<SUBMISSION>
<ACCESSION-NUMBER>0000950134-06-009773
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060511
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20060512
<DATE-OF-FILING-DATE-CHANGE>20060512
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MARTIN MIDSTREAM PARTNERS LP
<CIK>0001176334
<ASSIGNED-SIC>5171
<IRS-NUMBER>050527861
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-50056
<FILM-NUMBER>06834841
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4200 STONE ROAD
<CITY>KILGORE
<STATE>TX
<ZIP>75662
<PHONE>9039836200
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d36182e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>

<DIV align="center" style="font-size: 12pt">Pursuant to
Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date
of report (date of earliest event reported): May&nbsp;11, 2006</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MARTIN MIDSTREAM PARTNERS L.P.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>DELAWARE</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-50056</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>05-0527861</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer identification number)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>4200 STONE ROAD</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>KILGORE, TEXAS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75662</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (903)&nbsp;983-6200</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>












<P align="center" style="font-size: 10pt">
</DIV>


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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;7.01.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Regulation&nbsp;FD Disclosure.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;11, 2006, Martin Midstream Partners L.P. (the &#147;Partnership&#148;) held an investors&#146;
conference call. Furnished as Exhibit&nbsp;99.1 is a copy of the transcript of the Partnership&#146;s
presentation during that call and the questions and answers following the presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item
7.01 and in the attached Exhibit is deemed to be &#147;furnished&#148; and shall not be deemed to be &#147;filed&#148;
for purposes of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements about the Partnership&#146;s outlook and all other statements contained in the Exhibit
other than historical facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements and all references to
financial estimates rely on a number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are outside of the Partnership&#146;s control,
which could cause actual results to differ materially from such statements. While the Partnership
believes that the assumptions concerning future events are reasonable, it cautions that there are
inherent difficulties in anticipating or predicting certain important factors. A discussion of
these factors, including risks and uncertainties, is set forth in the Partnership&#146;s annual and
quarterly reports filed from time to time with the Securities and Exchange Commission. The
Partnership disclaims any intention or obligation to revise any forward-looking statements,
including financial estimates, whether as a result of new information, future events, or otherwise.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;9.01.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Financial Statements and Exhibits.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>(d)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U><B>Exhibits</B></U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in the
attached Exhibit is deemed to be &#147;furnished&#148; and shall not be deemed to be &#147;filed&#148; for purposes of
the Exchange Act.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><u>EXHIBIT NUMBER</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>DESCRIPTION</u></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Investors&#146; Conference Call.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MARTIN MIDSTREAM PARTNERS L.P.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin Midstream GP LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its General Partner</TD>
</TR>
<TR valign="bottom" style="line-height: 20pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May&nbsp;12, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert D. Bondurant</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert D. Bondurant,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EXHIBIT<BR>
<u>NUMBER</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>DESCRIPTION</u></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Investors&#146; Conference Call.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d36182exv99w1.htm
<DESCRIPTION>TRANSCRT OF THE INVESTORS' COMFERENCE CALL
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MARTIN MIDSTREAM PARTNERS<BR>
Investors&#146; Conference Call<BR>
May&nbsp;11, 2006<BR>
9:00 a.m. EST
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>PRESENTATION</U>:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><U>Operator:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Greetings ladies and gentlemen and welcome to the Martin Midstream Partners, first quarter 2006
earnings conference call. At this time all parties are in a listen-only-mode. A
question-and-answer session will follow the presentation. If anyone should require operator
assistance during this conference please press *0 on your telephone key pad. As a reminder this
conference is being recorded. I would now like to turn the conference over to your host Mr.&nbsp;Bob
Bondurant, Chief Financial Officer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Bob Bondurant-Martin Midstream Partners-Chief Financial Officer:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On this call today we have Ruben Martin, Chief Executive Officer and Director of the company, and
Scott Martin also a Director and Vice President of our Marine Transportation Sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A little formalities we have to get out of the way. I need to make a disclaimer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements made during this conference call may be forward-looking statements, including
but not limited to statements related to the following future matters: financial forecasts, future
performances, our ability to make distributions to unitholders as well as any other statements that
are not historical fact. The words anticipate, estimate, expect, may project, and similar
expressions are intended to be among the statements that identify forward-looking statements made
during the call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information concerning these factors that could cause actual results to differ is
contained in our annual report as well as our quarterly reports filed from time to time with the
SEC. We report our financial results in accordance with generally-accepted accounting principles
from time to time use certain non-GAAP financial measures within the meanings of the SEC Regulation
G, such as distributable cash flow and EBITDA. Because management believes that this measure might
provide users of this financial information with meaningful comparisons between current results and
prior reported results and a meaningful measure of our cash flow after we have satisfied the
capital and related requirements of our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Distributable cash flow is not a measure of financial performance or liquidity under GAAP or a
substitute for comparable metrics provided in accordance with GAAP, and should not be considered an
isolation as an indicator of our performance. We also included, in our press release two days ago,
a reconciliation of distributable cash flow to the most direct comparable GAAP financial measure.
