10-Q 1 w42196e10-q.txt MARITRANS INC. FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) _X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period ended September 30, 2000 ------------------ or ___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from __________ to ____________ Commission File Number 1-9063 ------- MARITRANS INC. -------------- (Exact name of registrant as specified in its charter) DELAWARE 51-0343903 ------------------------------- ---------- (State or other jurisdiction of (Identification No. incorporation or organization) I.R.S. Employer) TWO HARBOUR PLACE 302 KNIGHTS RUN AVENUE SUITE 1200 TAMPA, FLORIDA 33602 -------------------- (Address of principal executive offices) (Zip Code) (813) 209-0600 -------------- Registrant's telephone number, including area code Not Applicable -------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes _X_ No ___ Common Stock $.01 par value, 10,972,055 shares outstanding as of November 10, 2000 1 2 MARITRANS INC. INDEX
Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - September 30, 2000 and December 31, 1999 .....................3 Condensed Consolidated Statements of Operations - Three months ended September 30, 2000 and 1999 ..................................................................4 Condensed Consolidated Statements of Operations - Nine months ended September 30, 2000 and 1999.......................................................................................5 Condensed Consolidated Statements of Cash Flows - Nine months ended September 30, 2000 and 1999 .................................................................6 Notes to Condensed Consolidated Financial Statements .................................................7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ...............10 PART II. OTHER INFORMATION Item 1. Legal Proceedings ...................................................................................16 Item 6. Exhibits and Reports on Form 8-K ....................................................................17 SIGNATURES ............................................................................................................18
2 3 PART I: FINANCIAL INFORMATION MARITRANS INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($000)
SEPTEMBER 30, DECEMBER 31, 2000 1999 ----------- -------- (Unaudited) (Note 1) ASSETS Current assets: Cash and cash equivalents $ 28,910 $ 13,232 Cash and cash equivalents - restricted 10,300 21,000 Trade accounts receivable 12,227 14,676 Other accounts receivable 4,837 5,782 Inventories 3,456 3,355 Deferred income tax benefit 4,003 4,013 Prepaid expenses 2,989 3,101 -------- -------- Total current assets 66,722 65,159 Vessels and equipment 284,940 278,471 Less accumulated depreciation 129,510 119,013 -------- -------- Net vessels and equipment 155,430 159,458 Notes receivable 4,840 3,692 Other 11,136 22,712 -------- -------- Total assets $238,128 $251,021 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Debt due within one year $ 7,861 $ 7,773 Trade accounts payable 1,047 1,686 Accrued interest 2,104 1,203 Accrued shipyard cost 7,821 6,961 Accrued wages and benefits 4,051 2,727 Other accrued liabilities 4,420 9,651 -------- -------- Total current liabilities 27,304 30,001 Long-term debt 68,336 75,861 Deferred shipyard costs 11,730 10,442 Other liabilities 4,557 4,095 Deferred income taxes 35,925 35,925 Stockholders' equity 90,276 94,697 -------- -------- Total liabilities and stockholders' equity $238,128 $251,021 ======== ========
See notes to financial statements. 3 4 MARITRANS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($000, EXCEPT PER SHARE AMOUNTS)
JULY 1 TO JULY 1 TO SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 ------------------ ------------------ Revenues $ 32,744 $ 39,185 Costs and expenses: Operation expense 17,663 22,637 Maintenance expense 3,744 6,957 General and administrative 2,354 2,613 Depreciation and amortization 4,299 5,223 -------- -------- Total operating expense 28,060 37,430 -------- -------- Operating income 4,684 1,755 Interest expense (1,478) (1,623) Other income (loss), net 1,067 (4,829) -------- -------- Income (loss) before income taxes 4,273 (4,697) Income tax provision (benefit) 1,565 (1,788) -------- -------- Net income (loss) $ 2,708 $ (2,909) ======== ======== Basic earnings (loss) per share $ 0.25 $ (0.25) Diluted earnings (loss) per share $ 0.24 $ (0.25) Dividends declared per share $ 0.10 $ 0.10
See notes to financial statements. 4 5 MARITRANS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ($000, EXCEPT PER SHARE AMOUNTS)
JANUARY 1 TO JANUARY 1 TO SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 ------------------ ------------------ Revenues $ 91,468 $ 117,417 Costs and expenses: Operation expense 51,638 66,611 Maintenance expense 13,800 21,869 General and administrative 6,459 7,435 Depreciation and amortization 12,856 15,512 --------- --------- Total operating expense 84,753 111,427 --------- --------- Operating income 6,715 5,990 Interest expense (4,791) (5,170) Other income (loss), net 2,458 (687) --------- --------- Income before income taxes 4,382 133 Income tax provision 1,665 57 --------- --------- Net income $ 2,717 $ 76 ========= ========= Basic earnings per share $ 0.25 $ 0.01 Diluted earnings per share $ 0.24 $ 0.01 Dividends declared per share $ 0.30 $ 0.30
See notes to financial statements. 5 6 MARITRANS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ($000)
