SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): April 28, 2005
Maritrans Inc.
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(Exact Name of Registrant Specified in Charter)
Delaware 1-9063 51-0343903
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(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
Two Harbour Place
302 Knights Run Avenue
Tampa, Florida 33602
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (813) 209-0600
Not Applicable
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(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):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 28, 2005, Maritrans Inc. issued a press release reporting its first
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 has used the financial measure of Time Charter Equivalent
("TCE"), a commonly used industry measure where direct voyage costs 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.
(c) Exhibits.
99.1 Press Release, dated April 28, 2005, issued by Maritrans Inc.
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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 hereunto duly authorized.
MARITRANS INC.
By: /s/ Walter T. Bromfield
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Walter T. Bromfield
Chief Financial Officer
Dated: April 28, 2005
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Exhibit Index
Exhibit
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99.1 Press Release, dated April 28, 2005, issued by Maritrans Inc.