Attached files
file | filename |
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8-K/A - 8-K/A - MARTIN MIDSTREAM PARTNERS L.P. | form8-ka.htm |
EX-99.3 - FORM 10-K - PART II, ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - MARTIN MIDSTREAM PARTNERS L.P. | exhibit993form10-kxpartiii.htm |
EX-99.5 - FORM 10-Q - PART 1, ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - MARTIN MIDSTREAM PARTNERS L.P. | exhibit995form10-qxpartiit.htm |
EX-99.4 - FORM 10-Q - PAT I, ITEM 1. FINANCIAL STATEMENTS - MARTIN MIDSTREAM PARTNERS L.P. | exhibit994form10-qxpartixi.htm |
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - MARTIN MIDSTREAM PARTNERS L.P. | exhibit231-consentofindepe.htm |
EX-99.2 - FORM 10-K - PART II, ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - MARTIN MIDSTREAM PARTNERS L.P. | exhibit992form10-kxpartiii.htm |
Exhibit 99.1
On October 2, 2012, the Partnership, acquired all of the remaining Class A interests in Redbird Gas Storage LLC (“Redbird”) for $150.0 million in cash from Martin Underground Storage, Inc., a subsidiary of Martin Resource Management. Redbird was formed by the Partnership and Martin Resource Management in 2011 to invest in Cardinal Gas Storage Partners LLC (“Cardinal”). Cardinal is a joint venture between Redbird and Energy Capital Partners (“ECP”) that is focused on the development, construction, operation and management of natural gas storage facilities across North America.
On October 2, 2012, the Partnership acquired from Cross Oil Refining & Marketing, Inc. (“Cross”), a wholly-owned subsidiary of Martin Resource Management, certain specialty lubricant product packaging assets (“Cross Packaging Assets”), for total consideration of $121.8 million in cash, including working capital of approximately $36.8 million at closing, subject to certain post-closing adjustments.
Financial information for 2007, 2008, 2009, 2010 and 2011 has been updated to reflect the activities attributable to the Redbird Class A interests and the Cross Packaging Assets. The acquisitions of the Redbird Class A interests and the Cross Packaging Assets were considered a transfer of net assets between entities under common control. We are required to retrospectively update our historical financial statements to include the activities of the Redbird Class A interests and the Cross Packaging Assets as of the date of common control. The acquisitions of the Redbird Class A interests and the Cross Packaging Assets are recorded at amounts based on the historical carrying value of these assets at that date. Our historical financial statements for 2007 through 2011 have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the activities of the Redbird Class A interests and the Cross Packaging Assets as if we owned these assets for these periods.
This filing includes updates only to the portions of Item 6, Item 7 and Item 8 of the December 31, 2011 Form 10-K, as previously updated in the Current Report on Form 8-K filed on August 21, 2012, that specifically relate to the revisions associated with the acquisition of the Redbird Class A interests and the Cross Packaging Assets and does not otherwise modify or update any other disclosures set forth in the December 31, 2011 Form 10-K.
Item 6. Selected Financial Data
The following table sets forth selected financial data and other operating data of Martin Midstream Partners L.P. for the years ended December 31, 2011, 2010, 2009, 2008 and 2007 and is derived from the audited consolidated financial statements of Martin Midstream Partners L.P.
The following selected financial data are qualified by reference to and should be read in conjunction with our Consolidated and Combined Financial Statements and Notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this document.
