Maritrans Reports Second Quarter 2006 Earnings and Declares Quarterly Dividend

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Maritrans Inc. (NYSE:TUG), a leading U.S. flag marine petroleum transport company, today announced its second quarter financial results and declared its quarterly dividend. Net income for the quarter ended June 30, 2006 was $3.6 million, or $0.30 diluted earnings per share, on revenues of $43.9 million. This compares with net income of $7.2 million, or $0.84 diluted earnings per share, on revenues of $46.3 million for the quarter ended June 30, 2005, which included $4.0 million received in connection with the settlement of the Company's lawsuit with Penn Maritime, which was equivalent to approximately $0.30 diluted earnings per share, net of tax. Diluted earnings per share for the quarter ended June 30, 2006 includes a $0.01 increase as a result of the Company's decision in the second quarter to account for major maintenance through the deferral method instead of the accrual method which the Company previously used. As of April 1, 2006, the Company changed its method of accounting for planned major maintenance activities from the accrual method to the deferral method. Previously, the Company made provisions for the cost of upcoming major periodic overhauls of vessels and equipment in advance of performing the related maintenance and repairs. The costs expected to be paid in the upcoming year were included in accrued shipyard costs as a current liability with the remainder classified as a long-term liability. Under the deferral method, costs actually incurred are amortized on a straight-line basis over the period beginning at the completion of the maintenance event and ending at the commencement of the next scheduled regulatory drydocking. Management believes the deferral method is a preferable method for accounting for planned major maintenance activities because (i) it better matches the expenses incurred with the revenues generated, (ii) the deferral method improves comparability with the Company's industry since the majority of the Company's competitors use this method and (iii) the deferral method best fits the Company's business circumstances because the expenditures for planned major maintenance activities for the Company's vessels are not continuous and the expenditures are not consistent across periods due to the timing of regulatory drydockings. An appendix is included at the end of this release that details the effect of the accounting change on Maritrans' results from January 1, 2004 and each period thereafter. Walter Bromfield, Chief Financial Officer of Maritrans, commented, "We have changed our method of accounting for planned major maintenance activities in order to best match our planned drydocking costs with the revenues generated and to make our results more comparable with the majority of our competitors. As of the adoption of the change on April 1, 2006, we decreased our liabilities by $8.3 million, increased our retained earnings by $18.9 million and increased our assets by $10.6 million. Additionally, for each period that we are reporting we have decreased our maintenance expense and increased our depreciation and amortization, which in turn will increase EBITDA, to reflect the effect of the change in accounting principle. This change flows through to other measures of results of the Company, including operating income, net income and diluted earnings per share, all of which we further detail in the appendix to this release." Operating income for the quarter ended June 30, 2006 was $4.8 million compared to $8.0 million for the quarter ended June 30, 2005. Operating income for both periods include the accounting change mentioned above. During the second quarter, rates in the U.S. Jones Act spot market remained stable compared to the first quarter of 2006, although higher fuel costs reduced the net margins in that trade. The Company's idle time in the spot clean fleet was higher than the comparable 2005 quarter but declined from the first quarter of 2006. This idle time tracked with refinery output available to move, which was lower than the comparable quarter in 2005, but higher than the first quarter of 2006. During the second quarter of 2006, the Company delivered 21 million barrels of crude oil to lightering customers compared to 23.9 million barrels delivered during the first quarter of 2006, which was primarily a result of ongoing refinery maintenance at one Delaware River refinery and changes in the crude oil sourcing patterns of two lightering customers. On a Time Charter Equivalent ("TCE") basis, a commonly used industry measure where direct voyage costs are deducted from voyage revenue, TCE revenue was $33.6 million for the quarter ended June 30, 2006 compared to $34.7 million for the quarter ended June 30, 2005, a decrease of $1.1 