<SUBMISSION>
<ACCESSION-NUMBER>0000950134-06-015736
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060810
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20060810
<DATE-OF-FILING-DATE-CHANGE>20060810
<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>061022080
</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>d38756e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<HEAD>
<TITLE>e8vk</TITLE>
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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<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (date of earliest event reported): August&nbsp;10, 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<BR>
or organization)
</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>
<!-- 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>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>4200 STONE ROAD<BR>
KILGORE, TEXAS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><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: 18pt">Registrant&#146;s telephone number, including area code: (903)&nbsp;983-6200
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(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 (<I>see </I>General Instruction
A.2. below):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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))
</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>





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



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

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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01. Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;10, 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="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibits</u></B>
</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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

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<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">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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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<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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
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<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,<BR>
Its General Partner</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">Date: August&nbsp;10, 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,<br>
Executive Vice President and<br>
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 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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

<!-- End Table Head -->
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<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">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d38756exv99w1.htm
<DESCRIPTION>TRANSCRIPT OF THE INVESTORS' CONFERENCE CALL
<TEXT>
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<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>
August&nbsp;10, 2006<BR>
9:30 a.m. EST
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Greetings, ladies and gentlemen, and welcome to the Martin Midstream Partners second quarter 2006
earnings conference call. At this time all participants are in a listen-only mode. A brief
question-and-answer session will follow the formal presentation. If anyone should require operator
assistance during the conference, please press * 0 on your telephone keypad. As a reminder this
conference is being recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I will now turn the conference over to your host, Mr.&nbsp;Bob Bondurant, Chief Financial Officer of
Martin Midstream Partners. Thank you, sir, you may now begin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Robert Bondurant &#151; CFO: </B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Donna. And just to let everyone know who is on the 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 segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Before we get started with my business comments I need to make this disclaimer. Certain statements
made during this call may be forward-looking statements relating to financial forecasts, future
performances, our ability to make distributions to unitholders, as well as any other statements
that are not historical fact. The words &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect&#148; and similar expressions
are intended to be among the statements that identify forward-looking statements made during the
call. We report financial results in accordance with Generally Accepted Accounting Principles and
use certain non-GAAP financial measures within the meaning of the SEC Regulation G such as
distributable cash flow and EBITDA. We use these measures because management believes it might
provide users of our financial information with meaningful comparisons between current results and
prior reported results and it may be a meaningful measure of our cash flow after we have satisfied
the capital and related requirements of our operations. Distributable cash flow is not a measure
of financial performance or liquidity under GAAP or substitute for comparable metrics provided in
accordance with GAAP and should not be considered in isolation as an indicator of our performance.
We also included in our press release issued Tuesday a reconciliation of distributable cash flow to
the most comparable GAAP financial measure. Both the earnings press release and our second quarter
10-Q are available at our website, www.martinmidstream.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now with that out of the way I&#146;d like to comment on our second quarter performance. For the second
quarter we had net income of $5.2&nbsp;million or 40 cents per limited partner unit compared to $4.3
million or 33 cents per limited partner unit for the first quarter of &#145;06. Our distributable cash
flow was $7.8&nbsp;million in the second quarter compared to $7.3&nbsp;million for the first quarter. In the
second quarter our net income was negatively impacted by $600,000 or 4 cents per limited partner
unit as a result of a non-cash mark-to-market adjustment on our commodity derivatives. Because
this was a non-cash charge distributable cash flow was not impacted by this bookkeeping entry.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in third quarter we have redesignated any remaining mark-to-market commodity hedges as
cash flow hedges and we expect our income statement to be minimally impacted in future periods with
mark-to-market adjustments. Barring any future measurements of hedge in effectiveness, future
mark-to-market adjustments will be run through the balance sheet as other comprehensive income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now I&#146;d like to discuss segment results for second quarter compared to the first quarter. For the
second quarter our terminal operating income was $2.1&nbsp;million compared to $3&nbsp;million in the first
quarter. However, included in our first quarter earnings was $900,000 of a hurricane-related gain
on involuntary conversion of assets. Excluding that gain, operating income was the same for both
quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moving to our Marine Transportation segment, our operating income was $1.7&nbsp;million for the second
quarter compared to $700,000 for the first quarter. Our Marine Transportation revenues increased
$1.6&nbsp;million, the increase coming entirely from our offshore vessels. This was a result of our
offshore barge organic growth program, which was completed at the end of the first quarter.
