Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
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TransMontaigne Inc. (NYSE:TMG) today announced its
financial results for the fiscal third quarter, which resulted in net
earnings of $25.7 million, or earnings of $0.50 per share, compared
with net income of $47.1 million, and earnings of $0.92 per share for
the comparable quarter in 2005. For the nine months ended March 31,
2006 the Company reported net earnings of $11.4 million, or earnings
of $0.22 per share, compared with $55.1 million in net earnings, and
earnings of $1.08 per share, during the comparable period in 2005.
During the third quarter, wholesale petroleum product prices
increased from $1.70 per gallon to $1.86 per gallon. This significant
increase in value contributed to an inventory procurement and
management gain of $38.7 million, net of hedging costs.
Highlights for the quarter include:
-- Supply, distribution and marketing revenues of $2.4 billion
resulted in net margins of $49.1 million, which includes the
$38.7 million gain in inventory procurement and management and
a $1.9 million charge due to FIFO inventory adjustments.
-- Light oil marketing margins were $7.4 million, compared to
$5.0 million for the comparable quarter in 2005. During the
quarter, the wholesale value of product at our Southeast
terminals approximated the cost of the product at the tailgate
of the refineries plus the cost of transportation to our
terminals, which resulted in breakeven marketing results at
the Southeast terminals.
-- Radcliff/Economy Marine Services, Inc. ("Radcliff") acquired
August 1, 2005, contributed $1.0 million in marketing margins
during the quarter.
-- Terminal, pipelines, and tugs and barges generated $12.5
million in net margins, compared to $13.8 million for the
comparable quarter in 2005.
-- During the quarter, we entered into a new seven-year
terminaling services agreement with a subsidiary of Valero
Energy Corporation regarding approximately 1.0 million barrels
of gasoline and distillate storage capacity throughout our
River terminal facilities. The terminaling services agreement
became effective April 1, 2006. During the quarter, we
incurred approximately $1.8 million in repairs and maintenance
at our River terminal facilities in preparation for the
commencement of the Valero terminaling services agreement.
-- Radcliff contributed $0.7 million of terminaling margins
during the quarter.
-- Selling general and administrative expenses increased by $2.2
million compared to the comparable quarter in 2005 due
principally to Radcliff accounting for $0.3 million and
TransMontaigne Partners' incremental General and
Administrative Costs of $1.1 million.
-- TransMontaigne Inc. has announced that its Board of Directors
has authorized management to meet with representatives of
Morgan Stanley Capital Group Inc. to negotiate a definitive
merger agreement in accordance with the terms of Morgan
Stanley's letter to TransMontaigne dated April 26, 2006, in
which Morgan Stanley offered to acquire all of the outstanding
capital stock of TransMontaigne Inc. for cash consideration of
$10.50 per common share. As previously announced, on March 27,
2006, TransMontaigne entered into a merger agreement with
SemGroup, L.P. and certain of its affiliated entities
providing for the acquisition by SemGroup of all of the
outstanding capital stock of TransMontaigne for cash
consideration of $9.75 per common share. On May 8, 2006, we
announced that our Board of Directors is prepared to accept
the terms of a definitive merger agreement with Morgan Stanley
under which Morgan Stanley will acquire all of our outstanding
capital stock for cash consideration of $10.50 per share.
SemGroup has until the close of business on Thursday, May 11,
2006, to provide our Board of Directors with a revised merger
agreement that our Board of Directors determines is at least
as favorable to our stockholders as the Morgan Stanley merger
agreement. Until such time as TransMontaigne executes an
agreement with Morgan Stanley, the merger agreement between
TransMontaigne and SemGroup remains in effect.
Donald H. Anderson, Chief Executive Officer said, "Increases in
both crude oil prices and refinery margins (crack spreads) once again
moved wholesale gasoline prices to higher levels. These higher prices
encourage the rapid liquidation of refined product inventory which has
the tendency to lower light oil marketing margins (net backs)
throughout our pipeline supplied Southeast terminaling network. As has
been previously reported, the Company has received two competing
offers for 100% of the Company's common stock. The Company's Board is
continuing to evaluate both offers."
Conference Call
TransMontaigne Inc. also announced that it has scheduled a
conference call for Thursday, May 11, 2006 at 3:30 p.m. (MDT)
regarding the above information. Analysts, investors and other
interested parties are invited to listen to management's presentation
of the Company's results and supplemental financial information by
accessing the call as follows:
(888) 400-7916
Ask For: TransMontaigne Inc.
A playback of the conference call will be available from 7:00 p.m.
