-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NXHzIfLMDlR1tolezjSX0fynJiYXLbA3x1FIeVfzIoIO1JucPwmm1VBSalEYo+tC 9FjVXl9dlybJ73SKlqrpjA== 0000950116-03-003333.txt : 20030731 0000950116-03-003333.hdr.sgml : 20030731 20030731164529 ACCESSION NUMBER: 0000950116-03-003333 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030730 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARITRANS INC /DE/ CENTRAL INDEX KEY: 0000810113 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 510343903 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09063 FILM NUMBER: 03815206 BUSINESS ADDRESS: STREET 1: 1818 MARKET STREET SUITE 3540 CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2158641200 MAIL ADDRESS: STREET 1: 1818 MARKET STREET SUITE 3540 CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: MARITRANS PARTNERS L P DATE OF NAME CHANGE: 19920703 8-K 1 eightk.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): July 30, 2003 ------------- Maritrans Inc. ----------------------------------------------- (Exact Name of Registrant Specified in Charter) Delaware 1-9063 51-0343903 --------------- ---------------- ------------------- (State or Other (Commission File (I.R.S. Employer Jurisdiction of Number) Identification No.) Incorporation) Two Harbour Place 302 Knights Run Road Tampa, Florida 33602 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (813) 209-0600 -------------- Not Applicable ------------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. 99.1 Press Release, dated July 30, 2003, issued by Maritrans Inc. Item 12. Disclosure of Results of Operations and Financial Condition. On July 30, 2003, Maritrans Inc. issued a press release announcing its second quarter 2003 financial results. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated herein by reference. This report (including the exhibit) shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto. Use of Non-GAAP Financial Information The press release contains a presentation of TCE revenue, which is a non-GAAP financial measure. A presentation of revenue, which is the most comparable GAAP measure to TCE revenue, is contained in the press release, as well as a reconciliation of TCE revenue to revenue. The Company's management believes that the presentation of TCE revenue provides useful information regarding the Company's financial condition and results of operation because TCE revenue essentially nets the voyage costs and voyage revenue to yield a measure that is comparable between periods regardless of the types of charters utilized. -2- SIGNATURE 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 hereunto duly authorized. MARITRANS INC. By: Walter T. Bromfield --------------------------- Walter T. Bromfield Chief Financial Officer Dated: July 31, 2003 -3- Exhibit Index ------------- Exhibit - --------- 99.1 Press Release, dated July 30, 2003, issued by Maritrans Inc. EX-99 3 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 [GRAPHIC OMITTED] MARITRANS Two Harbour Place 302 Knights Run Avenue Tampa, FL 33602 813-209-0600 800-922-4596 FOR FURTHER INFORMATION CONTACT: WALTER T. BROMFIELD (813) 209-0602 JUDITH M. CORTINA (610) 595-8055 NEWS RELEASE FOR IMMEDIATE RELEASE MARITRANS REPORTS SECOND QUARTER EARNINGS AND DECLARES QUARTERLY DIVIDEND TAMPA, FL - (July 30, 2003) - Maritrans Inc. (NYSE: TUG), a leading U.S. flag marine petroleum transport company, today announced its second quarter financial results, declared its quarterly dividend and announced its quarterly investor teleconference. Net income for the quarter ended June 30, 2003, was $3.8 million, or $0.45 diluted earnings per share, on revenues of $36.2 million. This compares with net income of $2.8 million, or $0.32 diluted earnings per share, on revenues of $32.5 million for the quarter ended June 30, 2002. In the current quarter, the Company sold land not used in operations that resulted in a gain of $.07 diluted earnings per share. On a Time Charter Equivalent (TCE) basis, a commonly used industry measure where direct voyage costs are deducted from revenue, TCE revenue increased 11 percent to $30.4 million for the quarter ended June 30, 2003, from $27.5 million in the comparable quarter in 2002. TCE revenue is a non-GAAP financial measure, and a reconciliation of TCE revenue to revenue calculated in accordance with GAAP is attached. Maritrans also declared a quarterly dividend of $0.11 per share, payable on September 3, 2003, to shareholders of record on August 20, 2003. The majority of the Company's fleet was deployed under contract business in the quarter and, as a result, had limited exposure to the spot market. Spot rates in the current quarter were higher than in the same quarter of 2002, therefore vessels deployed in the spot market during the period realized higher revenue. Voyage costs, particularly fuel, were higher than the comparable quarter in 2002, and Maritrans' maintenance expense continued at the generally higher levels established in the second half of 2002. During the third quarter, the barge Ocean States will enter the shipyard to begin her double-hull rebuild, which the Company expects to be completed during the second quarter of 2004. The Company expects the out of service time from the double-hull rebuild along with other scheduled out of service time will result in decreased utilization in the remainder of 2003. Once the Ocean States re-enters service after her rebuild, more than half of the single-hull barges in the Maritrans fleet will have been rebuilt with double hulls. - MORE - Maritrans Reports Second Quarter Earnings and Declares Quarterly Dividend Page 2 July 30, 2003 MANAGEMENT'S COMMENTS Stephen A. Van Dyck, Chairman of Maritrans, commented, "Maritrans was recently named by Marine