-----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, C1HtkjDLNuu6fQdWEkeXerKgeuRIo84iMD87HcSdY9rmjyMpr0zijfGBXiaT+99c TIf/trYy6NRb0k9nCRfs9g== 0000950116-97-001465.txt : 19970814 0000950116-97-001465.hdr.sgml : 19970814 ACCESSION NUMBER: 0000950116-97-001465 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970813 SROS: NONE 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09063 FILM NUMBER: 97657828 BUSINESS ADDRESS: STREET 1: ONE LOGAN SQUARE 26TH FLOOR CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2158641200 MAIL ADDRESS: STREET 1: ONE LOGAN SQUARE STREET 2: 26TH FL CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: MARITRANS PARTNERS L P DATE OF NAME CHANGE: 19920703 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 (Mark One) X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities - ---- Exchange Act of 1934 For the Quarterly Period ended June 30, 1997 --------------- 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) ONE LOGAN SQUARE, 26TH FLOOR PHILADELPHIA, PENNSYLVANIA 19103 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 864-1200 --------------- 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 outstanding as of June 30, 1997: 11,970,616 ------------ MARITRANS INC. INDEX PART I. FINANCIAL INFORMATION PAGE NUMBER - ------- --------------------- ----------- ITEM 1. Financial Statements Condensed Consolidated Balance Sheets..........................1 Consolidated Statements of Income..............................2 Consolidated Statements of Cash Flows..........................4 Notes to Condensed Consolidated Financial Statements...........5 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations..................6 PART II. OTHER INFORMATION - -------- ----------------- ITEM 1. Legal Proceedings.............................................12 ITEM 4. Submission of Matters to a Vote of Security Holders...........12 ITEM 5. Other Information.............................................12 ITEM 6. Exhibits and Reports on Form 8-K..............................13 Signature................................................................14 Exhibit Index............................................................15 PART I: FINANCIAL INFORMATION MARITRANS INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($000)
JUNE 30, 1997 DECEMBER 31, 1996 ------------- ----------------- (unaudited) ASSETS - ------ Current assets: Cash and cash equivalents $ 42,493 $ 33,174 Trade accounts receivable 13,070 16,730 Other accounts receivable 3,952 4,523 Inventories 3,936 5,823 Deferred income tax benefit 4,735 2,234 Prepaid expenses 4,077 3,014 -------- -------- Total current assets 72,263 65,498 Vessels, terminals and equipment 278,495 280,231 Less accumulated depreciation 124,172 117,741 -------- -------- Net vessels, terminals and equipment 154,323 162,490 Other 6,861 7,233 -------- -------- Total assets $233,447 $235,221 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Debt due within one year $ 14,535 $ 10,213 Trade accounts payable 2,053 3,016 Accrued interest 1,738 1,748 Accrued shipyard costs 6,679 5,774 Accrued wages and benefits 3,688 3,656 Other accrued liabilities 8,441 9,128 -------- -------- Total current liabilities 37,134 33,535 Long-term debt 65,450 79,123 Deferred shipyard costs 10,019 8,661 Other liabilities 5,718 5,364 Deferred income taxes 29,105 25,944 Stockholders' equity 86,021 82,594 -------- -------- Total liabilities and stockholders' equity $233,447 $235,221 ======== ========
See accompanying notes. 1 MARITRANS INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) ($000, except per share amounts)
APRIL 1 TO APRIL 1 TO JUNE 30, 1997 JUNE 30, 1996 ------------- ------------- Revenues $ 31,472 $ 30,959 Costs and expenses: Operation expense 16,287 17,164 Maintenance expense 4,182 5,134 General and administrative 2,033 2,524 Depreciation and amortization 4,015 4,136 ------------ ------------ Total operating expenses 26,517 28,958 ------------ ------------ Operating income 4,955 2,001 Interest expense, net (1,863) (2,374) Other income, net 1,909 713 ------------ ------------ Income before income taxes 5,001 340 Income tax provision 2,002 125 ------------ ------------ Net income $ 2,999 $ 215 ============ ============ Earnings per common share $ 0.25 $ 0.02 Average common shares outstanding 11,922,381 11,796,533 ============ ============
See accompanying notes. 2 MARITRANS INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) ($000, except per share amounts)