Both the earnings press release and our first quarter 10-Q are
</DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">available at our website, www.martinmidstream.com. With that out of the way I would like to
comment on the first quarter performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the first quarter we had net income of $4.3&nbsp;million or $0.33 per limited partner unit, compared
to $2.6&nbsp;million or $0.28 per limited partner unit for the fourth quarter of 2005. Our
distributable cash flow was $7.3&nbsp;million for the first quarter of 2006, compared to $4.4&nbsp;million in
the first quarter of 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter there were two transactions that when summed together negatively impacted
earnings by approximately $.02 per unit. As a result of our equity offering which occurred in
January, and which netted us approximately $95&nbsp;million, we were in position to use some of these
proceeds to pay off our MARAD debt. This debt payoff in the first quarter was approximately $9
million. Associated with this early debt redemption was a pre-payment premium of approximately
$1.2&nbsp;million. Our benefit to paying this debt off early is that we are no longer subject to
approximately $1.2&nbsp;million in annual debt service payments, which were scheduled to run through the
year 2021.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Offsetting this unusual $1.2&nbsp;million charge was the positive impact to earnings of $853 thousand
that is from a hurricane related involuntary conversion of assets. This was a result of collecting
our first installment of insurance proceeds of approximately $2.5&nbsp;million. We anticipate that as
the year progresses, we will receive additional insurance proceeds to rebuild certain assets at our
terminals impacted by hurricane Katrina and Rita. Upon collection of those proceeds we will have
additional gains on involuntary conversion of assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now I would like to analyze segment results for the first quarter compared to the fourth quarter.
For the first quarter, our terminalling operating income was $3&nbsp;million, which was approximately
the same as the fourth quarter. However, if one factors out the gain from the involuntary
conversion of assets, our operating income was $2.1&nbsp;million compared to $3&nbsp;million in the fourth
quarter. These first quarter results are generally more representative of a normal quarter for the
segment. The fourth quarter benefited from a stronger than normal demand for our services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This was a result of increased activity in the fourth quarter at our marine shore bases. This
occurred because of many of our competitors were out of business in the fourth quarter as a result
of the hurricanes. Most of these competitors came back into service in the first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moving to our marine transportation segment, operating income of $709 thousand in the first quarter
compared to the negative $81 thousand in the fourth quarter. In the first quarter, we benefited
from two new offshore vessels beginning service in March. We expect that these new offshore
vessels will continue to contribute to improved cash flow performance in the marine segment. We do
continue to see certain costs rise, including labor and fuel. Fuel is generally passed through to
our customers. However, demand remains strong and we are experiencing strong transportation rates.
Because of this strong demand for our services, combined with our new offshore vessels, our marine
segment should have a record cash flow performance in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our natural gas/LPG services segment, operating income in the first quarter was $1.6&nbsp;million
compared to $1.5&nbsp;million in the fourth quarter. Also our below the line equity in earnings of
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unconsolidated entities was $2.4&nbsp;million in the first quarter compared to $1.4&nbsp;million in the
fourth quarter. These increases are primarily a result of owning Prism Gas and its 50% owned
unconsolidated entities for the full period in the first quarter, compared to 50&nbsp;days of ownership
in the fourth quarter. Our Waskom facility averaged approximately $187&nbsp;million cubic feet per day
in the first quarter and we continue to see a lot of natural gas drilling in the area surrounding
our Waskom facility, so the outlook for growth in this segment remains strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter our sulfur segment reported operating income of $1.5&nbsp;million compared to $900
thousand in the fourth quarter. The improvement in operating income was a result of our
restructuring of the molten sulfur group, previously known as CF Martin. If you remember from our
last quarter&#146;s call, we had eliminated one offshore vessel and the corresponding low margin,
commercial contracts that supported that vessel. Also, in our prilled sulfur group, we began to
enjoy reservation fee income for the first time from our new Neches sulfur priller operations.