Barring any unforeseen operating performance problems we believe the third and fourth quarter
performance of the Marine Transportation segment should reflect our second quarter performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Natural Gas/LPG Services operating segment, income in the second quarter was $(44,000)
compared to $1.2&nbsp;million in the first quarter. As previously disclosed the second quarter was
negatively impacted by a non-cash mark-to-market book keeping entry which reduced earnings by
$600,000. The balance of the decline between the first and second quarter was from our historic
LPG distribution business. Obviously since heating demand decreases in the summer months our LPG
sales volume decreased 23% between the first and second quarters. This decrease in sales volume as
a result of seasonality accounted for the decrease in earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Another significant component of our Natural Gas/LPG Services income is our earnings from
unconsolidated entities. Earning from our unconsolidated entities was $2.3&nbsp;million in the second
quarter compared to $2.4&nbsp;million in the first quarter. This decrease was a result of decreased
earnings of our offshore gathering systems which were down approximately $200,000. Partially
offsetting this decrease was our Waskom plant. Waskom&#146;s income increased $100,000 while the plant
facility averaged approximately 180&nbsp;million cubic feet per day in the quarter, slightly lower than
the 187,000&nbsp;million cubic feet per day average in the first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moving to the Sulfur segment, we had operating income of $2.1&nbsp;million in the second quarter
compared to $1.5&nbsp;million in the first quarter. This decrease was primarily a result of additional
revenue generated in our recently completed sulfur prilling facility located at Neches terminal.
With the completion of the priller and ship-loading facility we were able to load our first two
large vessels at this facility in June. This positively impacted earnings as we receive processing
fees when we load ships. Overall, the prilled-sulfur side of the business, which now includes both
west coast and gulf coast facilities, accounted for $468,000 of our earnings increase in this
segment.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Fertilizer segment, we had operating income of $900,000 in the second quarter compared to
$200,000 in the first quarter. Although our volumes were flat between periods, our margins
improved as our product mix yielded higher margins on per ton basis. We should experience our
higher margin magamp sales in the third quarter, which we expect to increase Fertilizer earnings in
the third quarter when compared to the second quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now, I&#146;d like to make a comment on depreciation. Although depreciation expense does not effect
distributable cash flow, it does effect net income and subsequently earnings per limited partner
unit. Overall depreciation expense was $4.3&nbsp;million in the second quarter compared to $4.0&nbsp;million
in the first quarter. Considering both our growth and maintenance capital expenditures this
depreciation expense line item will continue to grow quarterly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now capital structure and financing discussion. In the second quarter we received increased
revolving line of credit commitments of $25&nbsp;million, which increased our overall bank commitment to
$250&nbsp;million. At June&nbsp;30 we had $150&nbsp;million drawn against this facility. Also, as a result of
this amendment, we decreased our interest rate margin 25 basis points, effective July&nbsp;1, because of
this margin decrease and also because of our improved leverage our margin over LIBOR on our
borrowings is 200 basis points. We have hedged $75&nbsp;million of our term debt until November&nbsp;2010 at
5.25 plus our Libor margin, currently 200 basis points. Additionally we picked another $55&nbsp;million
of term debt until May&nbsp;2007 at 547 plus our LIBOR margin of 200 basis points. We will continue to
evaluate future interest rate hedges and may execute them as we see fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now moving to our maintenance cap ex discussion. We experienced a $3&nbsp;million of maintenance
capital expenditures in the second quarter primarily in the Marine Transportation segment compared
to $2&nbsp;million in the first quarter. Marine shipyard costs continued to increase and is the
primarily contributor to this increased maintenance cap ex amount. Based on our internal analysis,
we believe our total maintenance cap ex for 2006 will be somewhere between $8 to $9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Finally I would like to make a comment on the new Texas margin tax that was recently passed into
law that will become effective January&nbsp;1, 2007. Based on our preliminary analysis, what we pay in
Texas margin tax will be offset by a reduction in our Texas property taxes. So we should see no
negative impact to our earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That concludes my formal comments so I&#146;d like to turn the call over to Ruben Martin to discuss the
status of our ongoing organic growth project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ruben Martin &#151; CEO: </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Bob. As you remember back in March we presented a $70 to $80&nbsp;million organic growth
plan at the MLP conference in New York. I&#146;d like to give you an update on the progress we have in
executing this plan. Since that conference we successfully completed approximately $40&nbsp;million