(MDT) on Thursday, May 11, 2006 until 11:59 p.m. (MDT) on Thursday,
May 18, 2006 by calling:
USA: 800-475-6701
International: 320-365-3844
Access Code: 828139
The following selected financial information is extracted from the
Company's Quarterly Report on Form 10-Q for the three months ended
March 31, 2006, which was filed today with the Securities and Exchange
Commission.
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*T
TRANSMONTAIGNE INC. AND SUBSIDIARIES
(000s, except per share data)
Three Months Ended
-----------------------
March 31, March 31,
2006 2005
----------- -----------
Income Statement Data
----------------------
Revenues $2,456,697 $2,169,441
Net margins:
Supply, distribution and marketing 49,111 84,473
Terminals, pipelines, and tugs and barges 12,474 13,807
Operating income 51,437 85,114
Earnings before income taxes 44,024 78,442
Net earnings 25,724 47,065
Net earnings attributable to common
stockholders 24,204 36,721
Net earnings per common share--basic 0.50 0.92
Cash Flow Activities
---------------------
Net cash provided by operating activities $12,442 $255,101
Net cash provided by (used in) investing
activities (2,682) 5,446
Net cash (used in) financing activities (13,365) (248,639)
*T
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*T
March 31, June 30,
2006 2005
----------- -----------
Balance Sheet Data
-------------------
Working capital $321,116 $319,636
Long-term debt 245,508 228,307
Non-controlling interests in TransMontaigne
Partners 82,566 81,440
Series B redeemable convertible preferred stock 20,608 49,249
Common stockholders' equity 367,020 326,484
*T
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*T
Selected income statement data is as follows (in thousands):
Three Months Ended
---------------------
March 31, March 31,
2006 2005
---------------------
Terminals, pipelines, tugs and barges:
TransMontaigne Partners L.P. facilities $7,395 $5,655
Brownsville facilities 1,644 1,230
Southeast facilities 3,765 5,442
River facilities (835) 1,145
Other 505 335
---------- ----------
Margins 12,474 13,807
---------- ----------
Marketing:
Light oils--marketing margins:
TransMontaigne Partners L.P. facilities 5,231 1,666
Southeast facilities 187 2,744
River facilities 1,170 525
Other 800 60
---------- ----------
Light oil margins 7,388 4,995
Heavy oils--marketing margins 2,445 2,980
Supply chain management services margins 2,469 6,067
---------- ----------
Margins 12,302 14,042
---------- ----------
Total margins 24,776 27,849
Selling, general and administrative expenses (12,142) (9,885)
---------- ----------
Total margins less S, G & A expenses 12,634 17,964
---------- ----------
Inventory procurement and management:
(Losses) from risk management of light oil
volumes to be liquidated upon commencement of
MSCG product supply agreement -- (181)
Increase in value of light oil volumes nominated
under the MSCG product supply agreement prior to
receipt of the product at our terminals 24,314 36,632
Increase in value of base operating inventory 13,967 39,871
(Losses) from risk management of base operating
inventory and light oil volumes nominated under
the MSCG product supply agreement (7,409) --
Storage fees for light oil tank capacity (457) (857)
Other financial and costing variances, net 8,268 6,286
Trading activities, net -- --
---------- ----------
Inventory procurement and management 38,683 81,751
---------- ----------
Inventory adjustments:
Gains recognized on beginning inventories--
discretionary volumes 13,567 10,210
Gains deferred on ending inventories--
discretionary volumes (15,441) (21,530)
---------- ----------
Inventory adjustments (1,874) (11,320)
---------- ----------
Merger related expenses (1,350) --
Depreciation and amortization (7,273) (6,274)
Gain on disposition of assets, net 10,617 2,993
---------- ----------
Operating income $51,437 $85,114
========== ==========
*T
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*T
Selected income statement data for each of the quarters in the year
ending June 30, 2006, is summarized below (in thousands):
Three Months Ended
-------------------------------------- Year
Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2005 2005 2006 2006 2006
------------------------------------------------
Terminals, pipelines,
tugs and barges:
TransMontaigne
Partners L.P.
facilities $6,993 $7,666 $7,395 -- $22,054
Brownsville
facilities 1,398 1,425 1,644 -- 4,467
Southeast facilities 3,292 4,324 3,765 -- 11,381
River facilities 40 583 (835) -- (212)
Other (1,194) 896 505 -- 207
--------- --------- --------- -------- --------
Margins 10,529 14,894 12,474 -- 37,897
--------- --------- --------- -------- --------
Marketing:
Light oils--marketing
margins
(deficiencies):
TransMontaigne
Partners L.P.
