UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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): January 28,
2010
Kirby
Corporation
(Exact
name of registrant as specified in its charter)
|
Nevada
|
1-7615
|
74-1884980
|
|
(State
or other jurisdiction of incorporation
or organization)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification
No.)
|
|
55
Waugh Drive, Suite 1000
|
77007
|
|
|
Houston,
Texas
|
(Zip
Code)
|
|
|
(Address
of principal executive offices)
|
Registrant’s
telephone number, including area code:
(713)
435-1000
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:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o 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
January 27, 2010 Kirby Corporation (“Kirby”) issued a press release announcing
earnings for the three months and year ended December 31, 2009. A
copy of the press release is attached as Exhibit 99.1 to this
report.
EBITDA, a
non-GAAP financial measure, is used in the press release. Kirby
defines EBITDA as net earnings before interest expense, taxes on income,
depreciation and amortization. Kirby has historically evaluated its
operating performance using numerous measures, one of which is
EBITDA. EBITDA is presented because of its wide acceptance as a
financial indicator. EBITDA is one of the performance measures used
in Kirby’s incentive bonus plan. EBITDA is also used by rating
agencies in determining Kirby’s credit rating and by analysts publishing
research reports on Kirby, as well as by investors and investment bankers
generally in valuing companies. A quantitative reconciliation of
EBITDA to GAAP net earnings for the 2009 and 2008 fourth quarters and years is
included in the press release.
|
Item
9.01.
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Financial
Statements and Exhibits
|
|
(c)
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Exhibits:
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99.1
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Press
release dated January 27, 2010
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SIGNATURES
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 thereunto
duly authorized.
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KIRBY
CORPORATION
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||
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(Registrant)
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||
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By:
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/s/
Norman W. Nolen
|
|
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Norman
W. Nolen
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||
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Executive
Vice President, Treasurer
|
||
|
and
Chief Financial Officer
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||
Dated: January
28, 2010
EXHIBIT
INDEX
|
Press
release dated January 27, 2010
|
Exhibit 99.1
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KIRBY
CORPORATION
|
Contact: Steve
Holcomb
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713-435-1135
FOR IMMEDIATE
RELEASE
KIRBY
CORPORATION ANNOUNCES
2009
FOURTH QUARTER AND YEAR RESULTS
|
·
|
2009 fourth quarter earnings
per share were $.54, including $.05 per share of net charges described
below, compared with $.72 for the 2008 fourth
quarter
|
|
·
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2009 year earnings per share
were $2.34 per share compared with $2.91 for
2008
|
|
·
|
2010 first quarter earnings per
share guidance is $.42 to $.47, including an estimated $.04 per share
charge for shore staff reductions, versus $.52 for the 2009 first
quarter
|
|
·
|
2010 year earnings per share
guidance is $1.85 to $2.20 versus $2.34 for
2009
|
|
·
|
Election of David Grzebinski as
Executive Vice President – Finance and Chief Financial Officer, and Renato
Castro as Treasurer
|
Houston, Texas (January 27,
2010) – Kirby Corporation (“Kirby”) (NYSE:KEX) today announced net
earnings attributable to Kirby for the fourth quarter ended December 31, 2009 of
$29.2 million, or $.54 per share, compared with $38.4 million, or $.72 per
share, for the 2008 fourth quarter. The 2009 fourth quarter results
included a $4.8 million before taxes, or $.05 per share, charge for shore staff
reductions, a $1.9 million before taxes, or $.02 per share, charge for
impairment of goodwill of Osprey Line and a $2.0 million before taxes, or $.02
per share, net positive impact from the reduction in Kirby’s allowance for
doubtful accounts. Kirby’s published 2009 fourth quarter guidance
range was $.57 to $.62 per share. Consolidated revenues for the 2009
fourth quarter were $259.6 million compared with $326.7 million reported for the
2008 fourth quarter.