million, or 3.2%. TCE revenue is a non-GAAP financial measure and a reconciliation of TCE revenue to revenue calculated in accordance with GAAP is attached hereto. During the second quarter of 2006, the Company experienced lower overall utilization than in the second quarter of 2005. Utilization for the second quarter of 2006 was 77.5% compared to 81.8% in the second quarter of 2005. In the quarter ended June 30, 2006, the Company experienced 140 days of out of service time for capital projects, including barge rebuilding, and vessel maintenance. This compares to out of service time for maintenance and capital projects, including barge rebuilding, of 154 days in the second quarter of 2005. In the quarter ended June 30, 2006, the Company also experienced 52 days of out of service for idle time in its spot clean product fleet due to refinery outages and refinery maintenance taking place in the quarter. This compares to out of service for idle time in the Company's spot clean product fleet of 7 days in the second quarter of 2005. In addition, the Company experienced 49 days of out of service for the ALLEGIANCE while awaiting orders for a grain voyage. The Company had no vessels in grain service in the comparable period in 2005. Operating expenses increased to $39.1 million in the second quarter of 2006 from $38.4 million for the second quarter of 2005 primarily due to charter hire costs related to the charters of the vessels SEABROOK and SEA SWIFT, which charters did not exist in 2005. Jonathan Whitworth, Chief Executive Officer of Maritrans, commented, "While we believe that refinery maintenance will decrease in the third quarter and spot rates will remain strong, we expect certain factors to impact our results over the short-term. These factors are expected to produce lower earnings for the third quarter compared to the second quarter of 2006, but we currently anticipate that fourth quarter earnings will be higher than those achieved in the second quarter of 2006. Longer-term, we remain optimistic in Maritrans' prospects for taking advantage of the favorable demand and supply fundamentals in the Jones Act industry as result of our leading market share in our two core businesses, significant progress building an OPA compliant double-hull fleet, as well as our capital cost advantage." Commenting on factors expected to impact results in the short-term, Mr. Whitworth stated, "In terms of vessel days out of service for maintenance and barge rebuilding, the third quarter is expected to be the highest quarter for planned vessel shipyarding in 2006 with at least 184 days expected as we continue the double-hulling and lengthening of our barge M 210 and transforming her into the M 242. When the M 242 rejoins our fleet in the fall we will immediately commence the double-hulling and lengthening of our OCEAN 211 and transforming her into the M 243. We expect the number of vessel days out of service days for maintenance and barge rebuilding to be at least 92 days for the fourth quarter. In total, we expect to invest approximately 340 days into these two rebuild projects in 2006. For 2007, as we reach the completion of the double-hulling of the M 243, we expect to invest approximately 180 days in rebuilding. Therefore, looking ahead to 2007, we will have less vessel time out of service for maintenance and rebuilding than we have experienced in 2006. We currently do not expect the M 215, our last single-hulled barge, to be converted to a double-hull until 2008, although we may sign a contract and begin pre-fabrication before that time. "Our second single-hulled tanker, the PERSEVERANCE, is set to enter the grain trade, although she is likely going to be idle for 30 to 45 days while we bid on upcoming grain cargoes. The rates that we expect this vessel will achieve, as well as her sister vessel, the ALLEGIANCE, are significantly lower than the rates they were previously achieving in oil transportation and are currently lower than our expectation when we decided to enter this trade. As a result of rates currently being very close to their cash breakeven levels, we continue to evaluate these vessels' viability in our service going forward. "In our lightering fleet, two of our customers have lowered their lightering needs as a result of the smaller size of the vessels that they are bringing to their refineries and the less lightering required to reach the final destination. One of these customers has informed us that they will revert back to larger vessels by the end of the third quarter. We are working with the second customer to demonstrate the economies of scale that accrue to them by using larger vessels to deliver their crude oil to their refineries. We expect lightering volumes to increase by the fourth quarter of 2006. "For the remainder of 2006, we expect to continue to maintain approximately 35% of our fleet in spot