Money International as one of the top 10 companies in the worldwide maritime industry, the only U.S. flag operator so named. We also recently joined the Russell 3000 Index. We are pleased that our performance has been recognized in our industry and on Wall Street. The efforts we have undertaken during the last few years to position our company for long-term shareholder returns are proving successful and we continue to be optimistic about our future." Stephen A. Van Dyck, Chairman of Maritrans, commented, "Given the overall operating environment during both the second quarter and the first half of this year that included global uncertainty, unstable markets and increased costs, we are very pleased to deliver improved results." We will continue to run our business with our customers and shareholders in mind. Philip J. Doherty, Chief Executive Officer of Maritrans, commented, "We are pleased with our performance throughout the first half of this year despite the challenging operating environment. The second half of the year will be even more demanding as we experience additional out-of-service time due to planned rebuilding and maintenance. Nonetheless, our fleet is healthy, our position in the market remains strong and we will work hard to deliver positive operating and financial results." CONFERENCE CALL INFORMATION Maritrans management will host a conference call on Thursday, July 31, 2003, at 2:30 p.m. eastern time to discuss the Company's second quarter results. To access this call, please dial 1-888-328-2938. A replay of the call may be accessed by dialing 1-800-633-8284 and will be available from 4:30 pm eastern time on Thursday, July 31, 2003, to 5:00 pm eastern time on Tuesday, August 5, 2003, and providing the reservation number 21154391. The conference call will also be webcast live on Maritrans' website, www.maritrans.com, and will be available on the website through Thursday, August 7, 2003. ABOUT MARITRANS Maritrans Inc. is a U.S. based company with a 75-year commitment to building and operating petroleum transport vessels for the U.S. domestic trade. Maritrans owns and operates one of the largest fleets serving the U.S. coastwise trade. The Maritrans fleet currently consists of four oil tankers and eleven oceangoing married tug/barge units with an aggregate fleet capacity of approximately 3.6 million barrels. Nearly 60 percent of its capacity is double-hulled. Maritrans is headquartered in Tampa, Florida, and maintains an office in the Philadelphia area that supports the Company's Northeast crude oil lightering operations. The common stock of Maritrans Inc. is listed on the New York Stock Exchange under the symbol "TUG." SAFE HARBOR STATEMENT The information in this news release includes certain forward-looking statements. 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 that expressed in or implied by such forward-looking statements. These statements are based on assumptions the Company believes are reasonable, but a variety of factors could cause the Company's actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted. Such factors include, among others, changes in oil companies' decisions as to the type and origination point of the crude that it processes, changes in the amount of imported petroleum products, competition for marine transportation, domestic oil consumption, the continuation of federal law restricting United States point-to-point maritime shipping to U.S. vessels (the Jones Act), demand for petroleum products, future spot market rates, changes in interest rates, the effect of war or terrorists activities and the general financial, economic, environmental and regulatory conditions affecting the oil and marine transportation industry in general. ### Maritrans Reports Second Quarter Earnings and Declares Quarterly Dividend Page 3 July 30, 2003 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($ Thousands)
Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ------------- ------------- ------------- -------------- Voyage Revenue $ 36,212 $ 32,468 $ 72,141 $ 63,791 Voyage Costs 5,776 4,970 12,861 9,350 Time Charter Equivalent 30,436 27,498 59,280 54,441
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL HIGHLIGHTS ($ Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended June 30, June 30, 2003 2002 2003 2002 ------------- ------------- ------------- -------------- Voyage Revenue $ 36,212 $ 32,468 $ 72,141 $ 63,791 Voyage Costs 5,776 4,970 12,861 9,350 Time Charter Equivalent 30,436 27,498 59,280 54,441 Operating Expense 12,301 12,317 24,096 23,569 Maintenance 5,681 3,634 10,011 7,458 G & A 2,120 2,058 4,285 3,993 Depreciation 5,168 4,751 10,279 9,372 Operating Income 5,166 4,738 10,609 10,049 Other Income 1,282 232 1,493 458 Interest Expense (489) (555) (1,097) (1,361) Income Tax Provision (2,205) (1,656) (4,072) (3,430) Net Income $ 3,754 $ 2,759 $ 6,933 $ 5,716 Diluted Earnings Per Share $ 0.45 $ 0.32 $ 0.82 $ 0.64 Diluted Shares Outstanding 8,356 8,588 8,436 8,883 Capital Expenditures $ 4,145 $ 7,851 $ 7,986 $ 12,485 Utilization of Calendar days 86.8% 82.6% 88.1% 82.8%
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION ($Thousands)
June 30, 2003 December 31, 2002 ---------------- ----------------- Cash and cash equivalents $ 2,844 $ 239 Other current assets 25,216 26,577 Net vessels and equipment 173,818 176,861 Other assets 7,348 7,880 Total assets $ 209,226 $ 211,557 Current portion of debt $ 6,500 $ 5,750 Total other current liabilities 18,309 13,249 Long-term debt 49,000 63,000 Deferred shipyard costs and other 11,555 10,739 Deferred income taxes 49,432 49,432 Stockholders' equity 74,430 69,387 Total liabilities and stockholders' equity $ 209,226 $ 211,557
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