MARTIN MIDSTREAM PARTNERS L.P. - FORM 8-K/A - EX-99.1 - FORM 10-K - PART II, ITEM 6. SELECTED FINANCIAL AND OPERATING DATA

Attached files

file	filename
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.



	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

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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