2024 Q2 Form 10-Q Financial Statement

#000117633424000068 Filed on April 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $184.5M $180.8M
YoY Change -5.68% -26.05%
Cost Of Revenue $76.81M $77.65M
YoY Change -21.02% -44.47%
Gross Profit $107.7M $103.2M
YoY Change 9.49% -1.46%
Gross Profit Margin 58.38% 57.06%
Selling, General & Admin $10.70M $8.913M
YoY Change 26.68% -20.22%
% of Gross Profit 9.93% 8.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.69M $12.65M
YoY Change 1.12% -1.95%
% of Gross Profit 11.78% 12.26%
Operating Expenses $88.75M $85.50M
YoY Change 950.62% -1.96%
Operating Profit $18.97M $17.69M
YoY Change 9.49% 1.04%
Interest Expense -$14.38M -$13.84M
YoY Change -3.65% -11.59%
% of Operating Profit -75.77% -78.26%
Other Income/Expense, Net $2.000K $16.00K
YoY Change -100.01% -27.27%
Pretax Income $5.552M $4.069M
YoY Change 167.31% -225.16%
Income Tax $1.772M $796.0K
% Of Pretax Income 31.92% 19.56%
Net Earnings $3.688M $3.196M
YoY Change 241.17% -164.33%
Net Earnings / Revenue 2.0% 1.77%
Basic Earnings Per Share
Diluted Earnings Per Share $0.09 $0.08
COMMON SHARES
Basic Shares Outstanding 39.00M shares 39.00M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.00K $54.00K
YoY Change -3.51% -5.26%
Cash & Equivalents $55.00K $54.00K
Short-Term Investments
Other Short-Term Assets $10.28M $10.47M
YoY Change 48.48% 28.37%
Inventory $41.60M $41.41M
Prepaid Expenses
Receivables $50.91M $58.02M
Other Receivables $22.15M $6.035M
Total Short-Term Assets $125.0M $116.0M
YoY Change 6.63% -28.35%
LONG-TERM ASSETS
Property, Plant & Equipment $372.1M $364.8M
YoY Change 4.97% 4.58%
Goodwill $16.67M $16.67M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $7.938M
YoY Change
Other Assets $13.35M $14.61M
YoY Change 603.16% -5.67%
Total Long-Term Assets $410.1M $396.1M
YoY Change 6.35% 3.96%
TOTAL ASSETS
Total Short-Term Assets $125.0M $116.0M
Total Long-Term Assets $410.1M $396.1M
Total Assets $535.1M $512.1M
YoY Change 6.42% -5.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.87M $59.00M
YoY Change 7.03% -10.68%
Accrued Expenses $42.18M $26.06M
YoY Change 25.15% 17.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.00K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $98.71M $93.02M
YoY Change 11.18% -2.76%
LONG-TERM LIABILITIES
Long-Term Debt $439.5M $430.0M
YoY Change 0.68% -9.51%
Other Long-Term Liabilities $54.78M $50.53M
YoY Change 632.1% 37.86%
Total Long-Term Liabilities $494.2M $480.6M
YoY Change 11.32% -6.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.71M $93.02M
Total Long-Term Liabilities $494.2M $480.6M
Total Liabilities $592.9M $573.6M
YoY Change 4.65% -5.59%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$57.87M -$61.50M
YoY Change
Total Liabilities & Shareholders Equity $535.1M $512.1M
YoY Change 6.42% -5.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $3.688M $3.196M
YoY Change 241.17% -164.33%
Depreciation, Depletion And Amortization $12.69M $12.65M
YoY Change 1.12% -1.95%
Cash From Operating Activities $11.83M $10.11M
YoY Change -76.11% -79.48%
INVESTING ACTIVITIES
Capital Expenditures $12.52M $11.67M
YoY Change 31.87% 55.04%
Acquisitions
YoY Change
Other Investing Activities -$7.180M -$5.725M
YoY Change -2454.1% -273.01%
Cash From Investing Activities -$19.70M -$17.40M
YoY Change 114.36% 312.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $57.50M
YoY Change -87.57%
Cash From Financing Activities 7.877M 7.286M
YoY Change -119.54% -116.18%
NET CHANGE
Cash From Operating Activities 11.83M 10.11M
Cash From Investing Activities -19.70M -17.40M
Cash From Financing Activities 7.877M 7.286M
Net Change In Cash 1.000K 0.000
YoY Change -13421772800249.99% -100.0%
FREE CASH FLOW
Cash From Operating Activities $11.83M $10.11M
Capital Expenditures $12.52M $11.67M
Free Cash Flow -$696.0K -$1.561M
YoY Change -101.74% -103.74%

