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Martin Midstream Partners Reports 2013 Third Quarter Financial Results

Stocks in this article: MMLP

KILGORE, Texas, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today its financial results for the third quarter ended September 30, 2013.

The Partnership's adjusted EBITDA for the third quarter of 2013 was $26.8 million. This compared to adjusted EBITDA for the third quarter of 2012 of $27.7 million. The Partnership's adjusted EBITDA for the nine months ended September 30, 2013 was $99.4 million. This compared to adjusted EBITDA for the nine months ended September 30, 2012 of $89.3 million. EBITDA and adjusted EBITDA are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

The Partnership's distributable cash flow for the third quarter of 2013 was $13.3 million. This compared to distributable cash flow for the third quarter of 2012 of $19.6 million. The Partnership's distributable cash flow for the nine months ended September 30, 2013 was $62.8 million. This compared to distributable cash flow for the nine months ended September 30, 2012 of $59.7 million. Distributable cash flow is a non-GAAP 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 "Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow" in order to show the components of this non-GAAP financial measure and its reconciliation to the most comparable GAAP measurement.

The Partnership reported net income for the third quarter of 2013 of $0.2 million, or $0.01 per limited partner unit. This compared to net income for the third quarter of 2012 of $72.2 million, or $3.07 per limited partner unit. The Partnership reported net income for the nine months ended September 30, 2013 of $25.9 million, or $0.95 per limited partner unit. This compared to net income for the nine months ended September 30, 2012 of $94.7 million, or $3.73 per limited partner unit. Revenues for the third quarter of 2013 were $359.6 million compared to $354.1 million for the third quarter of 2012.

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