Two interesting things on this page.

First, Kevin Eastman shows up as the publisher for the first time. Technically, he purchased the publication in January of 1992, but with the delay in publication, he doesn’t show up in the masthead until May. Weird.

Second, there is a note directly to the right of the masthead explaining that the black bars in the Raoul Fleetfoot story were intentional and not actually censorship. This is followed by a stern explanation that Heavy Metal is all about the First Amendment. No word on the censorship that has been applied to The Waters of DeadMoon, however. 

(Heavy Metal issue #138, May 1992 – Page 2 Table of Contents)