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MATLACK SYSTEMS, INC. REPORTS HIGHER REVENUE AND EARNINGS FOR THE SECOND FISCAL QUARTER

 WILMINGTON, Del., April 20 /PRNewswire/ -- Matlack Systems, Inc. (AMEX: MLK) today reported the results for its second fiscal quarter and the six months ended March 31, 1993.
 Net earnings more than doubled to $889,000, or $.15 per share for the quarter ended March 31, 1993, from the $333,000, or $.06 per share reported last year.
 Revenues for the quarter were $50,752,000 compared with $49,077,000 reported in the second quarter last year. While the number of loads carried was lower than last year, the average revenue per load was higher than in 1992. Continued productivity improvements and the more favorable mix of business contributed to the slightly lower operating expense ratio. Interest expense continued its decline as total indebtedness and short-term interest rates both were lower than a year ago.
 Capital expenditures increased significantly during the second quarter as the company began taking deliveries of new equipment ordered under a program to update its tractor and trailer fleet.
 Revenues for the six months ended March 31, 1993, were $97,350,000 compared with $96,845,000 last year. Net earnings were $1,238,000, or $.21 per share compared with earnings of $421,000 or $.07 per share for the effect of an accounting change last year.
 The company noted that the chemical industry appears to be emerging slowly from the recessionary levels of the past several years.
 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 four Canadian provinces.
 MATLACK SYSTEMS, INC.
 Consolidated Statement of Earnings
 (in thousands; unaudited)
 Periods ended Three Months Six Months
 March 31 1993 1992(A) 1993 1992(A)
 Revenues $50,752 $49,077 $97,350 $96,845
 Expenses:
 Operating 41,915 40,664 80,738 80,545
 Depreciation, net 2,420 2,823 4,925 5,802
 Selling and administrative 4,343 4,214 8,401 8,062
 Total 48,678 47,701 94,064 94,409
 Earnings before interest
 expense and income taxes 2,074 1,376 3,286 2,436
 Interest expense 508 802 1,108 1,710
 Earnings before income taxes
 and cumulative effect of change
 in accounting principle 1,566 574 2,178 726
 Income taxes 677 241 940 305
 Earnings before cumulative effect of
 change in accounting principle 889 333 1,238 421
 Cumulative effect (to Sept. 30,
 1991) of change in accounting
 principle --- --- --- (190)
 Net earnings 889 333 1,238 231
 Earnings (loss) per share:
 From operations $.15 $.06 $.21 $.07
 Cumulative effect of change in
 accounting principle --- --- --- (.03)
 Earnings per share .15 .06 .21 .04
 Average common shares and
 equivalents outstanding --- --- 5,860 5,796
 (A) Restated to reflect the retroactive adoption of a change in the method of revenue recognition.
 MATLACK SYSTEMS, INC.
 Consolidated Balance Sheet
 (Dollars in thousands; unaudited)
 March 31 1993 1992(A)
 ASSETS:
 Current assets:
 Cash $4,044 $3,475
 Accounts receivable, net 21,575 21,447
 Inventory of tires, parts and supplies 6,635 6,534
 Current deferred income taxes 1,978 ---
 Other current assets 2,857 2,712
 Total 37,089 34,168
 Property and equipment, at cost, net
 of accumulated depreciation 63,659 68,804
 Other assets 269 290
 Total 101,017 103,262
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 Current liabilities:
 Accounts payable $9,477 7,407
 Accrued liabilities 10,222 9,387
 Income taxes payable 47 848
 Current maturities of equipment financing
 obligations and long-term debt 4,098 5,623
 Total 23,844 23,265
 Equipment financing obligations 19,244 27,611
 Long-term debt 3,472 3,810
 Deferred income taxes 8,656 5,418
 Other liabilities 4,740 5,352
 Shareholders' equity 41,061 37,806
 Total 101,017 103,262
 (A) Restated to reflect the retroactive adoption of a change in the method of revenue recognition.
 MATLACK SYSTEMS, INC.
 Consolidated Statement of Cash Flows
 (Dollars in thousands; unaudited)
 Periods ended Three Months Six Months
 March 31 1993 1992(A) 1993 1992(A)
 Cash flows from operating activities:
 Net earnings $889 $333 $1,238 $231
 Reconciliation of net earnings to
 net cash flows from operating
 activities:
 Depreciation 2,413 2,830 4,929 5,875
 Current and deferred income taxes 41 (93) (263) (92)
 (Increase) in accounts receivable (2,848) (1,232) (507) (242)
 Increase in accounts payable
 and accrued liabilities 3,045 1,476 171 70
 Other, net 268 22 (1,225) (525)
 Net cash flows from
 operating activities 3,808 3,336 4,343 5,317
 Cash flows from investing activities:
 Purchase of property & equipment (2,988) (861) (4,422) (2,035)
 Proceeds from the sale of equipment 24 74 105 326
 Net cash flows used in
 investing activities (2,964) (787) (4,317) (1,709)
 Cash flows from financing activities:
 Proceeds of equipment
 financing obligations 1,000 --- 8,500 ---
 Repayment of equipment financing
 obligations (1,478) (1,597) (8,647) (3,321)
 Repayment of long-term debt (85) (148) (169) (236)
 Exercise of stock options 17 79 60 79
 Net cash flows used in financing
 activities (546) (1,666) (256) (3,478)
 Net increase (decrease) in cash 298 883 (230) 130
 Cash beginning of period 3,746 2,592 4,274 3,345
 Cash end of period 4,044 3,475 4,044 3,475
 Supplemental information:
 Interest paid 576 800 1,123 1,834
 Income taxes paid 636 184 1,203 259
 (A) Restated to reflect the retroactive adoption of a change in the method of revenue recognition.
 -0- 4/20/93
 /CONTACT: Patrick J. Bagley, vp-finance and treasurer of Matlack Systems, 302-426-2930/
 (MLK)


CO: Matlack Systems, Inc. ST: Delaware IN: TRN SU: ERN

MK-LJ -- PH006 -- 7862 04/20/93 09:36 EDT
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Date:Apr 20, 1993
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