UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 11-K
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
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þ
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ANNUAL
REPORT PURSUANT TO SECTION 15(d)
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OF THE
SECURITIES EXCHANGE ACT OF 1934
For the
fiscal year ended December 31, 2007
Or
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¨
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TRANSITION
REPORT PURSUANT TO SECTION 15(d)
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OF THE
SECURITIES EXCHANGE ACT OF 1934
For the
transition period from ________ to ________
Commission
file number 1-7615
KIRBY
401(k) PLAN
Kirby
Corporation
55 Waugh
Drive, Suite 1000
Houston,
Texas 77007
KIRBY 401(k)
PLAN
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Page
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1
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2
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3
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4
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Supplemental
Schedules
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12
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13
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Supplemental
schedules, other than those listed above, are omitted because of the absence of
the conditions under which they are required.
Plan
Administrator
Kirby 401(k)
Plan:
We have
audited the accompanying statements of net assets available for benefits
(modified cash basis) of the Kirby 401(k) Plan (the Plan) as of
December 31, 2007 and 2006 and the related statements of changes in net
assets available for benefits (modified cash basis) for the years then ended.
These financial statements are the responsibility of the Plan’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
As
described in note 2, these financial statements and supplemental schedules
were prepared on a modified cash basis of accounting, which is a comprehensive
basis of accounting other than U.S. generally accepted accounting
principles.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2007 and 2006 and the changes in net assets available for
benefits for the years then ended, on the basis of accounting described in
note 2.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule H,
line 4a – schedule of delinquent participant contributions (modified cash
basis) for the year ended December 31, 2007 and supplemental
schedule H, line 4i – schedule of assets (held at end of year)
(modified cash basis) as of December 31, 2007 are presented for the purpose
of additional analysis and are not a required part of the basic financial
statements but are supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedules are the
responsibility of the Plan’s management. The supplemental schedules have been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a
whole.
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KPMG
LLP
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Houston,
Texas
June 26,
2008
KIRBY
401(k) PLAN
(Modified
Cash Basis)
December
31, 2007 and 2006
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2007
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2006
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|||||||
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Assets:
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||||||||
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Investments
at fair value
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$ | 46,376,244 | 101,430,888 | |||||
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Receivable
for securities sold
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79,236,782
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108,393 | ||||||
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Due
from trustee
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— | 10,176,267 | ||||||
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Accrued
income
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77,419 | 66,050 | ||||||
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Cash,
non-interest bearing
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— | 44,350 | ||||||
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Total
assets
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125,690,445 | 111,825,948 | ||||||
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Liabilities:
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||||||||
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Payable
for securities purchased
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1,614,961 | 10,329,604 | ||||||
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Total
liabilities
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1,614,961 | 10,329,604 | ||||||
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Net
assets available for benefits
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$ | 124,075,484 | 101,496,344 | |||||
See
accompanying notes to financial statements.
KIRBY
401(k) PLAN
(Modified
Cash Basis)
Years
ended December 31, 2007 and 2006
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2007
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2006
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Additions
to net assets attributed to:
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Contributions
from participants
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$ | 8,695,353 | 6,927,373 | |||||
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Contributions
from employer
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3,898,026 | 2,626,850 | ||||||
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Rollover
contributions
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2,216,354 | 1,647,669 | ||||||
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Interest
and dividend income
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2,239,561 | 1,485,939 | ||||||
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Net
appreciation in fair value of investments
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13,680,981 | 9,462,615 | ||||||
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Total
additions
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30,730,275 | 22,150,446 | ||||||
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Deductions
from net assets attributed to:
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||||||||
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Benefits
paid to participants
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8,062,764 | 6,863,165 | ||||||
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Investment
counselor fees and other
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88,371 | 2,727 | ||||||
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Total
deductions
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8,151,135 | 6,865,892 | ||||||
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Transfers
to the plan from the Global Power Systems, L.L.C.
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||||||||
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Profit
Sharing Plan (note 1)
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— | 10,176,267 | ||||||
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Net
increase
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22,579,140 | 25,460,821 | ||||||
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Net
assets available for benefits, beginning of year
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101,496,344 | 76,035,523 | ||||||
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Net
assets available for benefits, end of year
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$ | 124,075,484 | 101,496,344 | |||||
See
accompanying notes to financial statements.