JANUARY 1 TO JANUARY 1 TO JUNE 30, 1997 JUNE 30, 1996 ------------- ------------- Revenues $ 63,284 $ 62,545 Costs and expenses: Operation expense 32,439 34,012 Maintenance expense 8,547 10,253 General and administrative 4,183 4,909 Depreciation and amortization 7,988 8,345 ------------ ------------ Total operating expenses 53,157 57,519 ------------ ------------ Operating income 10,127 5,026 Interest expense, net (3,996) (4,910) Other income, net 1,920 1,311 ------------ ------------ Income before income taxes 8,051 1,427 Income tax provision 3,161 503 ------------ ------------ Net income $ 4,890 $ 924 ============ ============ Earnings per common share $ 0.41 $ 0.08 Average common shares outstanding 11,921,993 11,711,331 ============ ============
See accompanying notes. 3 MARITRANS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Increase (Decrease) in Cash and Cash Equivalents (unaudited) ($000)
JANUARY 1 TO JANUARY 1 TO JUNE 30, 1997 JUNE 30, 1996 ------------- ------------- Cash flows from operating activities: Net income $ 4,890 $ 924 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 7,988 8,345 Deferred income tax provision 660 (51) Stock compensation 206 -- Changes in receivables, inventories and prepaid expenses 5,055 3,452 Changes in current liabilities other than debt (723) (2,040) Non-current changes, net 1,890 1,550 (Gain)/loss on sale of equipment (835) 52 -------- -------- Total adjustments to net income 14,241 11,308 -------- -------- Net cash provided by (used in) operating activities 19,131 12,232 Cash flows from investing activities: Net change in investments held-to-maturity -- (3,448) Purchase of vessels, terminals and equipment (2,374) (2,156) Cash proceeds from sale of equipment 3,582 101 -------- -------- Net cash provided by (used in) investing activities 1,208 (5,503) -------- -------- Cash flows from financing activities: Proceeds from stock option exercises 127 -- Dividends declared and paid (1,796) (1,462) Payment of long-term debt (9,351) (7,831) -------- -------- Net cash provided by (used in) financing activities (11,020) (9,293) -------- -------- Net increase (decrease) in cash and cash equivalents 9,319 (2,564) Cash and cash equivalents at beginning of period 33,174 31,033 -------- -------- Cash and cash equivalents at end of period $ 42,493 $ 28,469 ======== ========
See accompanying notes. 4 MARITRANS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation/Organization ---------------------------------- Maritrans Inc. owns Maritrans Operating Partners L.P. ("the Operating Partnership"), Maritrans Barge Co. and Maritrans Holdings Inc. (collectively, the "Company"). These subsidiaries, directly and indirectly, own and operate tugs and barges principally used in the transportation of oil and related products, along the Gulf and Atlantic Coasts, and own and operate petroleum storage facilities on the Atlantic Coast. 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, 1996, 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. It is suggested that these financial statements 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, 1996. 5 2. Earnings per Common Share ------------------------- The potential effect of outstanding stock options on earnings per common share is not dilutive. In February 1997, the Financial Accounting Standards Board issued Statement No. 128, "Earnings Per Share", which is required to be adopted on December 31, 1997. At that time, the Company will be required to change the method currently used to compute earnings per share and to restate all prior periods. Under the new requirements for calculating primary earnings per share, the dilutive effect of stock options will be excluded. The impact of Statement No. 128 is not expected to be material. 3. Income Taxes ------------ The Company's effective tax rate differs from the federal statutory rate due primarily to state income taxes. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------- This report contains, in addition to historical information, statements by the Company with regard to its expectations as to financial results and other aspects of its business that involve risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Company's liquidity and capital resources, expected dividends, and expected capital expenditures. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the statements. Factors that may cause such a difference include, but are not limited to, the continuation of federal law restricting United States 6 point-to-point maritime shipping to U.S. vessels (the Jones Act), domestic oil consumption - particularly in Florida and the northeastern U.S., environmental laws and regulations, oil companies' operating and sourcing decisions, competition, labor and training costs, liability insurance costs, and those described under "Item 1. BUSINESS" in the Company's Annual Report on Form 10-K for the year ended December 31, 1996. Liquidity and Capital Resources ------------------------------- For the six months ended June 30, 1997, funds provided by operating activities were sufficient to fully meet debt service obligations and loan agreement restrictions, and fund investment activities. In addition, the Company paid quarterly dividends of $ 0.075 per share, totalling dividends of $0.15 per share during the six months ended June 30, 1997. Management believes that in 1997 funds provided by operating activities, augmented by financing and investing transactions, will be sufficient to provide the funds necessary for operations, anticipated capital expenditures, lease payments, required debt repayments and anticipated common stock repurchases. Dividends are expected to be paid quarterly during the remainder of 1997. On July 25, 1997 Maritrans announced plans to acquire certain marine assets from subsidiaries of Sun Company, Inc. (Sun) for approximately $30 million. In the transaction Maritrans will purchase two petroleum tankers and two tug and barge units. One tanker and the two tug and barge units will remain in Sun's service for at least the first year after closing, and the remaining tanker is expected to remain on charter to the Military Sealift Command. Maritrans expects to fund this acquisition with a combination of its cash and mortgage financing. The Company expects to finalize the transaction in the third and fourth quarters of 1997. Additionally, management believes capital expenditures in 1997 for improvements to its existing fleet of vessels and marine terminals 7 will be approximately $3 million compared to $3 million in 1996. However, the Company will continue to evaluate additional potential investments consistent with its long-term strategic interests, and the potential sources of funds for those potential investments. Liquidity and Capital Indicators -------------------------------- As of June 30, 1997: Ratio of current assets to current liabilities 1.95:1 Working capital (in thousands) $35,129 Ratio of total debt to the sum of total debt and stockholders' equity .48 Working Capital Position ------------------------ Working capital increased by $3.2 million from December 31, 1996 to June 30, 1997. This increase was due to cash generated by operating activities, equipment sales, and an increase in the current portion of deferred income tax benefit, offset by the purchase of marine vessels and equipment, dividend payments and the repayment of long-term debt. Current liabilities primarily increased due to an increase in debt due within one year and accrued shipyard costs. The current ratio of current assets to current liabilities of 1.95:1 was the same at December 31, 1996 and June 30, 1997. Debt Obligations and Borrowing Facility --------------------------------------- At June 30, 1997, the Company had $80.0 million in total outstanding debt, secured by mortgages on substantially all of the fixed assets of the subsidiaries of the Company. The current portion of this debt at June 30, 1997 is $14.5 million. The Company has a $10 million working capital facility, secured by its receivables and inventories. There were no borrowings against this facility for the six months ended June 30, 1997. 8 RESULTS OF OPERATIONS --------------------- Three Month Comparison ---------------------- Revenues -------- Revenues of $31.5 million for the three months ended June 30, 1997, increased by $0.5 million, or 1.6%, from revenues of $31.0 million for the three months ended June 30, 1996. Barrels of cargo transported increased by 6 million, from 53 million for the three months ended June 30, 1996 to 59 million for the three months ended June 30, 1997. While owned vessel capacity declined between the comparable periods, total barrels increased primarily due to additional barrels being transported in Maritrans' shorter-haul trades, particularly lightering, lowering the computed average revenue per barrel. Revenue from sources other than marine transportation decreased from 3.5% of total revenue, for the three months ended June 30, 1996 to 3.4% for the three months ended June 30, 1997. Results ------- Operating expenses of $26.5 million for the three months ended June 30, 1997, decreased by $2.5 million, or 8.6%, from operating expenses of $29.0 million for the three months ended June 30, 1996. The decrease in operating expenses resulted primarily from reductions in owned capacity which Maritrans considered excess to its long-term needs (due to the equipment's size and operating characteristics). Additionally, lower general administrative expenses resulted from a decrease in professional fees related to consulting for new business opportunities that had been incurred in the comparable period in 1996. Other income in the three months ended June 30, 1997 increased $1.2 million from other income for the three months ended June 30, 1996 due primarily to gains on the sale of fixed assets. Net income of $3.0 million for the quarter ended June 30, 1997 increased by $2.8 million from $0.2 million for the quarter ended June 30, 1996 as the result of the aforementioned decrease in operating expenses, increase in other revenue and increase in revenue. 