Kilgore, Texas-Martin Midstream LP reported a $500,000 drop in net income for the third quarter ending Sept. 30, 2006, to $4.3 million ($.32 per unit) on sales of $147.5 million, versus the year-ago $4.8 million ($.56 per unit) on sales of $112.8 million. Nine-month net income was up, at $13.9 million ($1.05 per unit) on sales of $427.4 million, compared to the year-ago $11.3 million ($1.31 per unit) and $293.8 million, respectively. “While our terminalling and natural gas services segments performed well in the third quarter, our sulfur and fertilizer results were disappointing due to reduced volumes and increasing freight costs, respectively,” said Ruben Martin, Martin Midstream GP LLC president and CEO. “In addition, we experienced a slight decline in the performance of our marine segment due to unanticipated repairs and maintenance expenses.” Excluding 2005, he said the company traditionally experiences a seasonal decline in the third quarter. He expects the company to see improvement in the fourth quarter and in 2007 as it benefits from its 2006 growth plan. Sulfur revenues were down in the third quarter, to $13.7 million from the year-ago $16.8 million. YTD they are up, at $46.7 million from $17.7 million, due in part to the acquisition of CF assets. Third-quarter fertilizer revenues were up, at $9.2 million versus the year-ago $7.6 million. YTD is up as well, at $33.3 million versus $26 million.
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