NINE MONTHS ENDED SEPTEMBER 30, 2000 1999 -------------------------------- Cash flows from operating activities: Net income $ 2,717 $ 76 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 12,856 15,512 Deferred income tax provision 10 (615) Stock compensation 770 682 Changes in receivables, inventories and prepaid expenses 3,562 6,019 Changes in current liabilities, other than debt (2,785) 3,468 Non-current changes, net 2,534 1,489 (Gain) Loss on sale of fixed assets 637 1,493 -------- -------- 17,584 28,048 -------- -------- Net cash provided by operating activities 20,301 28,124 Cash flows from investing activities: Release of cash and cash equivalents - restricted 21,548 -- Cash proceeds from sale of equipment 165 21,136 Purchase of vessels, terminals and equipment (10,991) (4,594) -------- -------- Net cash provided by investing activities 10,722 16,542 -------- -------- Cash flows from financing activities: Payment of long-term debt (7,437) (10,776) Borrowings under revolving credit facility 2,500 14,908 Repayments of borrowing under revolving credit facilities (2,500) (25,481) Proceeds from exercise of stock options 129 -- Purchase of treasury stock (4,617) (2,458) Dividends declared and paid (3,420) (3,621) -------- -------- Net cash provided by (used in) financing activities (15,345) (27,428) -------- -------- Net increase in cash and cash equivalents 15,678 17,238 Cash and cash equivalents at beginning of period 13,232 1,214 -------- -------- Cash and cash equivalents at end of period $ 28,910 $ 18,452 ======== ======== Noncash investing and financing activities Borrowings under long-term debt for purchase of vessel -- $ 4,947 Note receivable from sale of property $ 1,575 --
See notes to financial statements 6 7 MARITRANS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2000 1. BASIS OF PRESENTATION/ORGANIZATION Maritrans Inc. owns Maritrans Operating Partners L.P. ("the Operating Partnership"), Maritrans General Partner Inc., Maritrans Tankers Inc., Maritrans Barge Co., Maritrans Holdings Inc. and other Maritrans entities (collectively, the "Company"). These subsidiaries, directly and indirectly, own and operate oil tankers, tugboats, and oceangoing petroleum tank barges principally used in the transportation of oil and related products, along the Gulf and Atlantic coasts. In the opinion of management, the accompanying condensed consolidated financial statements of Maritrans Inc., which are unaudited (except for the Condensed Consolidated Balance Sheet as of December 31, 1999, which is derived from audited financial statements), include all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial statements of the consolidated entities. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Pursuant to the rules and regulations of the Securities and Exchange Commission, the unaudited condensed consolidated financial statements do not include all of the information and notes normally included with annual financial statements prepared in accordance with generally accepted accounting principles. These financial statements should be read in conjunction with the consolidated historical financial statements and notes thereto included in the Company's Form 10-K for the period ended December 31, 1999. 7 8 2. EARNINGS PER COMMON SHARE The following data shows the amounts used in computing basic and diluted earnings per share ("EPS"):
Three Months Ended Nine Months Ended September 30, September 30, 2000 1999 2000 1999 ---- ---- ---- ---- (000's) (000's) Income available to common stockholders used in basic EPS $ 2,708 $ (2,909) $ 2,717 $ 76 Weighted average number of common shares used in basic EPS 10,755 11,577 11,082 11,810 Effect of dilutive securities: Stock options and restricted shares 304 -- 288 113 Weighted number of common shares and dilutive potential common stock used in diluted EPS 11,059 11,577 11,370 11,923
3. INCOME TAXES The Company's effective tax rate differs from the federal statutory rate due primarily to state income taxes and certain nondeductible items. 4. SHARE BUYBACK PROGRAM On February 9, 1999, the Board of Directors authorized a share buyback program for the acquisition of up to one million shares of the Company's common stock. This amount represented approximately 8 percent of the 12.1 million shares outstanding at the beginning of the program. In February 2000, the Board of Directors authorized the acquisition of an additional one million shares in the program. As of September 30, 2000, 1,411,700 shares have been repurchased under the plan and were financed from internally generated funds. 5. CORPORATE RELOCATION AND DOWNSIZING In September 1999, the Company announced its intent to relocate the corporate headquarters from Philadelphia, PA to Tampa, FL. In April 2000, this move occurred. The Company expenses costs associated with the move as incurred. As of September 30, 2000 the Company has incurred $1.1 million of costs associated with the move. Also, in September 1999, the Company announced a reduction in its 8 9 shoreside staff. The Company accrued $0.9 million of severance costs in September 1999 for the cash benefits to be paid to the employees who were terminated. Of this amount, approximately $0.8 million has been paid through September 30, 2000. 6. SALE OF ASSETS In June 2000, the Company sold real estate and equipment located in Philadelphia, PA. The sales price totaled $1.75 million of which $1.58 million was received in the form of a note. The pre-tax loss on the sale was $0.7 million and is included in other income in the statement of operations. 7. IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities ("Statement 133"). Statement 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts (collectively referred to as derivatives), and for hedging activities. The Company will adopt Statement 133 on January 1, 2001, and the effect of adoption will not have a material effect on the Company. 9 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward Looking Information Some of the statements in this Form 10-Q (the "10-Q") constitute forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made with respect to present or anticipated utilization, future revenues and customer relationships, capital expenditures, future financings, and other statements regarding matters that are not historical facts and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, growth, performance, earnings per share or achievements to be materially different from any future results, levels of activity, growth, performance, earnings per share or achievements expressed in or implied by such forward-looking statements. The forward-looking statements included in this 10-Q relate to future events or the Company's future financial performance. In some cases, the reader can identify forward-looking statements by terminology such as "may," "believe," "future," "potential," "estimate," "expect," "intend," "plan," "through," "provide," "meet," "allow," "represent," "result," "seek," "increase," "work," "perform," "make," "continue," "will," "include," or the negative of such terms or comparable terminology. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on the Company's current plans or assessments that we believe are reasonable as of the date of this 10-Q. Factors that may cause actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted in such forward-looking statements include, among others, the factors outlined in this 10-Q and general financial, economic, environmental and regulatory conditions affecting the oil and marine transportation industries in general. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Given such uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Although the Company believes that the expectations in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, growth, earnings per share or achievements. However, neither the Company nor any other person assumes responsibility for the accuracy and completeness of such statements. The Company is under no duty to update any of the forward-looking statements after the date of this 10-Q to conform such statements to actual results. The following discussion should be read in conjunction with the unaudited financial statements and notes thereto included in Part I Item 1 of this Form 10-Q and the audited financial statements and notes thereto and 10 11 Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 1999 contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1999. Results of Operations Three Month Comparison Revenue in the third quarter of 2000 was $32.7 million compared to $39.2 million in the third quarter of 1999, a decrease of $6.5 million or 16.6 percent. Although revenue in the quarter decreased $9.7 million as a result of the thirty-one vessels and the petroleum storage terminals that were sold in 1999, revenue for the remaining fleet for the comparable periods increased $3.2 million. This increase resulted from both high utilization on the operating vessels and increased daily rates charged to customers. Vessel utilization, as measured by revenue days divided by calendar days available, for the remaining comparable fleets decreased from 87.8 percent in the third quarter of 1999 to 86.7 percent in the third quarter of 2000. The overall decrease was the result of the OCEAN 244 being out of service in the quarter for its double hull rebuild, which will continue into late in the fourth quarter. Excluding the OCEAN 244, utilization for the operating vessels was 93.0 percent. Barrels of cargo transported increased from 46.2 million in the third quarter of 1999 to 49.0 million in the third quarter of 2000 for the comparable fleets. More capacity is expected to be out of service for shipyardings in the fourth quarter than was experienced in the third quarter, which the Company believes will result in lower utilization. The average daily rate increased over the comparable period in 1999 due primarily to increased fuel costs, discussed in operating expenses below, for the amounts the Company was able to pass through to customers under its contractual agreements. A small portion of the increase in daily rates was due to an increase in the overall market rates, which began late in the quarter and is expected to continue through the remainder of 2000. Total operating expenses in the third quarter of 2000 were $28.1 million compared to $37.4 million in the third quarter of 1999, a decrease of $9.3 million or 24.9 percent. This decrease was due primarily to the sale of assets discussed above. In addition, shoreside related expenses decreased as a result of the reduction in shoreside staff in 1999. In September 1999, the Company had recorded a severance expense of $0.9 million for these employees. Maintenance expense decreased as a result of the reduction in fleet size and the impact of the rebuilding of the single-hulled barges to double-hulled barges, which allows certain procedures to be performed while the vessel is in the shipyard for its double-hulling. Offsetting the above decreases in operating expenses was an