worth of projects with the Sulfur prilling, marine assets and certain tankers coming on line in
first, second and early third quarter of this year. Looking ahead we expect the remaining $40
million of projects online over the next three quarters. We currently have three major organic
growth projects in development. In our Natural Gas/LPG Services business, we
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have increased the scope of our expansion at Waskom. The total expansion will increase Waskom&#146;s
name plate capacity to 250&nbsp;million cubic feet per day with 12,500 barrels per day of fractionation
capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As you may recall we have divided up expansion into two separate phases. The first phase of the
expansion will increase capacity at Waskom by 30&nbsp;million cubic feet per day with the second phase
of the expansion increasing capacity by an additional 70&nbsp;million cubic feet per day. In addition,
the second phase expansion also includes 3,500 barrels per day of increased fractionization
capacity at the Waskom plant. This second phase expansion represents 20&nbsp;million cubic feet per day
increase in capacity over our previously announced second phase expansion at Waskom. While
completion of the first phase has been delayed until the year end, the second phase is currently on
schedule to come online at end of the first quarter of 2007, ahead of our schedule. As a result of
the increased scope of this expansion, as well as cost inflation, our investment in total Waskom
expansion is expected to increase to approximately $17&nbsp;million. We believe our $17&nbsp;million
investment for this project will be in the 4 to 5 multiple range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Terminalling and Storage segment you may have noticed in our 10-Q we closed a $6.2&nbsp;million
barge terminal acquisition in Corpus Christi in early July. Based on an internal estimate of
EBITDA and future EBITDA growth, we believe we purchased the facility at four to six multiples of
EBITDA. Additionally, we anticipate spending another $5&nbsp;million to build additional tankage in the
Beaumont area. These tanks will be online and begin generating operating cash flows at various
points in the third and fourth quarters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Fertilizer segment, I&#146;d like to give you an update of our sulfuric acid plant we are
building at Plainview, Texas. As of June the 30 we have spent approximately $8.5&nbsp;million of our
anticipated $21&nbsp;million budget for this project. We are on schedule to be completed in December.
This plant will allow us to produce our own sulfuric acid, a major feedstock of our Plainview
Fertilizer plant. The results will be significant reduction in Fertilizer cost of sales. It will
also allow us to eliminate our dependency on sulfuric acid supply by rail, which has been
inconsistent over the last two to three years. This inconsistent supply chain caused operating
problems which should be eliminated when we get consistent sulfuric acid supply from our new acid
plant. As you can see we are excited about our ongoing growth projects and despite delay in
construction and higher costs, the economics continue to look very attractive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With that I&#146;d like to open it up to questions. Donna.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Ladies and gentlemen, at this time we will be opening the floor for a
question-and-answer session. If you would like to ask a question please press * 1 on your
telephone keypad. A confirmation tone will indicate your line is in the question queue. You may
press * 2 if you would like to remove your question from the queue. For participants using speaker
equipment it may be necessary to pickup your handset before pressing the * keys. Once again, that
is * 1 to register your questions at this time. One moment, please, while we poll for questions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our first question is coming from Ed Gardner of Raymond James. Please proceed with your question.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Just a couple quick questions. You guys touched on pretty much everything. But as far
as the maintenance cap ex goes, I know you had the overrun on the dry-dock here, but looking
forward to 2007 would you guys still expect something in the $8&nbsp;million range?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: We haven&#146;t really drilled down that heavy on 2007. We have a general idea. I think we
had a very heavy first half of the year in our Marine business and Scott could address an actual
number of barges here in just a second. But I anticipate it will be down from $8 to $9&nbsp;million. I
think it will be more in line with anywhere from probably $6 to $7.5&nbsp;million range, that is just an
early read on it. Scott, do you have any comments on the unusual first half of the year?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, I would agree that we did 14 projects in the first half and we only have 3 to 4
scheduled in the second half.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. Second question. You mentioned that the total expansion on the Waskom plant was
$17&nbsp;million. Was that originally $15&nbsp;million cost, am I on line with that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: That&#146;s correct. We are about $2&nbsp;million over budget, and we&#146;ve added to the scope of
the project with additional compression to increase the through-put even further, so there is some
add-on bells and whistles, but the original project was totaled around $15&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay, that includes Phase I and Phase II, right?