KIRBY
401(k) PLAN
(Modified
Cash Basis)
December
31, 2007 and 2006
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(1)
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Description
of Plan
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(a)
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General
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The Kirby
401(k) Plan (the Plan) is a defined contribution 401(k) plan for the
benefit of employees of Kirby Corporation (the Company) and certain
subsidiaries. Each employee was eligible to join the Plan as of the first pay
period following completion of one year of service and the attainment of
age 18. Effective January 1, 2008, the Plan’s eligibility period
was reduced from one year of service to three months. Employees
covered by collective bargaining agreements, the terms of which do not provide
for participation in the Plan, are not eligible. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended
(ERISA). Further information relating to the Plan’s provisions is available in
the Plan Document.
The
Hollywood Marine, Inc. (HMI) 401(k) Plan (HMI Plan) was merged into the Plan,
and all HMI balances were transferred to the Plan effective December 31,
1999. Commencing January 1, 2000, former HMI Plan participants are subject
to the same plan provisions as the Plan participants. In connection with the
plan merger, the Plan was amended on December 31, 1999 to include HMI
employees.
The
Global Power Systems, L.L.C. (GPS) Profit Sharing Plan (GPS Plan) was merged
into the Plan, and all GPS balances were transferred to the Plan effective
December 31, 2006. Commencing January 1, 2007, former GPS Plan participants are
subject to the same plan provisions as the Plan participants. In connection with
the plan merger, the Plan was amended on December 31, 2006 to include GPS
employees.
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(b)
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Administration
of the Plan
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The
general administration of the Plan is the responsibility of the Company
(the plan administrator). The plan administrator has broad powers regarding
the operation and administration of the Plan and receives no compensation for
service to the Plan. All administrative expenses, unless paid by the Company at
its discretion, are paid by the Plan. Wells Fargo Bank (Wells) was
the trustee of the Plan during 2007 and 2006. Effective January 1,
2008, Merrill Lynch Trust Co. (Merrill Lynch) became the trustee of the
Plan.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
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(c)
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Contributions
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The Plan
provides for basic employee pretax contributions to the Plan of up to 3% of
covered compensation as defined, and for additional employee pretax
contributions to the Plan of up to 14% of covered compensation subject to the
provisions of the Internal Revenue Code of 1986, as amended (the Code).
Participants age 50 or older during the Plan year may also elect to make a
“catch-up” contribution, subject to certain Internal Revenue Service (IRS)
limits ($5,000 in 2007 and 2006). The Company contributes matching employer
contributions equal to 100% of basic employee pretax contributions. The Company
does not match the additional employee pretax or catch-up contributions.
Matching employer contributions were used to purchase Company common stock
during 2006 but employees were able to transfer the matching employer
contributions to other funds upon receipt. Effective January 1, 2007, each
participant has the right to direct his or her contributions and the Company’s
matching contributions, between the investment funds offered by the Plan,
including Company common stock.
All
employees hired or rehired are automatically enrolled at a 3% pretax
contribution rate, unless otherwise elected by the participant.
In
addition, participants may contribute amounts representing rollovers from other
qualified plans or from an individual retirement account.
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(d)
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Benefits
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Benefits
payments are made to participants upon retirement or termination of employment
(or to the beneficiary in the event of death) and are in the form of lump sum
distribution payments. A participant may request a loan for up to the lesser of
50% of the participant’s vested interest or $50,000, less the participant’s
highest outstanding loan balance during the preceding 12 months. Loans are
typically repaid over a five-year period and bear interest at prime rate plus
1%. Interest rates ranged from 5% to 9.25% at December 31, 2007. Loans
outstanding at December 31, 2007 mature from January 3, 2008 through
December 31, 2012. Loans outstanding upon a participant’s termination of
employment are considered deemed distributions if not repaid and are deducted
from the participant’s account balance prior to distribution. These amounts are
taxed to the participant in the year of the participant’s termination. Former
participants of the HMI Plan are eligible to receive in service withdrawals from
their vested HMI account balance after attaining 59 ½ years of
age.