and 65% in contract. Recently renewed contracts will generate higher daily rates on four of our term contracts in the second half of the year, with the biggest impact being recognized beginning in December 2006 and continuing into 2007. "In terms of operating expenses, we have begun recruiting mariners, and utilizing them in training positions, so that we will be well positioned to man our three new articulated tug/barge units when we begin taking delivery in 2007. Those new mariners are expected to add to our operating expenses going forward." FLEET AND MARKET REPORT Maritrans operates a fleet of oil tankers and oceangoing married tug/barge units. In the second quarter of 2006, the Company operated its fleet at approximately 35% spot and 65% contract and intends to maintain similar spot market exposure in the third quarter of 2006. The overall spot market rates for the second quarter of 2006 increased approximately 6.4% compared to the second quarter of 2005, yet, due to the increase in fuel cost, the average spot TCE rate increased approximately 1%-2%. In June, the ALLEGIANCE entered into a charter to transport grain from Corpus Christi to Port Sudan. The vessel is scheduled to complete discharging in August and return to the US west coast by early September. The current grain cargo is the vessel's third charter since being removed from petroleum transportation service in December 2005 in accordance with the Oil Pollution Act of 1990. In July 2006, the Company's tanker PERSEVERANCE reached its mandatory oil retirement date and will now also bid for grain cargoes. The Company believes that the vessel will be idle for the next 30 to 45 days while awaiting orders for her initial grain voyage. FLEET CONSTRUCTION PROGRAM Since 1998, Maritrans has been actively engaged in a double-hull rebuilding program aimed at ensuring that the Company's Jones Act fleet is compliant with the U.S. Oil Pollution Act of 1990 ("OPA"). Maritrans' patented barge rebuilding process enables the Company to convert its vessels for significantly less cost than building new vessels. During 2006, the Company has continued to successfully implement its rebuilding program. The rebuild of the Company's seventh barge, the M 210, commenced on January 26, 2006. The vessel's rebuild is expected to have a total cost of approximately $30 million. The rebuild of the Company's eighth barge, the OCEAN 211, is expected to commence following the return to service of the M 210. The OCEAN 211's rebuild is also expected to have a total cost of approximately $30 million. The rebuilds of the M 210 and OCEAN 211 will also include the insertions of mid-bodies that will increase each of their respective capacities by approximately 38,000 barrels, or 17%. The rebuilds of the M 210 and the OCEAN 211 are expected to be completed in the fourth quarter of 2006 and the second quarter of 2007, respectively. Upon completion of their double-hulling, and reflecting their larger carrying capacities, the M 210 and OCEAN 211 will be renamed the M 242 and M 243, respectively. Following the execution of a letter of intent in April 2006, Maritrans signed a definitive agreement in May 2006 with Bender Shipbuilding & Repair Co., Inc. to build two new 8,000-horsepower tugboats. One tugboat is expected to be delivered in the fourth quarter of 2008 with the second delivered in the first quarter of 2009. The cost of each tugboat is expected to be $16 million, for a total cost of $32 million. Once delivered, one of the tugboats will replace the tugboat VALOUR. The Company has entered into a charter to lease a substitute tugboat until the new tugboat is delivered. The Company plans to pair the second newbuild tugboat with the M 215, the final single-hulled barge slated for rebuilding and lengthening. Mr. Whitworth concluded, "Achieving fleet growth remains a core objective for Maritrans and complements our successful barge rebuilding program. We continue to believe that large articulated tug barges will become the replacement vessel of choice. We remain committed to providing the market with the next generation of ATB's, enabling the Company to satisfy customers' domestic petroleum transportation needs at a lower cost than competitors without sacrificing speed, cargo capacity or safety. Consistent with the three ATB's that the Company is currently building, we will continue to seek opportunities that expand our industry leadership in a financially responsible manner in both core and related businesses." DIVIDEND Maritrans' Board of Directors declared a quarterly dividend of $0.11 per share, payable on August 30, 2006 to stockholders of record on August 16, 2006. CONFERENCE CALL INFORMATION Maritrans' management will host a conference call on Wednesday, August 2, 2006, at 9:00 a.m. eastern time to discuss the Company's second quarter results. To access this call, please dial 800-732-8451. A replay of the call may be accessed by dialing 800-633-8284 and providing the reservation number 21299278. The replay will be available from 11:00 a.m. eastern time on Wednesday, August 2, 2006, to 11:00 a.m. eastern time on Wednesday, August 16, 2006. The conference call will also be webcast live on Maritrans' website, www.maritrans.com and will be available on the website through Wednesday, August 16, 2006. ABOUT MARITRANS Maritrans Inc. is a U.S.