9 Six Month Comparison -------------------- Revenues -------- Revenues of $63.3 million for the six months ended June 30, 1997 increased $0.8 million, or 1.3% from revenues of $62.5 million for the six months ended June 30, 1996. Barrels of cargo transported increased by 7 million, from 108 million at June 30, 1996 to 115 million at June 30, 1997. As noted in the three month comparison, most of the revenue and volume increase occurred in the second quarter, resulting from additional barrels transported in the Company's shorter-haul trades, particularly lightering, which lowers the computed average revenue per barrel. Revenue from sources other than marine transportation decreased from 3.5% of total revenue, for the six months ended June 30, 1996, to 3.1% for the six months ended June 30, 1997. Results ------- Operating expenses of $53.2 million for the six months ended June 30, 1997 decreased by $4.3 million, or 7.5% from operating expenses of $57.5 million for the six months ended June 30, 1996. Consistent with the explanation for the three month period discussed above, this decrease is primarily due to the aforementioned decreases in owned capacity which Maritrans considered excess to its long-term business needs. Additionally, lower general and administrative expenses resulted from a decrease in professional fees related to consulting for new business opportunities that had been incurred in the comparable period in 1996, particularly in the second quarter of 1996. Other income for the six months ended June 30, 1997 of $1.9 million increased $0.6 million from $1.3 million for the six months ended June 30, 1996 primarily from net gains on the sale of fixed assets. 10 Net income of $4.9 million for the six months ended June 30, 1997, increased $4.0 million from $0.9 million for the six months ended June 30, 1996. The increase is the result of a decrease in operating expenses, increase in other income and the increase in revenue. Competitive pressures in the markets served by Maritrans will continue to be intense, and management believes that margins in the second half of the year may not equal those earned in the first six months of 1997. 11 Part II: OTHER INFORMATION ITEM 1. Legal Proceedings ----------------- None. ITEM 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- The Company held its Annual Meeting of Stockholders of the Registrant on May 7, 1997 to vote upon the election of two directors, Mr. Stephen Van Dyck and Dr. Robert E. Boni, to serve for three year terms. At the time of the meeting, 11,971,881 shares of Common Stock were issued and outstanding and entitled to vote on the aforementioned matter. At the meeting, 10,058,117 shares voted in favor of the election of Mr. Van Dyck, and 668,027 shares abstained (including broker non-votes) and 10,058,131 shares voted in favor of the election of Dr. Boni, and 668,013 shares abstained (including broker non-votes). Messrs. Lichtenstein, Dorman and Schless will continue to serve their unexpired terms as directors of the Company. Also at this meeting, the stockholders voted on an amendment to the Company's Equity Compensation Plan. At the meeting, 8,584,989 shares voted in favor of the amendment, 2,040,101 against the amendment, and 101,054 abstained. ITEM 5. Other Information ----------------- On July 25, 1997 Maritrans announced plans to acquire certain marine assets from subsidiaries of Sun Company, Inc. (Sun) for approximately $30 million. In the transaction Maritrans will purchase two petroleum tankers and two tug and barge units. One tanker and the two tug and barge units will remain in Sun's service for at least the first year after closing, and the remaining tanker is expected to remain on charter to the Military Sealift Command. The Company expects to finalize the transaction in the third and fourth quarters of 1997. 12 ITEM 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits No. 11 - Computation of Earnings Per Common Share. No. 27 - Financial Data Schedule. No. 99 - Press Release dated July 25, 1997. (b) Reports on Form 8-K (1) No reports on Form 8-K were filed during the quarter ended June 30, 1997. 13 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 thereunto duly authorized. MARITRANS INC. (Registrant) By: /s/ H. William Brown Dated: August 8, 1997 ------------------------------ H. William Brown Chief Financial Officer (Principal Financial Officer) By: /s/ Walter T. Bromfield Dated: August 8, 1997 ------------------------------- Walter T. Bromfield Controller (Principal Accounting Officer) 14 EXHIBIT INDEX Exhibit Page Number - ------- ----------- 11 Computation of Earnings Per Common Share 16 27 Financial Data Schedule -- 99 Press Release dated July 25, 1997 18 15 EX-11 2 COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 MARITRANS INC. COMPUTATION OF EARNINGS PER COMMON SHARE QUARTER ENDED June 30*
