UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 10-Q

 

 

COMMISSION FILE NO. 001-31920

 

 

K-SEA TRANSPORTATION PARTNERS L.P.

(Exact name of registrant as specified in its charter)

 

Delaware		20-0194477
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

 

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 February 8, 2005, 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 DECEMBER 31, 2004

 

TABLE OF CONTENTS

 

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheets as of December 31, 2004 and June 30, 2004
	Unaudited Consolidated Statements of Operations for the three and six-month periods ended December 31, 2004 and 2003
	Unaudited Consolidated Statement of Partners’ Capital for the six-month period ended December 31, 2004
	Unaudited Consolidated Statements of Cash Flows for the six-month periods ended December 31, 2004 and 2003
	Notes to Unaudited Consolidated Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.	Quantitative and Qualitative Disclosures about Market Risk
Item 4.	Controls and Procedures
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.	Defaults Upon Senior Securities.
Item 4.	Submission of Matters to a Vote of Security Holders.
Item 5.	Other Information.
Item 6.	Exhibits
	SIGNATURES

 

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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PART I.  FINANCIAL INFORMATION

 

Item 1.           Financial Statements.

 

K-SEA TRANSPORTATION PARTNERS L.P. (Notes 1 and 2)

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		December 31, 2004			June 30, 2004
ASSETS
Current Assets:
Cash and cash equivalents		$	57		$	379
Title XI escrow account		1,201			1,220
Accounts receivable, net		13,695			11,810
Deferred taxes		40			40
Prepaid expenses and other current assets		4,010			2,389
Total current assets		19,003			15,838
Vessels and equipment, net		235,421			193,646
Construction in progress		1,121			7,722
Title XI escrow account		1,570			1,570
Deferred financing costs, net		4,035			4,172
Other assets		4,626			5,196
Total assets		$	265,776		$	228,144
LIABILITIES AND PARTNERS’ CAPITAL
Current Liabilities:
Current portion of long-term debt and capital lease obligations		$	11,466		$	4,066
Accounts payable		8,439			6,811
Accrued expenses and other current liabilities		5,677			4,141
Total current liabilities		25,582			15,018
Title XI bonds		36,600			37,409
Term loans		40,006			32,942
Credit line borrowings		26,250			4,400
Capital lease obligations		3,250			—
Deferred taxes		2,936			2,677
Total liabilities		134,624			92,446
Commitments and contingencies
Partners’ capital		131,152			135,698
Total liabilities and partners’ capital		$	265,776		$	228,144

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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K-SEA TRANSPORTATION PARTNERS L.P. (Notes 1 and 2)

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

 

			For the Three Months Ended December 31,						For the Six Months Ended December 31,
			2004			2003			2004			2003
Voyage revenue			$	27,341		$	20,541		$	55,989		$	43,430
Bareboat charter and other revenue			477			530			882			1,072
Total revenues			27,818			21,071			56,871			44,502
Voyage expenses			5,899			3,225			11,113			7,535
Vessel operating expenses			11,919			9,603			23,464			19,008
General and administrative expenses			2,117			1,798			4,546			3,787
Depreciation and amortization			4,951			4,226			10,320			8,280
Total operating expenses			24,886			18,852			49,443			38,610
Operating income