-based company with a 78-year commitment to building and operating petroleum transport vessels for the U.S. domestic trade. Maritrans employs a fleet of 11 tug/barge units and 5 tankers. Two of these tankers were redeployed to the transportation of non-petroleum cargo. Approximately 75 percent of our oil carrying fleet capacity is double-hulled. Our current oil carrying fleet capacity aggregates approximately 3.4 million barrels, 79 percent of which is barge capacity. Maritrans is headquartered in Tampa, Florida, and maintains an office in the Philadelphia area. SAFE HARBOR STATEMENT Certain statements in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made with respect to present or anticipated utilization, future revenues and customer relationships, capital expenditures, future financings, and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, growth, performance, earnings per share or achievements to be materially different from any future results, levels of activity, growth, performance, earnings per share or achievements expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as "may," "seem," "should," "believe," "future," "potential," "estimate," "offer," "opportunity," "quality," "growth," "expect," "intend," "plan," "focus," "through," "strategy," "provide," "meet," "allow," "represent," "commitment," "create," "implement," "result," "seek," "increase," "establish," "work," "perform," "make," "continue," "can," "will," "include," or the negative of such terms or comparable terminology. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on our current plans or assessments that are believed to be reasonable as of the date of this prospectus supplement. The forward-looking statements are subject to a number of risks and uncertainties and include the following: demand for, or level of consumption of, oil and petroleum products; future spot market charter rates; ability to attract and retain experienced, qualified and skilled crewmembers; competition that could affect our market share and revenues; risks inherent in marine transportation; the cost and availability of insurance coverage; delays or cost overruns in the building of new vessels, the double-hulling of our remaining single hulled vessels and scheduled shipyard maintenance; decrease in demand for lightering services; environmental and regulatory conditions; reliance on a limited number of customers for revenue; the continuation of federal law restricting United States point-to-point maritime shipping to US vessels (the Jones Act); asbestos-related lawsuits; fluctuating fuel prices; high fixed costs; capital expenditures required to operate and maintain a vessel may increase due to government regulations; reliance on unionized labor; federal laws covering our employees that may subject us to job-related claims; and significant fluctuations of our stock price. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should read this news release completely and with the understanding that our actual future results may be materially different from what we expect. These forward-looking statements represent our estimates and assumptions only as of the date of this news release. Except for our ongoing obligations to disclose material information under the federal securities laws, we are not obligated to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. -0- *T RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ($ Thousands) Three Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 --------- --------- --------- --------- Revenue $43,903 $46,330 $91,287 $89,870 Voyage Costs 10,344 11,667 22,008 20,596 --------- --------- --------- --------- Time Charter Equivalent $33,559 $34,663 $69,279 $69,274 ========= ========= ========= ========= UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME ($ Thousands, Except Per Share Amounts) Three Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 --------- --------- --------- --------- Revenue $43,903 $46,330 $91,287 $89,870 Operations expense Operations expense 13,880 13,575 28,525 26,689 Charter hire 2,870 -- 5,537 -- Voyage costs 10,344 11,667 22,008 20,596 Maintenance expense 1,649 1,426 3,823 2,819 General and administrative expense 2,287 2,423 4,592 7,809 Depreciation and amortization expense 8,056 9,271 17,059 18,216 Gain on sale of assets -- -- (2,868) (647) --------- --------- --------- --------- Operating Income 4,817 