Maritrans Reports Second Quarter Earnings and Declares Quarterly Dividend.Business Editors TAMPA, Fla.--(BUSINESS WIRE)--July 30, 2003 Maritrans Inc. (NYSE NYSE See: New York Stock Exchange :TUG), a leading U.S. flag marine petroleum transport company, today announced its second quarter financial results, declared its quarterly dividend and announced its quarterly investor teleconference. Net income for the quarter ended June 30, 2003, was $3.8 million, or $0.45 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , on revenues of $36.2 million. This compares with net income of $2.8 million, or $0.32 diluted earnings per share, on revenues of $32.5 million for the quarter ended June 30, 2002. In the current quarter, the Company sold land not used in operations that resulted in a gain of $.07 diluted earnings per share. On a Time Charter Equivalent (TCE TCE trichloroethylene. TCE Environment A volatile chlorinated hydrocarbon that boils at 88ºC and is highly soluble–1000 ppm in water, with various industrial uses Toxicity Peripheral neuropathy, carcinogenic. ) basis, a commonly used industry measure where direct voyage VOYAGE, marine law. The passage of a ship upon the seas, from one port to another, or to several ports. 2. Every voyage must have a terminus a quo and a terminus ad quem. costs are deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. from revenue, TCE revenue increased 11 percent to $30.4 million for the quarter ended June 30, 2003, from $27.5 million in the comparable quarter in 2002. TCE revenue is a non-GAAP financial measure, and a reconciliation of TCE revenue to revenue calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). is attached. Maritrans also declared a quarterly dividend of $0.11 per share, payable on September 3, 2003, to shareholders of record on August 20, 2003. The majority of the Company's fleet was deployed under contract business in the quarter and, as a result, had limited exposure to the spot market. Spot rates in the current quarter were higher than in the same quarter of 2002, therefore vessels deployed in the spot market during the period realized higher revenue. Voyage costs, particularly fuel, were higher than the comparable quarter in 2002, and Maritrans' maintenance expense continued at the generally higher levels established in the second half of 2002. During the third quarter, the barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. Ocean States will enter the shipyard to begin her double-hull rebuild, which the Company expects to be completed during the second quarter of 2004. The Company expects the out of service time from the double-hull rebuild along with other scheduled out of service time will result in decreased utilization in the remainder of 2003. Once the Ocean States re-enters service after her rebuild, more than half of the single-hull barges in the Maritrans fleet will have been rebuilt with double hulls A double hull is a ship hull design and construction method where the bottom and sides of the ship have two complete layers of watertight hull surface: one outer layer forming the normal hull of the ship, and a second inner hull which is somewhat further into the ship, perhaps a . MANAGEMENT'S COMMENTS Stephen A. Van Dyck, Chairman of Maritrans, commented, "Maritrans was recently named by Marine Money International as one of the top 10 companies in the worldwide maritime industry, the only U.S. flag operator so named. We also recently joined the Russell 3000 Index The Russell 3000 Index is a stock market index of US stocks. The ticker is "RUA" or similar. See Russell Indexes page for main discussion. See also the iShares Russell 3000. . We are pleased that our performance has been recognized in our industry and on Wall Street. The efforts we have undertaken during the last few years to position our company for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. shareholder returns are proving successful and we continue to be optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our future. Given the overall operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. during both the second quarter and the first half of this year that included global uncertainty, unstable unstable, adj 1. not firm or fixed in one place; likely to move. 2. capable of undergoing spontaneous change. A nuclide in an unstable state is called radioactive. An atom in an unstable state is called excited. markets and increased costs, we are very pleased to deliver improved results." Philip J. Doherty, Chief Executive Officer of Maritrans, commented, "We are pleased with our performance throughout the first half of this year despite the challenging operating environment. The second half of the year will be even more demanding as we experience additional out-of-service time due to planned rebuilding and maintenance. Nonetheless, our fleet is healthy, our position in the