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): October 12,
2005
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:
¨
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
¨
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
October
12, 2005, Kirby Corporation (“Kirby”) issued a press release announcing it
expects its 2005 third quarter earnings to be $.65 to $.67 per share, after
the
impact of Hurricanes Katrina and Rita. A copy of the press release is attached
as Exhibit 99.1 to this report.
|
Item
9.01.
|
Financial
Statements and Exhibits
|
|
(c)
|
Exhibits:
|
|
99.1
|
Press
release dated October 12, 2005
|
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.
|
KIRBY
CORPORATION
|
|||
|
(Registrant)
|
|||
|
By:
|
/s/
Norman W. Nolen
|
||
|
Norman
W. Nolen
|
|||
|
Executive
Vice President, Treasurer
|
|||
|
and
Chief Financial Officer
|
|||
Dated:
October 13, 2005
EXHIBIT
INDEX
|
Press
release dated October 12, 2005
|
|
KIRBY
CORPORATION
|
Contact:
|
Steve
Holcomb
|
|
|
713-435-1135
|
FOR
IMMEDIATE RELEASE
KIRBY
CORPORATION EXPECTS 2005 THIRD QUARTER NET EARNINGS
TO
BE $.65 TO $.67 PER SHARE, AFTER IMPACT OF
HURRICANES
KATRINA AND RITA
|
·
|
2005
third quarter earnings expected to be $.65 to $.67 per share
compared with
$.53 per share for the 2004 third
quarter
|
|
·
|
Hurricanes
Katrina and Rita negatively impacted the results by an estimated
$.10 to
$.12 per share
|
|
·
|
Results
positively influenced by continued strong business levels in
both the
marine transportation and diesel engine services
markets
|
|
·
|
Kirby
will announce 2005 third quarter results on Wednesday, October
26, with
conference call on Thursday, October 27,
2005
|
Houston,
Texas (October 12, 2005) - Kirby
Corporation (“Kirby”) (NYSE:KEX) announced today that following the impact of
Hurricanes Rita and Katrina it expects its 2005 third quarter earnings
to be
$.65 to $.67 per share compared with 2004 third quarter earnings of $.53
per
share. Kirby estimates the 2005 third quarter effect of Hurricanes Katrina
and
Rita will be in the $.10 to $.12 per share range. On September 13, 2005,
following the aftermath of Hurricane Katrina but before Hurricane Rita,
Kirby
confirmed its earlier third quarter guidance of $.65 to $.70 per share.
Joe
Pyne,
Kirby’s President and Chief Executive Officer, commented, “Our 2005 third
quarter results are surprisingly strong despite the two Gulf Coast hurricanes.
The marine transportation and diesel engine services markets remained
strong,
with the marine transportation market favorably impacted by the continued
renewal of term contracts at higher rates, favorable spot market pricing
and
fuel cost recovery. While our operations were negatively impacted by
the two
hurricanes, certain lower operating and administrative expenses positively
impacted the quarter. The hurricanes caused no notable damage to our
fleet of
887 active tank barges, 241 inland towboats and four 35% owned offshore
dry-cargo barge and tug units. At the present time, all waterways in
the
hurricane affected areas are open to inland and offshore barge traffic
and are
operating normally. The majority of the petrochemical and refinery facilities
served by Kirby and located in the paths or the projected paths of the
hurricanes have resumed full production or are currently in the process
of
resuming production. Several facilities south of New Orleans, and along
the
Mississippi and Alabama Gulf Coast, remain closed.”
1
Mr.
Pyne
further commented, “Historically, the impact of a hurricane is short to
medium-term positive for Kirby as a result of deviations in the normal
supply
and distribution patterns, leading to increased volumes transported. However,
we
have never experienced back to back Gulf Coast hurricanes of such magnitudes,
making it difficult to project recovery volumes and rates from such widespread
disruptions. There were a lot of moving parts and issues which impacted
the
third quarter, some of which will flow into our fourth quarter. We will
address
these when we announce our third quarter results, and fourth quarter and
year
guidance, on Wednesday afternoon, October 26, and in our conference call
on
Thursday morning, October 27, 2005.”
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. Through the diesel engine services segment, Kirby provides after-market
service for large 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 the 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, 2004, filed with the
Securities and Exchange Commission.
2