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Martin Midstream Partners LP$7.13($.39)(5.19%)

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 Martin Midstream Partners Announces Strategic Initiatives
   Wednesday, April 24, 2019 5:00:00 PM ET

KILGORE, Texas, April 24, 2019 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the "Partnership") announced today strategic initiatives designed to strengthen the balance sheet by reducing leverage and allowing the Partnership to retain earnings to fund growth opportunities.  These initiatives consist of:

  • The previously announced marketing of the Partnership’s gas storage assets.

  • The active negotiation of the sale of certain non-core assets and/or businesses.

  • The announcement of the Partnership’s quarterly cash distribution of $0.25 per unit or $1.00 per unit on an annual basis.


"As we have stated for multiple quarters, the Partnership is committed to strengthening our balance sheet, reducing leverage and increasing our coverage ratio.  The cash distribution announcement today, while difficult, assists us as we move forward toward those goals", said Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership.  "The decision was not made lightly or without considerable debate, as I, as well as the other members of our Board and Executive Management team, realize the implications of such a decision for our unitholders and our Partnership.  However, this decision allows us to retain approximately $39.3 million annually enhancing the Partnership’s financial flexibility to pursue desirable growth opportunities that build long-term value for our unitholders."

The Partnership also announced today its financial results for the first quarter of 2019.  The Partnership reported a net loss for the first quarter 2019 of $3.7 million, a loss of $0.09 per limited partner unit.  The Partnership had a net income from continuing operations for the first quarter 2018 of $13.5 million, or $0.29 per limited partner unit.

"In the first quarter of 2019, the Partnership earned adjusted EBITDA of $30.8 million, which was below guidance by approximately $7.1 million," said Mr. Martin.  "Through most of the quarter we experienced extreme weather patterns throughout our geographic footprint that negatively impacted the majority of our business segments.

"Beginning with Sulfur Services, the segment missed guidance by approximately $3.0 million as the fertilizer business experienced weak sales activity up through mid-March as farmers were not able to plant acreage due to weather related disruptions affecting field conditions.  Fertilizer activity did increase in late March and we believe will continue to accelerate into the second quarter as the agricultural market deals with a shorter planting season.  Within the Natural Gas Services segment, warm winter weather drove propane sales volumes lower than estimated and the weak butane pricing environment that began in the fourth quarter of 2018 carried over into the first quarter of 2019, contributing to an approximate $2.8 million miss for the segment when compared to guidance.  And finally, our Transportation and Terminalling and Storage segments modestly missed guidance by approximately $0.6 million and $0.7 million, respectively.

"Based on this performance, the Partnership's distributable cash flow from continuing operations for the first quarter of 2019 was approximately $9.6 million.  Distributable cash flow was also negatively affected by approximately $1.9 million of maintenance capital expenditures planned for the second quarter of 2019 that were accelerated into the first quarter for scheduling purposes."

Revenues for the first quarter 2019 were $251.0 million compared to the first quarter 2018 of $307.1 million.

The Partnership had net income from discontinued operations related to its previously owned investment in West Texas LPG Pipeline for the three months ended March 31, 2018 of $1.5 million, or $0.04 per limited partner unit.  Distributable cash flow and adjusted EBITDA from discontinued operations were $1.4 million for the three months ended March 31, 2018.

Distributable cash flow, distributable cash flow from discontinued operations, EBITDA, adjusted EBITDA, and adjusted EBITDA from discontinued operations are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information."  The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

Included with this press release are the Partnership's consolidated and condensed financial statements as of and for the three months ended March 31, 2019 and certain prior periods.  These financial statements should be read in conjunction with the information contained in the Partnership's Quarterly Report on Form 10-Q, to be filed with the Securities and Exchange Commission on April 26, 2019.

An attachment accompanying this announcement is attached to this press release at http://ml.globenewswire.com/Resource/Download/e3a94d3c-e0a3-423e-be4d-89994d115e51 .

Investors' Conference Call

A conference call to review the first quarter results will be held on Thursday, April 25, 2019 at 8:00 a.m. Central Time.  The live conference call will be available by calling (877) 878-2695. For a limited time, an audio replay of the conference call will be available by calling (855) 859-2056.  The conference ID is 7797871.  An archive of the replay will be on Martin Midstream Partners’ website at www.MMLP.com .

