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MATLACK REPORTS A PROFIT IN ITS FIRST FISCAL QUARTER

 MATLACK REPORTS A PROFIT IN ITS FIRST FISCAL QUARTER
 WILMINGTON, Del., Jan. 16 /PRNewswire/ -- Matlack Systems, Inc. (AMEX: MLK) today reported the results for first fiscal quarter ended Dec. 31, 1991.
 Despite a revenue decline, the company was able to reduce expenses enough to become profitable in the quarter. Earnings before taxes were $78,000 compared with a loss of $786,000 last year. Net earnings for the quarter amounted to $16,000 compared with a loss of $510,000 or $.09 per share in 1991.
 Revenues for the quarter were $47,665,000 compared with $52,249,000 reported in the first quarter last year. The number of loads carried was 9 percent lower than a year ago, reflecting the continued sluggish economy and impact of five fewer terminals in the Southern region. After adjusting for a fuel surcharge, which was in effect in last year's first quarter, the average revenue per mile was 6 percent higher than a year ago.
 The reduction in miles driven, continued productivity improvements and a more profitable mix of business contributed to the lower operating expenses. Depreciation expense decreased from a year ago due to lower capital spending and interest expense also dropped as a result of lower short-term rates and the $12,100,000 reduction of indebtedness in fiscal 1991.
 Cash flow from operations remained positive during the quarter. Modest capital spending of $1,174,000 allowed the company to repay the additional $1,812,000 of indebtedness.
 Matlack Systems, Inc.'s major operation consists of Matlack, Inc., one of the largest carriers of bulk commodities by truck in North America. Matlack operates approximately 1,100 tractors and 2,700 trailers out of 80 terminals located in 32 states and two Canadian provinces.
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (in thousands; unaudited)
 Quarter ended Dec. 31 1991 1990
 Revenues $ 47,665 $ 52,249
 Expenses:
 Operating 39,852 44,174
 Depreciation, net 2,979 3,475
 Selling and administrative 3,848 3,998
 Total 46,679 51,647
 Earnings before interest
 expense and income taxes 986 602
 Interest expense 908 1,388
 Loss before income tax benefit 78 (786)
 Income tax benefit 62 (276)
 Net loss 16 (510)
 Net loss per share -- ($.09)
 Average common shares and
 equivalents outstanding 5,730 5,725
 MATLACK SYSTEMS, INC.
 CONSOLIDATED BALANCE SHEET
 (Dollars in thousands; unaudited)
 Dec. 31 1991 1990
 ASSETS:
 Current assets:
 Cash $2,592 $3,401
 Accounts receivable, net 20,671 22,444
 Inventory of tires, parts and supplies 6,651 7,908
 Other current assets 2,448 2,840
 Total 32,362 36,593
 Property and equipment, at cost, net
 of accumulated depreciation 71,000 81,922
 Other assets 294 317
 Total 103,656 118,832
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable $6,778 $7,118
 Accrued liabilities 8,539 8,605
 Income taxes payable 903 1,298
 Current maturities of equipment financing
 obligations and long-term debt 5,641 9,935
 Total 21,861 26,956
 Equipment financing obligations 29,208 35,051
 Long-term debt 3,939 4,615
 Deferred income taxes 5,593 6,905
 Other liabilities 5,542 5,492
 Shareholders' equity 37,513 39,813
 Total 103,656 118,832
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF CASH FLOWS
 (Dollars in thousands; unaudited)
 Quarter ended Dec. 31 1991 1990
 Cash flows from operating activities:
 Net earnings (loss) $ 16 $ (510)
 Reconciliation of net earnings (loss) to
 net cash flows from operating activities:
 Depreciation 3,045 3,606
 Current and deferred income taxes 137 (373)
 Decrease in accounts receivable 534 3,408
 (Decrease) in accounts payable and
 accrued liabilities (1,406) (1,051)
 Other, net (345) (272)
 Net cash flows from operating activities 1,981 4,808
 Cash flows from investing activities:
 Purchase of property and equipment (1,174) (1,445)
 Proceeds from the sale of equipment 252 487
 Net cash flows used in investing activities (922) (958)
 Cash flows from financing activities:
 Repayment of equipment financing
 obligations (1,724) (3,023)
 Repayment of long-term debt (88) (95)
 Net cash flows used in financing
 activities (1,812) (3,118)
 Net (decrease) increase in cash (753) 732
 Cash beginning of period 3,345 2,669
 Cash end of period 2,592 3,401
 Supplemental information:
 Interest paid 1,034 1,124
 Income taxes paid 75 96
 -0- 1/16/92
 /CONTACT: Patrick J. Bagley, vp and treasurer of Matlack Systems, 302-426-2930/
 (MLK) CO: Matlack Systems, Inc. ST: Delaware IN: TRN SU: ERN


MP-HN -- PH004 -- 0410 01/16/92 10:23 EST
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Date:Jan 16, 1992
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