Maritrans Reports First Quarter Earnings

Maritrans Inc., today announced its first quarter financial results and declared a quarterly dividend. Maritrans also announced an investor teleconference to discuss the quarter's results. Net income for the quarter ended March 31, 2002, was $3.0 million, or $0.32 diluted earnings per share, on revenues of $31.3 million. This compares with net income of $2.7 million, or $0.24 diluted earnings per share, on revenues of $31.6 million for the quarter ended March 31, 2001. In the quarter, Maritrans completed a self-tender offer resulting in the purchase of 2,176,296 shares of common stock. In addition, the company has authorization to purchase an additional 601,300 shares under the existing stock buyback program. Maritrans also announced its quarterly dividend of $0.10 per share payable on June 5, 2002, to shareholders of record on May 22, 2002. On a Time Charter Equivalent (TCE) basis, a commonly used industry measure where direct voyage costs are deducted from revenue, TCE revenue increased from $25.6 million to $26.9 million, or 5 percent, over the comparable quarter in 2001. Maritrans enters into various types of charters, some of which involve the customer paying substantially all voyage costs, while other types of charters involve Maritrans paying some or substantially all of the voyage costs. Maritrans monitors the TCE basis because it essentially nets the voyage costs and voyage revenue to yield a measure that is comparable between periods regardless of the types of charters utilized.