Nevada
|
1-7615
|
74-1884980
|
(State
or other jurisdiction of
|
(Commission
File Number)
|
(I.R.S.
Employer
|
incorporation
or organization)
|
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
|
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
|
Item
9.01.
|
Financial
Statements and Exhibits
|
(c)
|
Exhibits:
|
99.1
|
Press
release dated October 26, 2005
|
KIRBY
CORPORATION
|
||
(Registrant)
|
||
By:
|
/s/
Norman W. Nolen
|
|
Norman
W. Nolen
|
||
Executive
Vice President, Treasurer
|
||
and
Chief Financial Officer
|
Press
release dated October 26,
2005
|
KIRBY
CORPORATION
|
Contact:
Steve Holcomb
|
|
713-435-1135
|
·
|
2005
third quarter earnings per share were $.67, including an estimated
$.10
per share negative impact from Hurricanes Katrina and Rita, compared
with
$.53 earned in the 2004 third quarter
|
·
|
2005
first nine months earnings per share were $1.91, an increase of 33%
compared with $1.44 per share earned in the 2004 first nine
months
|
·
|
Marine
transportation and diesel engine services business levels remained
strong
|
·
|
2005
fourth quarter earnings per share guidance is $.68 to $.73 versus
$.53
earned in the 2004 fourth
quarter
|
CONFERENCE
CALL INFORMATION
|
|
Date:
|
Thursday,
October 27, 2005
|
Time:
|
10:00
a.m. central time
|
U.S.:
|
888-328-2514
|
Int’l:
|
706-679-3262
|
Leader:
|
Steve
Holcomb
|
Passcode:
|
Kirby
|
Webcast:
|
http://www.kirbycorp.com/
or http://audioevent.mshow.com/257814
|
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited,
$ in thousands except per share amounts)
|
|||||||||||||
Revenues:
|
|||||||||||||
Marine
transportation
|
$
|
172,259
|
$
|
153,114
|
$
|
500,211
|
$
|
437,672
|
|||||
Diesel
engine services
|
26,482
|
20,275
|
82,250
|
63,908
|
|||||||||
198,741
|
173,389
|
582,461
|
501,580
|
||||||||||
Costs
and expenses:
|
|||||||||||||
Costs
of sales and operating expenses
|
130,265
|
108,690
|
378,459
|
320,008
|
|||||||||
Selling,
general and administrative
|
21,600
|
21,331
|
64,787
|
60,775
|
|||||||||
Taxes,
other than on income
|
3,203
|
3,398
|
9,298
|
10,800
|
|||||||||
Depreciation
and amortization
|
13,725
|
14,015
|
42,670
|
41,403
|
|||||||||
Loss
(gain) on disposition of assets
|
24
|
43
|
(1,963
|
)
|
241
|
||||||||
168,817
|
147,477
|
493,251
|
433,227
|
||||||||||
Operating
income
|
29,924
|
25,912
|
89,210
|
68,353
|
|||||||||
Equity
in earnings (loss) of marine affiliates
|
1,395
|
(782
|
)
|
1,399
|
534
|
||||||||
Loss
on debt retirement
|
-
|
-
|
(1,144
|
)
|
-
|
||||||||
Other
expense
|
(443
|
)
|
(415
|
)
|
(1,159
|
)
|
(737
|
)
|
|||||
Interest
expense
|
(2,997
|
)
|
(3,344
|
)
|
(9,256
|
)
|
(10,008
|
)
|
|||||
Earnings
before taxes on income
|
27,879
|
21,371
|
79,050
|
58,142
|
|||||||||
Provision
for taxes on income
|
(10,594
|
)
|
(8,121
|
)
|
(30,039
|
)
|
(22,094
|
)
|
|||||
Net
earnings
|
$
|
17,285
|
$
|
13,250
|
$
|
49,011
|
$
|
36,048
|
|||||
Net
earnings per share of common stock:
|
|||||||||||||
Basic
|
$
|
.69
|
$
|
.54
|
$
|
1.96
|
$
|
1.48
|
|||||
Diluted
|
$
|
.67
|
$
|
.53
|
$
|
1.91
|
$
|
1.44
|
|||||
Common
stock outstanding (in thousands):
|
|||||||||||||
Basic
|
25,034
|
24,507
|
24,959
|
24,435
|
|||||||||
Diluted
|
25,782
|
25,190
|
25,669
|
25,066
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION
|
|||||||||||||
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited,
$ in thousands except per share amounts)
|
|||||||||||||
EBITDA:
(1)
|
|||||||||||||
Net
earnings
|
$
|
17,285
|
$
|
13,250
|
$
|
49,011
|
$
|
36,048
|
|||||
Interest
expense
|
2,997
|
3,344
|
9,256
|
10,008
|
|||||||||
Provision
for taxes on income
|
10,594
|
8,121
|
30,039
|
22,094
|
|||||||||
Depreciation
and amortization
|
13,725
|
14,015
|