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. And finally, could you guys give us just a little bit more coverage, or color, on
the marine terminal acquisition down in Corpus as far as what kind of terminal that was and what
you guys paid for it, et cetera?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, a little over $6.2&nbsp;million. It&#146;s a terminal that has a fuel-oil storage now. It
also has specialty product that it stores for the major oil companies down there. It has pipelines
that run along the ship channel and can be hooked up to the various terminals and refineries in the
Corpus Christi area. We plan on expanding that terminal for diesel fuel and diesel fuel blending
for high sulfur and low sulfur diesel as we go into different product modes with diesel fuel as the
government change their sulfur specs. We can use the terminal to blend into the types of diesel
that we need in our system for our customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. When would you guys expect those expansions to come online?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Probably early to mid next year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. That&#146;s all I had. Thanks, guys.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Our next question is coming from Ron Londe of A.G. Edwards. Please proceed with your
question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Thanks. On the gulf coast and in the Marine business and the Terminal business, have you
seen any change in your product mix or demands from refineries given what is going on, you know
with refineries and refining margins and various products? Have you seen any shift in product
deliveries or storage in the Gulf?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Scott, do you want to address that?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. Because we don&#146;t have a lot of excess capacity we haven&#146;t been able to capture a
lot of that. We are seeing a lot of demand for all the different grades of distillates and
gasolines with the ethanol action going on. We unfortunately have not had any excess capacity to
be able to try to capture that. We are definitely getting the phone calls like I&#146;m sure everybody
is right now on that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Have you seen any consolidation in the Marine business on the Gulf yet or is everybody
pretty much happy and not willing to sell out?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah. We&#146;re obviously always watching and looking for acquisitions and small terminals
and marine transportation, but &#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Kirby, didn&#146;t Kirby have a &#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Kirby announced a power acquisition the other day. But we&#146;re constantly looking at
those and don&#146;t have any right now we can comment on other than the small terminal in Corpus.
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once again, ladies and gentlemen, if you do have a question, please press * 1 on your telephone key
pad at this time. Our next question is coming from Mark Easterbrook of RBC Capital Markets.
Please proceed with your question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Yeah, just sort of firming up the numbers on the growth cap ex that you are going to
spend for this year, is that going to be about $80&nbsp;million?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: That&#146;s correct. We put $40&nbsp;million basically to bed and there&#146;s about another $40
million to go, mainly between Waskom and the acid plant and little bit of tank is left to go.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: And what type of returns are you going to look for on that total $80&nbsp;million? Is that
still around five, six times EBITDA?
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yes, it is.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;:
Okay. And is an $80&nbsp;million number a good number to use for &#146;07? Do you still see, you
know, you haven&#146;t probably outlined it yet, but probably see potential for growth going out into
&#146;07 and &#146;08?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: We see the potential. I wouldn&#146;t say we have got $80&nbsp;million booked, but we see a
potential for that. Ruben?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Yeah, we&#146;re obviously constantly looking and have several things with people that we&#146;re
talking on different projects and so forth. Right now it&#146;s not as high as $80, but its probably
half that that we&#146;ve seen internally in growth-type projects. But we just haven&#146;t got 2007 lined
out yet as far as all of the organic growth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: There are conversations going on with customers and continually going on that you know
the potential is there, but nothing has been firmed up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: And then last question. You mentioned the mark-to-market expense and now you&#146;re
changing those hedges to cash flow hedges. Hw did you do that? How is that accounting change to
cash flow hedges?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: I wasn&#146;t directly involved with that. Our controller and the accounting staff was. But
you have the opportunity if you have mark-to-market hedges at any point in time under FAS 133
accounting to redesignate and from that point forward, you run the changes through the balance
sheet.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: So FAS 133 is a technical 800-page document and I&#146;m not going to put myself out there as
an expert on it, but that is what we were able to do and KPMG blessed it, so going forward it will
run through the balance sheet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Thanks, guys.