The Plan
requires automatic distribution of participant accounts upon termination without
the participant’s consent of amounts less than $5,000 and greater than $1,000.
If the participant does not elect to have the amount paid directly to an
eligible retirement plan or receive a distribution directly, then the Plan will
pay the distribution to an individual retirement plan designated by the Plan
administrator. Amounts less than $1,000 are paid directly to
participants upon termination.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
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(e)
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Vesting
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Participants
are 100% vested in their participant contributions and rollovers, if any.
Participants in the Plan have an immediate and fully vested interest in the
portion of the account relating to employer contributions and may, upon
resignation from or discharge by the employer, withdraw their entire account
balance except as noted below.
Employer
contributions made to the prior HMI Plan are subject to a five-year vesting
schedule based on the participant’s HMI service date. Forfeitures of nonvested
participants are credited to the accounts of former HMI Plan participants
employed at year-end based on a formula that considers the total compensation,
as defined, of all former HMI Plan participants for that plan year. Forfeitures
in the amount of $164 as of December 31, 2006 were available for allocation
to former HMI Plan participants. There were no forfeitures available for
allocation to former HMI Plan participants as of December 31,
2007. As of December 31, 2007 and 2006, all participants were 100%
vested.
Employer
contributions made to the prior GPS Plan are subject to a three-year vesting
schedule based on the participant’s GPS service date. Forfeitures of nonvested
participants are credited to the accounts of former GPS Plan participants
employed at year-end based on a formula that considers the total compensation,
as defined, of all former GPS Plan participants for that plan
year. Forfeitures in the amount of $47,497 as of December 31, 2007
were available for allocation to former GPS Plan participants. There
were no forfeitures available for allocation to former GPS Plan participants as
of December 31, 2006.
Effective
January 1, 2008, employer contributions for all employees hired on or after
January 1, 2008 are subject to a six-year vesting schedule.
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(f)
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Plan
Termination
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Although
it has not expressed any intent to do so, the Company has the right under the
Plan to terminate the Plan subject to the provisions of ERISA. In the event of
termination, the amounts credited to the accounts of participants will be
distributed to the participants after payment of expenses for distribution and
liquidation.
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(g)
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Participant
Accounts
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Under the
Plan, each participant’s account is credited with the participant’s
contribution, the Company’s matching contribution and an allocation of
investment income (loss), net of administrative expenses. Investment income
(loss) is allocated daily to participants. The benefit to which a participant is
entitled is the benefit that can be provided from the participant’s vested
account.
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(h)
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Administrative
Expenses
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All
administrative expenses, unless paid by the Company at its discretion, are paid
by the Plan.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
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(2)
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Summary
of Significant Accounting Policies
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(a)
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Basis
of Presentation
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The
accompanying financial statements have been prepared on the modified cash basis,
which is a comprehensive basis of accounting other than U.S. generally accepted
accounting principles, and is an acceptable method of reporting under Department
of Labor regulations. The modified cash basis of accounting utilizes the cash
basis of accounting while carrying investments at fair value and recording
investment income (loss) on the accrual basis. Consequently, contributions are
recognized when received rather than when earned, and expenses are recognized
when paid rather than when the obligation is incurred. As of December 31,
2007, $166,634 of employee contributions and $65,919 of employer contributions
for the 2007 Plan year had not been remitted to the trust. As of
December 31, 2006, $167,397 of employee contributions and $529,258 of
employer contributions for the 2006 Plan year had not been remitted to the
trust. As of December 31, 2006, excess deferrals of $82,619 were held by
the trust and distributed to participants subsequent to year
end. There were no excess deferrals held by the trust as of December
31, 2007. As of December 31, 2007 and 2006, $53,869 and $40,753,
respectively, of participant loan balances were in default and deemed
distributed subsequent to year end. Under U.S. generally accepted accounting
principles, these amounts would have been reflected as accounts receivable,
accounts payable, and a reduction of outstanding participant loans,
respectively.
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(b)
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Use
of Estimates
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The
preparation of financial statements requires Plan management to make estimates
and assumptions that affect the reported amounts of assets, liabilities, and
disclosure of contingent assets and liabilities, and changes therein. Actual
results could differ from those estimates.
