-----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, RV3T0nIS/gGnRDvhhjPkO7EjLoTmogEW/T45Psxtbn3cJgm8S6Ck+OfQuDdeuY+H 4bPT+uHaEbSHu57vIpn18A== 0000950116-98-002260.txt : 19981118 0000950116-98-002260.hdr.sgml : 19981118 ACCESSION NUMBER: 0000950116-98-002260 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981116 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: SEC FILE NUMBER: 001-09063 FILM NUMBER: 98751809 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 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 September 30, 1998 ------------------ 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) 1818 MARKET STREET, SUITE 3540 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 --- --- Class Shares Outstanding as of September 30, 1998 ----- ------------------------------------------- Common Stock, par value $.01 12,078,829 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..................................................14 ITEM 6. Exhibits and Reports on Form 8-K...................................14 Signature.....................................................................15 PART I: FINANCIAL INFORMATION MARITRANS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ($000)
SEPTEMBER 30, 1998 DECEMBER 31, 1997 ------------------ ----------------- ASSETS - ------ Current assets: Cash and cash equivalents $ 1,812 $ 13,312 Trade accounts receivable 17,636 18,073 Other accounts receivable 6,861 4,447 Inventories 4,055 5,066 Deferred income tax benefit 4,825 3,491 Prepaid expenses 5,642 3,257 ------- ------- Total current assets 40,831 47,646 Vessels, terminals and equipment 353,560 329,032 Less accumulated depreciation 146,371 132,316 ------- ------- Net vessels, terminals and equipment 207,189 196,716 Other 6,975 6,661 ------- ------- Total assets $254,995 $251,023 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Current liabilities: Debt due within one year $ 9,385 $ 9,758 Trade accounts payable 1,541 2,390 Accrued interest 2,704 1,563 Accrued shipyard costs 7,201 8,723 Accrued wages and benefits 5,192 5,208 Other accrued liabilities 9,938 9,825 ------- ------- Total current liabilities 35,961 37,467 Long-term debt 83,700 75,365 Deferred shipyard costs 10,802 13,085 Other liabilities 5,109 5,326 Deferred income taxes 28,985 28,985 Stockholders' equity 90,438 90,795 ------- ------- Total liabilities and stockholders' equity $254,995 $251,023 ======= =======
See accompanying notes. 1 MARITRANS INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ($000, except per share amounts)
JULY 1 TO JULY 1 TO SEPT. 30, 1998 SEPT. 30, 1997 -------------- -------------- Revenues $ 38,389 $ 33,548 Costs and expenses: Operation expense 23,044 16,547 Maintenance expense 6,316 4,797 General and administrative 2,113 2,102 Depreciation and amortization 4,845 4,016 ------- ------- Total operating expenses 36,318 27,462 ------- ------- Operating income 2,071 6,086 Interest expense, net (1,604) (1,727) Other income, net 464 1,775 ------- ------- Income before income taxes 931 6,134 Income tax provision 349 2,229 ------- ------- Net income $ 582 $ 3,905 ======= ======= Basic earnings per share $ 0.05 $ 0.33 Diluted earnings per share $ 0.05 $ 0.32
See accompanying notes. 2 MARITRANS INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ($000, except per share amounts)
JANUARY 1 TO JANUARY 1 TO SEPT. 30, 1998 SEPT. 30, 1997 -------------- -------------- Revenues $112,356 $ 96,832 Costs and expenses: Operation expense 64,122 48,986 Maintenance expense 18,768 13,344 General and administrative 6,797 6,285 Depreciation and amortization 14,346 12,004 ------- ------- Total operating expenses 104,033 80,619 ------- ------- Operating income 8,323 16,213 Interest expense, net (5,122) (5,723) Other income, net 1,002 3,695 ------- ------- Income before income taxes 4,203 14,185 Income tax provision 1,576 5,390 ------- ------- Net income $ 2,627 $ 8,795 ======= ======= Basic earnings per share $ 0.22 $ 0.74 Diluted earnings per share $ 0.21 $ 0.73
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 SEPT. 30, 1998 SEPT. 30, 1997 -------------- -------------- Cash flows from operating activities: Net income $ 2,627 $ 8,795 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 14,346 12,004 Deferred income tax provision (1,334) - Stock compensation 282 301 Changes in receivables, inventories and prepaid expenses (3,351) 4,067 Changes in current liabilities other than debt (1,133) 3,004 Non-current changes, net (3,105) 865 (Gain)/loss on sale of equipment - (2,028) ------- ------- Total adjustments to net income 5,705 18,213 ------- ------- Net cash provided by (used in) operating activities 8,332 27,008 Cash flows from investing activities: Proceeds from litigation settlement 1,025 - Cash proceeds from sale of equipment - 5,048 Purchase of vessels, terminals and equipment (25,553) (13,022) ------- ------- Net cash provided by (used in) investing activities (24,528) (7,974) ------- ------- Cash flows from financing activities: Proceeds from stock option exercises - 66 Payment of long-term debt (16,123) (9,780) New revolver and working capital borrowings 25,950 - New revolver and working capital payments (1,865) - Dividends declared and paid (3,266) (2,699) ------- ------- Net cash provided by (used in) financing activities 4,696 (12,413) ------- ------- Net increase (decrease) in cash and cash equivalents (11,500) 6,621 Cash and cash equivalents at beginning of period 13,312 33,174 ------- ------- Cash and cash equivalents at end of period $ 1,812 $ 39,795 ======= =======
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 General Partner Inc., Maritrans Tankers Inc., Maritrans Barge Co., Maritrans Holdings Inc. and other Maritrans entities (collectively, the "Company" or "Maritrans"). 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, 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, 1997, 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 fiscal year ended December 31, 1997. 5 2. Earnings per Common Share ------------------------- The following data show the amounts used in computing earnings per share ("EPS") and the effect on income and the weighted average number of shares of dilutive potential common stock.
Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1998 1997 1998 1997 ---- ---- ---- ---- (thousands) (thousands) Income available to common stockholders used in basic and diluted EPS $ 582 $ 3,905 $ 2,627 $ 8,795 Weighted average number of common shares used in basic EPS 12,098 11,992 12,085 11,940 Effect of dilutive securities: Stock options 212 202 240 159 Weighted number of common shares and dilutive potential common stock used in diluted EPS 12,310 12,194 12,325 12,099
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 fiscal year ended December 31, 1997. Liquidity and Capital Resources - ------------------------------- For the nine months ended September 30, 1998, funds provided by operating activities, augmented by financing and investing transactions, were sufficient to meet debt service obligations and loan agreement restrictions, to make capital acquisitions and improvements and to allow Maritrans to pay a dividend of $0.09 per common share in each of the first three quarters of 1998. Management expects quarterly dividends to continue for the remainder of 1998 and for all of 1999. In the first quarter of 1998, the Company began a pilot project to rebuild and coat the tanks of its single-hulled barge, the OCEAN 192, as a double-hulled barge. In the current quarter, the Company had expenditures for this project of approximately $3.5 million. The total expenditures through September 30, 1998, on this project were approximately $8.2 million. The vessel was completed and re-entered service in the fourth quarter, after being renamed the MARITRANS 192. Additionally, on August 12, 1998, Maritrans completed the acquisition of a second 40,000 deadweight ton, double-hull oil tanker from Chevron USA, Inc. for approximately $14.3 million. The vessel complies with all International Maritime Organization ("IMO") and Oil Pollution Act of 1990 ("OPA") design criteria for future oil trading. The vessel immediately entered a shipyard for maintenance and modifications to be prepared for both the Company's refined product and crude oil transportation requirements. The ship will enter the Company's service in the fourth quarter of 1998. The Company funded this acquisition by borrowing $12.4 million from its revolving credit facility with Mellon Bank, N.A. and the remainder from internally generated funds. The Company expects that the total expenditures related to these assets and their improvements will be 7 approximately $29 million. Management believes that total capital expenditures in 1998 will be approximately $33 million compared to approximately $50 million in 1997. However, the Company will continue to evaluate additional potential investments consistent with its long-term strategic interests and the relative costs of alternative sources of funds needed to finance such investments. Management believes that 1998 revenue from operating activities, augmented by financing and investing transactions, will be sufficient to fund the Company's 1998 operations, anticipated capital expenditures, lease payments, dividend payments and required debt repayments. Liquidity and Capital Indicators - -------------------------------- As of September 30, 1998 Ratio of current assets to current liabilities 1.14:1 Working capital (in thousands) $4,870 Ratio of total debt to the sum of total debt and stockholders' equity .51 Working Capital Position - ------------------------ Working capital decreased by $7.2 million from June 30, 1998 to September 30, 1998. The decrease resulted from the cash utilized for capital expenditures and dividend payments exceeding the cash generated from operating activities and new borrowings. The ratio of current assets to current liabilities decreased from 1.35:1 at June 30, 1998 to 1.14:1 at September 30, 1998. Debt Obligations and Borrowing Facility - --------------------------------------- At September 30, 1998, the Company had $93.1 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 September 30, 1998 was $ 9.4 million. The Company has a $10 million working capital facility, secured by its receivables and inventories. At September 30, 1998 this facility had an outstanding balance of $1.7 million. On October 17, 1997, Maritrans entered into a multi-year revolving credit facility 8 for amounts up to $33 million with Mellon Bank, N.A. This agreement is collateralized by mortgages on tankers acquired in 1997. At September 30, 1998, $28.4 million was outstanding under this facility. Impact of Year 2000 - ------------------- Some of the Company's older computer programs were written using two digits rather than four digits to define the applicable year. As a result, those programs have time-sensitive software that recognize a date using "00" as the year 1900 rather than the year 2000. If left unchanged, this could cause a system failure or miscalculations causing disruptions in operations, including, among other things, a temporary inability to process transactions, send invoices, or engage in normal similar business activities. The Company completed an assessment of its computing systems within the last few years and has begun rewriting software programs and replacing systems to take advantage of newer technology. As a result of this initiative, the Company's