K-Sea Transportation Partners L.P. (KSP) reported first quarter net loss of $5.24 million or $0.29 per limited partner unit, compared to $3.85 million or $0.19 per limited partner unit in the year-ago quarter.
Total revenues amounted to $70.6 million, lower than last year's $91.49 million. The Street had expected revenues of $80.63 million.
The company also announced that its distribution to unitholders for the first fiscal quarter will be $0.45 per unit, or $1.80 per unit annualized, compared to the previous distribution of $0.77 per unit. This distribution will be payable on November 16, 2009 to unitholders of record on November 9, 2009.
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