42,670
|
41,403
|
|||||||||
$
|
44,601
|
$
|
38,730
|
$
|
130,976
|
$
|
109,553
|
||||||
Capital
expenditures
|
$
|
29,555
|
$
|
19,750
|
$
|
93,118
|
$
|
75,810
|
|||||
Acquisitions
of business and marine equipment
|
$
|
-
|
$
|
-
|
$
|
7,000
|
$
|
11,085
|
September
30,
|
|||||||
2005
|
2004
|
||||||
(unaudited,
$ in thousands)
|
|||||||
Long-term
debt, including current portion
|
$
|
205,737
|
$
|
251,397
|
|||
Stockholders’
equity
|
$
|
495,247
|
$
|
414,634
|
|||
Debt
to capitalization ratio
|
29.3
|
%
|
37.7
|
%
|
MARINE
TRANSPORTATION STATEMENTS OF EARNINGS
|
|||||||||||||
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited,
$ in thousands)
|
|||||||||||||
Marine
transportation revenues
|
$
|
172,259
|
$
|
153,114
|
$
|
500,211
|
$
|
437,672
|
|||||
Costs
and expenses:
|
|||||||||||||
Costs
of sales and operating expenses
|
110,776
|
93,579
|
317,223
|
272,626
|
|||||||||
Selling,
general and administrative
|
16,663
|
16,887
|
50,235
|
47,619
|
|||||||||
Taxes,
other than on income
|
3,077
|
3,293
|
8,884
|
10,475
|
|||||||||
Depreciation
and amortization
|
12,999
|
13,286
|
40,521
|
39,148
|
|||||||||
143,515
|
127,045
|
416,863
|
369,868
|
||||||||||
Operating
income
|
$
|
28,744
|
$
|
26,069
|
$
|
83,348
|
$
|
67,804
|
|||||
Operating
margins
|
16.7
|
%
|
17.0
|
%
|
16.7
|
%
|
15.5
|
%
|
|||||
DIESEL
ENGINE SERVICES STATEMENTS OF EARNINGS
|
|||||||||||||
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited,
$ in thousands)
|
|||||||||||||
Diesel
engine services revenues
|
$
|
26,482
|
$
|
20,275
|
$
|
82,250
|
$
|
63,908
|
|||||
Costs
and expenses:
|
|||||||||||||
Costs
of sales and operating expenses
|
19,489
|
15,102
|
61,231
|
47,269
|
|||||||||
Selling,
general and administrative
|
3,391
|
3,041
|
9,741
|
9,092
|
|||||||||
Taxes,
other than income
|
91
|
95
|
296
|
268
|
|||||||||
Depreciation
and amortization
|
280
|
264
|
841
|
883
|
|||||||||
23,251
|
18,502
|
72,109
|
57,512
|
||||||||||
Operating
income
|
$
|
3,231
|
$
|
1,773
|
$
|
10,141
|
$
|
6,396
|
|||||
Operating
margins
|
12.2
|
%
|
8.7
|
%
|
12.3
|
%
|
10,0
|
%
|
OTHER
COSTS AND EXPENSES
|
|||||||||||||
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(unaudited,
$ in thousands)
|
|||||||||||||
General
corporate expenses
|
$
|
2,027
|
$
|
1,887
|
$
|
6,242
|
$
|
5,606
|
|||||
Loss
(gain) on disposition of assets
|
$
|
24
|
$
|
43
|
$
|
(1,963
|
)
|
$
|
241
|
MARINE
TRANSPORTATION PERFORMANCE MEASUREMENTS
|
|||||||||||||
Third
Quarter
|
Nine
Months
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Ton
Miles (in millions) (2)
|
4,027
|
4,238
|
11,900
|
12,294
|
|||||||||
Revenue/Ton
Mile (cents/tm) (3)
|
4.3
|
3.6
|
4.2
|
3.6
|
|||||||||
Towboats
operated (average) (4)
|
243
|
237
|
242
|
235
|
|||||||||
Delay
Days (5)
|
2,080
|
1,658
|
7,159
|
5,839
|
|||||||||
Average
cost per gallon of fuel consumed
|
$
|
1.75
|
$
|
1.16
|
$
|
1.55
|
$
|
1.04
|
|||||
Tank
barges:
|
|||||||||||||
Active
|
889
|
888
|
|||||||||||
Inactive
|
71
|
49
|
|||||||||||
Barrel
capacities (in millions):
|
|||||||||||||
Active
|
16.6
|
16.4
|
|||||||||||
Inactive
|
1.4
|
.9
|
(1)
|
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.
|
(2)
|
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.
|
(3)
|
Marine
transportation revenues divided by ton miles. Example: Third quarter
2005
revenues of $172,259,000 divided by 4,027,000,000 ton miles = 4.3
cents.
|
(4)
|
Towboats
operated are the average number of owned and chartered towboats
operated
during the period.
|
(5)
|
Delay
days measures the lost time incurred by a tow (towboat and tank
barges)
during transit. The measure includes transit delays caused by weather,
lock congestion and other navigational
factors.
|