 1,133
  4,748 5,289 3,869
Net income attributable to:      
Continuing operations 32,500 14,299 7,177
Discontinued operations 64,865 8,935 7,737
   $ 97,365  $ 23,234  $ 14,914
       
Net income attributable to limited partners:      
Basic:      
Continuing operations  $ 1.32  $ 0.57  $ 0.25
Discontinued operations 2.64 0.35 0.38
   $ 3.96 $ 0.92 $ 0.63
       
Weighted average limited partner units - basic 23,362 19,545 17,525
       
Diluted:      
Continuing operations  $ 1.32  $ 0.57  $ 0.25
Discontinued operations 2.64 0.35 0.38
  $ 3.96 $ 0.92 $ 0.63
       
Weighted average limited partner units - diluted 23,365 19,547 17,526
       
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
 
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL
(Dollars in thousands)
                 
  Partners' Capital    
    Common Subordinated    
  Parent Net Investment 1 Units Amount Units Amount General Partner Amount Accumulated Comprehensive Income Amount Total
Balances – December 31, 2009  $ 41,643  $ 16,057,832  $ 245,683  $ 889,444  $ 16,613  $ 4,731  $ (2,076)  $ 306,594
Net Income 11,511 12,153 3,869 27,533
Recognition of beneficial conversion feature (1,108) 1,108
Follow-on public offerings 2,650,000 78,600 78,600
Redemption of common units (1,000,000) (28,070) (28,070)
General partner contribution 1,089 1,089
Excess purchase price over carrying value of acquired assets (4,590) (4,590)
Cash distributions ($3.00 per unit) (51,886) (4,810) (56,696)
Unit-based compensation 3,500 113 113
Purchase of treasury units (3,500) (108) (108)
Adjustment in fair value of derivatives 3,495 3,495
Balances – December 31, 2010 53,154 17,707,832 250,787 889,444 17,721 4,879 1,419 327,960
                 
Net income (loss) (1,583) 19,053 5,289 22,759
Recognition of beneficial conversion feature (1,108) 1,108
Follow-on public offering 1,874,500 70,330 70,330
General partner contribution 1,505 1,505
Conversion of subordinated units to common units 889,444 18,829 (889,444) (18,829)
Cash distributions ($3.05 per unit) (58,252) (6,245) (64,497)
Excess purchase price over carrying value of acquired assets (19,685) (19,685)
Unit-based compensation 14,850 190 190
Purchase of treasury units (14,850) (582) (582)
Adjustment in fair value of derivatives (793) (793)
Balances – December 31, 2011 51,571 20,471,776 279,562 5,428 626 337,187
                 
Net income (loss) 4,622 92,617 4,748 101,987
Follow-on public offering 6,095,000 194,170 194,170
General partner contribution 4,145 4,145
Cash distributions ($3.06 per unit) (70,679) (5,849) (76,528)
Excess purchase price over carrying value of acquired assets (142,075) (142,075)
Excess carrying value of assets over the purchase price paid by Martin Resource Management (4,268) (4,268)
Unit-based compensation 385 385
Purchase of treasury units (222) (222)
Contributions to parent (56,193) (56,193)
Adjustment in fair value of derivatives (626) (626)
Balances – December 31, 2012 $ —   $ 26,566,776  $ 349,490 $ —  $ —   $ 8,472 $ —   $ 357,962
                 
1Financial information for 2012, 2011 and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation.
                 
