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Martin Midstream Partners Reports 2014 Second Quarter Financial Results

Stocks in this article: MMLP

KILGORE, Texas, July 30, 2014 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today its financial results for the second quarter ended June 30, 2014.

The Partnership reported a net loss for the second quarter of 2014 of $1.0 million, or $0.03 per limited partner unit, primarily due to costs incurred related to the refinance of our 8.875% senior notes, which negatively impacted earnings by $11.6 million, or $0.40 per limited partner unit but had no impact on distributable cash flow. This compared to net income for the second quarter of 2013 of $9.1 million, or $0.33 per limited partner unit. The Partnership reported net income for the six months ended June 30, 2014 of $10.8 million, or $0.38 per limited partner unit. Net income for the six months ended June 30, 2014 was negatively impacted by costs incurred related to the refinance of our 8.875% senior notes of $11.6 million, or $0.42 per limited partner unit. This compared to net income for the six months ended June 30, 2013 of $25.7 million, or $0.95 per limited partner unit. Revenues for the second quarter of 2014 were $418.9 million compared to $358.2 million for the second quarter of 2013. Revenues for the six months ended June 30, 2014 were $916.0 million compared to revenues of $791.9 million for the six months ended June 30, 2013.

The Partnership's adjusted EBITDA for the second quarter of 2014 was $31.9 million. This compared to adjusted EBITDA for the second quarter of 2013 of $33.8 million. The Partnership's adjusted EBITDA for the six months ended June 30, 2014 was $70.8 million. This compared to adjusted EBITDA for the six months ended June 30, 2013 of $72.5 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.

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