However, we have not yet loaded any foreign vessels since our transloading system is being
completed as we speak. When we do load vessels, which should begin in early June, we will benefit
further from additional shiploading revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our fertilizer segment, we had operating income of $222 thousand in the first quarter compared
to a loss of $139 thousand in the fourth quarter. This was a result of a seasonal shift in the
business as we moved into the spring marketing season. This improvement will carry over into the
second quarter, also as a result of the seasonality of the business. Looking to the last half of
the year in this segment, we plan on experiencing our higher margin mag amp sales in the third
quarter of the year. Because that quarter should be somewhat similar to the previous year&#146;s third
quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our interest rate continues to be at LIBOR plus 325. This will reduce to LIBOR plus 225 effective
July 1. Also, in April, we executed our interest rate swap that fixes $75&nbsp;million of our debt at a
fixed rate of 5.25% plus our applicable LIBOR margin. This swap is for an approximately five year
period. Our remaining debt of $62.5&nbsp;million floats with LIBOR plus our margin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now a brief comment about our balance sheet at March&nbsp;31. Our follow-on offering allowed us to
again become conservatively capitalized. On March&nbsp;31, our debt to total capitalization was 42%
compared to 67% at December&nbsp;31. This conservative leverage structure will allow us to continue to
execute our internal growth project strategy of $70 to $80&nbsp;million this year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter, we spent approximately $23&nbsp;million on growth capital projects. Approximately
$13&nbsp;million was spent in the marine segment, primarily for our new offshore vessels. The
investment in marine assets will begin to impact marine&#146;s depreciation expense in the second
quarter. Depreciation expense should increase approximately $250 thousand per quarter in this
segment. We spent approximately $5&nbsp;million on growth capital related to our Neches sulfur priller
in the first quarter and the remaining $5&nbsp;million in growth capital spent evenly between our
natural gas/LPG services segment and our fertilizer segment. The impact of these projects on
depreciation in the second quarter will be minimal due to their continued construction during this
time.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That concludes my comments, so I would like to turn the floor over to Ruben who will further
comment on our internal growth strategy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Ruben Martin-Martin Midstream-Director and Chief Executive Officer:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Bob. Back at the New York MLP conference, of course we talked about our organic growth
that we have targeted for 2006 and 2007, which we will be spending approximately $70 to $80&nbsp;million
in that time period. As Bob had said, our marine business finished our conversion of one of our
molten sulfur vessels to diesel fuel, which is a lot higher revenue generator than it was with
sulfur, and this vessel came back into service in late March. And then March also saw the
beginning of a two year lease on a recently purchased deepwater LP gas vessel. With these marine
projects together, the total capital expenditures were approximately $15&nbsp;million. Our new sulfur
priller started operation in late December. We started receiving our reservation fees from the oil
companies, however due to the construction delays, partially due to the hurricanes and so forth,
our ship loader will not be completed until the next couple of weeks and we will be loading our
first ships in June. We have a substantial, our customers have a substantial inventory on site,
that we are reloading for them into ships in June. And of course, the total value of this project
was approximately $15&nbsp;million. The planned expansion of the Waskom Gas processing plant consisted
of two phases. Phase One expands the name plate capacity by 30&nbsp;million cubic feet per day to 180
million cubic feet. This phase is scheduled to be on-line in mid-fourth quarter of this year; it
is slightly behind our schedule of mid-year. However, our next phase, which will take plant
capacity to 250&nbsp;million cubic feet per day, or an increase of 80&nbsp;million, will be ahead of schedule
and come on-line in the first quarter of 2007. Defractionation capacity at the plant which was
expanded not only in 2006 will be further expanded in the first quarter of 2007 to coincide with
the increased volumes that the plant will be processing. With all of these projects are a total of
approximately of $15&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our new sulfuric acid plant, being built at Plainview, Texas, is on schedule to start operation in
the fourth quarter of this year. This is a $21&nbsp;million project, and it will lower our fertilizer
raw material costs in West Texas substantially and ensure a consistent supply to the plant. We
also have various organic tank projects at our terminals which will count for another $12&nbsp;million
of our capital expenditures. These are on-going projects that will work into the market place. We
have some contracts and some spot usage with those tanks that increase the cash flow. All of these
projects are organic growth with cash flow multiples much less than we are seeing in the
acquisition arena. This is an area we will continue to focus, however we will not lose, we will
continue to pursue acquisitions which are in our diversified business base and that will add value
and be accretive to the company. With that said I would like to open up the lines for questions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Operator:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you ladies and gentlemen, at this time we will be conducting the question-and-answer
