Martin Midstream Partners Reports 2013 Fourth Quarter And Fiscal Year Financial Results

KILGORE, Texas, Feb. 26, 2014 (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, 2013.

The Partnership's adjusted EBITDA for the fourth quarter of 2013 was $38.6 million. This compared to adjusted EBITDA for the fourth quarter of 2012 of $32.0 million. The Partnership's adjusted EBITDA for the year ended December 31, 2013 was $138.0 million. This compared to adjusted EBITDA for the year ended December 31, 2012 of $121.3 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 fourth quarter of 2013 was $24.2 million. This compared to distributable cash flow for the fourth quarter of 2012 of $20.6 million. The Partnership's distributable cash flow for the year ended December 31, 2013 was $87.0 million. This compared to distributable cash flow for the year ended December 31, 2012 of $80.3 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 a loss for the fourth quarter of 2013 of $39.3 million, or $1.44 per limited partner unit. This compared to net income for the fourth quarter of 2012 of $7.2 million, or $0.29 per limited partner unit. Results for the fourth quarter of 2013 were negatively impacted by the $54.1 million non-cash charge related to the Partnership's share of an impairment of the Monroe Gas Storage Company LLC ("Monroe") assets at Cardinal Gas Storage Partners, LLC ("Cardinal"), an equity method investment of the Partnership. Net income from continuing operations for the fourth quarter of 2012 was $9.7 million, $0.38 per limited partner unit. The Partnership reported a net loss from discontinued operations for the fourth quarter of 2012 of $2.5 million, or $0.09 per limited partner unit. The Partnership reported no income from discontinued operations for the fourth quarter of 2013. Revenues for the fourth quarter of 2013 were $482.0 million compared to $454.1 million for the fourth quarter of 2012.

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