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MARITRANS ANNOUNCES RESULTS FOR THE QUARTER ENDED MARCH 31 AND THE ADOPTION OF DEFERRED TAX REPORTING

 PHILADELPHIA, April 28 /PRNewswire/ -- Maritrans Inc. (NYSE: TUG) today announced income, before the recognition of deferred income taxes, for the quarter ended March 31, 1993, of $4.3 million compared to $0.1 milion for the quarter ended March 31, 1992, on revenues of $32.2 million and $34.0 million, respectively.
 Maritrans also announced the adoption of deferred income tax reportng due to its recent conversion to a corporation from a master limited partnership. 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 quarter of $12.2 million.
 Stephen A. Van Dyck, chairman and chief executive officer, commented, "Pre-tax income has improved from year ago levels due primarily to our previously announced sale of excess small barges. I am also pleased that even with lower overall revenue levels due to vessel shipyard scheduling and unusual coastal gales which hampered operations, we have been able to modestly improve pre-tax income from continuing operations."
 Maritrans transports more than 200 million barrels of petroleum products annually in its fleet of 39 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 coasts 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.
 Condensed Combined Financial Highlights
 (Unaudited; dollars in millions, except per-unit amounts)
 Three months ended March 31 1993 1992
 Revenue $32.2 $34.0
 Operating income before depreciation
 and amortization 6.7 6.6
 Depreciation and Amortization 4.0 3.9
 Gain on Sale of Fixed Assets 3.8 0.1
 Income before Accounting Adjustment 4.3 0.1
 Deferred Income Tax Accounting Adjustment 16.5 ---
 Net income (loss) (After Accounting
 Adjustment) (12.2) 0.1
 Capital expenditures 5.5 1.7
 Net income plus interest, taxes,
 depreciation and amortization 11.0 6.9
 Net income (loss) per share (or equivalent) (.98) .01
 /delval/
 -0- 4/28/93
 /CONTACT: Gary Schaefer, 215-864-1288, or Richard Carson, 215-864-1254, both of Maritrans/
 (TUG)


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

MJ-MP -- PH025 -- 2090 04/28/93 13:29 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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