Maritrans Inc. reported a net loss for the quarter ended March 31, 2000, of $67 thousand or $.01 diluted loss per share, on revenues of $30.7 million.
This compares to the quarter ended March 31, 1999 results of $2.1 million, or $.17 diluted earnings per share, on revenues of $38.4 million. Results in the first quarter of 1999 included a gain of approximately $.19 per share, net of tax, related to non-strategic asset sales, while there were no comparable transactions in the first quarter of 2000.
Maritrans also announced its quarterly dividend of $.10 per share, payable on June 7, 2000, to shareholders of record on May 24, 2000. Maritrans has reacquired 869,400 shares through March 31, 2000, under the stock buyback plan begun in February 1999. In the fourth quarter of 1999, the Board authorized an additional one million shares be added to the plan.
Stephen A. Van Dyck, Chairman and Chief Executive Officer commented, "Overall operating revenues and expenses for the quarter are down due to our selective reduction of assets in 1999. Competitive factors continue to exert pressure in our markets, and every operator is experiencing the struggle. However, we expect an eventual upturn in our markets and believe Maritrans will enter that time from a position of strength."