Joe Pyne,
Kirby’s President and Chief Executive Officer, commented, “2009 has been a
challenging year for Kirby with the current economic environment. A
decline in volumes in all four marine transportation markets resulted in lower
tank barge utilization levels industry wide that led to increased downward
pressure on term contract and spot market pricing throughout
2009. Our diesel engine services segment’s marine and railroad
service levels and direct parts sales have also remained well below 2008 levels
due to weak marine transportation, offshore oil services and railroad markets,
which resulted in deferrals of maintenance on customers’ idled
equipment.”
Mr. Pyne
further commented, “In the 2009 fourth quarter, as a result of continued low
demand for both our marine transportation and diesel engine services, we further
reduced our shore staff to ensure that Kirby is operating as prudently and
efficiently as possible during this continued period of economic
uncertainty. A charge of $4.8 million before taxes, or $.05 per
share, comprised of $3.5 million for marine transportation, $0.9 million for
diesel engine services and $0.4 million for corporate, was taken in the 2009
fourth quarter. Our 2010 first quarter results will also include an
estimated shore staff reduction charge of $3.9 million before taxes, or $.04 per
share. Since our peak headcount in October 2008, we have reduced our
shore staff positions by 21% through early retirements, staff reductions and
through attrition. We have also addressed a number of other costs
including a reduction in the number of chartered towboats we operate, reduced
maintenance on laid-up equipment and on-going cost reduction
initiatives.”
1
Kirby
reported net earnings attributable to Kirby for the 2009 year of $125.9 million,
or $2.34 per share, compared with $157.2 million, or $2.91 per share for
2008. Consolidated revenues for 2009 were $1.08 billion compared with
$1.36 billion for 2008.
Segment
Results – Marine Transportation
The
marine transportation operating income for the 2009 fourth quarter was $51.1
million, including a $3.5 million shore staff reduction charge and the positive
impact of a $2.5 million reduction in the allowance for doubtful accounts, on
revenues of $216.9 million. This compares with $62.2 million of
operating income on revenues of $265.5 million for the 2008 fourth
quarter. Fourth quarter demand levels in the petrochemical, black oil
and refined products markets were weaker when compared with the 2009 third
quarter. Term contract renewals remained under pressure during the
fourth quarter, but were relatively consistent with 2009 third quarter term
contract renewals; however, spot market pricing continued to
deteriorate. Lower diesel fuel costs associated with the pass through
of diesel fuel to customers through fuel escalation and de-escalation clauses in
term contracts also contributed to the lower revenues.
The
marine transportation operating margin was 23.6% for the 2009 fourth quarter
compared with 23.4% for the 2008 fourth quarter. The higher operating
margin reflected lower fuel costs, the positive impact of the reduction in the
allowance for doubtful accounts, ongoing cost reduction initiatives, lower
shoreside headcount, frozen officer and management salaries, reduction of
towboats operated, reduced maintenance on laid-up equipment, more efficient
operations and lower insurance claim losses, partially offset by the marine
transportation’s portion of the shore staff reduction charge.
Segment
Results – Diesel Engine Services
The
diesel engine services operating income for the 2009 fourth quarter was $3.8
million, including a $0.9 million staff reduction charge and a $0.5 million
increase in the allowance for doubtful accounts, on revenues of $42.7 million,
compared with $7.5 million of operating income on revenues of $61.2 million for
the fourth quarter of 2008. The medium-speed and high-speed engine
demand levels for service and direct parts sales remained weak as offshore oil
services, marine transportation and railroad customers continued to defer
maintenance on equipment in response to the economic slowdown. The
medium-speed power generation market remained stable, but below prior year
levels. The operating margin was 8.9% for the 2009 fourth quarter
compared with 12.3% for the 2008 fourth quarter. The lower operating
margin reflected the diesel engine services’ portion of the staff reduction
charge and the increase in the allowance for doubtful accounts.
