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MATLACK REPORTS HIGHER REVENUES AND EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR 1992

 MATLACK REPORTS HIGHER REVENUES AND EARNINGS
 FOR THE FOURTH QUARTER AND FISCAL YEAR 1992
 WILMINGTON, Del., Oct. 28 /PRNewswire/ -- Matlack Systems, Inc. (AMEX: MLK) today reported the results for the fourth fiscal quarter and the year ended Sept. 30, 1992.
 Revenues for the fourth quarter increased by 3 percent to $49,745,000 from $48,238,000 reported in the prior year. Net earnings were $1,028,000 or $.18 per share compared with a loss of $1,094,000 or $.19 per share in the 1991 fourth quarter.
 The higher revenues resulted from an increase in revenue per mile and an improvement in the mix of business. Continued emphasis on expense control and further gains in productivity contributed to the improved earnings.
 Revenues for the year ended Sept. 30, 1992, were $199,488,000 compared with $199,090,000 for last year. Net earnings before a charge for the cumulative effect of a change in accounting principle were $2,343,000 or $.40 per share for the year ended Sept. 30, 1992, compared with a loss of $2,826,000 or $.49 per share in 1991.
 As required by recently issued accounting rules, the company retroactively adopted a change in the method by which it recognizes revenue effective Oct. 1, 1991. The cumulative effect of this accounting change reduced earnings for the year ended Sept. 30, 1992, by $328,000 before taxes and $190,000 after taxes or $.03 per share.
 The company's financial condition further improved during the fourth quarter. Overall indebtedness was reduced by an additional $7,052,000 during the quarter and the debt to equity ratio at Sept. 30, 1992, was .7 to 1 compared with 1.1 to 1 at the end of 1991.
 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 1,250 tractors and 2,700 trailers out of 80 terminals located in 32 states and three Canadian provinces.
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (in thousands; unaudited)
 Periods ended Three months Year
 Sept. 30 1992 1991 1992 1991
 Revenues $49,745 $48,238 $199,488 $199,090
 Expenses:
 Operating 40,866 41,651 164,601 169,253
 Depreciation, net 2,454 3,253 10,968 13,568
 Selling and administrative 3,898 4,126 16,633 15,995
 Total 47,218 49,030 192,202 198,816
 Earnings before interest
 expense and income taxes 2,527 (792) 7,286 274
 Interest expense 731 962 3,243 4,713
 Earnings (loss) before
 income taxes (benefit) and
 cumulative effect of change
 in accounting principle 1,796 (1,754) 4,043 (4,439)
 Income taxes (benefit) 768 (660) 1,700 (1,613)
 Earnings (loss) before
 cumulative effect of change
 in accounting principle 1,028 (1,094) 2,343 (2,826)
 Cumulative effect (to Sept. 30,
 1991) of change in
 accounting principle --- --- (190) ---
 Net earnings (loss) 1,028 (1,094) 2,153 (2,826)
 Earnings (loss) per share:
 From operations $.18 $(.19) $.40 $(.49)
 Cumulative effect of change
 in accounting principle --- --- (.03) ---
 Net earnings (loss) per share $.18 $(.19) $.37 $(.49)
 Average common shares and
 equivalents outstanding --- --- 5,827 5,731
 MATLACK SYSTEMS, INC.
 CONSOLIDATED BALANCE SHEET
 (Dollars in thousands; unaudited)
 Sept. 30 1992 1991
 ASSETS:
 Current assets:
 Cash $4,274 $3,345
 Accounts receivable, net 21,068 21,205
 Inventory of tires, parts and supplies 6,597 6,843
 Current deferred income taxes 2,299 ---
 Other current assets 2,294 2,245
 Total 36,532 33,638
 Property and equipment, at cost, net
 of accumulated depreciation 64,279 73,057
 Other assets 280 299
 Total $101,091 $106,994
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable $8,479 $7,857
 Accrued liabilities 11,049 8,867
 Current income taxes payable 701 699
 Current maturities of equipment financing
 obligations and long-term debt 4,712 4,891
 Total 24,941 22,314
 Equipment financing obligations 18,777 31,681
 Long-term debt 3,641 4,028
 Deferred income taxes 8,586 5,796
 Other liabilities 5,383 5,678
 Shareholders' equity 39,763 37,497
 Total $101,091 $106,994
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF CASH FLOWS
 (Dollars in thousands; unaudited)
 Periods ended Three months Year
 Sept. 30 1992 1991 1992 1991
 Cash flows from
 operating activities:
 Net earnings (loss) $1,028 $(1,094) $2,153 $(2,826)
 Reconciliation of net earnings
 (loss) to net cash flows from
 operating activities:
 Depreciation 2,566 3,257 11,163 13,850
 Current and deferred income taxes 14 (878) 629 (2,216)
 Decrease (increase) in
 accounts receivable 2,036 (483) 137 4,646
 Increase (decrease) in accounts
 payable and accrued liabilities 552 2,274 2,804 (50)
 Other, net (134) 841 (410) 1,889
 Net cash flows from
 operating activities 6,062 3,917 16,476 15,293
 Cash flows from investing activities:
 Purchase of property and equipment (334) (673) (2,957) (4,178)
 Proceeds from the sale of equipment 365 107 767 1,680
 Net cash flows (used in)
 investing activities 31 (566) (2,190) (2,498)
 Cash flows from financing activities:
 Proceeds of equipment
 financing obligations --- 1,000 --- 4,000
 Repayment of equipment financing
 obligations (6,968) (1,849) (13,066) (15,322)
 Repayment of long-term debt (84) (228) (404) (797)
 Exercise of stock options 12 --- 113 ---
 Net cash flows used in financing
 activities (7,040) (1,077) (13,357) (12,119)
 Net (decrease) increase in cash (947) 2,274 929 676
 Cash beginning of period 5,221 1,071 3,345 2,669
 Cash end of period 4,274 3,345 4,274 3,345
 -0- 10/28/92
 /CONTACT: Patrick J. Bagley, vp and treasurer of Matlack Systems, 302-426-2930/
 (MLK) CO: Matlack Systems, Inc. ST: Delaware IN: TRN SU: ERN


MK-JR -- PH004 -- 5846 10/28/92 09:44 EST
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Date:Oct 28, 1992
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