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20111 | 20101 | 20091 | 20081 | 20071 | ||||||||||||||||
(Dollars in thousands, except per unit amounts) | ||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||
Revenues | $ | 1,242,490 | $ | 880,115 | $ | 651,174 | $ | 1,162,749 | $ | 760,784 | ||||||||||
Cost of product sold | 997,972 | 665,086 | 448,799 | 941,266 | 575,519 | |||||||||||||||
Operating expenses | 137,685 | 113,426 | 113,074 | 123,308 | 101,000 | |||||||||||||||
Selling, general, and administrative | 20,531 | 16,865 | 16,005 | 17,887 | 13,902 | |||||||||||||||
Depreciation and amortization | 40,276 | 36,884 | 36,183 | 31,895 | 23,851 | |||||||||||||||
Total costs and expenses | 1,196,464 | 832,261 | 614,061 | 1,114,356 | 714,272 | |||||||||||||||
Other operating income | 1,326 | 228 | 6,025 | 209 | 707 | |||||||||||||||
Operating income | 47,352 | 48,082 | 43,138 | 48,602 | 47,219 | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | (4,752 | ) | 2,536 | (5,053 | ) | (2,160 | ) | — | ||||||||||||
Gain from ownership change in unconsolidated entity | — | 6,413 | 3,028 | — | — | |||||||||||||||
Gain from contribution of assets to Redbird | — | — | — | 24,271 | — | |||||||||||||||
Interest expense | (26,781 | ) | (35,322 | ) | (20,357 | ) | (23,131 | ) | (16,410 | ) | ||||||||||
Other, net | 420 | 385 | 443 | 3,839 | 2,110 | |||||||||||||||
Income before income taxes | 16,239 | 22,094 | 21,199 | 51,421 | 32,919 | |||||||||||||||
Income taxes | (2,872 | ) | (2,622 | ) | (3,524 | ) | (2,496 | ) | (6,579 | ) | ||||||||||
Income from continuing operations | 13,367 | 19,472 | 17,675 | 48,925 | 26,340 | |||||||||||||||
Income from discontinued operations, net of tax | 9,392 | 8,061 | 5,268 | 16,816 | 8,556 | |||||||||||||||
Net income | $ | 22,759 | $ | 27,533 | $ | 22,943 | $ | 65,741 | $ | 34,896 | ||||||||||
Net income per limited partner unit – continuing operations | $ | 0.57 | $ | 0.25 | $ | 0.86 | $ | 1.65 | $ | 1.09 | ||||||||||
Net income per limited partner unit – discontinued operations | 0.35 | 0.38 | 0.31 | 1.07 | 0.58 | |||||||||||||||
Net income per limited partner unit | $ | 0.92 | $ | 0.63 | $ | 1.17 | $ | 2.72 | $ | 1.67 | ||||||||||
Weighted average limited partner units | 19,545,427 | 17,525,089 | 14,680,807 | 14,529,826 | 14,018,799 | |||||||||||||||
Balance Sheet Data (at Period End): | ||||||||||||||||||||
Total assets | $ | 1,069,108 | $ | 864,425 | $ | 739,161 | $ | 763,211 | $ | 720,478 | ||||||||||
Due to affiliates | 74,654 | 24,578 | 20,073 | 32,350 | 46,595 | |||||||||||||||
Long-term debt | 458,941 | 372,862 | 304,372 | 295,000 | 225,000 | |||||||||||||||
Partners' capital (owners' equity) | 337,187 | 327,960 | 306,594 | 287,282 | 265,487 | |||||||||||||||
Cash Flow Data: | ||||||||||||||||||||
Net cash flow provided by (used in): | ||||||||||||||||||||
Operating activities | 91,362 | 45,803 | 48,673 | 93,080 | 62,449 | |||||||||||||||
Investing activities | (202,655 | ) | (91,016 | ) | (41,600 | ) | (54,071 | ) | (160,833 | ) | ||||||||||
Financing activities | 100,179 | 50,637 | (9,100 | ) | (35,139 | ) | 99,194 | |||||||||||||
Other Financial Data: | ||||||||||||||||||||
Maintenance capital expenditures | 10,947 | 4,653 | 7,601 | 17,998 | 11,955 | |||||||||||||||
Expansion capital expenditures | 67,540 | 14,916 | 29,653 | 117,929 | 137,806 | |||||||||||||||
Total capital expenditures | $ | 78,487 | $ | 19,569 | $ | 37,254 | $ | 135,927 | $ | 149,761 | ||||||||||
Cash dividends per common unit (in dollars) | $ | 3.05 | $ | 3.00 | $ | 3.00 | $ | 2.91 | $ | 2.60 |
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1We acquired all of the remaining Class A interests of Redbird and the packaging assets of Cross from Martin Resource Management in October 2012. The acquisitions of the Redbird Class A interests and the Cross Packaging Assets were considered a transfer of net assets between entities under common control. The acquisition of the Redbird Class A interests and the Cross Packaging Assets are recorded at amounts based on the historical carrying value of the assets at that date, and we are required to update our historical financial statements to include the activities of the assets as of the date of common control. Our historical financial statements for 2007, 2008, 2009, 2010 and 2011, have been retrospectively updated to reflect the effects on financial position, cash flows and results of operations attributable to the activities of the Redbird Class A interests and the Cross Packaging Assets as if we owned these assets for these periods.
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