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MATLACK REPORTS HIGHER REVENUES AND EARNINGS FOR THE THIRD FISCAL QUARTER

 MATLACK REPORTS HIGHER REVENUES AND EARNINGS
 FOR THE THIRD FISCAL QUARTER
 WILMINGTON, Del., July 16 /PRNewswire/ -- Matlack Systems, Inc. (AMEX: MLK) today reported the results for the third fiscal quarter and the nine months ended June 30, 1992.
 Revenues for the third quarter increased by 8 percent to $52,898,000 from $49,080,000 reported in the prior year. Net earnings were $894,000 or $.16 per share compared with a loss of $447,000 or $.08 per share in the 1991 third quarter.
 The higher revenues resulted from a 4 percent increase in miles and a 4 percent improvement in revenue per mile. Continued emphasis on expense control and further gains in productivity contributed to the improved performance.
 Revenues for the nine months ended June 30, 1992, were $149,905,000 compared with $150,852,000 for the same period last year. Net earnings were $1,325,000 or $.23 per share for the nine months ended June 30, 1992, compared with a loss of $1,732,000 or $.30 per share in 1991.
 The company's financial condition further improved during the third quarter. Overall indebtedness was reduced by an additional $2,861,000 during the quarter and the debt to equity ratio at June 30, 1992, was 0.9 to 1.0.
 The company noted that economic conditions have begun to stabilize in the chemical industry, which is the principal sector of the economy that affects demand for the company's services.
 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)
 Periods ended Three months Nine months
 June 30 1992 1991 1992 1991
 Revenues $52,898 $49,080 $149,905 $150,852
 Expenses:
 Operating 43,190 41,304 123,794 127,602
 Depreciation, net 2,712 3,321 8,514 10,315
 Selling and administrative 4,673 4,021 12,735 11,869
 Total 50,575 48,646 145,043 149,786
 Earnings before interest
 expense and income taxes 2,323 434 4,862 1,066
 Interest expense 802 1,127 2,512 3,751
 Earnings (loss) before
 income taxes (benefit) 1,521 (693) 2,350 (2,685)
 Income taxes (benefit) 627 (246) 1,025 (953)
 Net earnings (loss) 894 (447) 1,325 (1,732)
 Net earnings (loss) per share $.16 $(.08) $.23 $(.30)
 Average common shares and
 equivalents outstanding --- --- 5,822 5,734
 MATLACK SYSTEMS, INC.
 CONSOLIDATED BALANCE SHEET
 (Dollars in thousands; unaudited)
 June 30 1992 1991
 ASSETS:
 Current assets:
 Cash $5,221 $1,071
 Accounts receivable, net 23,104 20,723
 Inventory of tires, parts and supplies 6,619 7,015
 Other current assets 2,175 2,381
 Total 37,119 31,190
 Property and equipment, at cost, net
 of accumulated depreciation 66,604 76,055
 Other assets 285 304
 Total $104,008 $107,549
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable $8,252 $6,928
 Accrued liabilities 10,724 7,522
 Income taxes payable 1,345 1,168
 Current maturities of equipment financing
 obligations and long-term debt 5,623 4,817
 Total 25,944 20,435
 Equipment financing obligations 24,834 32,635
 Long-term debt 3,725 4,225
 Deferred income taxes 5,629 6,069
 Other liabilities 4,953 5,594
 Shareholders' equity 38,923 38,591
 Total $104,008 $107,549
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF CASH FLOWS
 (Dollars in thousands; unaudited)
 Periods ended Three months Nine months
 June 30 1992 1991 1992 1991
 Cash flows from
 operating activities:
 Net earnings (loss) $894 $(447) $1,325 $(1,732)
 Reconciliation of net earnings
 (loss) to net cash flows from
 operating activities:
 Depreciation 2,722 3,421 8,597 10,593
 Current and deferred income taxes 477 (349) 615 (1,338)
 (Increase) decrease in
 accounts receivable (936) 561 (1,899) 5,129
 Increase (decrease) in accounts
 payable and accrued liabilities 2,182 (121) 2,252 (2,324)
 Other, net (242) 608 (476) 1,048
 Net cash flows from
 operating activities 5,097 3,673 10,414 11,376
 Cash flows from investing activities:
 Purchase of property and equipment (588) (1,252) (2,623) (3,505)
 Proceeds from the sale of equipment 76 1,007 402 1,573
 Net cash flows used in
 investing activities (512) (245) (2,221) (1,932)
 Cash flows from financing activities:
 Proceeds of equipment
 financing obligations --- 2,500 --- 3,000
 Repayment of equipment financing
 obligations (2,777) (7,474) (6,098) (13,473)
 Repayment of long-term debt (84) (125) (320) (569)
 Exercise of stock options 22 --- 101 ---
 Net cash flows used in financing
 activities (2,839) (5,099) (6,317) (11,042)
 Net increase (decrease) in cash 1,746 (1,671) 1,876 (1,598)
 Cash beginning of period 3,475 2,742 3,345 2,669
 Cash end of period 5,221 1,071 5,221 1,071
 -0- 7/16/92
 /CONTACT: Patrick J. Bagley, vp and treasurer of Matlack Systems, 302-426-2930/
 (MLK) CO: Matlack Systems, Inc. ST: Delaware IN: TRN SU: ERN


MK-MP -- PH003 -- 9866 07/16/92 08:43 EDT
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Date:Jul 16, 1992
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