Friday, K-Sea Transportation Partners L.P. (KSP), reported a decline in third quarter profit hurt by decrease in quarterly revenues. The company also maintained its quarterly distribution.
The East Brunswick, New Jersey-based company reported third-quarter net income attributable of limited partners of $3.86 million or $0.24 per limited partner unit, down from $4.26 million or $0.31 per limited partner unit in the same quarter last year.
Net income for the quarter declined to $3.91 million from $4.33 million in the year ago quarter.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.38 per limited partner unit for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined to $78.44 million from $80.75 million in the comparable quarter last year. Analysts expected the company to report revenue of $83.68 million for the quarter.
Voyage expenses declined to $13.39 million from $20.50 million in the year ago quarter. Net gain on disposal of vessels was $53 thousand, compared to a net loss on disposal of vessels of $3 thousand in the previous year quarter.
Total operating expenses decreased to $69.51 million from $71.42 million in the same quarter a year ago.
Operating income was $8.93 million, down 4% from $9.33 million in the prior year quarter. The decrease in operating income resulted from a $1.2 million increase in depreciation and amortization, attributed to significant investment in additional tank barges and tugboats, and higher than normal drydocking expenditures over the past year.
For the nine-month period, K-Sea Transportation reported net income attributable to limited partners of $11.22 million or $0.72 per limited partner unit, compared to $19.0 million or $1.50 per limited partner unit in the year ago period. Net income was $11.37 million, down from $19.31 million in the prior year period.
Total revenue increased to $258.19 million from $236.19 million in the same period last year.
The company also maintained its quarterly distribution of $0.77 per unit or $3.08 per unit annualized, payable on May 15, 2009 to unitholders of record on May 8, 2009.
KSP is currently trading at $20.44, up $0.71 or 3.60%, on a volume of 89,860 shares on the NYSE.
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