World Point Terminals, a Delaware limited partnership, has announced its financial results for the quarter ended 30 September 2014.
A summary of the financial results for the three months ended 30 September 2014 compared to the three months ended 30 September 2013, includes:
Revenues for 2014 increased $1.6 million (€1.2 million), or 8%, compared to the three months ended 30 September 2013.
Base storage services fees increased $1.7 million or 10% primarily as a result of the addition of tanks at the Baton Rouge terminal that were unutilized for a portion of 2013, increased base storage rates at the Chesapeake terminal and the addition of the Chickasaw terminal.
Excess storage services fees decreased $0.2 million primarily as a result of decreased throughput at the Jacksonville and Newark terminals.
Ancillary and additive services increased $0.1 million.
Operating expenses for the three months increased $1.1 million or 18% in comparison to the same period last year. This increase was primarily attributable to a (i) $0.4 million increase in labour costs due to the acquisition of the Chickasaw and Blakeley terminals and normal wage increases, (ii) $0.2 million increase in utilities, (iii) $0.5 million increase in property taxes, and (iv) $0.2 million increase in insurance and other expenses offset by a $0.2 million decrease in repairs and maintenance.
Selling, general and administrative expenses decreased $1.6 million, or 51%, compared to the three months ended 30 September 2013 as a result of a decrease in costs associated with the offering offset by costs incurred in connection with operating as a public company, including unit based compensation expense of $0.6 million for the three months.
Depreciation and amortisation expense increased $0.8 million, or 17%, compared to the three months ended 30 September 2013. This increase is primarily due to (i) 2014 capital expenditures and (ii) the acquisition of two terminals in Mobile, Alabama, in the second quarter of 2014.
Net income increased $1.7 million, or 26%, compared to the same period last year. Net income attributable to unitholders was $8.3 million or $0.25 per unit for the three months ended 30 September 2013.
Adjusted EBITDA, as defined by the partnership, increased $0.2 million in comparison to the same three months ended 30 September 2013.