Kilgore, Texas-Fertilizer revenues at Martin Midstream Partners LP (MMLP) were up slightly during the second quarter ending June 30, 2007, to $13.4 million from the year-ago $12.1 million. Six-month revenues were $27.6 million, up from $24.1 million. Sulfur revenues were down slightly for the second quarter, at $16.9 million from $17.6 million, as they were for the first half, at $32.1 million from $33.0 million. MMLP-wide, net income was up, at $5.9 million ($.41 per limited partner units) on sales of $162.3 million, versus the year-ago $5.2 million ($.40 per unit) and $133 million, respectively. Six-month net income was $11.7 million ($.82 per unit) on sales of $318.1 million, up from the year-ago $9.5 million ($.72 per unit) and $279.9 million. “We continue to be pleased with the strength of our diversified business model,” said Ruben Martin, president and CEO of Martin Midstream GP LLC, MMLP’s general partner. “As in the previous two quarters, we benefited from strong performances in the majority of our business lines, particularly Natural Gas Services, Marine Transportation and Fertilizer segments. As a result, we have increased our distributions by approximately 8 percent year-to-date while growing our distribution coverage ratios.” He said the company is just beginning to realize the benefits from some $70 million in recent investments, including a sulfuric acid plant.
Transparency Across the Fertilizer Value-Chain