Cash
Flow
Kirby
continued to generate strong cash flow during 2009 with EBITDA totaling $309.0
million. The cash flow was used to fund capital expenditures of
$192.7 million, including $142.4 million for new tank barge and towboat
construction and $50.3 million primarily for upgrades to the existing fleet, and
to reduce debt by $47.1 million. Total debt as of December 31, 2009
was $200.2 million and the debt-to-capitalization ratio was 15.9%, down from
21.7% at December 31, 2008. Cash and cash equivalents at December 31,
2009 totaled $97.8 million compared with $8.6 million at December 31,
2008. As of January 27, 2010, the cash and cash equivalents balance
was $113.8 million.
2
Outlook
Commenting
on the 2010 first quarter and full year market conditions and guidance, Mr. Pyne
said, “For the 2010 first quarter, our earnings guidance is $.42 to $.47 per
share compared with $.52 per share for the 2009 first quarter. Our
first quarter guidance includes an estimated $.04 per share charge for shore
staff reductions as we continue to respond to a lower utilization and service
environment, and anticipated unfavorable winter weather
conditions. The first quarter guidance also reflects our expectation
of continued excess industry-wide tank barge capacity, utilization rates in the
low 80% level and continued downward pressure on term contract renewals and spot
market pricing. For the 2010 year, our guidance range is $1.85 to
$2.20 per share compared with $2.34 per share for 2009. Our low end
guidance assumes volumes will be consistent with current volumes throughout
2010, with continued downward pressure on term contract renewals and spot market
pricing in the first half of 2010. Our high end guidance assumes an
improvement in volumes as the year progresses, some reduction in excess tank
barge capacity and some improvement in term contract and spot market
pricing. We anticipate our diesel engine services segment will
continue to face challenges but we do believe we have reached the bottom of the
diesel engine services business cycle. Our guidance represents our
current judgment with respect to our 2010 performance as the economy remains
weak and somewhat unpredictable. Our 2010 capital spending guidance
range is $125 to $135 million, including approximately $60 million for the
construction of 61 new tank barges and finishing the construction of three
towboats.”
Commenting
on the financial condition of Kirby, Mr. Pyne said, “Despite the pain of this
recession, Kirby is in excellent financial condition with an investment grade
rated balance sheet, sustainable cash flows and low debt
levels. During this time of economic uncertainly, Kirby will continue
to focus on the areas we can control: customer service, safety, cost,
upgrading our fleet and looking for opportunities to continue to grow our marine
transportation and diesel engine services businesses.”
Election
of Executive Officers
Kirby is
pleased to announce the election of David W. Grzebinski as Executive Vice
President – Finance. Mr. Grzebinski will assume the role of Chief
Financial Officer of Kirby after the filing of Kirby’s 2009 Form
10-K. Norman W. Nolen, Kirby’s current Executive Vice President,
Treasurer and Chief Financial Officer has announced his retirement effective
March 31, 2010. Renato
A. Castro will succeed Mr. Nolen as Treasurer.
Mr.
Grzebinski, a Chartered Financial Analyst, brings to Kirby 24 years of extensive
business and financial experience. Prior to joining Kirby, he served
as Controller for FMC Technologies’ Energy Systems business headquartered in
Houston and was previously employed by Dow Chemical. Mr. Grzebinski
received a degree in chemical engineering from the University of South Florida
and an M.B.A. from Tulane University.
Mr.
Castro, a Certified Public Accountant, holds an M.B.A. degree from Tulane
University and a degree in civil engineering from the National Autonomous
University of Honduras. Mr. Castro has served Kirby as Manager of
Financial Analysis since January 2007 and in various Kirby accounting positions
from 2001 through December 2006.