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(c)
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Investment
Valuation and Income Recognition
|
Investments
in mutual funds and Company common stock are stated at fair value based on
quoted market prices. Investments in common trust funds are stated at fair
market value based upon quoted market prices of the underlying assets. Purchases
and sales of investments are recorded on a trade date basis. Net appreciation
(depreciation) in fair value of investments includes realized gains and losses
on investments sold during the year as well as net appreciation (depreciation)
of the investments held at the end of the year. Participant loans are stated at
cost, which approximates their fair value. Interest and dividend income is
accrued in the period earned.
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(d)
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Benefit
Payments
|
Payments
to participants are recorded as the benefits are paid.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
|
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(e)
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Recently
Issued Accounting Pronouncement
|
In
September 2006, the Financial Accounting Standards Board (“FASB”) issued FASB
No. 157, “Fair Value Measurements” (“SFAS No. 157”).
SFAS No. 157 provides guidance for using fair value to measure assets
and liabilities by defining fair value, establishing a framework for measuring
fair value and expanding disclosures about fair value measurements.
SFAS No. 157 applies under other accounting pronouncements that
require or permit fair value measurements but does not require any new fair
value measurements. The Company does not expect the adoption of FASB
No. 157, which the Company is required to adopt on January 1, 2008, to have a
material impact on the statement of net assets available for benefits or
statement of changes in net assets available for benefits.
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(3)
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Investments
and Investment Options
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Each
participant has the right to direct his or her contributions and the Company’s
matching contributions once remitted, between the investment funds offered by
the Plan. Descriptions of the Plan’s investment fund options are included in the
summary plan description provided to all eligible employees.
Participants
could direct their investment contributions to the following investment funds
during 2007: Wells Fargo Outlook 2010 Fund, Wells Fargo Outlook 2020 Fund,
Wells Fargo Outlook 2030 Fund, Wells Fargo Outlook 2040 Fund, Wells Fargo
Treasury Plus Institutional Money Market Fund, Dreyfus Intermediate Term Income
Fund, Wells Fargo Asset Allocation Fund, Goldman Sachs Capital Growth Fund,
Vanguard 500 Index Fund, AIM Constellation Fund, Templeton US Government
Securities Fund, Templeton Foreign Fund, Lord Abbett All Value Fund, Fidelity
Advisor Mid Cap Fund, American Funds Growth Fund of America and Kirby Common
Stock Fund.
The Wells
Fargo Outlook 2020 Fund and Vanguard 500 Index Fund were added during 2006.
Effective July 19, 2006, all funds in the Wells Fargo Asset Allocation Fund were
transferred to the Wells Fargo Outlook 2020 Fund and all funds in the Wells
Fargo S&P 500 Index Fund were transferred to the Vanguard 500 Index
Fund.
After the
transition to Merrill Lynch as trustee of the Plan on January 1, 2008, the
investment funds available to participants will change and allocation to the
Kirby Stock fund will be limited to fifty percent of each participant’s
portfolio. The limit will be applied when participants direct the
investment of future contributions and rebalance their entire
portfolio.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
The
following presents investments that represent 5% or more of the Plan’s net
assets as of December 31:
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2007:
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Company
common stock
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$ | 37,280,167 | ||
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Participant
loans
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7,479,985 | |||
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2006:
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||||
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Wells
Fargo Treasury Plus Institutional
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||||
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Money
Market Fund
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$ | 13,943,242 | ||
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Wells
Fargo Outlook 2020 Fund
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8,869,154 | |||
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Dreyfus
Intermediate Term Income Fund
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5,273,075 | |||
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Goldman
Sachs Capital Growth Fund
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5,483,910 | |||
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Templeton
Foreign Fund
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6,226,813 | |||
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American
Funds Growth Fund of America
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6,218,539 | |||
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Company
common stock
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27,540,589 | |||
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Participant
loans
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6,568,258 | |||
The
Plan’s investments (including realized gains and losses on investments bought
and sold, as well as unrealized gains and losses on investments held during the
year) appreciated in value as follows:
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2007
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2006
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|||||||
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Common
trust funds
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$ | — | 73,611 | |||||
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Mutual
funds
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4,019,052 | 3,698,223 | ||||||
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Common
stock
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9,661,929 | 5,690,781 | ||||||
| $ | 13,680,981 | 9,462,615 | ||||||
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(4)
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Concentration
of Investments
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The
Plan’s investment in shares of Kirby Corporation common stock represents 30% and
25% of total assets as of December 31, 2007 and 2006 respectively. Kirby
Corporation is engaged in marine transportation and diesel engine
services.
