K-Sea Transportation Partners L.P. Announces Operating Results for Third Quarter of Fiscal 2011

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K-Sea Transportation Partners (NYSE: KSP) today announced operating results for its third fiscal quarter ended March 31, 2011. The Company reported operating income of $0.8 million for the quarter ended March 31, 2011, excluding gains on asset sales and certain one-time items described below, compared to an operating loss of $3.6 million, excluding asset impairment charges, for the third fiscal quarter ended March 31, 2010. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarter of fiscal 2011 was $13.0 million excluding the below mentioned gains on asset sales and one-time items, compared to $9.1 million for the third quarter ended March 31, 2010. EBITDA, Adjusted EBITDA and Adjusted operating income are non-GAAP financial measures that are reconciled to net income and operating income, the most directly comparable GAAP measures, in the tables below.

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