Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
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From Sep 2019 to Sep 2024
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.
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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:
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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
======= =======
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Selected income statement data for each of the quarters in the
year ended June 30, 2005, is summarized below (in thousands):
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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):
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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:
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*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
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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
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:
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*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
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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 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.