World Point Terminals, LP

CIK:0001574963|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Third parties	$ 16,037	$ 13,980
Affiliates	9,136	10,585
Revenues, Total	25,173	24,565
OPERATING COSTS, EXPENSES AND OTHER
Operating expenses	7,459	6,634
Operating expenses reimbursed to affiliates	1,039	971
Selling, general and administrative expenses	1,022	1,041
Selling, general and administrative expenses reimbursed to affiliates	486	612
Depreciation and amortization	6,026	5,909
Income from joint venture	(191)	(220)
Total operating costs, expenses and other	15,841	14,947
INCOME FROM OPERATIONS	9,332	9,618
OTHER INCOME/(EXPENSE)
Interest expense	(207)	(207)
Interest and dividend income	72	56
Gain on investments and other-net	191	4
Income before income taxes	9,388	9,471
Provision for income taxes	35	49
NET INCOME	$ 9,353	$ 9,422
BASIC AND DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO UNITHOLDERS
Common	$ 0.27	$ 0.27
Subordinated	$ 0	$ 0.27
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING
Common	34,861,014	18,375,507
Subordinated (1)	0	16,485,507

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows provided by operating activities
Net income	$ 9,353	$ 9,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,026	5,909
Amortization of deferred financing costs	46	46
Loss (gain) on marketable securities	(156)	(3)
Equity based compensation	482	634
Income from joint venture	(191)	(220)
Distribution from joint venture	480	0
Changes in operating assets and liabilities (net of effects of acquisitions):
Accounts receivable	(479)	(725)
Prepaid insurance	524	(582)
Other current assets and other assets	118	(384)
Accounts payable	(41)	(766)
Accrued liabilities	281	(35)
Deferred revenue	(664)	(115)
Income taxes payable/receivable	6	45
Due to affiliated companies	236	(1,525)
Other noncurrent liabilities	9	(124)
Net cash provided by operating activities	16,030	11,577
Cash flows from investing activities
Capital expenditures	(5,217)	(5,352)
Net cash used in investing activities	(5,217)	(5,352)
Cash flows from financing activities
Distributions to unitholders	(10,458)	(10,458)
Net cash used in financing activities	(10,458)	(10,458)
Net change in cash and cash equivalents	355	(4,233)
Cash and cash equivalents at beginning of year	8,575	12,186
Cash and cash equivalents at end of year	8,930	7,953
Cash paid for interest	152	152
Cash paid for income taxes	35	0
Noncash operating transactions - deferred revenue included in due to/due from affiliated companies	0	4,029
Noncash investing transactions - property and equipment additions included in accounts payable	$ 1,634	$ 839

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 8,930	$ 8,575
Accounts receivable, net of allowances of $54 and $84, respectively	4,894	4,415
Accounts receivable - affiliates	433	1,492
Short-term investments	5,174	5,018
Prepaid insurance	79	135
Prepaid insurance - affiliates	733	1,201
Other current assets	694	812
Total current assets	20,937	21,648
Property, plant and equipment, net	170,174	170,553
Goodwill	559	559
Acquired customer contracts, net	3,135	3,420
Investment in joint venture	8,271	8,560
Other assets	299	345
Total Assets	203,375	205,085
Current Liabilities
Accounts payable	3,455	3,351
Accrued liabilities	857	577
Due to affiliate companies	1,142	1,965
Deferred revenue - short-term	43	296
Deferred revenue - short-term - affiliates	1,608	1,608
Income taxes payable	76	70
Total current liabilities	7,181	7,867
Asset retirement obligations	705	696
Deferred revenue - long-term	202	211
Deferred revenue - long-term - affiliates	3,486	3,888
Other noncurrent liabilities	409	409
Total liabilities	11,983	13,071
Commitments and contingencies (Notes 9 and 17)
Partners' Equity
Common units (34,861,014 units issued and outstanding at March 31, 2017 and December 31, 2016)	191,392	192,014
General partner interest (0% interest)	0	0
Total partners' equity	191,392	192,014
Total Liabilities and Partners' Equity	$ 203,375	$ 205,085