3
Conference
Call
A
conference call is scheduled at 10:00 a.m. central time tomorrow, Thursday,
January 28, 2010, to discuss the 2009 fourth quarter and year performance as
well as the outlook for the 2010 first quarter and year. The
conference call number is 800-446-2782 for domestic callers and 847-413-3235 for
international callers. The leader’s name is Steve
Holcomb. The confirmation number is 26131284. An audio
playback will be available at 1:00 p.m. central time on Thursday, January 28,
through 6:00 p.m. central time on Friday, February 26, 2010 by dialing
888-843-8996 for domestic and 630-652-3044 for international
callers. A live audio webcast of the conference call will be
available to the public and a replay available after the call by visiting
Kirby’s website at http://www.kirbycorp.com/.
GAAP
to Non-GAAP Financial Measures
The
financial and other information to be discussed in the conference call is
available in this press release and in a Form 8-K filed with the Securities and
Exchange Commission. This press release and the Form 8-K include a
non-GAAP financial measure, EBITDA, which Kirby defines as net earnings
attributable to Kirby before interest expense, taxes on income, depreciation and
amortization. A reconciliation of EBITDA with GAAP net earnings
attributable to Kirby is included in this press release. This
earnings press release includes marine transportation performance measures,
consisting of ton miles, revenue per ton mile, towboats operated and delay
days. Comparable performance measures for the 2009 and 2008 years and
quarters are available at Kirby’s web site, http://www.kirbycorp.com/,
under the caption Performance Measurements in the Investor Relations
section.
About
Kirby Corporation
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 medium-speed and high-speed 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, 2008
filed with the Securities and Exchange Commission.
4
CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited,
$ in thousands except per share amounts)
|
||||||||||||||||
|
Revenues:
|
||||||||||||||||
|
Marine
transportation
|
$ | 216,904 | $ | 265,461 | $ | 881,298 | $ | 1,095,475 | ||||||||
|
Diesel
engine services
|
42,684 | 61,216 | 200,860 | 264,679 | ||||||||||||
| 259,588 | 326,677 | 1,082,158 | 1,360,154 | |||||||||||||
|
Costs
and expenses:
|
||||||||||||||||
|
Costs
of sales and operating expenses
|
150,843 | 193,830 | 637,833 | 843,310 | ||||||||||||
|
Selling,
general and administrative
|
29,908 | 39,822 | 121,401 | 142,171 | ||||||||||||
|
Taxes,
other than on income
|
2,837 | 2,572 | 12,104 | 13,120 | ||||||||||||
|
Depreciation
and amortization
|
24,244 | 24,067 | 93,968 | 91,199 | ||||||||||||
|
Impairment
of goodwill
|
1,901 | ― | 1,901 | ― | ||||||||||||
|
Loss
(gain) on disposition of assets
|
38 | 134 | (1,079 | ) | (142 | ) | ||||||||||
| 209,771 | 260,425 | 866,128 | 1,089,658 | |||||||||||||
|
Operating
income
|
49,817 | 66,252 | 216,030 | 270,496 | ||||||||||||
|
Other
income (expense)
|
233 | (243 | ) | 608 | (515 | ) | ||||||||||
|
Interest
expense
|
(2,693 | ) | (3,399 | ) | (11,080 | ) | (14,064 | ) | ||||||||
|
Earnings
before taxes on income
|
47,357 | 62,610 | 205,558 | 255,917 | ||||||||||||
|
Provision
for taxes on income
|
(17,716 | ) | (23,725 | ) | (78,020 | ) | (97,444 | ) | ||||||||
|
Net
earnings
|
29,641 | 38,885 | 127,538 | 158,473 | ||||||||||||
|
Less:
Net earnings attributable to noncontrolling interests
|
(439 | ) | (476 | ) | (1,597 | ) | (1,305 | ) | ||||||||
|