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(5)
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Voting
Rights
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Each
shareholder is entitled to exercise voting rights attributable to the shares of
Company common stock allocated to his or her account and is notified by the
trustee prior to the time that such rights are to be exercised. The trustee is
not permitted to vote any shares for which instructions have not been given by
the participant. During 2007 and 2006, the Plan purchased all shares of Company
common stock in the open market.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
|
(6)
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Risk
and Uncertainties
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The Plan
may invest in common trust funds, mutual funds and Company common stock.
Investment securities are exposed to various risks, such as interest rate,
market, and credit risks. Due to the level of risk associated with certain
investment securities, it is probable that changes in the value of investment
securities will occur in the near term.
The Plan
often invests cash received from the Company in the Wells Fargo Short-Term
Investment Fund on a short-term basis prior to purchasing investments in the
Kirby Common Stock Fund. The Wells Fargo Short-Term Investment Fund
invests in securities with contractual cash flows, such as asset backed
securities, collateralized mortgage obligations and commercial mortgage backed
securities, including securities backed by subprime mortgage
loans. The value, liquidity and related income of those securities
are sensitive to changes in economic conditions, including real estate value,
delinquencies or defaults, or both, and may be adversely affected by shifts in
the market’s perception of the issuers and changes in interest
rates. Investments in the Wells Fargo Short-Term Investment Fund were
in the amount of $1,616,092 and $919,073 as of December 31, 2007 and 2006,
respectively.
|
(7)
|
Related
Party Transactions
|
Certain
Plan investment options included shares of Company common stock, common trust
funds and mutual funds managed by Wells. The Company is the plan sponsor, and
Wells was the trustee as defined by the Plan. Therefore, these transactions
qualify as party-in-interest transactions. These transactions are covered by an
exemption from the “prohibited transaction” provisions of ERISA and the
Code.
The Plan
has participant loans outstanding, which are secured solely by a portion of the
participant’s vested account balance, in accordance with the Plan
Document.
|
(8)
|
Delinquent
Participant Contributions
|
As
reported on Schedule H, Line 4a – Schedule of Delinquent Participant
Contributions, certain participant contributions and loan repayments were not
remitted to the trust within the time frame specified by the Department of
Labor’s Regulation 29 CFR 2510.3-102, thus constituting nonexempt
transactions between the Plan and the Company. The Company has incurred expense
of $23 relating to remittance to the Plan of earnings on delinquent
contributions. These delinquent contributions occurred during the years 2006 and
2007.
|
(9)
|
Federal
Income Tax Status
|
Management
considers the Plan to be in compliance with Section 401(a) of the Code and,
accordingly, to be entitled to an exemption from federal income taxes under the
provisions of Section 501(a). A letter dated August 30, 2001 has been
received by Wells stating that the form of the prototype plan is acceptable
under the Code Section 401 for use by employers for the benefit of their
employees. The letter, in effect, states that an employer who adopts the Plan
will be considered to be qualified under the Code Section 401(a) provided
all terms of the Plan are met and the Plan does not discriminate in favor of key
or highly compensated employees. Therefore, the plan administrator believes the
Plan was qualified and the related trust was tax exempt as of December 31,
2007 and 2006.
KIRBY
401(k) PLAN
Notes to
Financial Statements
(Modified
Cash Basis)
December
31, 2007 and 2006
|
(10)
|
Subsequent
Events
|
As
approved by the Company’s Board of Directors, effective January 1, 2008, the
Plan was amended to: (a) reduce the waiting period from one year to three
months, (b) establish a six-year graduated vesting schedule for all employees
hired on or after January 1, 2008, (c) allow use of forfeited amounts to offset
future matching contributions, (d) change the valuation method for the Kirby
Stock Fund from unitized value to share accounting and (e) establish a fifty
percent limit on Kirby stock ownership.