</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: 12pt"><U><B>Operator: </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Our next question is coming from John Tysseland of Citigroup. Please proceed with your
question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Morning, guys. Couple one quick question. If you look at the $40&nbsp;million you spent in
organic growth so far this year, how much cash flow do you think you&#146;ve realized so far as far as a
full quarters worth of cash flow of that $40&nbsp;million or is that more or less to be expected over
the next couple quarters?
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: Well, in the Marine segment you saw the impact, the change from the first quarter to the
second quarter that was marine piece; that incremental increase was from our barging area which was
in, I&#146;m estimating roughly, $15&nbsp;million of the total package. The sulfur priller was $15 to $20
million kind of investment. And you saw the sulfur business increase from the first to second
quarter and that&#146;s probably what you might want to look, at the change from the second quarter of
&#146;06 compared to the fourth quarter of &#146;05. That incremental change would be a good target to see
as far as that investment. So those investments are online now and so the priller was just right
at $15 and then of course the sulfuric acid plant we&#146;ve spent $8.5&nbsp;million, but it won&#146;t come
online until December. So none of that impact will be until the first quarter of next year and
that &#151; the other $12.5&nbsp;million will be spent over the next probably four months. So the equipment
is getting delivered. They are starting. They&#146;re setting all of the equipment, the boilers,
things like that at this time. So it will be spent, but no cash flow until probably first quarter
of next year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Okay. Fair enough. Then if we look at the Marine side of the business and dry docks is
that predominantly due to, you know the increase in dry dock cost, is that predominately due to
labor, dry docking schedules, fuel cost or is any of that like loosening up in the near future or
is it going to continue to be a very, very tight shipyard market?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: It continues to be very tight. We&#146;re seeing labor rates up you know 40&#151;50%.
Availability is nonexistent almost, so we&#146;re not seeing it get much better right now.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: So more or less availability where they are trying to charge premium for services or is
it &#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: It&#146;s both. I think it is labor, and they are getting a premium for the services because
they can. And you know one of our projects that we have in that should be online next year is a
maintenance facility for our barges. So we will have a small shipyard down at Sabine Pass south of
Beaumont down around Port Arthur and all of our barges run a lot in that area so we will have a
maintenance facility there that we will be able to pull in and do general maintenance. Where in a
lot of shipyards you have trouble scheduling and you wait in line so you have downtime as you&#146;re
waiting to get into a shipyard. These kind of things. So with our own maintenance facility we
will be able to do our own scheduling, get in and out very efficiently, and hopefully, if we can&#146;t
reduce the cost of the labor that much because we will be competing with the other shipyards for
the labor, we will be able to reduce the down time that we have when we pull into the maintenance
facility. And this is a project that was ongoing last year. The hurricane, because Sabine Pass
had some significant damage and we had to take a lot of the equipment that we had planned on using
at Sabine Pass to some other locations, it was delayed probably six to eight months but should be
online next year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;Q&#062;: Is that something you would service third parties or &#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#060;A&#062;: No, it&#146;s strictly in-house. It&#146;s strictly for our barges and it will be a reduction of
our maintenance cost in our downtime. So it&#146;s got a very good return that we will see in reduced
maintenance and reduced downtime.
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gentlemen, we&#146;re showing no further questions at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ruben Martin &#151; CEO:</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All right. Well, we thank you. We thank everybody for dialing in today. We appreciate your
continued confidence in our company and we look forward to the rest
of &#146;06 and &#146;07. We thank you.
</DIV>

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


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