Net
earnings attributable to Kirby
|
$ | 29,202 | $ | 38,409 | $ | 125,941 | $ | 157,168 | ||||||||
|
Net
earnings per share attributable to Kirby common stockholders:
(1)
|
||||||||||||||||
|
Basic
|
$ | .54 | $ | .72 | $ | 2.34 | $ | 2.92 | ||||||||
|
Diluted
|
$ | .54 | $ | .72 | $ | 2.34 | $ | 2.91 | ||||||||
|
Common
stock outstanding (in thousands):
(1)
|
||||||||||||||||
|
Basic
|
53,252 | 52,930 | 53,192 | 53,238 | ||||||||||||
|
Diluted
|
53,374 | 53,041 | 53,313 | 53,513 | ||||||||||||
CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited,
$ in thousands)
|
||||||||||||||||
|
EBITDA: (2)
|
||||||||||||||||
|
Net
earnings attributable to Kirby
|
$ | 29,202 | $ | 38,409 | $ | 125,941 | $ | 157,168 | ||||||||
|
Interest
expense
|
2,693 | 3,399 | 11,080 | 14,064 | ||||||||||||
|
Provision
for taxes on income
|
17,716 | 23,725 | 78,020 | 97,444 | ||||||||||||
|
Depreciation
and amortization
|
24,244 | 24,067 | 93,968 | 91,199 | ||||||||||||
| $ | 73,855 | $ | 89,600 | $ | 309,009 | $ | 359,875 | |||||||||
|
Capital
expenditures
|
$ | 29,688 | $ | 31,494 | $ | 192,660 | $ | 173,019 | ||||||||
|
Acquisitions
of businesses and marine equipment
|
$ | — | $ | 44 | $ | — | $ | 5,480 | ||||||||
|
December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
(unaudited,
$ in thousands)
|
||||||||
|
Long-term
debt, including current portion
|
$ | 200,239 | $ | 247,307 | ||||
|
Total
equity
|
$ | 1,056,095 | $ | 893,555 | ||||
|
Debt
to capitalization ratio
|
15.9 | % | 21.7 | % | ||||
5
MARINE TRANSPORTATION
STATEMENTS OF EARNINGS
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited,
$ in thousands)
|
||||||||||||||||
|
Marine
transportation revenues
|
$ | 216,904 | $ | 265,461 | $ | 881,298 | $ | 1,095,475 | ||||||||
|
Costs
and expenses:
|
||||||||||||||||
|
Costs
of sales and operating expenses
|
120,962 | 149,995 | 494,139 | 657,078 | ||||||||||||
|
Selling,
general and administrative
|
19,850 | 28,578 | 80,897 | 96,960 | ||||||||||||
|
Taxes,
other than on income
|
2,331 | 2,293 | 10,587 | 12,034 | ||||||||||||
|
Depreciation
and amortization
|
22,625 | 22,424 | 87,589 | 84,537 | ||||||||||||
| 165,768 | 203,290 | 673,212 | 850,609 | |||||||||||||
|
Operating
income
|
$ | 51,136 | $ | 62,171 | $ | 208,086 | $ | 244,866 | ||||||||
|
Operating
margins
|
23.6 | % | 23.4 | % | 23.6 | % | 22.4 | % | ||||||||
DIESEL ENGINE SERVICES
STATEMENTS OF EARNINGS
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited,
$ in thousands)
|
||||||||||||||||
|
Diesel
engine services revenues
|
$ | 42,684 | $ | 61,216 | $ | 200,860 | $ | 264,679 | ||||||||
|
Costs
and expenses:
|
||||||||||||||||
|
Costs
of sales and operating expenses
|
29,881 | 43,835 | 143,694 | 186,232 | ||||||||||||
|
Selling,
general and administrative
|
7,438 | 8,508 | 30,440 | 33,014 | ||||||||||||
|
Taxes,
other than income
|
494 | 259 | 1,474 | 1,016 | ||||||||||||
|
Depreciation
and amortization
|
1,057 | 1,115 | 4,247 | 4,830 | ||||||||||||
| 38,870 | 53,717 | 179,855 | 225,092 | |||||||||||||
|
Operating
income
|
$ | 3,814 | $ | 7,499 | $ | 21,005 | $ | 39,587 | ||||||||
|
Operating
margins
|
8.9 | % | 12.3 | % | 10.5 | % | 15.0 | % | ||||||||
OTHER COSTS AND
EXPENSES
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(unaudited,
$ in thousands)
|
||||||||||||||||
|
General
corporate expenses
|
$ | 3,194 | $ | 3,284 | $ | 12,239 | $ | 14,099 | ||||||||
|
Loss
(gain) on disposition of assets
|
$ | 38 | $ | 134 | $ | (1,079 | ) | $ | (142 | ) | ||||||
|
Impairment
of goodwill
|