operating systems will be year 2000 compliant upon completion of these upgrades, which are scheduled to be complete no later than the first quarter of 1999. This date is prior to any anticipated impact on its operating systems. The Company believes that with the conversions to new software, the Year 2000 issue will not pose significant operational problems for its computer systems. However, if such conversions are not made, or are not completed timely, the Year 2000 issue could have a material adverse impact on the operations of the Company. For the Company's commercial off-the-shelf systems and embedded components, the Company is working closely with the manufacturers to verify compliance and is proceeding with corrective actions. The Company is collaborating with its key service providers and customers to ensure their year 2000 efforts will identify and address common risks as well as developing contingency plans where necessary. The total remaining cost of this initiative is approximately $0.35 million, of which most is for the purchase of new software the cost of which will be capitalized. The amount is expected to be financed from internally generated funds. The costs of the project and the date on which the Company believes it will complete the Year 2000 conversions are based on management's best estimates, which were derived utilizing certain resources and other factors. However, there can be no guarantee that these estimates will be achieved and actual 9 results could differ materially from those anticipated. Specific factors that might cause material differences include, but are not limited to, the availability and cost of personnel trained in this area, the ability to upgrade all relevant operating systems, and similar uncertainties. Results of Operations - --------------------- Three Month Comparison - ---------------------- Revenues - -------- Revenues for the three months ended September 30, 1998, were $38.4 million compared with $33.5 million for the corresponding period in 1997, an increase of $4.9 million or 14.6 percent. Barrels of cargo transported increased by 5.1 million, from 62.3 million to 67.4 million or 8.2 percent. Revenues and volumes in the current quarter were positively impacted by the additions of three tankers and two tug/barge units to the fleet. Utilization, as measured by revenue days divided by calendar days available, totaled 78.3 percent compared to 84.5 percent in the third quarter of 1997. Utilization for the fleet, excluding the new vessels, decreased to 75.2 percent. In the current quarter, utilization continued to be impacted by a heavier than normal maintenance schedule. Also affecting out of service time this quarter was the continuation of the OCEAN 192 double-hull rebuild project. The vessel, which was renamed the MARITRANS 192, returned to service on October 28, 1998. Additionally, utilization was impacted by unusually heavy weather delays from a number of tropical storm systems affecting the Company's Gulf of Mexico and Northeastern fleets. Furthermore, one of the Company's large barges was involved in a grounding in New York harbor on September 4, 1998. While a significant environmental event did not occur, the vessel had substantial damage and was out of service until the middle of the fourth quarter while repairs were completed. Revenues from sources other than marine transportation decreased from 2.9 percent of revenues in the third quarter of 1997 to 2.5 percent of revenues in the current quarter. Results - ------- Operating expenses for the three months ended September 30, 1998, of $36.3 million increased by $8.8 million or 32.0 percent from $27.5 million for the three months ended September 30, 1997. Expenses increased primarily due to the addition to the fleet of three tankers and two tug/barge units. Expenses excluding the new vessels 10 increased as the Company had to charter-in outside tonnage, due to an extensive maintenance schedule in the quarter, to cover contractual commitments to its customers. Other variable operating expenses decreased reflecting the increased out of service time. General and administrative expenses increased reflecting higher staffing levels and shoreside training. Interest expense decreased from $1.7 million for the three months ended September 30, 1997, to $1.6 million for the three months ended September 30, 1998. The reduction was due primarily to capitalized interest in the amount of $0.2 million on various capital projects. Other income decreased by $1.3 million to $0.5 million in the current quarter. The third quarter of 1997 included a $1.2 million gain on the disposal of certain assets. Interest income in the current quarter decreased by $0.4 million reflecting lower levels of cash equivalents on hand due to asset acquisitions in late 1997. Net income for the three months ended September 30, 1998, was $0.6 million, a decrease of $3.3 million from $3.9 million for the three months ended September 30, 1997. The decrease was a result of the aforementioned changes in revenues, operating expenses and other income. Nine Month Comparison - --------------------- Revenues - -------- Revenues of $112.4 million for the nine months ended September 30, 1998, increased by $15.6 million