session. If you would like to ask a question please press *1 on your telephone key pad. A
confirmation tone will indicate that your line is in the question queue. You may press*2 if you
would like to remove your question from the queue. All participants using speaker equipment, it
may be necessary to pick up your hand set before pressing the * key. Once again that is *1 for
question at this time. Our first question is coming from Jeff Nusser of Raymond James.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: A couple of quick questions. On the fractionation capacity at the Waskom plant, could
you just talk about how much liquid capacity you are expanding there?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: The fractionation is at 9,500 barrels a day today and it is going to 12,500 barrels in
the first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. And stepping over the sulfur for a moment to the transload facility for ships.
Do you expect that, once you ramp up, get that on-line, are those going to be annual contracts? If
you could talk a little bit about the nature of the contracts and the services that you would
provide for shipborn volumes, and obviously you know a lot of it is going to the foreign markets as
well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, that is correct. The contracts that we have on the priller are long-term
reservation fee type contracts, that the major oil companies are paying us in order to have the
capacity available to them. As they run as they see their surplus is in balance to their sulfur
systems, they come to us to operate the system. We get additional fees to cover all of our
variable cost plus an additional profit as we process the sulfur for them and then load it onto a
vessel for export volume.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Are you finding the customers for the export volume or are they basically coordinating
that with you or how are customers on the sales side for that foreign material located?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No, they find their own customers. The inventory that is on sight is their inventory;
it belongs to them and then they just pay us to load it on the ships. They work together so they
can load large vessels with their inventory. But no, they are responsible for all of their own
marketing and into the international market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay, great. Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Operator:</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our next question is coming from Norm Mundia with A.G. Edwards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Thank you. Could you layout a little maybe quarter-to-quarter of when your organic
growth projects come on and give us a tighter range on what kind of EBITDA returns you might be
seeing from those projects?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, of course all of these organic growth projects...this is Ruben onare in the 4 to
6, 6.5 multiple range, as internal growth projects, which like I said is what we have been
concentrating on. The marines, the $15&nbsp;million that was spent on the marine business, came on-line
like I said, one in early March, one in late March. The sulfur priller, of course, like I said,
January and then in June for probably the rest of it, part of its revenue. The Waskom plant, the
biggest portion of that $15&nbsp;million is the second expansion and the second fractionater and that
will be coming on in first quarter. And although we did have some fractionation in plant
expansion, it will be coming on in the fourth quarter too.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: So that is part of it in the first quarter 2006 and some in 0
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: The largest thing in the first quarter of 2007. Now the phase one, which is the 30
million a day will be coming on in the fourth quarter. The fractionation in the plant has already
been expanded and is at 9,500 a day now. But the volumes going through the plant will go up by 30
million a day mid-fourth quarter and another $80&nbsp;million a day mid-first quarter 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Can you give us a feel on percent basis, where you are day rates in the Gulf and the
fuel adjustment. Is there any lag there?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Scott can answer more on the day rates. But the fuel is mainly passed through; you know
in a market as tight as this, everybody is on a basically day rates plus fuel. We are seeing as we
see contracts roll over, Scott, I guess some of the last ones you did were what 20-25 in increase
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. We are seeing probably 10-25% based on the market, the location.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: And as contracts roll over we expect that number to continue to go up even higher than
20-25% increases. Cost is going up too but just not as fast. There is just not enough capacity
our there to handle the business right now.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Is it a function of the hurricanes, or is it a function just no-one wants to fill
barges? Or is there a delay in building barges?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: I think that&#146;s part of it. You had massive increases steel prices, and Scott chime
in here if I leave anything out, but you had big increases in steel prices. I think we came
through, in last few years, a very depressed transportation market, not just in marine, but in all
forms of transportation. And so as the market came back and the economy was growing there was
nothing and you have to have the long lead time to build barges. Especially now with labor
problems and so forth, lead time is anywhere from 18&nbsp;months to 2 1/2&nbsp;years to build new equipment.
So it&#146;s something that has to be long-term planning and I think that we, a lot of the business, got
caught without that and because of the fact that the returns were not good enough to justify new
capital coming into the business for several years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Are there any overall trends that you see happening in the next three quarters above and
beyond the rate that will help you, from a standpoint of refinery utilization, that sort of thing?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. This is Scott. Yeah, refineries coming back on-line should increase volume
flowing that should help the business, but as we mentioned earlier we in the industry are
constrained by labor and shipyard capacity right now. The trends are positive except for the cost
inflation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Which, I believe, the rates will more than offset any cost inflation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay, thanks.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><U>Operator:</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our next question is coming from Kevin Gallagher of RBC Capital Markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Hey, good morning. Looking at your Prism assets do you want to go through your price
they consume for the rest of the year, I guess net of hedges, discuss your EBITDA expectations now
and sensitivities off that for any changes in commodity prices?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. As you know we have about 63% of our volumes hedged, on our residue gas its
about, on kind of a blended rate, about $9.50. So kind of internally, the way we ran our numbers,
as we originally announced we said 10 to 12 in EBITDA and I think we are comfortable right now
based upon our first quarter results and kind of the volumes we have hedged going forward and the
prices that we have hedged going forward, that we are going to be in the upper end of that range if
not a little bit better than that.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay, any update on the sensitivity for changes in the commodity prices?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Are you talking about the things that we don&#146;t have hedged?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Right, yeah, I mean........
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: 40%. We basically ran kind of all of internal expectations at $8.50 and $55 so...
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: And then the other products are, were run at numbers that are below market levels today,
like, you know such as propane, we hedged ethane pretty much 100%. Some of the products that are
not hedged are things like butanes; propanes. We have a really kind of a natural hedge on a lot of
our propane because we do a lot of preselling into the market for next winter and so forth. We
have actually already done presales for next year. So we have a lot of natural hedges in a way
that we can maintain that market pricing, at good levels. But all of our models were run at levels
that are below the market today.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay, alright thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><U>Operator:</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our next question is coming from Richard Frere of Delphi Management.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Good morning, I was just looking at the distribution. You got some new shares out
there, looks like the distribution per share might be down slightly, I am wondering what the
outlook is for that going forward and can you maintain that distribution?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: The answer is yes to the question. In our last conference call we talked about the
first quarter being a little bit depressed relative to the other quarters because of our marine
reorganization of the marine assets and repositioning and going to the ship yards and then our
acquisitions which came on in the generated cash flow in the mid-to-late March. So what you are
seeing when you look at this year is the first quarter is probably, will be the slowest quarter
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the year. So the long and short of that, the answer is yes, we will be able to maintain that
distribution and, of course, hopefully be growing it over time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Well, when you say the slowest quarter of the year do you mean slow compared to previous
first quarters, or just the weakest quarter of the three?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Really the weakest quarter of the three, and that is mainly because of the marine
transportation business was weaker than our anticipated next three quarters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Alright, thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: You bet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><U>Operator:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and gentlemen as a final reminder, if you have a question please press *1 on your telephone
key pad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gentlemen it appears that we have no further questions at this time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Ruben Martin-Martin Midstream Partners-Chief Executive Officer:</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alright. With that I want to thank everybody for calling in, I think we have had a good year that
you got our annual reports on. We continue to grow. You have to remember a lot of it is organic
growth; it&#146;s slow coming in. We have a lot of good projects that we are working on in the future
in the next few years. We&#146;re still not getting out and looking at some of the multiples that some
of the acquisitions are made of. We are still trying to work internally and we&#146;ve got a lot of
good projects on the books that we are working on that will be coming forth in the next few months.
And with that, as I said in our annual report, your company looks good.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><U>Operator:</U></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Ladies and gentlemen this does conclude today&#146;s teleconference. Please disconnect your
lines at this time and have a wonderful day.
</DIV>



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