facilities 9,258 5,915 5,231 -- 20,404
Southeast facilities (16,714) 4,630 187 -- (11,897)
River facilities 1,024 1,670 1,170 -- 3,864
Other (1,148) 777 800 -- 429
--------- --------- --------- -------- --------
Light oil margins (7,580) 12,992 7,388 -- 12,800
Heavy oils--marketing
margins 3,460 7,349 2,445 -- 13,254
Supply chain
management services
margins 1,180 (191) 2,469 -- 3,458
--------- --------- --------- -------- --------
Margins
(deficiencies) (2,940) 20,150 12,302 -- 29,512
--------- --------- --------- -------- --------
Total margins 7,589 35,044 24,776 -- 67,409
Selling, general and
administrative
expenses (11,554) (13,354) (12,142) -- (37,050)
--------- --------- --------- -------- --------
Total margins
(deficiencies) less
S, G & A expenses (3,965) 21,690 12,634 -- 30,359
--------- --------- --------- -------- --------
Inventory procurement
and management:
Increase (decrease) in
value of light oil
volumes nominated
under the MSCG
product supply
agreement prior to
the receipt of
product at our
terminals 79,084 (51,678) 24,314 -- 51,720
Increase (decrease) in
value of base
operating inventory 46,424 (29,394) 13,967 -- 30,997
Gains (losses) from
risk management of
base operating
inventory and light
oil volumes nominated
under the MSCG
product supply
agreement (28,755) 27,095 (7,409) -- (9,069)
Storage fees for light
oil tank capacity (457) (457) (457) -- (1,371)
Other financial and
costing variances,
net (28,654) (11,498) 8,268 -- (31,884)
Trading activities,
net -- -- -- -- --
--------- --------- --------- -------- --------
Inventory
procurement and
management 67,642 (65,932) 38,683 -- 40,393
--------- --------- --------- -------- --------
Inventory adjustments:
Gains recognized on
beginning
inventories--
discretionary volumes 2,369 18,452 13,567 -- 2,369
Gains deferred on
ending inventories--
discretionary volumes (18,452) (13,567) (15,441) -- (15,441)
--------- --------- --------- -------- --------
Inventory
adjustments (16,083) 4,885 (1,874) -- (13,072)
--------- --------- --------- -------- --------
Merger related
expenses -- -- (1,350) -- (1,350)
Depreciation and
amortization (6,581) (6,849) (7,273) -- (20,703)
Gain on disposition of
assets, net 1,118 67 10,617 -- 11,802
--------- --------- --------- -------- --------
Operating income
(loss) $42,131 $(46,139) $51,437 -- $47,429
========= ========= ========= ======== ========
*T
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*T
Selected income statement data for each of the quarters in the year
ended June 30, 2005, is summarized below (in thousands):
Three Months Ended Year
------------------------------------- Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2004 2004 2005 2005 2005
------------------------------------------------
Terminals, pipelines,
tugs and barges:
TransMontaigne
Partners L.P.
facilities $4,306 $4,313 $5,655 $5,977 $20,251
Brownsville
facilities 850 1,204 1,230 1,249 4,533
Southeast facilities 5,011 5,798 5,442 4,254 20,505
River facilities 651 302 1,145 747 2,845
Other 1,247 451 335 (184) 1,849
--------- -------- --------- -------- ---------
Margins 12,065 12,068 13,807 12,043 49,983
--------- -------- --------- -------- ---------
Marketing:
Light oils--marketing
margins:
TransMontaigne
Partners L.P.
