UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NO. 001-31920
K-SEA TRANSPORTATION PARTNERS L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
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20-0194477 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
3245 Richmond Terrace
Staten Island, New York 10303
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (718) 720-9306
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES o NO ý
At November 4, 2004, the number of the issuer’s outstanding common units was 4,165,000.
K-SEA TRANSPORTATION PARTNERS L.P.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2004
TABLE OF CONTENTS
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Financial Statements.............................................................................................................................................................. |
1 |
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Unaudited Consolidated Balance Sheets as of September 30, 2004 and June 30, 2004 ...................................................... |
1 |
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2 |
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Unaudited Consolidated Statement of Partners’ Capital for the three-month period ended September 30, 2004 .............. |
3 |
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4 |
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Notes to Unaudited Consolidated Financial Statements ..................................................................................................... |
5 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations. ............................................ |
10 |
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Quantitative and Qualitative Disclosures about Market Risk ............................................................................................. |
24 |
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Controls and Procedures ...................................................................................................................................................... |
24 |
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Legal Proceedings................................................................................................................................................................. |
24 |
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Unregistered Sales of Equity Securities and Use of Proceeds.............................................................................................. |
25 |
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Defaults Upon Senior Securities........................................................................................................................................... |
25 |
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Submission of Matters to a Vote of Security Holders.......................................................................................................... |
25 |
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Other Information. .............................................................................................................................................................. |
25 |
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Exhibits ............................................................................................................................................................................... |
25 |
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SIGNATURES .................................................................................................................................................................... |
26 |
References in this Form 10-Q to “K-Sea Transportation Partners L.P.,” the “Partnership,” “we,” “our,” “us” or like terms when used for periods prior to January 14, 2004 refer to the net assets of K-Sea Transportation LLC and its subsidiaries that were contributed to K-Sea Transportation Partners L.P. and its subsidiaries in connection with the initial public offering of common units representing limited partner interests in K-Sea Transportation Partners L.P. When used for periods subsequent to that date, those terms refer to K-Sea Transportation Partners L.P.
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Item 1. Financial Statements.
K-SEA TRANSPORTATION PARTNERS L.P. (Notes 1 and 2)
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands)
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September 30, |
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June 30, |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
48 |
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$ |
379 |
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Title XI escrow account |
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672 |
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1,220 |
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Accounts receivable, net |
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14,752 |
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11,810 |
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Deferred taxes |
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40 |
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40 |
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Prepaid expenses and other current assets |
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2,976 |
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2,389 |
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Total current assets |
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18,488 |
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15,838 |
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Vessels and equipment, net |
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204,674 |
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193,646 |
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Construction in progress |
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1,103 |
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7,722 |
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Title XI escrow account |
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1,570 |
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1,570 |
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Deferred financing costs, net |
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4,184 |
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4,172 |
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Other assets |
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5,010 |
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5,196 |
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Total assets |
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$ |
235,029 |
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$ |
228,144 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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CURRENT LIABILITIES: |
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Current portion of long-term debt |
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$ |
4,716 |
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$ |
4,066 |
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Accounts payable |
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7,372 |
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6,811 |
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Accrued expenses and other current liabilities |
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4,318 |
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4,141 |
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Total current liabilities |
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16,406 |
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15,018 |
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Title XI bonds |
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36,787 |
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37,409 |
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Term loans |
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40,781 |
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32,942 |
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Credit line borrowings |
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3,850 |
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4,400 |
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Deferred taxes |
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2,833 |
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2,677 |
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Total liabilities |
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100,657 |
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92,446 |
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Commitments and contingencies |
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Partners’ capital |
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134,372 |
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135,698 |
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Total liabilities and partners’ capital |
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$ |
235,029 |
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$ |
228,144 |
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The accompanying notes are an integral part of these consolidated financial statements.
1
K-SEA TRANSPORTATION PARTNERS L.P. (Notes 1 and 2)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per unit data)
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For the Three Months Ended |
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2004 |
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2003 |
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Voyage revenue |
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$ |
28,648 |
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$ |
22,889 |
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Bareboat charter and other revenue |
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405 |
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542 |
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Total revenues |
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29,053 |
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23,431 |
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Voyage expenses |
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5,214 |
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4,310 |
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Vessel operating expenses |
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11,545 |
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9,405 |
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General and administrative expenses |
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2,429 |
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1,989 |
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Depreciation and amortization |
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5,369 |
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4,054 |
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Total operating expenses |
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24,557 |
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19,758 |
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Operating income |
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4,496 |
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3,673 |
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