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MARITRANS ANNOUNCES RESULTS FOR THE QUARTER AND YEAR ENDED JUNE 30, 1993

 PHILADELPHIA, July 28 /PRNewswire/ -- Maritrans Inc. (NYSE: TUG), which converted into a corporation from its previous master limited partnership form on April 1, 1993, announced pre-tax income for the quarter ended June 30, 1993, of $1.2 million ($0.6 million after tax) compared to $0.3 million for the quarter ended June 30, 1992, on revenues of $33.6 million and $32.3 million, respectively.
 As part of its conversion to a corporation earlier this year, Maritrans adopted deferred income tax reporting. The recognition of deferred income taxes under prescribed accounting rules required the one-time recording of a non-cash expense of $16.5 million. This non- cash charge results in a net loss for the six months ended June 30, 1993, of $11.6 million. On a pre-tax basis for the six months ended June 30, 1993, income was $5.5 million compared to $0.4 million for the six months ended June 30, 1992, on revenues of $65.8 million and $66.2 million, respectively.
 Stephen A. Van Dyck, chairman and chief executive officer, commented, "Pre-tax income year to date is about the same as year ago levels if we exclude the profit on the sale of excess small barges. Our operating income remains low as the supply of vessels continues to exceed the demand for transportation. We will remain focused on quality, safety, and process improvement as I believe this will best position us while we wait for markets to improve."
 Maritrans transports more than 200 million barrels of petroleum products annually in its fleet of 38 barges and 33 tugboats, making it the largest independent U.S. flag marine transporter of petroleum products operating in the coastal trade. Maritrans also owns and operates oil storage terminals on the Atlantic coast through its subsidiary companies, Maritank Philadelphia Inc. and Maritank Maryland Inc. Another affiliated company, Marispond Inc. provides oil spill contingency planning and clean-up management services to vessel owners.
 MARITRANS INC.
 Combined Financial Highlights
 (Unaudited; dollars in millions, except per-share amounts)
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenue $33.6 $32.3 $65.8 $66.2
 Operating income before depreciation
 and amortization 6.4 6.2 13.1 12.8
 Depreciation and amortization 3.8 3.8 7.8 7.7
 Gain on sale of fixed assets 1.0 0.4 4.9 0.5
 Pre-tax income 1.2 0.3 5.5 0.4
 Deferred income tax accounting
 adjustment N/A N/A 16.5 N/A
 Net income (loss) (after accounting
 adjustment) 0.6 0.3 (11.6) 0.4
 Capital expenditures 3.1 1.9 8.6 3.6
 Net income plus interest, taxes,
 depreciation and amortization 7.6 6.9 18.6 13.7
 Per share effect of deferred income
 tax accounting adjustment N/A N/A 1.32 N/A
 Net income (loss) per share
 (or equivalent) .05 .03 (.93) .03
 /delval/
 -0- 7/28/93
 /CONTACT: Richard Carson, 215-864-1254, or Gary Schaefer, 215-864-1288, both of Maritrans/
 (TUG)


CO: Maritrans Inc. ST: Pennsylvania IN: MAR SU: ERN

CC-MK -- PH027 -- 6791 07/28/93 14:01 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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