facilities 2,700 4,246 1,666 1,322 9,934
Southeast facilities 993 7,603 2,744 2,849 14,189
River facilities 759 759 525 791 2,834
Other 36 136 60 79 311
--------- -------- --------- -------- ---------
Light oil margins 4,488 12,744 4,995 5,041 27,268
Heavy oils--marketing
margins 2,570 5,406 2,980 2,164 13,120
Supply chain
management services
margins 3,040 3,608 6,067 783 13,498
--------- -------- --------- -------- ---------
Margins 10,098 21,758 14,042 7,988 53,886
--------- -------- --------- -------- ---------
Total margins 22,163 33,826 27,849 20,031 103,869
Selling, general and
administrative
expenses (10,433) (11,802) (9,885) (10,729) (42,849)
--------- -------- --------- -------- ---------
Total margins less
S, G & A expenses 11,730 22,024 17,964 9,302 61,020
--------- -------- --------- -------- ---------
Inventory procurement
and management:
Gains (losses) from
risk management of
light oil
volumes to be
liquidated upon
commencement of
MSCG product
supply agreement -- 9,618 (181) -- 9,437
Increase (decrease) in
value of light oil
volumes nominated
under the MSCG
product supply
agreement prior to
the receipt of
product at our
terminals -- -- 36,632 (9,497) 27,135
Increase (decrease) in
value of base
operating inventory 39,956 (36,847) 39,871 (4,408) 38,572
Gains from risk
management of base
operating inventory
and light oil volumes
nominated under the
MSCG product supply
agreement -- -- -- 5,154 5,154
Storage fees for light
oil tank capacity (2,245) (2,200) (857) (395) (5,697)
Other financial and
costing variances,
net (2,204) 12,232 6,286 (4,241) 12,073
Trading activities,
net (1,003) 1,031 -- -- 28
--------- -------- --------- -------- ---------
Inventory
procurement and
management 34,504 (16,166) 81,751 (13,387) 86,702
--------- -------- --------- -------- ---------
Inventory adjustments:
Gains recognized on
beginning
inventories--
discretionary volumes 3,712 24,158 10,210 21,530 3,712
Gains deferred on
ending inventories--
discretionary volumes (24,158) (10,210) (21,530) (2,369) (2,369)
--------- -------- --------- -------- ---------
Inventory
adjustments (20,446) 13,948 (11,320) 19,161 1,343
--------- -------- --------- -------- ---------
Depreciation and
amortization (5,807) (5,727) (6,274) (6,407) (24,215)
Gain (loss) on
disposition of
assets, net (3,599) -- 2,993 735 129
--------- -------- --------- -------- ---------
Operating income $16,382 $14,079 $85,114 $9,404 $124,979
========= ======== ========= ======== =========
*T
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*T
Selected income statement data for each of the quarters in the year
ended June 30, 2004, is summarized below (in thousands):
Three Months Ended
-------------------------------------- Year
Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2003 2003 2004 2004 2004
------------------------------------------------
Terminals, pipelines,
tugs and barges:
TransMontaigne
Partners L.P.
facilities $4,875 $4,941 $4,923 $4,885 $19,624
Brownsville
facilities 617 798 861 1,067 3,343
Southeast facilities 4,971 4,805 4,722 3,848 18,346
River facilities 1,396 965 605 585 3,551
Other 1,178 2,160 476 429 4,243
--------- --------- --------- -------- --------
Margins 13,037 13,669 11,587 10,814 49,107
--------- --------- --------- -------- --------
Marketing:
Light oils--marketing
margins
(deficiencies):
TransMontaigne
Partners L.P.
facilities $803 $958 $3,548 $5,137 $10,446
Southeast facilities (861) 2,670 4,128 3,100 9,037
River facilities 1,237 828 1,078 2,025 5,168
Other 902 1,234 2,037 1,656 5,829
--------- --------- --------- -------- --------
Light oil margins 2,081 5,690 10,791 11,918 30,480
Heavy oils--marketing
margins 1,440 3,424 5,416 3,376 13,656
Supply chain
management services
margins 2,351 4,070 2,783 (580) 8,624
--------- --------- --------- -------- --------
Margins 5,872 13,184 18,990 14,714 52,760
--------- --------- --------- -------- --------
Total margins 18,909 26,853 30,577 25,528 101,867
Selling, general and
administrative
expenses (9,525) (10,157) (10,452) (7,398) (37,532)
--------- --------- --------- -------- --------
Total margins less
S, G & A expenses 9,384 16,696 20,125 18,130 64,335
--------- --------- --------- -------- --------
Inventory procurement
and management:
Increase (decrease) in
value of base
operating inventory (3,994) 12,573 18,723 3,303 30,605
Storage fees for light
oil tank capacity (2,522) (2,495) (2,385) (2,309) (9,711)
Other financial and
costing variances,
net 6,133 5,135 (2,067) (15,694) (6,493)
Trading activities,
net 2,131 457 (2,582) (829) (823)
--------- --------- --------- -------- --------
Inventory
procurement and
management 1,748 15,670 11,689 (15,529) 13,578
--------- --------- --------- -------- --------
Inventory adjustments:
Gains recognized on
beginning
inventories--
discretionary volumes 10,176 5,242 24,984 12,911 10,176
Gains deferred on
ending inventories--
discretionary volumes (5,242) (24,984) (12,911) (3,712) (3,712)
--------- --------- --------- -------- --------
