<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 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
<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..................................................14
ITEM 6. Exhibits and Reports on Form 8-K...................................14
Signature.....................................................................15
<PAGE>
PART I: FINANCIAL INFORMATION
MARITRANS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
($000)
<TABLE>
<CAPTION>
SEPTEMBER 30, 1998 DECEMBER 31, 1997
------------------ -----------------
ASSETS
- ------
<S> <C> <C>
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
======= =======
</TABLE>
See accompanying notes.
1
<PAGE>
MARITRANS INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
($000, except per share amounts)
<TABLE>
<CAPTION>
JULY 1 TO JULY 1 TO
SEPT. 30, 1998 SEPT. 30, 1997
-------------- --------------
<S> <C> <C>
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
</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
SEPT. 30, 1998 SEPT. 30, 1997
-------------- --------------
<S> <C> <C>
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
</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
SEPT. 30, 1998 SEPT. 30, 1997
-------------- --------------
<S> <C> <C>
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
======= =======
</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 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
<PAGE>
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.
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
---- ---- ---- ----
(thousands) (thousands)
<S> <C> <C> <C> <C>
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
</TABLE>
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 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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<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: 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
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Page Number
- ------- -----------
27 Financial Data Schedule --
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000810113
<NAME> MARITRANS, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> SEP-30-1998
<CASH> 1,812
<SECURITIES> 0
<RECEIVABLES> 17,636
<ALLOWANCES> 1,366
<INVENTORY> 4,055
<CURRENT-ASSETS> 40,831
<PP&E> 353,560
<DEPRECIATION> 146,371
<TOTAL-ASSETS> 254,995
<CURRENT-LIABILITIES> 35,961
<BONDS> 83,700
0
0
<COMMON> 130
<OTHER-SE> 90,308
<TOTAL-LIABILITY-AND-EQUITY> 254,995
<SALES> 0
<TOTAL-REVENUES> 112,356
<CGS> 0
<TOTAL-COSTS> 104,033
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,122
<INCOME-PRETAX> 4,203
<INCOME-TAX> 1,576
<INCOME-CONTINUING> 2,627
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,627
<EPS-PRIMARY> .22
<EPS-DILUTED> .21
</TABLE>