Facts In Submission

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LongTermDebtNoncurrent
421173000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
24653000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
52649000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
71453000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
69084000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
48447000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
49662000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
157964000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
449259000 usd
CY2024Q1 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
1362000 usd
CY2023Q4 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
3679000 usd
CY2024Q1 us-gaap Energy Related Inventory Chemicals
EnergyRelatedInventoryChemicals
22786000 usd
CY2023Q4 us-gaap Energy Related Inventory Chemicals
EnergyRelatedInventoryChemicals
20057000 usd
CY2024Q1 mmlp Sulfur
Sulfur
680000 usd
CY2023Q4 mmlp Sulfur
Sulfur
817000 usd
CY2024Q1 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
11055000 usd
CY2023Q4 us-gaap Inventory Crude Oil Products And Merchandise
InventoryCrudeOilProductsAndMerchandise
13411000 usd
CY2024Q1 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
5527000 usd
CY2023Q4 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
5858000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
41410000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
43822000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
430024000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
421173000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
430024000 usd
CY2024Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
142000 usd
CY2023Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
4000 usd
CY2024Q1 mmlp Lessee Lease Termination Period
LesseeLeaseTerminationPeriod
P1Y
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4939000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3187000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1166000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1708000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
47000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
55000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
6152000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
4954000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
58267000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60359000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14824000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14901000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
43606000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
45684000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
58430000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
60585000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5182000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
19881000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
18573000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
15235000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
10472000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
3929000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
5136000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
73226000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14796000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
58430000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Remaining Fiscal Year
NonCancelableRevenueArrangementsFutureMinimumRevenuesRemainingFiscalYear
17036000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Year One
NonCancelableRevenueArrangementsFutureMinimumRevenuesYearOne
16357000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Year Two
NonCancelableRevenueArrangementsFutureMinimumRevenuesYearTwo
11741000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Year Three
NonCancelableRevenueArrangementsFutureMinimumRevenuesYearThree
11552000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Year Four
NonCancelableRevenueArrangementsFutureMinimumRevenuesYearFour
11364000 usd
CY2024Q1 mmlp Non Cancelable Revenue Arrangements Future Minimum Revenues Thereafter
NonCancelableRevenueArrangementsFutureMinimumRevenuesThereafter
18256000 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
5926000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
17956000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
25000 usd
CY2023Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
25000 usd
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
2178000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4348000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3029000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4136000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14824000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14901000 usd
CY2024Q1 mmlp Miscellaneous Accrued Liabilities Current
MiscellaneousAccruedLiabilitiesCurrent
75000 usd
CY2023Q4 mmlp Miscellaneous Accrued Liabilities Current
MiscellaneousAccruedLiabilitiesCurrent
133000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26057000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41499000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
0 usd
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
33000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
0 usd
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5215000 usd
CY2024Q1 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
25000 usd
CY2024Q1 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
5190000 usd
CY2024Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
39001086 shares
CY2024Q1 mmlp Limited Partners Capital Account Distribution Period
LimitedPartnersCapitalAccountDistributionPeriod
P45D
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
3273000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5086000 usd
CY2024Q1 mmlp General Partners Capital Account Period Distribution Net Amount
GeneralPartnersCapitalAccountPeriodDistributionNetAmount
4000 usd
CY2023Q1 mmlp General Partners Capital Account Period Distribution Net Amount
GeneralPartnersCapitalAccountPeriodDistributionNetAmount
4000 usd
CY2024Q1 mmlp Distributions Payable To The General Partner Interest In Excess Of Earnings Allocable To The General Partner Interest
DistributionsPayableToTheGeneralPartnerInterestInExcessOfEarningsAllocableToTheGeneralPartnerInterest
61000 usd
CY2023Q1 mmlp Distributions Payable To The General Partner Interest In Excess Of Earnings Allocable To The General Partner Interest
DistributionsPayableToTheGeneralPartnerInterestInExcessOfEarningsAllocableToTheGeneralPartnerInterest
-106000 usd
CY2024Q1 mmlp Income Loss Allocable To Unvested Restricted Unit Income
IncomeLossAllocableToUnvestedRestrictedUnitIncome
12000 usd
CY2023Q1 mmlp Income Loss Allocable To Unvested Restricted Unit Income
IncomeLossAllocableToUnvestedRestrictedUnitIncome
-16000 usd
CY2024Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
3196000 usd
CY2023Q1 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
-4968000 usd
CY2024Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
38828737 shares
CY2023Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
38769794 shares
CY2024Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
7428 shares
CY2023Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
CY2024Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
38836165 shares
CY2023Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
38769794 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-120000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
451000 usd
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3000000 shares
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
180830000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12649000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
17895000 usd
CY2024Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
17393000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
244529000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12901000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
17505000 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
7620000 usd
CY2024Q1 us-gaap Assets
Assets
512077000 usd
CY2023Q4 us-gaap Assets
Assets
509375000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
796000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1835000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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