About Martin Midstream Partners

The Partnership is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business segments include: (1) natural gas services, including liquids transportation and distribution services and natural gas storage; (2) terminalling, storage and packaging services for petroleum products and by-products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) transportation services for petroleum products and by-products.

Forward-Looking Statements

Statements about the Partnership's outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Partnership's control, which could cause actual results to differ materially from such statements.  While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors.  A discussion of these factors, including risks and uncertainties, is set forth in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission.  The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

Use of Non-GAAP Financial Information

The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance. These include: (1) net income before interest expense, income tax expense, and depreciation and amortization ("EBITDA"), (2) adjusted EBITDA and (3) distributable cash flow.  The Partnership's management views these measures as important performance measures of core profitability for its operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The Partnership's management believes investors benefit from having access to the same financial measures that management uses.

EBITDA, Adjusted EBITDA, and Adjusted EBITDA from Discontinued Operations.  Certain items excluded from EBITDA, adjusted EBITDA, and adjusted EBITDA from discontinued operations are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The Partnership has included information concerning EBITDA, adjusted EBITDA, and adjusted EBITDA from discontinued operations because it provides investors and management with additional information to better understand the following: financial performance of the Partnership's assets without regard to financing methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those of other similarly situated entities; and the viability of acquisitions and capital expenditure projects.  The Partnership's method of computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.

Distributable Cash Flow and Distributable Cash Flow from Discontinued Operations.  Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by the Partnership to the cash distributions it expects to pay unitholders.  Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of the Partnership's success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates.  Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

EBITDA, adjusted EBITDA, adjusted EBITDA from discontinued operations, distributable cash flow, and distributable cash flow from discontinued operations, should not be considered alternatives to, or more meaningful than, net income, cash flows from operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these measures may not be the same method used to compute similar measures reported by other entities.

Additional information concerning the Partnership is available on the Partnership's website at www.MMLP.com  or by contacting:

Sharon Taylor - Head of Investor Relations
(877) 256-6644




MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(Dollars in thousands)

 March 31,
2019
 December 31,
20181
 (Unaudited) (Unaudited)
Assets   
Cash$227  $300 
Accounts and other receivables, less allowance for doubtful accounts of $675 and $576, respectively77,420  90,757 
Product exchange receivables181  166 
Inventories (Note 6)70,541  86,207 
Due from affiliates27,035  18,845 
Fair value of derivatives (Note 10)150  4 
Other current assets7,135  6,106 
Assets held for sale (Note 4)5,502  5,652 
Total current assets188,191  208,037 
    
Property, plant and equipment, at cost1,311,020  1,311,573 
Accumulated depreciation(498,138) (487,840)
Property, plant and equipment, net812,882  823,733 
    
Goodwill17,785  17,785 
Right-of-use assets (Note 9)28,109   
Deferred income taxes, net (Note 19)24,412   
Other assets, net (Note 10)23,689  24,073 
Total assets$1,095,068  $1,073,628 
    
Liabilities and Partners’ Capital   
Current installments of long-term debt and finance lease obligations (Notes 8 and 9)$406,650  $5,409 
Trade and other accounts payable76,488  65,723 
Product exchange payables14,234  13,237 
Due to affiliates4,103  2,135 
Income taxes payable989  445 
Other accrued liabilities (Note 10)22,150  24,802 
Total current liabilities524,614  111,751 
    
Long-term debt and finance lease obligations, net (Notes 8 and 9)377,976  662,731 
Operating lease liabilities (Note 9)19,734   
Other long-term obligations8,953  10,714 
Total liabilities931,277  785,196 
    
Commitments and contingencies (Note 16)   
Partners’ capital (Note 12)163,791  288,432 
Total partners’ capital163,791  288,432 
Total liabilities and partners' capital$1,095,068  $1,073,628 

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to Martin Transport, Inc. ("MTI") acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.


MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)

 Three Months Ended
 March 31,
 2019 20181
Revenues:   
Terminalling and storage *$23,104  $24,047 
Transportation *37,795  34,359 
Natural gas services*10,934  15,356 
Sulfur services2,859  2,787 
Product sales: *   
Natural gas services116,474  159,162 
Sulfur services28,734  34,900 
Terminalling and storage31,067  36,463 
 176,275  230,525 
Total revenues250,967  307,074 
    
Costs and expenses:   
Cost of products sold: (excluding depreciation and amortization)   
Natural gas services *106,190  138,638 
Sulfur services *19,696  22,218 
Terminalling and storage *26,871  31,980 
 152,757  192,836 
Expenses:   
Operating expenses *56,656  56,934 
Selling, general and administrative *11,144  10,939 
Depreciation and amortization18,982  19,990 
Total costs and expenses239,539  280,699 
    
Other operating loss(720) 8 
Operating income (loss)10,708  26,383 
    
Other income (expense):   
Interest expense, net(13,671) (12,730)
Other, net3   
Total other expense(13,668) (12,730)
    
Net income (loss) before taxes(2,960) 13,653 
Income tax expense(696) (149)
Income (loss) from continuing operations(3,656) 13,504 
Income from discontinued operations, net of income taxes  1,532 
Net income (loss)(3,656) 15,036 
Less general partner's interest in net (income) loss73  (256)
Less pre-acquisition (income) allocated to the general partner  (2,218)
Less (income) loss allocable to unvested restricted units2  (8)
Limited partners' interest in net income (loss)$(3,581) $12,554 
    

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.

*Related Party Transactions Shown Below

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)

*Related Party Transactions Included Above

 Three Months Ended
 March 31,
 2019 20181
Revenues:*   
Terminalling and storage$18,972  $20,008 
Transportation5,643  6,693 
Product Sales421  624 
Costs and expenses:*   
Cost of products sold: (excluding depreciation and amortization)   
Sulfur services2,574  2,848 
Terminalling and storage5,909  5,579 
Expenses:   
Operating expenses22,536  23,088 
Selling, general and administrative8,535  7,926 

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts)

 Three Months Ended
 March 31,
 2019 20181
Allocation of net income (loss) attributable to:   
  Limited partner interest:   
 Continuing operations$(3,581) $11,054 
 Discontinued operations  1,500 
 $(3,581) $12,554 
  General partner interest:   
  Continuing operations$(73) $225 
  Discontinued operations  31 
 $(73) $256 
    
Net income (loss) per unit attributable to limited partners:   
Basic:   
Continuing operations$(0.09) $0.29 
Discontinued operations  0.04 
 $(0.09) $0.33 
Weighted average limited partner units - basic38,682  38,621 
Diluted:   
Continuing operations$(0.09) $0.29 
Discontinued operations  0.03 
 $(0.09) $0.32 
Weighted average limited partner units - diluted38,682  38,630 

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.


MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL
(Dollars in thousands)

   Partners’ Capital  
 Parent Net
Investment1
 Common Limited General
Partner
Amount
  
  Units Amount  Total
Balances - January 1, 2018$24,240  38,444,612  $290,927  $7,314  $322,481 
Net income2,218    12,562  256  15,036 
Issuance of common units, net    (101)   (101)
Issuance of restricted units  633,425       
Forfeiture of restricted units  (7,000)      
Cash distributions    (19,213) (392) (19,605)
Deemed distribution to Martin Resource Management
  Corporation
(2,342)       (2,342)
Unit-based compensation    132    132 
Purchase of treasury units  (18,800) (273)   (273)
Excess purchase price over carrying value of acquired
  assets
    (26)   (26)
Balances - March 31, 2018$24,116  39,052,237  $284,008  $7,178  $315,302 
          
Balances - January 1, 2019$23,720  39,032,237  $258,085  $6,627  $288,432 
Net loss    (3,583) (73) (3,656)
Issuance of restricted units  16,944       
Forfeiture of restricted units  (118,087)      
Cash distributions    (19,221) (392) (19,613)
Unit-based compensation    352    352 
Excess purchase price over carrying value of acquired assets    (102,393)   (102,393)
Deferred taxes on acquired assets and liabilities    24,781    24,781 
Contribution to parent(23,720)       (23,720)
Purchase of treasury units  (31,504) (392)   (392)
Balances - March 31, 2019$  38,899,590  $157,629  $6,162  $163,791 

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.


MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)

 Three Months Ended
 March 31,
 2019 20181
Cash flows from operating activities:   
Net income (loss)$(3,656) $15,036 
Less:  Income from discontinued operations, net of income taxes  (1,532)
Net income (loss) from continuing operations(3,656) 13,504 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:   
Depreciation and amortization18,982  19,990 
Amortization of deferred debt issuance costs895  819 
Amortization of premium on notes payable(77) (77)
Deferred taxes369   
Loss on sale of property, plant and equipment720  (8)
Derivative loss239  (2,470)
Net cash received (paid) for commodity derivatives(385) 2,316 
Unit-based compensation352  132 
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:   
   Accounts and other receivables13,335  22,120 
   Product exchange receivables(15) (46)
   Inventories15,665  23,306 
   Due from affiliates(7,384) (1,844)
   Other current assets(250) (931)
   Trade and other accounts payable10,933  (2,711)
   Product exchange payables997  (1,551)
   Due to affiliates1,162  (2,181)
   Income taxes payable544  149 
   Other accrued liabilities(11,038) (13,234)
Change in other non-current assets and liabilities(785) 609 
      Net cash provided by continuing operating activities40,603  57,892 
      Net cash provided by discontinued operating activities  1,437 
      Net cash provided by operating activities40,603  59,329 
    
Cash flows from investing activities:   
Payments for property, plant and equipment(6,973) (16,557)
Acquisitions(23,720)  
Payments for plant turnaround costs(3,827)  
Proceeds from sale of property, plant and equipment574  (32)
   Net cash used in continuing investing activities(33,946) (16,589)
   Net cash used in discontinuing investing activities  (1,739)
   Net cash used in investing activities(33,946) (18,328)
    
Cash flows from financing activities:   
Payments of long-term debt and finance lease obligations(89,255) (101,261)
Proceeds from long-term debt205,000  84,000 
Proceeds from issuance of common units, net of issuance related costs  (101)
Purchase of treasury units(392) (273)
Deemed distribution to Martin Resource Management Corporation  (2,342)
Payment of debt issuance costs(77) (1,236)
Excess purchase price over carrying value of acquired assets(102,393) (26)
Cash distributions paid(19,613) (19,605)
   Net cash used in financing activities(6,730) (40,844)
    
   Net increase (decrease) in cash(73) 157 
Cash at beginning of period300  89 
Cash at end of period$227  $246 
Non-cash additions to property, plant and equipment$2,001  $1,905 

These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on April 26, 2019.

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.


MARTIN MIDSTREAM PARTNERS L.P.
SEGMENT OPERATING INCOME
(Dollars and volumes in thousands, except BBL per day)


Terminalling and Storage Segment

Comparative Results of Operations for the Three Months Ended March 31, 2019 and 2018

 Three Months Ended
March 31,
 Variance Percent
Change
 2019 2018  
      
 (In thousands, except BBL per day)  
Revenues:       
Services$24,800  $25,503  $(703) (3)%
Products31,092  36,480  (5,388) (15)%
Total revenues55,892  61,983  (6,091) (10)%
        
Cost of products sold28,277  33,502  (5,225) (16)%
Operating expenses13,353  13,447  (94) (1)%
Selling, general and administrative expenses1,349  1,256  93  7 %
Depreciation and amortization7,837  10,159  (2,322) (23)%
 5,076  3,619  1,457  40 %
Other operating income10    10   
Operating income$5,086  $3,619  $1,467  41 %
        
Shore-based throughput volumes (guaranteed minimum) (gallons)20,000  20,000     %
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day)6,500  6,500     %


Natural Gas Services Segment

Comparative Results of Operations for the Three Months Ended March 31, 2019 and 2018

 Three Months Ended
March 31,
 Variance Percent
Change
 2019 2018  
      
 (In thousands)  
Revenues:       
Services$10,934  $15,356  $(4,422) (29)%
Products116,474  159,163  (42,689) (27)%
Total revenues127,408  174,519  (47,111) (27)%
        
