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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1 to Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 31, 1999
TRANSMONTAIGNE INC.
------------------------------------
(Exact Name of Registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
Commission File Number 001-11763
IRS Employer No. 06-1052062
370 Seventeenth Street
Suite 2750
Denver, CO 80202
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(Address, including zip code of principal executive offices)
303-626-8200
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(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by
TransMontaigne Inc. ("TransMontaigne") on January 18, 2000 solely to add the pro
forma financial information required by Item 7(b).
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(b) Condensed Pro Forma Financial Information
Introduction ...................................................... 4
Condensed Pro Forma Balance Sheet,
December 31, 1999 (Unaudited) .................................... 5
Condensed Pro Forma Statement of Operations,
Six Months Ended December 31, 1999 (Unaudited) ................... 6
Condensed Pro Forma Statement of Operations,
Year Ended June 30, 1999 (Unaudited) ............................. 7
Notes to Condensed Pro Forma Financial
Statements (Unaudited) ........................................... 8
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ITEM7(b) CONDENSED PRO FORMA FINANICAL INFORMATION
INTRODUCTION
Effective as of December 31, 1999, TransMontaigne Inc. ("TransMontaigne"), sold
all of the issued and outstanding capital stock of its wholly-owned natural gas
gathering subsidiary, Bear Paw Energy Inc. ("BPEI") to BPE Acquisition LLC, a
special purpose entity formed by BPEI's management in association with Thomas J.
Edelman and Chase Capital Partners. The sale of BPEI was for cash consideration
of $107,500,000, plus reimbursement for all of the capital expenditures made by
TransMontaigne on BPEI's newly constructed Powder River coal seam gathering
system from July 1, 1999 to the closing date, approximately $24,000,000.
Subsequent to the closing date there will be post-closing adjustments determined
in accordance with the Agreement and Plan of Merger dated December 27, 1999, to
include net working capital. The sales price was established in arms-length
negotiation between the managements of TransMontaigne and BPE Acquisition LLC.
The sale of BPEI resulted in the disposition of TransMontaigne's natural gas
business segment which, through the ownership and operation of natural gas
pipeline gathering systems, processing plants and related facilities, provides
services for the gathering, treating, processing, fractionating and reselling of
natural gas and natural gas liquids. TransMontaigne's natural gas gathering and
processing assets consist of 6 gathering and processing systems in four states,
Colorado, Montana, North Dakota and Wyoming, and the Canadian province of
Saskatchewan, with a combined throughput capacity of 115 million cubic feet per
day and over 2,900 miles of gathering pipelines.
The accompanying unaudited condensed pro forma balance sheet as of the end of
the most recent period for which a consolidated balance sheet is required,
December 31, 1999, includes the pro forma use of the proceeds that were not
reflected on the December 31, 1999 balance sheet included with the
TransMontaigne report on Form 10-Q, filed on February 14, 2000. The December 31,
1999 balance sheet included with the TransMontaigne report on Form 10-Q,
reflected the sale as of December 31, 1999.
The accompanying unaudited condensed pro forma statements of operations for the
six months ended December 31, 1999 and the year ended June 30, 1999 assume that
BPEI was disposed of as of July 1, 1998 and eliminates the historical results of
operations of BPEI from the historical results of operations of TransMontaigne
for the six months ended December 31, 1999 and the year ended June 30, 1999.
The accompanying pro forma information should be read in conjunction with the
related historical financial information and is not necessarily indicative of
the results which would actually have occurred had this transaction been
consummated on the dates or for the periods indicated, or which may occur in the
future.
