SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): __February 14, 2006
Maritrans Inc.
(Exact Name of Registrant Specified in Charter)
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| Delaware
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1-9063
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51-0343903_ |
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| (State or Other
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(Commission File
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(I.R.S. Employer |
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Number)
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Identification No.) |
| Incorporation) |
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| Two Harbour Place |
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| 302 Knights Run Avenue |
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| Tampa, Florida
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33602 |
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| (Address of Principal Executive Offices)
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Registrant’s telephone number, including area code: (813) 209-0600
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition.
On February 14, 2006, Maritrans Inc. issued a press release reporting its annual and fourth quarter
2005 financial results. The press release is being furnished with this Current Report on Form 8-K
as Exhibit 99.1 and is hereby incorporated herein by reference. This report (including the
exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by
the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that
such filing incorporates by reference any or all of such information by express reference thereto.
Use of Non-GAAP Financial Information
To supplement its financial statements prepared in accordance with GAAP, the Company’s management
uses the financial measure of Time Charter Equivalent (“TCE”), a commonly used industry measure
where direct cots are deducted from revenue. 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. The Company has presented
TCE in the press release to enhance an investor’s overall understanding of the way management
analyzes the Company’s financial performance. Specifically, the Company’s management used the
presentation of TCE revenue to allow for a more meaningful comparison of the Company’s financial
condition and results of operations because TCE revenue essentially nets the voyage costs and
voyage revenue to yield a measure that is comparable between periods regardless of the types of
contracts utilized. These voyage costs are included in the “Operations expense” line item in the
Unaudited Condensed Consolidated Financial Highlights. TCE revenue is a non-GAAP financial measure
and a reconciliation of TCE revenue to revenue, the most directly comparable GAAP measure, is
included in the press release. The presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in accordance with GAAP.
Item 9.01 Financial Statements and Exhibits.
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| 99.1 |
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Press Release, dated February 14, 2006, issued by Maritrans Inc. |
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