or 16.1 percent from revenues of $96.8 million for the nine months ended September 30, 1997. Barrels of cargo transported totaled 196.1 million for the nine months ended September 30, 1998, compared to 177.6 million in the same period of 1997. Barrels increased by 18.5 million or 10.4 percent. Revenues and volumes in the current period were positively impacted by the addition of three tankers and two tug/barge units to the fleet late in 1997. Utilization, as measured by revenue days divided by calendar days available, decreased to 79.8 percent compared to 81.9 percent for the nine months ended September 30, 1997. Utilization for the fleet, excluding the new vessels, decreased to 77.9 percent. The fleet has been impacted by heavier than normal weather delays in its two largest market areas of the Gulf of Mexico and the northeastern United States. In addition, the fleet capacity was 11 negatively affected by an unusually large out of service time due to scheduled maintenance and the MARITRANS 192 double-hull rebuild project. Revenues from sources other than marine transportation decreased from 3.0 percent of revenues for the first nine months of 1997 to 2.5 percent of revenues for the nine months ended September 30, 1998. Results - ------- Operating expenses for the nine months ended September 30, 1998, of $104.0 million increased by $23.4 million or 29.0 percent from $80.6 million for the first nine months of 1997. Consistent with the explanation for the three month period, this increase was largely due to the addition of three tankers and two tug/barge units late in 1997. Additionally, the Company had to charter-in outside tonnage, due to an extensive maintenance schedule in the period, to cover contractual commitments to its customers. Expenses excluding the new vessels decreased reflecting lower utilization due to maintenance and heavier weather delays. General and administrative expenses increased reflecting higher staffing levels, shoreside travel and shoreside training. Interest expense decreased from $5.7 million for the nine months ended September 30, 1997, to $5.1 million for the nine months ended September 30, 1998. The reduction is due to lower levels of principal outstanding and capitalized interest in the amount of $0.3 million on various capital projects. Other income decreased from $3.7 million in the first nine months of 1997 to $1.0 million for the nine months ended September 30, 1998. The first nine months of 1997 included a net gain of $2.0 million on the disposal of certain assets. Interest income decreased to $0.4 million as the Company had less cash and cash equivalents on hand due to asset acquisitions late in 1997. Net income for the nine months ended September 30, 1998, decreased to $2.6 million from $8.8 million for the nine months ended September 30, 1997, due to the aforementioned changes in revenues and expenses. Maritrans expects that margins in the fourth quarter will remain negatively impacted by several factors, including the costs related to integrating Maritrans' vessel 12 additions to its fleet, and by the utilization impact which will result from expected higher cyclical fleet maintenance and the related out of service time. Maritrans expects this out of service time, which peaked in the second quarter, to continue to impact the fleet capacity in the fourth quarter, albeit to a lesser extent. After the MARITRANS 192 double-hull rebuild project is completed and the vessel returns to service in the fourth quarter, fleet out of service time will decline. 13 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 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 an Order dated October 29, 1997, the United States Court of Federal Claims (the "Court") held that, at the time Maritrans built or acquired its single-hulled tank barges, it could not have reasonably anticipated that double hulls would be required within the working lifetime of the vessels. This Order clears the way for further proceedings which will determine whether OPA's double hull requirement does constitute a taking, and, if so, the amount of compensation to be paid to Maritrans. The written opinion of this Order was handed down on April 24, 1998. In May the United States filed a Motion for Reconsideration which was denied by the Court some weeks later. Subsequently, also in May, the United States filed a further Motion for Summary Judgment, which is still under consideration by the Court. 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, 1998. 14 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: November 13, 1998 --------------------------------- H. William Brown Chief Financial Officer (Principal Financial Officer) By: /s/ Walter T. Bromfield Dated: November 13, 1998 --------------------------------- Walter T. Bromfield Treasurer and Controller (Principal Accounting Officer) 15 EXHIBIT INDEX ------------- Exhibit Page Number - ------- ----------- 27 Financial Data Schedule -- EX-27 2
5 0000810113 MARITRANS, INC. 1,000 9-MOS DEC-31-1998 JAN-01-1998 SEP-30-1998 1,812 0 17,636 1,366 4,055 40,831 353,560 146,371 254,995 35,961 83,700 0 0 130 90,308 254,995 0 112,356 0 104,033 0 0 5,122 4,203 1,576 2,627 0 0 0 2,627 .22 .21
-----END PRIVACY-ENHANCED MESSAGE-----