7,968 12,611 14,388 Other Income 824 4,152 1,578 4,259 Interest Expense (108) (733) (381) (1,421) --------- --------- --------- --------- Pre-tax income 5,533 11,387 13,808 17,226 Income Tax Provision 1,928 4,156 4,849 6,287 --------- --------- --------- --------- Net Income $3,605 $7,231 $8,959 $10,939 ========= ========= ========= ========= NOTE: All periods presented are conformed to the new major maintenance accounting treatment. See also Appendix I. Diluted Earnings Per Share $0.30 $0.84 $0.74 $1.28 Diluted Shares Outstanding 12,042 8,571 12,039 8,545 Capital Expenditures $15,495 $6,030 $26,564 $14,004 Utilization of Calendar days 77.5% 81.8% 78.5% 81.8% Barrels carried (in millions) 40.7 44.4 84.3 89.6 Available days 1,308 1,203 2,615 2,392 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION ($ Thousands) ------------- June 30, December 2006 31, 2005 Cash and cash equivalents $58,875 $58,794 Other current assets 27,371 29,522 Net vessels and equipment 248,872 233,641 Other assets 18,458 24,479 --------- --------- Total assets $353,576 $346,436 ========= ========= Current portion of debt $4,086 $3,973 Total other current liabilities 25,060 21,311 Long-term debt 53,329 55,400 Deferred other liabilities 9,930 9,435 Deferred income taxes 41,253 42,321 Stockholders' equity 219,918 213,996 --------- --------- Total liabilities and stockholders' equity $353,576 $346,436 ========= ========= NOTE: All periods presented are conformed to the new major maintenance accounting treatment. See also Appendix I UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION ($ Thousands) Six Months Ended June 30, 2006 2005 -------- -------- Cash flows from operating activities: Net income $8,959 $10,939 Depreciation and amortization 17,059 18,216 Other 1,026 (356) -------- -------- Total adjustments to net income 18,085 17,860 -------- -------- Net cash provided by operating activities 27,044 28,799 Net cash used in investing activities (22,564) (13,357) -------- -------- Net cash used in financing activities (4,399) (2,958) -------- -------- Net increase in cash and cash equivalents 81 12,484 Cash and cash equivalents at beginning of period 58,794 6,347 -------- -------- Cash and cash equivalents at end of period $58,875 $18,831 ======== ======== NOTE: All periods presented are conformed to the new major maintenance accounting treatment. See also Appendix I. Barge or Tanker Initial Capacity in Double- Construction/ Barges/Tugs Barrels(1) Hull Rebuild Date ---------------------------------------------------------------------- M 400/Constitution 410,000 Yes 1981 Originally built with double-hull M 300/Liberty 263,000 Yes 1979 Originally built with double-hull M 254/Intrepid 250,000 Yes 2002 Double-hull rebuild M 252/Navigator 250,000 Yes 2002 Double-hull rebuild M 244/Seafarer 240,000 Yes 2000 Double-hull rebuild M 215/Sea Swift(5) 214,000 No 1975 Decision to rebuild has not yet been made(2) Ocean 211/Freedom 212,000 No 2007 Scheduled double-hull delivery(3) M 210/Columbia 213,000 No 2006 Scheduled double-hull delivery(3) M 214/Honour 208,000 Yes 2004 Double-hull rebuild(4) M 209/Enterprise 206,000 Yes 2005 Double-hull rebuild(4) M 192/Independence 172,000 Yes 1998 Double-hull rebuild ----------- Total oil carrying capacity 2,638,000 ----------- Oil Tankers ---------------------------------------------------------------------- Integrity 270,000 Yes 1975 Originally built with double-hull Diligence 270,000 Yes 1977 Originally built with double-hull Seabrook(6) 224,000 No 1983 ----------- Total oil carrying capacity 764,000 ----------- Other ---------------------------------------------------------------------- Allegiance 251,000 No 1980 Redeployed in transport of grain Perseverance 251,000 No 1981 Prepared to transport grain ----------- 502,000 ----------- =========== Total capacity 3,904,000 =========== (1) Represents 98% capacity, which is the effective carrying capacity of a tank vessel. (2) If rebuilt, we anticipate that a 30,000 barrel mid-body would be inserted. (3) Vessels are being rebuilt with 38,000 barrel mid-body insertions. (4) Completion of the double-hull rebuild included a 30,000 barrel mid-body insertion. (5) Sea Swift chartered in from Crowley Maritime Corporation. (6) Chartered in from Seabrook Carriers Inc. APPENDIX I ACCOUNTING CHANGE FOR PLANNED MAJOR MAINTENANCE ACTIVITIES As of April 1, 2006, the Company changed its method of accounting for planned major maintenance activities from the accrual method to the deferral method. Previously the Company made provisions for the cost of upcoming major periodic overhauls of vessels and equipment in advance of performing the related maintenance and repairs. The costs expected to be paid in the upcoming year were included in accrued shipyard costs as a current liability with the remainder classified as a long-term liability. Under the deferral method, costs