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TRANSMONTAIGNE INC. AND SUBSIDIARIES
Condensed Pro Forma Balance Sheet
December 31, 1999 (Unaudited)
(In thousands)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Condensed Pro forma Condensed
Assets historical Adjustments Pro Forma
- ------ -------------------- ----------------- --------------------
<S> <C> <C> <C>
Current assets:
Cash and cash equivalents $ 36,015 1,150 (1) 37,165
Trade accounts receivable 132,648 132,648
Receivable from sale of
Bear Paw Energy Inc. 131,150 (131,150)(1) -
Inventories 159,767 159,767
Prepaid expenses and other 5,092 5,092
------------------- ----------------- -------------------
464,672 (130,000) 334,672
------------------- ----------------- -------------------
Property, plant and equipment:
Land 14,960 14,960
Plant and equipment 339,339 339,339
Accumulated depreciation (30,203) (30,203)
------------------- ----------------- -------------------
324,096 - 324,096
------------------- ----------------- -------------------
Investments and other assets:
Investments 46,141 46,141
Deferred tax assets, net 27,380 27,380
Deferred debt issuance costs, net 8,039 8,039
Unrealized gains on energy
related contracts 4,987 4,987
Other assets, net 2,904 2,904
------------------- ----------------- -------------------
89,451 - 89,451
------------------- ----------------- -------------------
$ 878,219 (130,000)(1) 748,219
=================== ================= ===================
Liabilities and Stockholders' Equity
- ------------------------------------
Current liabilities:
Trade accounts payable $ 104,196 104,196
Inventory due under exchange
Agreements 49,685 49,685
Excise taxes payable 51,243 51,243
Other accrued liabilities 6,418 6,418
Current portion of long-term debt 1,990 1,990
------------------- ----------------- -------------------
213,532 - 213,532
------------------- ----------------- -------------------
Long-term debt 335,000 (130,000)(1) 205,000
Stockholders' equity:
Preferred Stock 170,115 170,115
Common Stock 306 306
Capital in excess of par value 198,313 198,313
Unearned compensation (1,072) (1,072)
Retained earnings (37,975) (37,975)
------------------- ----------------- -------------------
329,687 - 329,687
------------------- ----------------- -------------------
$ 878,219 (130,000) 748,219
=================== ================= ===================
</TABLE>
See accompanying notes to condensed pro forma financial statements.
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TRANSMONTAIGNE INC. AND SUBSIDIARIES
Condensed Pro Forma Statement of Operations
Six Months Ended December 31, 1999 (Unaudited)
(In thousands, except per share amounts)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Pro forma adjustments
-------------------------
TransMontaigne Less BPEI TransMontaigne
historical historical Debit Credit Pro Forma
--------------- -------------- ------- -------- ----------------
<S> <C> <C> <C> <C> <C>
Revenues $ 2,472,032 39,620 2,432,412
Costs and expenses:
Product costs 2,428,339 21,369 2,406,970
Operating expenses 33,112 7,760 25,352
Impairment of long lived assets 50,136 - 50,136
General and administrative 11,700 261 11,439
Depreciation and amortization 12,641 3,141 9,500
------------ ---------- ------------ ---------- -----------
2,535,928 32,531 2,503,397
------------ ---------- ------------ ---------- -----------
Operating income (loss) (63,896) 7,089 (70,985)
Other income (expenses):
Dividend income from
petroleum related assets 774 - 774
Interest income 1,182 - 1,182
Interest expense (18,757) - 5,525(2) (13,232)
Amortization of deferred debt issuance costs (5,791) - (5,791)
Other financing costs (490) - (490)
------------ ---------- ------------ -------- ------------
(23,082) - 5,525 (17,557)
------------ ---------- ------------ -------- ------------
Income (loss) from continuing operations (86,978) 7,089 5,525 (88,542)
Gain on sale of Bear Paw Energy Inc. 16,587 - 16,587(3) - -
------------ ---------- ------------ -------- ------------
Earnings (loss) before income taxes (70,391) 7,089 16,587 5,525 (88,542)
Income tax (expense) benefit 28,160 7,257(4) 35,417
------------ ---------- ------------ -------- ------------
Net earnings (loss) (42,231) 7,089 16,587 12,782 (53,125)
Preferred stock dividends (4,253) - - - (4,253)
------------ ---------- ------------ -------- ------------
Net loss attributable to common stockholders $ (46,484) 7,089 16,587 12,782 (57,378)
============ ========== ============ ======== ============
Weighted average common shares outstanding:
Basic 30,538 30,538
============ ============
Diluted 30,538 30,538
============ ============
Earnings (loss) per common share:
Basic $ (1.52) (1.88)
============ ============
Diluted $ (1.52) (1.88)
============ ============
</TABLE>
See accompanying notes to condensed pro forma financial statements.