market remains strong and we will work hard to deliver positive operating and financial results." CONFERENCE CALL INFORMATION Maritrans management will host a conference call on Thursday, July 31, 2003, at 2:30 p.m. eastern time to discuss the Company's second quarter results. To access this call, please dial 1-888-328-2938. A replay of the call may be accessed by dialing 1-800-633-8284 and will be available from 4:30 pm eastern time on Thursday, July 31, 2003, to 5:00 pm eastern time on Tuesday, August 5, 2003, and providing the reservation number 21154391. The conference call will also be webcast live on Maritrans' website, www.maritrans.com, and will be available on the website through Thursday, August 7, 2003. ABOUT MARITRANS Maritrans Inc. is a U.S. based company with a 75-year commitment to building and operating petroleum transport vessels for the U.S. domestic trade. Maritrans owns and operates one of the largest fleets serving the U.S. coastwise coast·wise adv. & adj. Along, by way of, or following a coast: The winds blew coastwise. Coastwise winds contributed to the storm. Adj. 1. trade. The Maritrans fleet currently consists of four oil tankers and eleven oceangoing o·cean·go·ing adj. Made or used for ocean voyages. Adj. 1. oceangoing - used on the high seas; "seafaring vessels" seafaring, seagoing marine - relating to or characteristic of or occurring on or in the sea married tug/barge units with an aggregate fleet capacity of approximately 3.6 million barrels. Nearly 60 percent of its capacity is double-hulled. Maritrans is headquartered in Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. , and maintains an office in the Philadelphia area that supports the Company's Northeast crude oil lightering operations. The common stock of Maritrans Inc. is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "TUG." SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT The information in this news release includes certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, growth, performance, earnings per share or achievements to be materially different from that expressed in or implied by such forward-looking statements. These statements are based on assumptions the Company believes are reasonable, but a variety of factors could cause the Company's actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted. Such factors include, among others, changes in oil companies' decisions as to the type and origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real point of the crude that it processes, changes in the amount of imported petroleum products, competition for marine transportation, domestic oil consumption, the continuation of federal law restricting United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. point-to-point maritime shipping to U.S. vessels (the Jones Act), demand for petroleum products, future spot market rates, changes in interest rates, the effect of war or terrorists activities and the general financial, economic, environmental and regulatory conditions affecting the oil and marine transportation industry in general.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
($ Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------- ------- ------- -------
Voyage Revenue $36,212 $32,468 $72,141 $63,791
Voyage Costs 5,776 4,970 12,861 9,350
Time Charter Equivalent 30,436 27,498 59,280 54,441
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS
($ Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------- ------- ------- -------
Voyage Revenue $36,212 $32,468 $72,141 $63,791
Voyage Costs 5,776 4,970 12,861 9,350
Time Charter Equivalent 30,436 27,498 59,280 54,441
Operating Expense 12,301 12,317 24,096 23,569
Maintenance 5,681 3,634 10,011 7,458
G & A 2,120 2,058 4,285 3,993
Depreciation 5,168 4,751 10,279 9,372
Operating Income 5,166 4,738 10,609 10,049
Other Income 1,282 232 1,493 458
Interest Expense (489) (555) (1,097) (1,361)
Income Tax Provision (2,205) (1,656) (4,072) (3,430)
Net Income $ 3,754 $ 2,759 $ 6,933 $ 5,716
Diluted Earnings Per Share $ 0.45 $ 0.32 $ 0.82 $ 0.64
Diluted Shares Outstanding 8,356 8,588 8,436 8,883
Capital Expenditures $ 4,145 $ 7,851 $ 7,986 $12,485
Utilization of Calendar days 86.8% 82.6% 88.1% 82.8%
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
($Thousands)
----------
June 30, December 31,
2003 2002
----------- -----------
Cash and cash equivalents $ 2,844 $ 239
Other current assets 25,216 26,577
Net vessels and equipment 173,818 176,861
Other assets 7,348 7,880
Total assets $ 209,226 $ 211,557
Current portion of debt $ 6,500 $ 5,750
Total other current liabilities 18,309 13,249
Long-term debt 49,000 63,000
Deferred shipyard costs and other 11,555 10,739
Deferred income taxes 49,432 49,432
Stockholders' equity 74,430 69,387
Total liabilities and stockholders' equity $ 209,226 $ 211,557
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion