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March 31, 2015 8:50 PM ET

Commercial Services and Supplies

Company Overview of International-Matex Tank Terminals, Inc.

Company Overview

International-Matex Tank Terminals, Inc. owns and operates bulk liquid storage terminal facilities in North America. It stores and handles petroleum products, vegetable and tropical oils, renewable fuels, and various chemicals. The company also provides tank leasing/customer support services; and support services, including design and construction, inventory, infrastructure, petroleum reserve, and drum filling services. It serves petroleum, chemical, consumer products, utilities, and commodity industries. The company was founded in 1939 and is headquartered in New Orleans, Louisiana. It has terminal locations in Bayonne, New Jersey; St. Rose, Avondale, Gretna, and Geismar, Louisiana; Chesape...

321 Saint Charles Avenue

New Orleans, LA 70130

United States

Founded in 1939

Phone:

504-586-8300

Fax:

504-525-9573

Key Executives for International-Matex Tank Terminals, Inc.

Chief Executive Officer and Director
Age: 43
Chief Financial Officer and Director
Chief Banking Officer
Head of Government Relations
Vice President of Business Development
Compensation as of Fiscal Year 2014.

International-Matex Tank Terminals, Inc. Key Developments

International-Matex Tank Terminals Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

International-Matex Tank Terminals (IMTT) announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $144,951,000 against $130,149,000 a year ago. Operating income was $43,821,000 against $39,412,000 a year ago. Net income was $20,924,000 against $19,982,000 a year ago. EBITDA excluding non-cash items were $74,915,000 against $62,718,000 a year ago. Maintenance capital expenditures were $6,781,000 against $22,715,000 a year ago. Free cash flow was $57,210,000 against $24,754,000 a year ago. Net cash provided by operating activities was $66,300,000 against $43,944,000 a year ago. For the year, the company reported revenues of $567,467,000 against $513,902,000 a year ago. Operating income was $181,280,000 against $171,694,000 a year ago. Net income was $92,146,000 against $87,855,000 a year ago. EBITDA excluding non-cash items were $285,175,000 against $268,489,000 a year ago. Maintenance capital expenditures were $44,176,000 against $83,228,000 a year ago. Free cash flow was $146,225,000 against $120,822,000 a year ago. Net cash provided by operating activities was $189,988,000 against $200,343,000 a year ago.

International-Matex Tank Terminals, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

International-Matex Tank Terminals, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue increased 4.3% to $131.9 million from $126.4 million in the third quarter of 2013. Maintenance capital expenditures decreased to $11.2 million compared with $14.5 million in the prior comparable periods. Free cash flow generated was decreased 57.9% to $14.0 million versus the prior comparable periods in 2013. Operating income was $31,705,000 compared to $43,540,000 for the same period a year ago. Net income was $16,238,000 compared to $19,559,000 for the same period a year ago. EBITDA excluding non-cash items was $61,352,000 compared to $63,620,000 for the same period a year ago. Cash provided by operating activities was $27,350,000 compared to $50,295,000 for the same period a year ago. For the nine months, the company reported revenue was rose 10.1% to $422.5 million from $383.8 million in the prior comparable period. The growth reflects an increased level of spill response activity by the business' OMI Environmental Solutions ("OMI") unit in 2014, higher heating and throughput revenue associated with the cold weather in early 2014 compared with the business' results in 2013 and increased firm commitments. Maintenance capital expenditures decreased to $37.4 million compared with $60.5 million in the prior comparable periods. The decrease reflects primarily the absence of the maintenance expenses incurred in 2013 related to the restoration of the Bayonne, NJ terminal following Hurricane Sandy in late 2012. Free cash flow was decreased 3.1% to $89.0 million versus the prior comparable periods in 2013. The decline in Free Cash Flow in both periods reflects primarily an increase in expenses associated with the acquisition completed in July including a defined benefit pension contribution in the quarter of $20.0 million as required under the IMTT Acquisition sale and purchase agreement and higher taxes. These were partially offset by improved operating results and lower maintenance capital expenditures. Operating income was $137,459,000 compared to $132,282,000 for the same period a year ago. Net income was $71,222,000 compared to $67,873,000 for the same period a year ago. EBITDA excluding non-cash items was $210,260,000 compared to $197,104,000 for the same period a year ago. Cash provided by operating activities was $123,688,000 compared to $156,399,000 for the same period a year ago.

International-Matex Tank Terminals, Inc. Announces Executive Changes

Macquarie Infrastructure Company LLC announced that it has entered into an agreement to acquire the 50% of International-Matex Tank Terminals, or IMTT, it does not currently own. James Hooke will initially act as the CEO of IMTT in addition to his role as CEO of MIC. Macquarie's IMTT asset director, James May, will become the CFO at IMTT. Both Hooke and May have served on the IMTT board of directors for the past 5 years. May will be assisted by an additional Macquarie secondee who will head up an expanded financial planning and analysis function at IMTT. John Siragusa, IMTT's current CFO, will assume the role of chief banking officer. Richard Courtney, IMTT's president and chief operating officer will continue in his role. Both Courtney and May will report directly to Hooke.

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