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TRANSMONTAIGNE INC. AND SUBSIDIARIES
Condensed Pro Forma Statement of Operations
Year Ended June 30, 1999 (Unaudited)
(In thousands, except per share amounts)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Pro forma adjustments
-------------------------
TransMontaigne Less BPEI TransMontaigne
historical historical Debit Credit Pro Forma
--------------- -------------- ----------- ---------- --------------
<S> <C> <C> <C> <C> <C>
Revenues $ 3,047,061 53,559 2,993,502
Costs and expenses:
Product costs 2,934,942 29,168 2,905,774
Operating expenses 47,174 13,167 34,007
General and administrative 17,991 343 17,648
Depreciation and amortization 16,775 5,962 10,813
------------ ----------- ----------- ---------- -------------
3,016,882 48,640 2,968,242
------------ ----------- ----------- ---------- -------------
Operating income 30,179 4,919 25,260
Other income (expenses)
Dividend income from
petroleum related assets 1,749 - 1,749
Interest income 1,921 - 1,921
Interest expense (25,495) - 11,050 (2) (14,445)
Amortization of deferred debt issuance costs (3,641) - (3,641)
Other financing costs (1,319) - 1,319)
------------ ----------- ----------- ---------- -------------
(26,785) - 11,050 (15,735)
------------- ----------- ----------- ---------- -------------
Earnings before income taxes 3,394 4,919 11,050 9,525
Income tax expense 1,455 - 2,452 (4) 3,907
------------ ----------- ----------- ---------- -------------
Net earnings 1,939 4,919 8,598 5,618
Preferred stock dividends (2,274) - - (2,274)
------------ ----------- ----------- ---------- -------------
Net earnings (loss) attributable
to common stockholders $ (335) 4,919 8,598 3,344
============ =========== =========== ========== =============
Weighted average common shares outstanding:
Basic 28,972 28,972
============ =============
Diluted 28,972 29,764
============ =============
Earnings per common share:
Basic $ (0.01) 0.12
============ =============
Diluted $ (0.01) 0.11
============ =============
</TABLE>
See accompanying notes to condensed pro forma financial statements.
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TRANSMONTAIGNE INC. AND SUBSIDIARIES
Notes to Condensed Pro forma Financial Statements
BASIS OF PRESENTATION
Effective as of December 31, 1999, TransMontaigne Inc. ("TransMontaigne"), sold
all of the issued and outstanding capital stock of its wholly-owned natural gas
gathering subsidiary, Bear Paw Energy Inc. ("BPEI") to BPE Acquisition LLC, a
special purpose entity formed by BPEI's management in association with Thomas J.
Edelman and Chase Capital Partners. The sale of BPEI was for cash consideration
of $107,500,000, plus reimbursement for all of the capital expenditures made by
TransMontaigne on BPEI's newly constructed Powder River coal seam gathering
system from July 1, 1999 to the closing date, approximately $24,000,000. The
funds received were used to reduce long term debt and for general corporate
purposes.
The sale of BPEI resulted in the disposition of TransMontaigne's natural gas
business segment which, through the ownership and operation of natural gas
pipeline gathering systems, processing plants and related facilities, provides
services for the gathering, treating, processing, fractionating and reselling of
natural gas and natural gas liquids. TransMontaigne's natural gas gathering and
processing assets consisted of 6 gathering and processing systems in four
states, Colorado, Montana, North Dakota and Wyoming, and the Canadian province
of Saskatchewan, with a combined throughput capacity of 115 million cubic feet
per day and over 2,900 miles of gathering pipelines.
The condensed pro forma balance sheet includes pro forma adjustments to give
effect to the receipt of the proceeds as of December 31, 1999. The condensed pro
forma statements of operations eliminate the historical revenue and expenses of
BPEI for the respective periods presented and adjustments for the pro forma
effects of the disposition.
PRO FORMA ADJUSTMENTS
The following pro forma adjustments have been made to the balance sheet of
TransMontaigne at December 31, 1999 and to the statements of operations for the
six months ended December 31, 1999 and for the year ended June 30, 1999:
1. To record the receipt of proceeds from sale of BPEI and reduction of long
term debt.
2. To adjust interest expense for the six months ended December 31, 1999 and
for the year ended June 30, 1999 to reflect the use of proceeds to reduce
long-term debt.
3. To eliminate gain on sale of BPEI.
4. To record the income tax effects of the elimination of BPEI historical
results and the pro forma adjustments at an assumed tax rate of 40%.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
TransMontaigne has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: 17 March 2000 TRANSMONTAIGNE INC.
----------------
By: /s/ Donald H. Anderson
----------------------------
Donald H. Anderson
President
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