$ | 1,901 | $ | — | $ | 1,901 | $ | — | ||||||||
6
MARINE TRANSPORTATION
PERFORMANCE MEASUREMENTS
|
Fourth Quarter
|
Year
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Ton
Miles (in millions) (3)
|
2,945 | 3,292 | 11,977 | 14,267 | ||||||||||||
|
Revenue/Ton
Mile (cents/tm) (4)
|
7.1 | 7.7 | 7.1 | 7.3 | ||||||||||||
|
Towboats
operated (average) (5)
|
212 | 250 | 220 | 256 | ||||||||||||
|
Delay
Days (6)
|
1,808 | 1,926 | 5,201 | 8,267 | ||||||||||||
|
Average
cost per gallon of fuel consumed
|
$ | 1.98 | $ | 2.59 | $ | 1.72 | $ | 3.21 | ||||||||
|
Tank
barges:
|
||||||||||||||||
|
Active
|
863 | 914 | ||||||||||||||
|
Inactive
|
4 | 73 | ||||||||||||||
|
Barrel
capacities (in millions):
|
||||||||||||||||
|
Active
|
16.7 | 17.5 | ||||||||||||||
|
Inactive
|
0.1 | 1.3 | ||||||||||||||
|
(1)
|
Kirby
adopted a new accounting standard included in ASC 260 “Earnings
Per Share” which requires unvested share-based payment awards with
non-forfeitable rights to receive dividends or dividend equivalents
(whether paid or unpaid) to be considered participating securities for the
purposes of applying the two-class method of calculating earnings per
share. Accordingly, restricted stock granted under
Kirby’s stock-based compensation plans are treated as participating
securities under the two-class method of determining earnings
per share and earnings per share for prior periods have been restated to
conform to this standard. The adoption of this standard lowered
basic earnings per common share for the year ended December 31, 2008 by
$.02.
|
|
(2)
|
Kirby
has historically evaluated its operating performance using numerous
measures, one of which is EBITDA, a non-GAAP financial
measure. Kirby defines EBITDA as net earnings before interest
expense, taxes on income, depreciation and amortization. EBITDA
is presented because of its wide acceptance as a financial
indicator. EBITDA is one of the performance measures used in
Kirby’s incentive bonus plan. EBITDA is also used by rating
agencies in determining Kirby’s credit rating and by analysts publishing
research reports on Kirby, as well as by investors and investment bankers
generally in valuing companies. EBITDA is not a calculation
based on generally accepted accounting principles and should not be
considered as an alternative to, but should only be considered in
conjunction with, Kirby’s GAAP financial
information.
|
|
(3)
|
Ton
miles indicate fleet productivity by measuring the distance (in miles) a
loaded tank barge is moved. Example: A typical
30,000 barrel tank barge loaded with 3,300 tons of liquid cargo is moved
100 miles, thus generating 330,000 ton
miles.
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(4)
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Inland
marine transportation revenues divided by ton
miles. Example: Fourth quarter 2009 inland marine
revenues of $208,839,000 divided by 2,945,000,000 marine transportation
ton miles = 7.1 cents.
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(5)
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Towboats
operated are the average number of owned and chartered towboats operated
during the period.
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(6)
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Delay
days measures the lost time incurred by a tow (towboat and one or more
tank barges) during transit. The measure includes transit
delays caused by weather, lock congestion and other navigational
factors.
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7