• Purchased 58 inland tank barges currently operated by Kirby
for $34.3 million
• Confirmation of 2006 fourth quarter earnings per share
guidance of $.40 to
$.45 and 2006 year guidance of $1.74 to $1.79
Houston, Texas (January 3, 2007) - Kirby Corporation
("Kirby") (NYSE:KEX) announced today the purchase of the
stock of Coastal Towing, Inc. ("Coastal"), the owner of 37
inland black oil tank barges, for approximately $19.3 million
in cash, subject to post closing working capital adjustments.
Kirby has been operating the Coastal tank barges since
October 2002 under a barge management agreement.
Kirby also announced the purchase of 21 tank barges from
Cypress Barge Leasing, LLC ("Cypress") for $15.0 million in
cash. Kirby has been leasing the barges since 1994 when the
leases were assigned to Kirby as part of Kirby's purchase of
the tank barge fleet of The Dow Chemical Company. Both the
Coastal and the Cypress purchases were financed through
Kirby's $250 million revolving credit facility.
Joe Pyne, Kirby's President and Chief Executive Officer,
commented, "Kirby always prefers to own rather than lease
whenever possible due to the tax advantages of ownership. We
anticipate the two purchases will be slightly accretive to
2007 earnings per share. EBITDA from these purchases for 2007
is projected at approximately $11 million."
Kirby also confirmed its 2006 fourth quarter earnings per
share guidance of $.40 to $.45 and 2006 year guidance of
$1.74 to $1.79. The guidance represents a 5% to 18% over
reported 2005 fourth quarter net earnings of $.38 per share
and a 31% to 35% increase over the 2005 net earnings of $1.33
per share.
Kirby Corporation, based in Houston, Texas, operates inland
tank barges and towing vessels transporting petrochemicals,
black oil products, refined petroleum products and
agricultural chemicals throughout the United States inland
waterway system. Kirby also owns and operates four
ocean-going barge and tug units transporting dry-bulk
commodities in United States coastwise trade. Through the
diesel engine services segment, Kirby provides after-market
service for large medium-speed and high-speed
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diesel engines and reduction gears used in marine, power
generation and railroad applications.
Statements contained in this press release with respect to
the future are forward-looking statements. These statements
reflect management's reasonable judgment with respect to
future events. Forward-looking statements involve risks and
uncertainties. Actual results could differ materially from
those anticipated as a result of various factors, including
cyclical or other downturns in demand, significant pricing
competition, unanticipated additions to industry capacity,
changes in the Jones Act or in U.S. maritime policy and
practice, fuel costs, interest rates, weather conditions, and
timing, magnitude and number of acquisitions made by Kirby.
Forward-looking statements are based on currently available
information and Kirby assumes no obligation to update any
such statements. A list of additional risk factors can be
found in Kirby's annual report on Form 10-K for the year
ended December 31, 2005 filed with the Securities and
Exchange Commission.
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Kirby Corporation is a domestic tank barge operator. The Company transports bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (KMT), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. It also participates in the transportation of dry-bulk commodities in the United States coastwise trade. Through its distribution and services segment (KDS), it sells after-market service and genuine replacement parts for engines, transmissions, reduction gears and power generation equipment used in oil and gas and commercial and industrial applications. It also rents a variety of power generation and industrial equipment, manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment for oilfield service customers.