increase in fuel expense for fuel used on the vessels. The average price per gallon in the third quarter of 2000 increased 74% compared to the third quarter of 1999. Under its contractual agreements, the Company was able to pass through to customers some of these fuel costs. The Company 11 12 incurred $0.5 million in relocation costs in the current quarter for the move of the corporate headquarters from Philadelphia, PA to Tampa, FL. Operating income increased as a result of the aforementioned changes in revenue and expenses. Other income includes interest income of $1.0 million. Other income for the third quarter 1999 included a loss of $5.9 million on the sale of the Company's two petroleum storage terminals during that quarter. Net income for the third quarter of 2000 increased compared to the third quarter of 1999 due to the aforementioned changes in revenue, expenses and other income. Nine Month Comparison Revenue for the nine months ended September 30, 2000 was $91.4 million compared to $117.4 million for the nine months ended September 30, 1999, a decrease of $26.0 million or 22.1 percent. Although revenue in the nine months decreased $31.8 million as a result of the thirty-one vessels and the petroleum storage terminals that were sold in 1999, revenue for the remaining fleet for the comparable periods increased $5.8 million. This revenue increase resulted from increases in both the utilization of the operating vessels and in the average daily rates charged to customers. Vessel utilization, as measured by revenue days divided by calendar days available, decreased from 88.0 percent for the nine months ended September 30, 1999 to 86.5 percent for the nine months ended September 30, 2000 for the remaining comparable fleets. The overall decrease was the result of the OCEAN 244 being out of service for six months through September 30, 2000, for its double hull rebuild. The rebuild will continue into late in the fourth quarter. The operating vessels experienced high utilization during the period. Excluding the OCEAN 244, utilization for the operating vessels was 90.4 percent. Barrels of cargo transported increased from 133.9 million for the nine months ended September 30, 1999 to 145.0 million for the nine months ended September 30, 2000 for the remaining comparable fleets. The average daily rate increased over the comparable period in 1999 due primarily to increased fuel costs, discussed in operating expenses below, for amounts the Company was able to pass through to customers under its contractual agreements. Late in the period, overall market rates began to increase. This was due to the amount of capacity already under contract to major oil companies and to low distillate inventories in the United States, particularly heating oil in the Northeast, both of which have raised rates for available Jones Act capacity. The Company expects the strong market rates to continue and to have a positive impact on the Company's revenue. Total operating expenses for the nine months ended September 30, 2000 were $84.8 million compared to $111.4 million for the nine months ended September 30, 1999, a decrease of $26.6 million or 23.9 percent. 12 13 This decrease was due primarily to the sale of assets discussed above. In addition, shoreside related expenses decreased as a result of the reduction in shoreside staff in 1999. In September 1999, the Company recorded a severance charge of $0.9 million for these employees. Maintenance expense decreased as a result of the reduction in fleet size and the impact of the rebuilding of the single-hulled barges to double-hulled barges, which allows certain procedures to be performed while the vessel is in the shipyard for its double-hulling. Offsetting these decreases in operating expenses was an increase in fuel expense for fuel used on the vessels. The year to date average price per gallon at September 30, 2000 increased 79% compared to the same period in 1999. Based on market expectations of oil prices continuing at or above $30 per barrel, the Company believes that its fuel costs will continue at rates higher than those in 1999 were. Some of this increase in fuel costs was passed through to customers under contractual agreements. The Company incurred $1.1 million in relocation costs through September 30, 2000 for the move of the corporate headquarters from Philadelphia, PA to Tampa, FL in 2000. Operating income increased as a result of the aforementioned changes in revenue and expenses. Other income includes interest income of $3.0 million offset by a pre-tax loss on the sale of Philadelphia real estate and equipment of $0.7 million. Other income for the nine months ended September 30, 1999 included a loss of $1.5 million on the disposition of five vessels and two petroleum storage terminals. Net income for the nine months ended September 30, 2000 increased compared to the nine months ended September 30, 1999 due to the aforementioned changes in revenue, expenses and other income. Liquidity and Capital Resources For the nine months ended September 30, 2000, funds provided by operating activities were sufficient to meet debt service obligations and loan agreement restrictions, to make capital acquisitions and improvements and to allow Maritrans Inc. to pay a dividend of $0.10 per common share in the current quarter. The ratio of total debt to the sum of total debt and stockholders equity was 0.46:1 at September 30, 2000. Management believes that in 2000, funds provided by operating activities, augmented by financing and investing transactions, will be sufficient to finance operations, anticipated capital expenditures, lease payments and required debt repayments. While dividends were paid quarterly in each of the last two years, there can be no assurances that dividend payments will continue. 13 14 On February 9, 1999, the Board of Directors authorized a share buyback program for the acquisition of up to one million shares of the Company's common stock. This amount represented approximately 8 percent of the 12.1 million shares outstanding at the beginning of the program. In February 2000, the Board of Directors authorized the acquisition of an additional one million shares in the program. As of September 30, 2000, 1,411,700 shares have been repurchased under the plan and have been financed from internally generated funds. The Company intends to hold the majority of the repurchased shares as treasury stock, although some shares will be used for employee compensation plans and others may be used for acquisition currency and/or other corporate purposes. On July 30, 1999, the Company awarded a contract to rebuild a second large single hull barge, the OCEAN 244, to a double hull configuration. The rebuild is expected to have a total cost of approximately $12 million. As of September 30, 2000, $10.4 million has been paid to the shipyard contractor. The vessel went into the shipyard late in the first quarter of 2000 and is expected to return to service late in the fourth quarter of 2000. The Company has been and expects to continue financing this project from internally generated funds. On August 17, 2000, the Company awarded a contract to rebuild a third large single hull barge, the OCEAN CITIES, to a double hull configuration at an expected total cost of approximately $15.5 million. As of September 30, 2000, $2.7 million has been paid to the shipyard contractor for prefabrication and other advance design work. The Company has been and expects to continue financing this project from internally generated funds. In September 1999, the Company announced its intent to relocate the corporate headquarters from Philadelphia, PA to Tampa, FL. In April 2000, this move occurred. Most of the costs related to this move have been incurred as of September 30, 2000. Amounts incurred to that date are $1.1 million. The Company maintains an office in the Philadelphia area that supports the lightering operations. Also in September 1999, the Company announced a reduction in its shoreside staff. The Company accrued $0.9 million of severance costs in September 1999 for the cash benefits to be paid to the employees who were terminated. At September 30, 2000, approximately $0.8 million of the severance costs have been paid to the terminated employees. Debt Obligations and Borrowing Facility At September 30, 2000, the Company had $76.2 million in total outstanding debt, secured by mortgages on most of the fixed assets of the Company. The current portion of this debt at September 30, 2000 was $7.9 million. 14 15 In 1997, Maritrans entered into a multi-year revolving credit facility for amounts up to $33 million with Mellon Bank, N.A. that are collateralized by mortgages on tankers. In 2000, this facility was extended to October 30, 2002. At September 30, 2000, $22.0 million was outstanding under this facility. Impact of Recent Accounting Pronouncements In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities ("Statement 133"). Statement 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts (collectively referred to as derivatives), and for hedging activities. The Company will adopt Statement 133 on January 1, 2001, and the effect of adoption will not have a material effect on the Company. 15 16 PART II: OTHER INFORMATION ITEM 1. Legal Proceedings In Maritrans Inc., et al v. United States, Maritrans sued the United States in 1996 alleging that the double hull requirement of the Oil Pollution Act of 1990 ("OPA") which requires retirement of Maritrans' fleet of single-hulled barges, is a "taking" under the fifth amendment to the U.S. Constitution. Maritrans is seeking in excess of $250 million in compensation for this taking. A trial was held in July 1997 on the preliminary issue of whether Maritrans had a cognizable property interest that could be subject to taking. In April 1999, the Court ruled that the case was ripe only with respect to vessels that OPA had forced out of service, which would include vessels that Maritrans had sold, scrapped or rebuilt. Maritrans alleges that the value of these assets, for which compensation is currently due, is approximately $100 million. The trial regarding these vessels will determine whether the double hull requirement is a taking, and if so, the amount of damages due Maritrans. The trial is scheduled to begin in January, 2001. 16 17 ITEM 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits No. 27 - Financial Data Schedule. (b) Reports on Form 8-K (1) No reports on Form 8-K were filed during the quarter ended September 30, 2000. 17 18 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MARITRANS INC. (Registrant) By: /s/ H. William Brown Dated: November 13, 2000 ----------------------------------- H. William Brown Chief Financial Officer (Principal Financial Officer) By: /s/ Walter T. Bromfield Dated: November 13, 2000 ----------------------------------- Walter T. Bromfield Treasurer and Controller (Principal Accounting Officer) 18 19 EXHIBIT INDEX Exhibit Page Number ------- ----------- 27 Financial Data Schedule -- 19