1997 1996 ---- ---- Primary: Income: Net income $ 2,999,000 $ 215,000 =========== =========== Shares: Weighted average number of common shares outstanding 11,922,381 11,796,533 =========== =========== Primary earnings per common share $ .2515 $ .0182 =========== =========== Assuming full dilution: Income: Net income $ 2,999,000 $ 215,000 ============ =========== Shares: Weighted average number of common shares outstanding 11,922,381 11,796,533 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options 182,685 132,912 ------------ ----------- Weighted average number of common shares outstanding as adjusted 12,105,066 11,929,445 ============ =========== Fully diluted earnings per common share $ .2477** $ .0180** ============ ===========
* See notes 1 and 2 of the notes to the condensed consolidated financial statements. ** This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%. 16 EXHIBIT 11 MARITRANS INC. COMPUTATION OF EARNINGS PER COMMON SHARE SIX MONTHS ENDED June 30*
1997 1996 ---- ---- Primary: Income: Net income $ 4,890,000 $ 924,000 =========== =========== Shares: Weighted average number of common shares outstanding 11,921,993 11,711,331 =========== =========== Primary earnings per common share $ .4102 $ .0789 =========== =========== Assuming full dilution: Income: Net income $ 4,890,000 $ 924,000 =========== =========== Shares: Weighted average number of common shares outstanding 11,921,993 11,711,331 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options 182,685 132,912 ----------- ----------- Weighted average number of common shares outstanding as adjusted 12,104,678 11,844,243 =========== =========== Fully diluted earnings per common share $ .4040** $ .0780** =========== ===========
* See notes 1 and 2 of the notes to the condensed consolidated financial statements. ** This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%. 17 EX-99 3 NEWS RELEASE Exhibit 99 NEWS RELEASE One Logan Square Philadelphia, PA 19103 (215) 864-1200 (800) 523-4511 FOR FURTHER INFORMATION CONTACT: FOR IMMEDIATE RELEASE Janice Smallacombe (215) 864-1253 MARITRANS INC. ANNOUNCES ------------------------ PURCHASE OF SUN COMPANY INC'S MARINE ASSETS ------------------------------------------- PHILADELPHIA, PA (July 25, 1997) -- Stephen A. Van Dyck, Chairman and Chief Executive Officer of Maritrans Inc. (NYSE symbol TUG) announced today that Maritrans has signed agreements to purchase the remaining marine assets of Sun Transport Inc. in a deal valued at approximately $30 million. Maritrans has agreed to acquire six vessels in the transaction. The vessels are: o The MT New York Sun which is a 34,000 dwt. petroleum tanker currently on charter to the Military Sealift Command. o The MT Philadelphia Sun, the sister ship of the New York Sun, which will continue to be employed by Sun Company in its lube oil trade. o Two tug and barge units, the Puerto Rico Sun/Borinquen Sun and the Seminole Sun/Caribe Sun, which will remain in service to Sun's Puerto Rico operations. Maritrans plans make offers of employment to the Sun's current crews and selected support personnel. more... 18 MARITRANS ACQUIRES SUN MARINE ASSETS (continued) Van Dyck commented, "We are extremely pleased with this logical expansion of our fleet and service capability. We expect these acquisitions will contribute positively to our net income and cash flow both in the short and long term. All of these vessels will contribute additional contracted revenue." He added, " Sun is an important customer and we are pleased to be their choice for service in these markets." Maritrans also owns and operates a fleet of tugboats and oceangoing petroleum tank barges along the Gulf and Atlantic Coasts, and owns and operates oil storage terminals on the Atlantic Coast. The common stock of Maritrans Inc. is listed on the New York Stock Exchange under the symbol "TUG." ## 19 EX-27 4 FINANCIAL DATA SCHEDULE
5 0000810113 MARITRANS 1,000 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 42,493 0 13,070 940 3,936 72,263 278,495 124,172 233,447 37,134 65,450 0 0 129 85,892 233,447 0 63,284 0 53,157 0 0 3,996 8,051 3,161 4,890 0 0 0 4,890 .41 .40
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