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KILGORE, Texas, May 6, 2013 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today its financial results for the first quarter ended March 31, 2013.
The Partnership reported net income for the first quarter of 2013 of $16.6 million, or $0.61 per limited partner unit. This compared to net income for the first quarter of 2012 of $12.5 million, or $0.39 per limited partner unit.
The Partnership reported income from continuing operations for the first quarter of 2013 of $16.6 million, or $0.61 per limited partner unit. This compared to income from continuing operations for the first quarter of 2012 of $10.7 million, or $0.33 per limited partner unit. The Partnership reported income from discontinued operations for the first quarter of 2012 of $1.7 million, or $0.06 per limited partner unit. Revenues for the first quarter of 2013 were $433.7 million compared to $348.3 million for the first quarter of 2012.
The Partnership's distributable cash flow for the first quarter of 2013 was $28.9 million. Distributable cash flow is a non-GAAP (United States generally accepted accounting principles) financial measure which is explained in greater detail below under "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Distributable Cash Flow" in order to show the components of this non-GAAP financial measure and its reconciliation to the most comparable GAAP measurement.
Included with this press release are the Partnership's consolidated financial statements as of and for the three months ended March 31, 2013 and certain prior periods. These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 6, 2013.
Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of Martin Midstream Partners, said, "During the first quarter 2013, the Partnership generated record cash flow. We finished the quarter with a strong 1.38 times distribution coverage ratio. On a fully diluted basis, our distribution coverage ratio would have been 1.27 times assuming the incentive distribution rights were in effect for the quarter. The general partner has agreed to forego its right to receive $18.0 million in incentive distributions in support of our natural gas storage investment.