Cost of products sold111,309  143,748  (32,439) (23)%
Operating expenses6,513  5,780  733  13%
Selling, general and administrative expenses2,044  3,007  (963) (32)%
Depreciation and amortization4,707  5,301  (594) (11)%
 2,835  16,683  (13,848) (83)%
Other operating income6    6   
Operating income$2,841  $16,683  $(13,842) (83)%
        
NGL sales volumes (Bbls)2,907  3,441  (534) (16)%



MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME
(Dollars and volumes in thousands, except BBL per day)

Sulfur Services Segment

Comparative Results of Operations for the Three Months Ended March 31, 2019 and 2018

 Three Months Ended
March 31,
 Variance Percent
Change
 2019 2018  
      
 (In thousands)  
Revenues:       
Services$2,859  $2,787  $72  3 %
Products28,734  34,900  (6,166) (18)%
Total revenues31,593  37,687  (6,094) (16)%
        
Cost of products sold21,566  23,987  (2,421) (10)%
Operating expenses2,163  2,912  (749) (26)%
Selling, general and administrative expenses1,178  1,035  143  14 %
Depreciation and amortization2,868  2,064  804  39 %
 3,818  7,689  (3,871) (50)%
Other operating loss  (2) 2  100 %
Operating income$3,818  $7,687  $(3,869) (50)%
        
Sulfur (long tons)109  176  (67) (38)%
Fertilizer (long tons)67  88  (21) (24)%
Total sulfur services volumes (long tons)176  264  (88) (33)%


Transportation Segment

Comparative Results of Operations for the Three Months Ended March 31, 2019 and 2018

 Three Months Ended
March 31,
 Variance Percent
Change
 2019 2018  
      
 (In thousands)  
Revenues$45,186  $41,937  $3,249  8 %
Operating expenses35,265  35,440  (175)  %
Selling, general and administrative expenses2,085  1,416  669  47 %
Depreciation and amortization3,570  2,466  1,104  45 %
 $4,266  $2,615  $1,651  63 %
Other operating income (loss)(736) 10  (746) (7,460)%
Operating income$3,530  $2,625  $905  34 %


Non-GAAP Financial Measures

The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three months ended March 31, 2019 and 2018, which represents EBITDA, Adjusted EBITDA and Distributable Cash Flow.

Reconciliation of EBITDA, Adjusted EBITDA, and Distributable Cash Flow

  Three Months Ended
  March 31,
  2019 20181
     
  (in thousands)
Net income (loss) $(3,656) $15,036 
Less:  Income from discontinued operations, net of income taxes   (1,532)
Income (loss) from continuing operations (3,656) 13,504 
Adjustments:    
   Interest expense, net 13,671  12,730 
   Income tax expense 696  149 
   Depreciation and amortization 18,982  19,990 
EBITDA 29,693  46,373 
Adjustments:    
   (Gain) loss on sale of property, plant and equipment 720  (8)
   Unrealized mark-to-market on commodity derivatives (147) (154)
   Transaction costs associated with acquisitions 184   
   Unit-based compensation 352  132 
Adjusted EBITDA 30,802  46,343 
Adjustments:    
   Interest expense, net (13,671) (12,730)
   Income tax expense (696) (149)
   Amortization of debt premium (77) (77)
   Amortization of deferred debt issuance costs 895  819 
   Deferred income taxes 369   
   Payments for plant turnaround costs (3,827)  
   Maintenance capital expenditures (4,195) (6,002)
Distributable Cash Flow $9,600  $28,204 
     
Income from discontinued operations $  $1,532 
Adjustments:    
   Equity in earnings   (1,595)
   Distributions from unconsolidated entities   1,500 
Adjusted EBITDA and Distributable Cash Flow from Discontinued Operations $  $1,437 

1 Financial information for 2018 has been revised to include results attributable to MTI acquired from Martin Resource Management Corporation. See Note 1 – Nature of Operations and Basis of Presentation.

Martin Midstream Partners L.P. logo

Source: Martin Midstream Partners L.P.


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