Inventory
adjustments 4,934 (19,742) 12,073 9,199 6,464
--------- --------- --------- -------- --------
Depreciation and
amortization (5,537) (5,932) (5,738) (5,808) (23,015)
Lower of cost or
market write-downs on
product linefill and
tank bottom volumes (32) (17) (11) -- (60)
(Loss) on disposition
of assets, net -- (805) -- (173) (978)
--------- --------- --------- -------- --------
Operating income $10,497 $5,870 $38,138 $5,819 $60,324
========= ========= ========= ======== ========
*T
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*T
Our light oil marketing volumes in average barrels per day for each of
the quarters in the years ended June 30, 2006, 2005 and 2004 are as
follows:
Three Months Ended
-------------------------------------- Year
Ending
Sept. 30, Dec. 31, March 31, June 30, June 30,
2005 2005 2006 2006 2006
------------------------------------------------
Light oils--marketing
volumes:
TransMontaigne
Partners'
facilities 84,838 90,126 92,073 -- 89,012
Southeast facilities 137,586 126,015 117,744 -- 127,115
River facilities 10,592 7,697 8,748 -- 9,012
Other 18,803 15,347 23,502 -- 19,218
--------- --------- --------- -------- --------
251,819 239,185 242,067 -- 244,357
========= ========= ========= ======== ========
*T
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*T
Three Months Ended
-------------------------------------- Year
Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2004 2004 2005 2005 2005
------------------------------------------------
Light oils--marketing
volumes:
TransMontaigne
Partners'
facilities 63,256 59,565 68,725 72,297 65,961
Southeast facilities 142,928 131,418 143,751 146,395 141,123
River facilities 9,800 9,800 7,091 11,816 9,627
Other 38,104 21,875 19,901 17,369 24,312
--------- --------- --------- -------- --------
254,088 222,658 239,468 247,877 241,023
========= ========= ========= ======== ========
*T
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*T
Three Months Ended
-------------------------------------- Year
Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2003 2003 2004 2004 2004
------------------------------------------------
Light oils--marketing
volumes:
TransMontaigne
Partners'
facilities 62,392 65,456 70,108 71,117 67,268
Southeast facilities 161,070 157,366 164,297 160,209 160,736
River facilities 22,498 16,372 16,072 20,469 18,853
Other 54,459 44,750 50,367 46,748 49,081
--------- --------- --------- -------- --------
300,419 283,944 300,844 298,543 295,938
========= ========= ========= ======== ========
*T
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*T
Our light oil marketing margins in points ($0.0001) per gallon for
each of the quarters in the years ended June 30, 2006, 2005 and 2004
are as follows:
Three Months Ended Year
-------------------------------------- Ending
Sept. 30, Dec. 31, March 31, June 30, June 30,
2005 2005 2006 2006 2006
------------------------------------------------
Light oils--marketing
margins:
TransMontaigne
Partners'
facilities 282 170 150 -- 199
Southeast facilities (314) 95 4 -- (81)
River facilities 250 561 354 -- 372
Other (158) 131 90 -- 19
All facilities--
weighted average (78) 141 81 -- 45
*T
-0-
*T
Three Months Ended Year
-------------------------------------- Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2004 2004 2005 2005 2005
------------------------------------------------
Light oils--marketing
margins:
TransMontaigne
Partners'
facilities 110 184 64 48 98
Southeast facilities 18 150 51 51 66
River facilities 200 200 196 175 192
Other 2 16 8 12 8
All facilities--
weighted average 46 148 55 53 74
*T
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*T
Three Months Ended Year
-------------------------------------- Ended
Sept. 30, Dec. 31, March 31, June 30, June 30,
2003 2003 2004 2004 2004
------------------------------------------------
Light oils--marketing
margins:
TransMontaigne
Partners'
facilities 33 38 132 189 101
Southeast facilities (14) 44 66 51 37
River facilities 142 131 176 259 178
Other 43 71 106 93 77
All facilities--
weighted average 18 52 95 104 67
*T
TransMontaigne Inc. is a refined petroleum products marketing and
distribution company based in Denver, Colorado with operations in the
United States, primarily in the Gulf Coast, Florida, East Coast and
Midwest regions. The Company's principal activities consist of (i)
terminal, pipeline, tug and barge operations, (ii) marketing and
distribution, (iii) supply chain management services and (iv) managing
the activities of TransMontaigne Partners L.P. The Company's customers
include refiners, wholesalers, distributors, marketers, and industrial
and commercial end-users of refined petroleum products. Corporate news
and additional information about TransMontaigne Inc. is available on
the Company's web site: www.transmontaigne.com
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause
actual results to differ materially from the forward- looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected.