Printer Friendly

MATLACK REPORTS PROFIT FOR THE SECOND FISCAL QUARTER

 MATLACK REPORTS PROFIT FOR THE SECOND FISCAL QUARTER
 WILMINGTON, Del., April 16 /PRNewswire/ -- Matlack Systems, Inc. (AMEX: MLK) today reported the results for its second fiscal quarter and the six months ended March 31, 1992.
 The company reported net earnings of $415,000 or $.07 per share for the quarter ended March 31, 1992, compared with a loss of $775,000 or $.13 per share last year. This turnaround was achieved in a poor economy and revenues remained level despite having five fewer terminals this year.
 Revenues for the quarter were $49,342,000 compared with $49,523,000 reported in the second quarter last year. The number of loads carried was 5 percent lower than last year. After adjusting for a fuel surcharge, which was in effect in last year's second quarter, the average revenue per mile was 2 percent higher than in 1991.
 Continued productivity improvements and a more favorable mix of business contributed to the lower operating expenses. Depreciation decreased from a year ago due to lower capital spending during the past few years. Interest expense continued its favorable trend as total indebtedness and short-term interest rates both were lower than a year ago.
 Revenues for the six months ended March 31, 1992, were $97,007,000 compared with $101,772,000 last year. Net earnings were $431,000 or $.07 per share compared with a loss of $1,285,000 or $.22 per share last year.
 A significant milestone was achieved during this past quarter. At March 31, 1992, the debt to equity ratio dropped below 1:1 for the first time.
 The company said it is cautiously optimistic that the economy will soon begin to improve.
 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
 (Dollars in thousands; unaudited)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Revenues $49,342 $49,523 $97,007 $101,772
 Expenses:
 Operating 40,752 42,124 80,604 86,298
 Depreciation, net 2,823 3,519 5,802 6,994
 Selling and administrative 4,214 3,850 8,062 7,848
 Total 47,789 49,493 94,468 101,140
 Earnings before interest
 expense and income taxes 1,553 30 2,539 632
 Interest expense 802 1,236 1,710 2,624
 Earnings (loss) before
 income taxes (benefit) 751 (1,206) 829 (1,992)
 Income taxes (benefit) 336 (431) 398 (707)
 Net earnings (loss) 415 (775) 431 (1,285)
 Net earnings (loss) per share $.07 ($.13) $.07 ($.22)
 Average common shares and
 equivalents outstanding (000) 5,796 5,741
 MATLACK SYSTEMS, INC.
 CONSOLIDATED BALANCE SHEET
 (Dollars in thousands; unaudited)
 March 31 1992 1991
 ASSETS:
 Current assets:
 Cash $3,475 $2,742
 Accounts receivable, net 22,168 21,283
 Inventory of tires, parts and supplies 6,534 7,416
 Other current assets 2,422 2,547
 Total 34,599 33,988
 Property and equipment, at cost, net
 of accumulated depreciation 68,804 79,131
 Other assets 290 310
 Total 103,693 113,429
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable $7,407 $6,403
 Accrued liabilities 9,387 8,168
 Income taxes payable 940 1,216
 Current maturities of equipment financing
 obligations and long-term debt 5,623 9,452
 Total 23,357 25,239
 Equipment financing obligations 27,611 33,003
 Long-term debt 3,810 4,322
 Deferred income taxes 5,556 6,370
 Other liabilities 5,352 5,457
 Shareholders' equity 38,007 39,038
 Total 103,693 113,429
 MATLACK SYSTEMS, INC.
 CONSOLIDATED STATEMENT OF CASH FLOWS
 (Dollars in thousands; unaudited)
 Three months ended March 31 1992 1991
 Cash flows from operating activities:
 Net earnings (loss) $415 $(775)
 Reconciliation of net earnings (loss) to
 net cash flows from operating activities:
 Depreciation 2,830 3,566
 Current and deferred income taxes 1 (616)
 (Increase) decrease in accounts receivable (1,497) 1,160
 Increase (decrease) in accounts payable
 and accrued liabilities 1,476 (1,152)
 Other, net 111 712
 Net cash flows from operating activities 3,336 2,895
 Cash flows from investing activities:
 Purchase of property and equipment (861) (808)
 Proceeds from the sale of equipment 74 79
 Net cash flows used in investing activities (787) (729)
 Cash flows from financing activities:
 Proceeds of equipment financing obligations -- 500
 Repayment of equipment financing
 obligations (1,597) (2,976)
 Repayment of long-term debt (148) (349)
 Exercise of stock options 79 --
 Net cash flows used in financing
 activities (1,666) (2,825)
 Net increase (decrease) in cash 883 (659)
 Cash beginning of period 2,592 3,401
 Cash end of period $3,475 $2,742
 Supplemental information:
 Interest paid $800 $1,530
 Income taxes paid $184 $186
 Six months ended March 31 1992 1991
 Cash flows from operating activities:
 Net earnings (loss) $431 $(1,285)
 Reconciliation of net earnings (loss) to
 net cash flows from operating activities:
 Depreciation 5,875 7,172
 Current and deferred income taxes 138 (989)
 (Increase) decrease in accounts receivable (963) 4,568
 Increase (decrease) in accounts payable
 and accrued liabilities 70 (2,203)
 Other, net (234) 440
 Net cash flows from operating activities 5,317 7,703
 Cash flows from investing activities:
 Purchase of property and equipment (2,035) (2,253)
 Proceeds from the sale of equipment 326 566
 Net cash flows used in
 investing activities (1,709) (1,687)
 Cash flows from financing activities:
 Proceeds of equipment financing obligations -- 500
 Repayment of equipment financing
 obligations (3,321) (5,999)
 Repayment of long-term debt (236) (444)
 Exercise of stock options 79 --
 Net cash flows used in financing
 activities (3,478) (5,943)
 Net increase (decrease) in cash 130 73
 Cash beginning of period 3,345 2,669
 Cash end of period $3,475 $2,742
 Supplemental information:
 Interest paid $1,834 $2,654
 Income taxes paid $259 $282
 -0- 4/16/92
 /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-MK -- PH002 -- 9089 04/16/92 08:48 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 16, 1992
Words:1034
Previous Article:NESTLE EASTER CANDY DONATION BENEFITS NEEDY CHILDREN THROUGH SECOND HARVEST
Next Article:AVON INCOME UP 22 PERCENT BUT RESTRUCTURING CHARGE CAUSES QUARTERLY LOSS


Related Articles
MATLACK REPORTS A PROFIT IN ITS FIRST FISCAL QUARTER
MATLACK REPORTS HIGHER REVENUES AND EARNINGS FOR THE THIRD FISCAL QUARTER
MATLACK REPORTS HIGHER REVENUES AND EARNINGS FOR THE FOURTH QUARTER AND FISCAL YEAR 1992
MATLACK REPORTS HIGHER FIRST QUARTER EARNINGS
MATLACK SYSTEMS, INC. REPORTS HIGHER REVENUE AND EARNINGS FOR THE SECOND FISCAL QUARTER
Matlack Reports Higher Revenues and Improved Earnings in First Quarter
Matlack Systems, Inc. Reports Higher Profits For The Third Fiscal Quarter
Matlack Systems, Inc. Reports Results for the Fourth Quarter And Fiscal Year 1998.
Matlack Reports Results for First Fiscal Quarter of 2000.
Matlack Systems, Inc. Reports Results for Second Fiscal Quarter.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters