Business
Martin Midstream Partners Reports Second Quarter 2020 Financial Results and Declares Quarterly Cash Distribution
Reported net loss of $2.2 million and net income of $6.6 million for the three and six months ended June 30, 2020, respectivelyReported adjusted EBITDA of
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"Reported net loss of $2.2 million and net income of $6.6 million for the three and six months ended June 30, 2020, respectivelyReported adjusted EBITDA of $23.9 million and $54.9 million for the three and six months ended June 30, 2020, respectivelyGenerated distributable cash flow of $12.5 million and $30.8 million for the three and six months ended June 30, 2020, resulting in a quarterly distribution coverage ratio of 5.10 times and 6.26 times, respectivelyAs previously disclosed, exchange offer and cash tender offer early participation of $335.5 million aggregate principal amount, or 92.045% of all outstanding senior unsecured notesAdjusts quarterly cash distribution to $0.005 or $0.020 per unit annually as required by the credit facility amendment dated July 8, 2020 KILGORE, Texas, July 27, 2020 (GLOBE NEWSWIRE) -- Martin Midstream Partners L.P. (Nasdaq:MMLP) (the \"Partnership\") today announced its financial results for the second quarter of 2020.\n \"We are pleased with our second quarter results as we continue to navigate through the crisis brought on by the COVID-19 pandemic,\" commented Ruben Martin, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership. \"Entering into the quarter we were beginning to see the negative impacts of reduced refinery utilization on our businesses. However, as expected, the performance of our fertilizer division offset a portion of the impact as sales were strong through the corn planting season. Overall we remain confident in our diversified business model during these challenging times and fully expect to meet our guidance, although the uncertainty around containment of the virus and the length of the disruption to our economy and society continues to blur our line of sight for the near future. I want to commend our team for their commitment to safe and reliable operations that protect the health of our workforce and business partners while continuing to deliver positive results. \"Finally, I would like to thank our lenders and noteholders for the support they have given the Partnership through the amendment of our revolving credit facility and the refinancing of our senior notes by the exchange offer that was launched July 9th. As previously announced, the early participation results were 92.045%, slightly below the 95.0% requirement und...