Effective
January 1, 2008, Merrill Lynch became the trustee of the Plan. In
advance of the transfer of assets from Wells to Merrill Lynch, Wells sold
substantially all of the investments, excluding the Kirby Stock Fund and
participant loans, contained in the Plan resulting in the Plan having a
receivable for securities sold of $79,236,782 and a payable for securities
purchased of $1,614,961 at December 31, 2007. In January 2008, the
net cash received from these transactions was transferred to new investment
options available through Merrill Lynch that closely matched the objectives and
investment strategies of current investments of participants.
KIRBY
401(k) PLAN
Schedule
H, Line 4a – Schedule of Delinquent Participant Contributions
(Modified
Cash Basis)
Year
ended December 31, 2007
|
Relationship
to plan,
|
||||||||||||
|
Identity
of
|
employer,
or other
|
Description
of transaction,
|
Amount
on
|
Lost
|
||||||||
|
party
involved
|
party-in-interest
|
including
rate of interest
|
Line
4(a)
|
interest
|
||||||||
| Kirby Corporation | Plan Sponsor |
2007
employee deferral not deposited to the Plan in a timely
manner.
|
$ | 14 | $ | 1 | ||||||
| Kirby Corporation | Plan Sponsor |
2006
employee deferral and loan repayment not deposited to the Plan in a
timely manner.
|
$ | 848 | $ | 22 | ||||||
On March
22, 2007 and June 23, 2008, the Company reimbursed the Plan for lost interest in
the amounts of $9 and $14, respectively.
See
accompanying report of independent registered public accounting
firm.
KIRBY
401(k) PLAN
Schedule
H, Line 4i – Schedule of Assets ( Held at End of Year)
(Modified
Cash Basis)
December
31, 2007
|
Identity
of issue, borrower, lessor, or
|
Current
|
|||||
|
similar
party
|
Description
of asset
|
value
|
||||
|
Common
trust funds:
|
||||||
|
*Wells
Fargo Bank
|
Wells
Fargo Short-Term Investment Fund
|
$ | 1,616,092 | |||
|
Total
common trust fund
|
1,616,092 | |||||
|
Common
stock:
|
||||||
|
*Kirby
Corporation
|
Common
stock
|
37,280,167 | ||||
|
|
||||||
|
*Participant
loans
|
Interest
rates ranging from 5% to 9.25% and maturity dates from 01/03/2008 to
12/31/2012
|
7,479,985 | ||||
|
Total
assets (held at end of year)
|
$ | 46,376,244 | ||||
*Parties
in interest to the Plan.
See
accompanying report of independent registered public accounting
firm.
EXHIBIT
INDEX
The
following documents are filed as part of this report.
|
Exhibit
|
||
|
number
|
Description
|
|
|
Consent
of Independent Registered Public
Accounting Firm
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Plan
administrator, which administers the Plan, has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
Kirby
401(k) Plan
|
||
|
June 27,
2008
|
BY:
|
/S/Jack
M. Sims
|
|
JACK
M. SIMS
Vice
President - Human Resources of Kirby Corporation and member of the Benefit
Plan Administrative Committee
|
15
Exhibit 23
Consent
of Independent Registered Public Accounting Firm
Plan
Administrator
Kirby 401(k)
Plan:
We
consent to the incorporation by reference in the Registration Statements (File
Nos. 333-129333 and 33-57625) on Form S-8 of Kirby Corporation of our
report dated June 26, 2008, with respect to the statements of net assets
available for benefits (modified cash basis) of the Kirby 401(k) Plan
as of December 31, 2007 and 2006, and the related statements of changes in
net assets available for benefits (modified cash basis) for the years then ended
and the supplemental schedule H, line 4a – schedule of delinquent
participant contributions (modified cash basis) for the year ended
December 31, 2007 and the supplemental schedule H, line 4i –
schedule of assets (held at end of year) (modified cash basis) as of
December 31, 2007, which report appears in the December 31, 2007
Annual Report of Form 11-K of the Kirby 401(k) Plan.
| KPMG LLP |
Houston,
Texas
June 26,
2008