TransMontaigne Partners L.P. (TLP, Financial) filed Quarterly Report for the period ended 2011-09-30.
Transmontaigne Partners has a market cap of $493 million; its shares were traded at around $34.1 with a P/E ratio of 11.9 and P/S ratio of 3.3. The dividend yield of Transmontaigne Partners stocks is 7.3%. Transmontaigne Partners had an annual average earning growth of 0.1% over the past 5 years.
Operations and Reimbursement AgreementFrontera Brownsville LLC. Effective as of April 1, 2011, we entered into the Frontera Brownsville LLC joint venture in which we have a 50% ownership interest (see Note 3 of Notes to consolidated financial statements). In conjunction with us entering into the joint venture, we agreed to operate the joint venture, in accordance with an operations and reimbursement agreement executed between us and Frontera Brownsville LLC, for a management fee that is based on our costs incurred. Our agreement with Frontera Brownsville LLC stipulates that we may resign as the operator at any time with the prior written consent of Frontera Brownsville LLC, or that we may be removed as the operator for good cause, which includes material noncompliance with laws and material failure to adhere to good industry practice regarding health, safety or environmental matters. For the three and nine months ended September 30, 2011, we recognized approximately $0.6 million and $1.2 million, respectively, of revenue related to this operations and reimbursement agreement.
Deferred revenueethanol blending fees and other projects. Pursuant to agreements with Morgan Stanley Capital Group and others, we agreed to undertake certain capital projects that primarily pertain to providing ethanol blending functionality at certain of our Southeast terminals. Upon completion of the projects, Morgan Stanley Capital Group and others have agreed to pay us lump-sum amounts that will be recognized as revenue on a straight-line basis over the remaining term of the agreements. At September 30, 2011 and December 31, 2010, we have unamortized deferred revenue of approximately $14.4 million and $16.2 million, respectively, for completed projects. During the three and nine months ended September 30, 2011, we billed Morgan Stanley Capital Group and others approximately and $1.6 million, respectively, for completed projects. During the three months ended September 30, 2011 and 2010, we recognized revenue on a straight-line basis of approximately $1.1 million and $1.0 million, respectively, for completed projects. During the nine months ended September 30, 2011 and 2010, we recognized revenue on a straight-line basis of approximately $3.4 million and $2.8 million, respectively, for completed projects.
Included in other revenue for the three months ended September 30, 2011 and 2010 are amounts charged to Morgan Stanley Capital Group of approximately $3.9 million and $3.1 million, respectively, and TransMontaigne Inc. of approximately and $0.1 million, respectively.
Included in other revenue for the nine months ended September 30, 2011 and 2010 are amounts charged to Morgan Stanley Capital Group of approximately $13.5 million and $9.5 million, respectively, and TransMontaigne Inc. of approximately and $0.4 million, respectively.
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Transmontaigne Partners has a market cap of $493 million; its shares were traded at around $34.1 with a P/E ratio of 11.9 and P/S ratio of 3.3. The dividend yield of Transmontaigne Partners stocks is 7.3%. Transmontaigne Partners had an annual average earning growth of 0.1% over the past 5 years.
Highlight of Business Operations:
Pursuant to terminaling services agreements with certain of our throughput customers, we are entitled to the volume of product gained resulting from differences in the measurement of product volumes received and distributed at our terminaling facilities. Consistent with recognized industry practices, measurement differentials occur as the result of the inherent variances in measurement devices and methodology. We recognize as revenue the net proceeds from the sale of the product gained. For the three months ended September 30, 2011 and 2010, we recognized revenue of approximately $3.8 million and $2.9 million, respectively, for net product gained. Within these amounts, approximately $3.4 million and $2.8 million, respectively, were pursuant to terminaling services agreements with affiliate customers. For the nine months ended September 30, 2011 and 2010, we recognized revenue of approximately $13.2 million and $8.6 million, respectively, for net product gained. Within these amounts, approximately $11.9 million and $8.1 million, respectively, were pursuant to terminaling services agreements with affiliate customers.Operations and Reimbursement AgreementFrontera Brownsville LLC. Effective as of April 1, 2011, we entered into the Frontera Brownsville LLC joint venture in which we have a 50% ownership interest (see Note 3 of Notes to consolidated financial statements). In conjunction with us entering into the joint venture, we agreed to operate the joint venture, in accordance with an operations and reimbursement agreement executed between us and Frontera Brownsville LLC, for a management fee that is based on our costs incurred. Our agreement with Frontera Brownsville LLC stipulates that we may resign as the operator at any time with the prior written consent of Frontera Brownsville LLC, or that we may be removed as the operator for good cause, which includes material noncompliance with laws and material failure to adhere to good industry practice regarding health, safety or environmental matters. For the three and nine months ended September 30, 2011, we recognized approximately $0.6 million and $1.2 million, respectively, of revenue related to this operations and reimbursement agreement.
Deferred revenueethanol blending fees and other projects. Pursuant to agreements with Morgan Stanley Capital Group and others, we agreed to undertake certain capital projects that primarily pertain to providing ethanol blending functionality at certain of our Southeast terminals. Upon completion of the projects, Morgan Stanley Capital Group and others have agreed to pay us lump-sum amounts that will be recognized as revenue on a straight-line basis over the remaining term of the agreements. At September 30, 2011 and December 31, 2010, we have unamortized deferred revenue of approximately $14.4 million and $16.2 million, respectively, for completed projects. During the three and nine months ended September 30, 2011, we billed Morgan Stanley Capital Group and others approximately and $1.6 million, respectively, for completed projects. During the three months ended September 30, 2011 and 2010, we recognized revenue on a straight-line basis of approximately $1.1 million and $1.0 million, respectively, for completed projects. During the nine months ended September 30, 2011 and 2010, we recognized revenue on a straight-line basis of approximately $3.4 million and $2.8 million, respectively, for completed projects.
Included in other revenue for the three months ended September 30, 2011 and 2010 are amounts charged to Morgan Stanley Capital Group of approximately $3.9 million and $3.1 million, respectively, and TransMontaigne Inc. of approximately and $0.1 million, respectively.
Included in other revenue for the nine months ended September 30, 2011 and 2010 are amounts charged to Morgan Stanley Capital Group of approximately $13.5 million and $9.5 million, respectively, and TransMontaigne Inc. of approximately and $0.4 million, respectively.
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