actually incurred are amortized on a straight-line basis over the period beginning at the completion of the maintenance event and ending at the commencement of the next scheduled regulatory drydocking. Management believes the deferral method is a preferable method for accounting for planned major maintenance activities because (i) it better matches the expenses incurred with the revenues generated, (ii) the deferral method improves comparability with the Company's industry since the majority of the Company's competitors use this method and (iii) the deferral method best fits the Company's business circumstances because the expenditures for planned major maintenance activities for the Company's vessels are not continuous and the expenditures are not consistent across periods due to the timing of regulatory drydockings. The Company recorded this change in accounting principle in accordance with SFAS No. 154, Accounting Changes and Error Corrections, which provides guidance on the accounting for and the reporting of accounting changes, including changes in accounting principles. SFAS 154 is effective for accounting changes made in fiscal years beginning after December 15, 2005. This statement requires retrospective application of accounting changes which is defined as the application of a different accounting principle to prior accounting periods as if that principle had always been used. Pursuant to SFAS No. 154, the Company is required to apply the new accounting principle to all prior periods that the Company will report upon in the Annual Report on Form 10-K for the year ended December 31, 2006. Therefore, this accounting principle was retrospectively applied to the period of January 1, 2004 and to each period thereafter. The cumulative effect of the retrospective change to this accounting principle as of January 1, 2004 was a $17.5 million increase in total assets, a $3.1 million decrease in total liabilities and a $20.6 million increase in retained earnings. Before the Impact of the Change in Accounting Principle ($000, except per share amounts) 2Q06 2Q05 YTD 6/06 YTD 6/05 2005 2004 ------- ------- -------- -------- -------- -------- Maintenance Expense $4,931 $5,166 $10,208 $10,091 $20,320 $20,761 Depreciation and Amortization 4,958 5,719 10,202 11,215 23,201 22,193 Operating Income 4,633 7,780 13,083 14,117 26,638 14,538 Net Income 3,487 7,111 9,261 10,766 19,879 9,832 Diluted Earnings per Share $0.29 $0.83 $0.77 $1.26 $2.28 $1.16 After the Impact of the Change in Accounting Principle ($000, except per share amounts) 2Q06 2Q05 YTD 6/06 YTD 6/05 2005 2004 ------- ------- -------- -------- -------- -------- Maintenance Expense $1,649 $1,426 $3,823 $2,819 $6,245 $7,688 Depreciation and Amortization 8,056 9,271 17,059 18,216 35,912 37,775 Operating Income 4,817 7,968 12,611 14,388 28,002 12,029 Net Income 3,605 7,231 8,959 10,939 20,752 8,226 Diluted Earnings per Share $0.30 $0.84 $0.74 $1.28 $2.38 $0.97 The following presents the effect of the retrospective application of this change in accounting principle on the Company's income statement and balance sheet as of and for the respective periods. Three Months Effect of Three Months Ended June Change in Ended June 30, 2006 Accounting 30, 2006 Pre Adoption Principle as Reported ------------ ----------- ------------ Revenues $43,903 $43,903 Costs and expenses: Operation expense 27,094 27,094 Maintenance expense 4,931 (3,282) 1,649 General and administrative 2,287 2,287 Depreciation and amortization 4,958 3,098 8,056 ------------ ----------- ------------ Total operating expenses 39,270 (184) 39,086 Operating income 4,633 184 4,817 Interest expense (108) (108) Interest income 761 761 Other income, net 63 63 ------------ ----------- ------------ Income before income taxes 5,349 184 5,533 Income tax provision 1,862 66 1,928 ------------ ----------- ------------ Net income $3,487 $118 $3,605 ============ =========== ============ Basic earnings per share $0.29 $0.01 $0.30 Diluted earnings per share $0.29 $0.01 $0.30 Three Months Effect of Three Months Ended March Change in Ended March 31, 2006 Accounting 31, 2006 as Reported Principle as Adjusted ------------ ----------- ------------ Revenues $47,384 $47,384 Costs and expenses: Operation expense 28,976 28,976 Maintenance expense 5,277 (3,103) 2,174 General and administrative 2,305 2,305 Depreciation and amortization 5,244 3,759 9,003 Gain on involuntary conversion of assets (2,868) (2,868) ------------ ----------- ------------ Total operating expenses 38,934 656 39,590 Operating income 8,450 (656) 7,794 Interest expense (273) (273) Interest income 678 678 Other income, net 76 76 ------------ ----------- ------------ Income before income taxes 8,931 (656) 8,275 Income tax provision 3,157 (236) 2,921 ------------ ----------- ------------ Net income $5,774 $(420) $5,354 ============ =========== ============ Basic earnings per share $0.49 $(0.04) $0.45 Diluted earnings per share $0.48 $(0.03) $0.45 Three Months Effect of Three Months Ended June Change in Ended June 30, 2005 Accounting 30, 2005 as Reported Principle as Adjusted ------------ ----------- ------------ Revenues $46,330 $46,330 Costs and expenses: Operation expense 25,242 25,242 Maintenance expense 5,166 (3,740) 1,426 General and administrative 2,423 2,423 Depreciation and amortization 5,719 3,552 9,271 ------------ ----------- ------------ Total operating expenses 38,550 (188) 38,362 Operating income 7,780 188 7,968 Interest expense (733) (733) Interest income 115 115 Other income, net 4,037 4,037 ------------ ----------- ------------ Income before income taxes 11,199 188 11,387 Income tax provision 4,088 68 4,156 ------------ ----------- ------------ Net income $7,111 $120 $7,231 ============ =========== ============ Basic earnings per share $0.85 $0.01 $0.86 Diluted earnings per share $0.83 $0.01 $0.84 Six Months Effect of Six Months Ended June Change in Ended June 30, 2006 Accounting 30, 2006 Pre Adoption Principle as Reported ------------ ----------- ------------ Revenues $91,287 $91,287 Costs and expenses: Operation expense 56,070 56,070 Maintenance expense 10,208 (6,385) 3,823 General and administrative 4,592 4,592 Depreciation and amortization 10,202 6,857 17,059 Gain on involuntary conversion of assets (2,868) (2,868) ------------ ----------- ------------ Total operating expenses 78,204 472 78,676 Operating income 13,083 (472) 12,611 Interest expense (381) (381) Interest income 1,439 1,439 Other income, net 139 139 ------------ ----------- ------------ Income before income taxes 14,280 (472) 13,808 Income tax provision 5,019 (170) 4,849 ------------ ----------- ------------ Net income $9,261 $(302) $8,959 ============ =========== ============ Basic earnings per share $0.78 $(0.03) $0.75 Diluted earnings per share $0.77 $(0.03) $0.74 Six Months Effect of Six Months Ended June Change in Ended June 30, 2005 Accounting 30, 2005 as Reported Principle as Adjusted ------------ ----------- ------------ Revenues $89,870 $89,870 Costs and expenses: Operation expense 47,285 47,285 Maintenance expense 10,091 (7,272) 2,819 General and administrative 7,809 7,809 Depreciation and amortization 11,215 7,001 18,216 Gain on sale of assets (647) (647) ------------ ----------- ------------ Total operating expenses 75,753 (271) 75,482 Operating income 14,117 271 14,388 Interest expense (1,421) (1,421) Interest income 167 167 Other income, net 4,092 4,092 ------------ ----------- ------------ Income before income taxes 16,955 271 17,226 Income tax provision 6,189 98 6,287 ------------ ----------- ------------ Net income $10,766 $173 $10,939 ============ =========== ============ Basic earnings per share $1.29 $0.02 $1.31 Diluted earnings per share $1.26 $0.02 $1.28 Effect of June 30, Change in June 30, 2006 Accounting 2006 Pre Adoption Principle as Reported ------------ ----------- ------------ ASSETS Current assets $93,779 $(7,533) $86,246 Vessels and equipment, net 248,872 248,872 Deferred costs, net - 15,389 15,389 Goodwill 2,863 2,863 Other 687 (481) 206 ------------ ----------- ------------ Total assets $346,201 $7,375 $353,576 ============ =========== ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $35,613 $(6,467) $29,146 Non-current liabilities 109,669 (5,157) 104,512 Stockholders' equity 200,919 18,999 219,918 ------------ ----------- ------------ Total liabilities and stockholders' equity $346,201 $7,375 $353,576 ============ =========== ============ Effect of December 31, Change in December 31 2005 Accounting 2005 as Reported Principle as Adjusted ------------ ----------- ------------ ASSETS Current assets $94,474 $(6,158) $88,316 Vessels and equipment, net 233,572 69 233,641 Deferred costs, net - 21,405 21,405 Goodwill 2,863 2,863 Other 1,094 (883) 211 ------------ ----------- ------------ Total assets $332,003 $14,433 $346,436 ============ =========== ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $31,867 $(6,583) $25,284 Non-current liabilities 106,153 1,003 107,156 Stockholders' equity 193,983 20,013 213,996 ------------ ----------- ------------ Total liabilities and stockholders' equity $332,003 $14,433 $346,436 ============ =========== ============ Six Months Effect of Six Months Ended June Change in Ended June 30, 2006 Accounting 30, 2006 Pre Adoption Principle as Reported ------------ ----------- ------------ Cash flows from operating activities: Net income $9,261 $(302) $8,959 Total adjustments to net income 17,852 233 18,085 ------------ ----------- ------------ Net cash provided by operating activities 27,113 (69) 27,044 Cash flows from investing activities: Net cash used in investing activities (22,633) 69 (22,564) Cash flows from financing activities: Net cash used in financing activities (4,399) -- (4,399) ------------ ----------- ------------ Net increase in cash and cash equivalents 81 81 Cash and cash equivalents at beginning of year 58,794 -- 58,794 ------------ ----------- ------------ Cash and cash equivalents at end of year $58,875 $-- $58,875 ============ =========== ============ Six Months Effect of Six Months Ended June Change in Ended June 30, 2005 Accounting 30, 2005 as Reported Principle as Adjusted ------------ ----------- ------------ Cash flows from operating activities: Net income $10,766 $173 $10,939 Total adjustments to net income 18,033 (173) 17,860 ------------ ----------- ------------ Net cash provided by operating activities 28,799 -- 28,799 Cash flows from investing activities: Net cash used in investing activities (13,357) (13,357) Cash flows from financing activities: Net cash used in financing activities (2,958) -- (2,958) ------------ ----------- ------------ Net increase in cash and cash equivalents 12,484 12,484 Cash and cash equivalents at beginning of year 6,347 -- 6,347 ------------ ----------- ------------ Cash and cash equivalents at end of year $18,831 $-- $18,831 ============ =========== ============ Twelve Months Twelve Months Ended Effect of Ended December 31, Change in December 31, 2005 Accounting 2005 as Reported Principle as Adjusted ------------- ----------- ------------- Revenues $180,710 $180,710 Costs and expenses: Operation expense 98,701 98,701 Maintenance expense 20,320 (14,075) 6,245 General and administrative 12,478 12,478 Depreciation and amortization 23,201 12,711 35,912 Gain on sale of assets (628) (628) ------------- ----------- ------------- Total operating expenses 154,072 (1,364) 152,708 Operating income 26,638 1,364 28,002 Interest expense (2,846) (2,846) Interest income 393 393 Other income, net 4,203 4,203 ------------- ----------- ------------- Income before income taxes 28,388 1,364 29,752 Income tax provision 8,509 491 9,000 ------------- ----------- ------------- Net income $19,879 $873 $20,752 ============= =========== ============= Basic earnings per share $2.33 $0.10 $2.43 Diluted earnings per share $2.28 $0.10 $2.38 Twelve Months Twelve Months Ended Effect of Ended December 31, Change in December 31, 2005 Accounting 2005 as Reported Principle as Adjusted ------------- ----------- ------------- Cash flows from operating activities: Net income $19,879 $873 $20,752 Total adjustments to net income 18,895 (804) 18,091 ------------- ----------- ------------- Net cash provided by operating activities 38,774 69 38,843 Cash flows from investing activities: Net cash used in investing activities (64,222) (69) (64,291) Cash flows from financing activities: Net cash provided by financing activities 77,895 -- 77,895 ------------- ----------- ------------- Net increase in cash and cash equivalents 52,447 52,447 Cash and cash equivalents at beginning of year 6,347 -- 6,347 ------------- ----------- ------------- Cash and cash equivalents at end of year $58,794 $-- $58,794 ============= =========== ============= Twelve Months Twelve Months Ended Effect of Ended December 31, Change in December 31, 2004 Accounting 2004 as Reported Principle as Adjusted ------------- ----------- ------------- Revenues $149,718 $149,718 Costs and expenses: Operation expense 80,517 80,517 Maintenance expense 20,761 (13,073) 7,688 General and administrative 11,709 11,709 Depreciation and amortization 22,193 15,582 37,775 ------------- ----------- ------------- Total operating expenses 135,180 2,509 137,689 Operating income 14,538 (2,509) 12,029 Interest expense (2,318) (2,318) Interest income 254 254 Other income, net 333 333 ------------- ----------- ------------- Income before income taxes 12,807 (2,509) 10,298 Income tax provision 2,975 (903) 2,072 ------------- ----------- ------------- Net income $9,832 $(1,606) $8,226 ============= =========== ============= Basic earnings per share $1.20 $(0.20) $1.00 Diluted earnings per share $1.16 $(0.19) $0.97 Twelve Months Twelve Months Ended Effect of Ended December 31, Change in December 31, 2004 Accounting 2004 as Reported Principle as Adjusted ------------- ----------- ------------- Cash flows from operating activities Net income $9,832 $(1,606) $8,226 Total adjustments to net income 16,684 1,606 18,290 ------------- ----------- ------------- Net cash provided by operating activities 26,516 -- 26,516 Cash flows from investing activities: Net cash used in investing activities (25,111) (25,111) Cash flows from financing activities Net cash provided by financing activities 1,328 -- 1,328 ------------- ----------- ------------- Net increase in cash and cash equivalents 2,733 2,733 Cash and cash equivalents at beginning of year 3,614 -- 3,614 ------------- ----------- ------------- Cash and cash equivalents at end of year $6,347 $-- $6,347 ============= =========== ============= *T

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