TransMontaigne Inc. Announces Results for the Three Months Ended September 30, 2005, and Schedules Conference Call

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Taylor & Martin Grp., Inc.Common Stock	NYSE:TMG	NYSE	Ordinary Share

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TransMontaigne Inc. (NYSE:TMG) today announced its fiscal first quarter net income of $20.9 million ($.41 per share) compared with net income of $3.8 million ($.08 per share) for the comparable quarter in 2004. The first fiscal quarter highlights include: -- Supply, distribution and marketing revenues of $3.0 billion generating $48.6 million in net operating margins compared to $24.2 million for the comparable quarter in 2004. -- Light oil margins (deficiencies) were $(7.6) million compared to $4.5 million for the comparable quarter in 2004. -- Radcliff/Economy Marine Services ("Radcliff") acquired August 1, 2005, contributed $2.2 million of net operating margins to this segment. -- Terminal, pipelines, and tugs and barges revenues of $29.2 million generating $10.5 million in net operating margins compared to $12.1 million for the comparable quarter in 2004. -- Radcliff contributed $.4 million of net operating margins to this segment. -- Selling general and administrative expenses increased by $1.1 million compared to last year with Radcliff accounting for $.5 million of that increase. Donald H. Anderson, Chief Executive Officer, said: "Light oil margins were negatively impacted by price disparities in the product supply market caused by Hurricanes Katrina and Rita. Our inventory valuations on a per gallon basis were significantly higher at September 30, as compared to June 30. This increase, roughly $.50 per gallon, contributed significantly to the supply, distribution and marketing operating margins. As the refineries and pipelines returned to normal operations in early October, both the pricing disparity and the increased inventory valuations dissipated. Hurricanes Katrina, Rita and most recently Wilma disrupted many of our operating facilities throughout Alabama, Mississippi and Florida, but fortunately we are currently not aware of any significant long-term damage to any of these facilities." Conference Call TransMontaigne Inc. also announced that it has scheduled a conference call for Thursday, November 10, 2005, at 3:00 p.m. (MST) 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: 877-777-1967 A playback of the conference call will be available from 6:30 p.m. (MST) on Thursday, November 10, 2005, until 11:59 p.m. (MST) on Thursday, November 17, 2005, by calling: USA: 800-475-6701 International: 320-365-3844 Access Code: 802394 The following selected financial information is extracted from the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2005, which was filed today with the Securities and Exchange Commission. -0- *T TRANSMONTAIGNE INC. AND SUBSIDIARIES (000s, except per share data) Three Months Ended ------------------ September 30, September 30, 2005 2004 ---- ---- Income Statement Data --------------------- Revenues $2,983,361 $2,055,724 Net operating margins: Supply, distribution and marketing 48,619 24,156 Terminals, pipelines, and tugs and barges 10,529 12,065 Operating income 42,131 16,382 Earnings before income taxes 36,597 6,381 Net earnings 20,883 3,828 Net earnings attributable to common stockholders 19,170 2,982 Net earnings per common share -- basic $0.41 $0.08 Cash Flow Activities -------------------- Net cash provided by (used in) operating activities $(36,535) $(3,424) Net cash provided by (used in) investing activities (60,165) (12,390) Net cash provided by (used in) financing activities 72,147 22,758 September 30, June 30, 2005 2005 ---- ---- Balance Sheet Data ------------------ Working capital $315,373 $319,636 Long-term debt 231,000 228,307 Non-controlling interests in TransMontaigne Partners 82,601 81,440 Series B redeemable convertible preferred stock 20,826 49,249 Common stockholders' equity 376,410 326,484 *T Selected income statement data for the three months ended September 30, 2005 and 2004, is as follows: -0- *T Three Months Ended ------------------ September 30, September 30, 2005 2004 ---- ---- Terminals, pipelines, tugs and barges: TransMontaigne Partners L.P. facilities $6,564 $4,306 Brownsville facilities 1,397 850 Southeast facilities 3,292 5,011 River facilities 41 651 Other (765) 1,247 ------- ------- Margins 10,529 12,065 ------- ------- Marketing: Light oils -- marketing margins: TransMontaigne Partners L.P. facilities 7,030 2,700 Southeast facilities (16,714) 993 River facilities 1,024 759 Other 1,080 36 ------- ------- Light oil margins (7,580) 4,488 Heavy oils -- marketing margins 3,460 2,570 Supply chain management services margins 1,180 3,040 ------- ------- Margins (2,940) 10,098 ------- ------- Total margins 7,589 22,163 Selling, general and administrative expenses (11,554) (10,433) ------- ------- Total margins less S, G & A expenses (3,965) 11,730 ------- ------- Inventory procurement and management: Increase in value of light oil volumes nominated under the MSCG product supply agreement prior to receipt of the product at our terminals 79,084 -- Increase in value of base operating inventory 46,424 39,956 Losses from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement (28,755) -- Storage fees for light oil tank capacity (457) (2,245) Other financial and costing variances, net (28,654) (2,204) Trading activities, net -- (1,003) ------- ------- Inventory procurement and management 67,642 34,504 ------- ------- Inventory adjustments: Gains recognized on beginning inventories -- discretionary volumes 2,369 3,712 Gains deferred on ending inventories -- discretionary volumes (18,452) (24,158) ------- ------- Inventory adjustments (16,083) (20,446) ------- ------- Depreciation and amortization (6,581) (5,807) Gain (loss) on disposition of assets, net 1,118 (3,599) ------- ------- Operating income $42,131 $16,382 ======= ======= *T Selected income statement data for each of the quarters in the year ended June 30, 2005, is summarized below (in thousands): -0- *T 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 Change 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 Change in value of base operating inventory 39,956 (36,847) 39,871 (4,408) 38,572 Gains (losses) 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 Selected income statement data for each of the quarters in the year ended June 30, 2004, is summarized below (in thousands): -0- *T 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: 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: Change 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) Gain (loss) on disposition of assets, net -- (805) -- (173) (978) ------- ------- ------- ------- ------- Operating income $10,497 $5,870 $38,138 $5,819 $60,324 ======= ======= ======= ======= ======= *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: -0- *T Three Months Ended --------------------------------------- Year Ended Sept. 30, Dec. 31, March 31, June 30, June 30, 2005 2005 2006 2006 2006 -------------------------------------------------- Light oils--marketing volumes: TransMontaigne Partners' facilities 75,962 -- -- -- 75,962 Southeast facilities 137,586 -- -- -- 137,586 River facilities 10,592 -- -- -- 10,592 Other 24,688 -- -- -- 24,688 ------- ------- ------- ------- ------- 248,828 -- -- -- 248,828 ======= ======= ======= ======= ======= *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 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 -0- *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 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: -0- *T Three Months Ended --------------------------------------- Year Ended Sept. 30, Dec. 31, March 31, June 30, June 30, 2005 2005 2006 2006 2006 -------------------------------------------------- Light oils -- marketing margins: TransMontaigne Partners' facilities 240 -- -- -- 240 Southeast facilities (314) -- -- -- (314) River facilities 250 -- -- -- 250 Other 113 -- -- -- 113 ------- ------- ------- ------- ------- All facilities -- weighted average (79) -- -- -- (79) ======= ======= ======= ======= ======= *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 -0- *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.

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TMG Taylor & Martin Grp., Inc.Common Stock