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
 
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
       
  Year Ended December 31,
  2012¹ 2011¹ 2010¹
Cash flows from operating activities:      
Net income  $ 101,987  $ 22,759  $ 27,533
Less: Income from discontinued operations (64,865) (9,392) (8,061)
Net income from continuing operations 37,122 13,367 19,472
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 42,063 40,276 36,884
Amortization of deferred debt issue costs 3,290 3,755 4,814
Amortization of discount on notes payable 581 351 269
Deferred income taxes 402 622 452
(Gain) loss on disposition or sale of property, plant, and equipment 795 898 (229)
Gain on sale of equity method investment (486)
Equity in (earnings) loss of unconsolidated entities 1,113 4,752 (2,536)
Gain on ownership change in unconsolidated entity (6,413)
Other 385 190 113
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:      
Accounts and other receivables (56,703) (34,626) (20,009)
Product exchange receivables 14,230 (8,547) (4,967)
Inventories (2,733) (28,714) (20,815)
Due from affiliates (19,999) 5,551 (175)
Other current assets 3,046 (1,996) (1,455)
Trade and other accounts payable 16,186 50,904 14,116
Product exchange payables (25,126) 14,961 14,366
Due to affiliates 18,601 11,874 (5,714)
Income taxes payable 367 (943) (8)
Other accrued liabilities (1,467) 1,063 5,185
Change in other non-current assets and liabilities 872 3,500 (4,307)
Net cash provided by continuing operating activities 32,539 77,238 29,043
Net cash provided by discontinued operating activities 139 14,124 10,135
Net cash provided by operating activities 32,678 91,362 39,178
Cash flows from investing activities:      
Payments for property, plant, and equipment (93,640) (77,202) (18,179)
Acquisitions, net of cash acquired (224,603) (16,815) (16,747)
Proceeds from sale of acquired assets 56,000
Payments for plant turnaround costs (2,107) (2,103) (1,090)
Proceeds from sale of property, plant, and equipment 44 1,025 994
Proceeds from sale of equity method investment 531
Investments in unconsolidated entities (775) (59,319)
Milestone distributions from ECP 2,208 6,625
Return of investments from unconsolidated entities 5,980 1,432
(Contributions to) unconsolidated entities for operations (30,279) (35,765) (19,253)
Net cash (used in) continuing investing activities (286,641) (188,747) (47,650)
Net cash provided by (used in) discontinued investing activities 271,605 (13,908) (43,366)
Net cash (used in) investing activities (15,036) (202,655) (91,016)
Cash flows from financing activities:      
Payments of long-term debt (706,000) (442,000) (441,868)
Payments of notes payable and capital lease obligations (6,556) (1,132) (111)
Proceeds from long-term debt 727,000 529,000 503,856
Net proceeds from follow on public offerings 194,170 70,330 78,600
General partner contributions 4,145 1,505 1,089
Redemption of common units (28,070)
Excess purchase price over carrying value of acquired assets (142,075) (19,685) (4,590)
Excess carrying value of assets over the purchase price paid by Martin Resource Management (4,268)
Purchase of treasury units (222) (582) (108)
Increase (decrease) in affiliate funding of investments in unconsolidated entities (2,208) 30,828 12,628
Payments of debt issuance costs (204) (3,588) (7,468)
Cash distributions paid (76,528) (64,497) (56,696)
Net cash provided by (used in) financing activities (12,746) 100,179 57,262
       
Net increase (decrease) in cash 4,896 (11,114) 5,424
Cash at beginning of period 266 11,380 5,956
Cash at end of period  $ 5,162  $ 266  $ 11,380
       
Supplemental schedule of non-cash investing and financing activities:      
Purchase of assets under note payable $ —  $ —   $ 7,354
1Financial information for 2012, 2011 and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation. 
       
These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on March 4, 2013.
 
MARTIN MIDSTREAM PARTNERS L.P.
SEGMENT OPERATING INCOME
(Dollars in thousands)
       
Terminalling and Storage Segment Years Ended December 31,
  2012¹ 2011¹ 2010¹
  (In thousands)  
Revenues:      
Services  $ 94,895  $ 81,697  $ 71,471
Products 227,280 201,478 128,273
Total revenues 322,175 283,175 199,744
       
Cost of products sold 202,966 182,928 115,308
Operating expenses 63,499 54,992 43,360
Selling, general and administrative expenses 4,671 3,343 2,180
Depreciation and amortization 22,976 19,814 17,330
  28,063 22,098 21,566
Other operating loss (119) (531) 244
Operating income  $ 27,944  $ 21,567  $ 21,810
       
Natural Gas Services Segment Years Ended December 31,
  2012¹ 2011¹ 2010¹
  (In thousands)  
Revenues  $ 825,506  $ 611,749  $ 442,005
Cost of products sold 803,195 600,034 428,843
Operating expenses 3,550 2,994 3,210
Selling, general and administrative expenses 4,236 1,876 2,581
Depreciation and amortization 601 578 571
  13,924 6,267 6,800
Other operating income (loss) (20)
Operating income  $ 13,924  $ 6,267  $ 6,780
       
NGLs Volumes (Bbls) 12,080 7,866 6,997
       
The Natural Gas Services segment information shown above excludes the discontinued operations of the Prism Assets for all periods presented.
       
1Financial information for 2012, 2011 and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation.
 
MARTIN MIDSTREAM PARTNERS L.P.
SEGMENT OPERATING INCOME
(Dollars in thousands)
       
Sulfur Services Segment Years Ended December 31,
  2012¹ 2011¹ 2010¹
  (In thousands)  
Revenues:      
Services $ 11,702 $ 11,400 $ —
Products 249,882 263,644 165,078
Total revenues 261,584 275,044 165,078
       
Cost of products sold 195,314 220,059 122,483
Operating expenses 17,404 19,328 17,013
Selling, general and administrative expenses 3,975 3,361 3,422
Depreciation and amortization 7,371 6,725 6,262
  37,520 25,571 15,898
Other operating income (loss) (258) 2,080 (12)
Operating income $ 37,262 $ 27,651 $ 15,886
       
Sulfur (long tons) 1,066.1 1,314.5 1,129.2
Fertilizer (long tons) 306.1 271.8 274.9
Sulfur services volumes (long tons) 1,372.2 1,586.3 1,404.1
       
Marine Transportation Segment Years Ended December 31,
  2012¹ 2011¹ 2010¹
  (In thousands)  
Revenues $ 88,815 $ 83,971 $ 82,635
Operating expenses 70,342 66,771 57,642
Selling, general and administrative expenses 566 3,087 2,296
Depreciation and amortization 11,115 13,159 12,721
  6,792 954 9,976
Other operating (loss) (41) (223) 16
Operating income $ 6,751 $ 731 $ 9,992
1Financial information for 2012, 2011 and 2010 has been revised to include results attributable to the Redbird Class A interests and the Packaging Assets acquired from Cross prior to October 2, 2012. See Note 2(a) – Principles of Presentation and Consolidation.
MARTIN MIDSTREAM PARTNERS L.P.
DISTRIBUTABLE CASH FLOW
Unaudited Non-GAAP Financial Measure
(Dollars in thousands)
     
  Three Months Ended December 31, 2012 Years Ended December 31, 2012
  (In thousands)
     
Net income  $ 6,729  $ 101,987
Less: (Income) loss from discontinued operations 2,447 (64,865)
Net income from continuing operations 9,176 37,122
     
Adjustments to reconcile net income to distributable cash flow:    
Continuing operations:    
Depreciation and amortization 11,748 42,063
Loss on sale of property, plant and equipment 788 795
Amortization of debt discount 77 581
Amortization of deferred debt issuance costs 679 3,290
Payments of installment notes payable and capital lease obligations (23) (279)
Deferred income taxes 402
Mont Belvieu indemnity escrow payment (375)
Debt prepayment premium 2,470
Gain on sale of equity method investment (486)
Equity in loss of unconsolidated entities 1,368 1,113
Payments for plant turnaround costs 471 (2,107)
Maintenance capital expenditures (5,055) (8,658)
Unit-based compensation 6 385
Distribution equivalents from unconsolidated entities from continuing operations 1 847 3,961
Distributable cash flow from continuing operations 20,082 80,277
     
Discontinued operations:    
Income (loss) from discontinued operations, net of tax   64,865
Depreciation and amortization   2,320
Gain on sale of property, plant and equipment   (10)
Gain on sale of discontinued operations   (61,848)
Income tax expense from sale of discontinued operations   1,598
Equity in earnings of unconsolidated entities   (4,611)
Maintenance capital expenditures   (537)
Distribution equivalents from unconsolidated entities from discontinued operations 2   6,792
Invested cash in unconsolidated entities from discontinued operations 3   51
Distributable cash flow from discontinued operations   8,620
     
Distributable cash flow    $ 88,897
Distributable cash flow attributable to Packaging Assets 4   (5,094)
Net Distributable cash flow    $ 83,803
 
  Three Months Ended December 31, 2012 Years Ended December 31, 2012
  (In thousands)
1  Distribution equivalents from unconsolidated entities from continuing operations:    
Distributions from unconsolidated entities $ — $ —
Return of investments from unconsolidated entities  $ 847  $ 3,961
Distribution equivalents from unconsolidated entities  $ 847  $ 3,961
     
2 Distribution equivalents from unconsolidated entities from discontinued operations:    
Return of investments from unconsolidated entities $ —  $ 400
Distributions in-kind from equity investments 6,392
Distribution equivalents from unconsolidated entities $ — $ 6,792
     
Invested cash in unconsolidated entities from discontinued operations:     
(Contributions to) unconsolidated entities for operations $ —  $ (3,051)
Expansion capital expenditures in unconsolidated entities 3,102
Invested cash in unconsolidated entities $ —  $ 51
     
4 Distributable cash flow attributable to Packaging Assets:    
Net Income $ —  $ 3,834
Depreciation and amortization 858
Deferred income taxes 402
Distributable cash flow attributable to Packaging Assets $ —  $ 5,094
CONTACT: Robert D. Bondurant
         Executive Vice President and Chief Financial Officer
         Martin Midstream GP LLC
         (903) 983-6200

Martin Midstream Partners L.P. logo

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