<PAGE>
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
------------
<PAGE>
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
<PAGE>
PART I: FINANCIAL INFORMATION
MARITRANS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
($000)
<TABLE>
<CAPTION>
JUNE 30, 1997 DECEMBER 31, 1996
------------- -----------------
(unaudited)
<S> <C> <C>
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
======== ========
</TABLE>
See accompanying notes.
1
<PAGE>
MARITRANS INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
($000, except per share amounts)
<TABLE>
<CAPTION>
APRIL 1 TO APRIL 1 TO
JUNE 30, 1997 JUNE 30, 1996
------------- -------------
<S> <C> <C>
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
============ ============
</TABLE>
See accompanying notes.
2
<PAGE>
MARITRANS INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
($000, except per share amounts)
<TABLE>
<CAPTION>
JANUARY 1 TO JANUARY 1 TO
JUNE 30, 1997 JUNE 30, 1996
------------- -------------
<S> <C> <C>
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
============ ============
</TABLE>
See accompanying notes.
3
<PAGE>
MARITRANS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(unaudited)
($000)
<TABLE>
<CAPTION>
JANUARY 1 TO JANUARY 1 TO
JUNE 30, 1997 JUNE 30, 1996
------------- -------------
<S> <C> <C>
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
======== ========
</TABLE>
See accompanying notes.
4
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
EXHIBIT 11
MARITRANS INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
QUARTER ENDED June 30*
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
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**
============ ===========
</TABLE>
* 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
<PAGE>
EXHIBIT 11
MARITRANS INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
SIX MONTHS ENDED June 30*
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
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**
=========== ===========
</TABLE>
* 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
<PAGE>
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
<PAGE>
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
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000810113
<NAME> MARITRANS
<MULTIPLIER> 1,000
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 42,493
<SECURITIES> 0
<RECEIVABLES> 13,070
<ALLOWANCES> 940
<INVENTORY> 3,936
<CURRENT-ASSETS> 72,263
<PP&E> 278,495
<DEPRECIATION> 124,172
<TOTAL-ASSETS> 233,447
<CURRENT-LIABILITIES> 37,134
<BONDS> 65,450
0
0
<COMMON> 129
<OTHER-SE> 85,892
<TOTAL-LIABILITY-AND-EQUITY> 233,447
<SALES> 0
<TOTAL-REVENUES> 63,284
<CGS> 0
<TOTAL-COSTS> 53,157
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,996
<INCOME-PRETAX> 8,051
<INCOME-TAX> 3,161
<INCOME-CONTINUING> 4,890
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,890
<EPS-PRIMARY> .41
<EPS-DILUTED> .40
</TABLE>
