x
|
Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
o
|
Transition
report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
Commission
File Number
|
1-7615
|
Nevada
|
74-1884980
|
|||
(State
or other jurisdiction of
|
(IRS
Employer Identification No.)
|
|||
incorporation
or organization)
|
||||
55
Waugh Drive, Suite 1000, Houston, TX
|
77007
|
|||
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer x
|
Accelerated
filer o
|
Non-accelerated
filer o
|
March
31,
|
December
31,
|
||||||
|
2007
|
2006
|
|||||
($
in thousands)
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
2,769
|
$
|
2,653
|
|||
Accounts
receivable:
|
|||||||
Trade
- less allowance for doubtful accounts
|
171,072
|
162,809
|
|||||
Other
|
18,319
|
20,850
|
|||||
Inventory
- finished goods
|
41,498
|
41,777
|
|||||
Prepaid
expenses and other current assets
|
14,779
|
16,426
|
|||||
Deferred
income taxes
|
4,966
|
5,077
|
|||||
Total
current assets
|
253,403
|
249,592
|
|||||
Property
and equipment
|
1,375,635
|
1,280,680
|
|||||
Less
accumulated depreciation
|
527,854
|
514,074
|
|||||
847,781
|
766,606
|
||||||
Investment
in marine affiliates
|
2,409
|
2,264
|
|||||
Goodwill
- net
|
225,284
|
223,432
|
|||||
Other
assets
|
30,720
|
29,225
|
|||||
$
|
1,359,597
|
$
|
1,271,119
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
($
in thousands)
|
|||||||
Current
liabilities:
|
|||||||
Current
portion of long-term debt
|
$
|
949
|
$
|
844
|
|||
Income
taxes payable
|
13,191
|
3,016
|
|||||
Accounts
payable
|
86,273
|
88,213
|
|||||
Accrued
liabilities
|
67,181
|
69,782
|
|||||
Deferred
revenues
|
5,110
|
5,012
|
|||||
Total
current liabilities
|
172,704
|
166,867
|
|||||
Long-term
debt - less current portion
|
359,625
|
309,518
|
|||||
Deferred
income taxes
|
129,330
|
125,943
|
|||||
Minority
interests
|
2,848
|
3,018
|
|||||
Other
long-term liabilities
|
34,045
|
33,778
|
|||||
525,848
|
472,257
|
||||||
Contingencies
and commitments
|
—
|
—
|
|||||
Stockholders’
equity:
|
|||||||
Preferred
stock, $1.00 par value per share. Authorized 20,000,000
shares
|
—
|
—
|
|||||
Common
stock, $.10 par value per share. Authorized 120,000,000 shares, issued
57,337,000 shares
|
5,734
|
5,734
|
|||||
Additional
paid-in capital
|
208,315
|
208,032
|
|||||
Accumulated
other comprehensive income - net
|
(23,133
|
)
|
(23,087
|
)
|
|||
Retained
earnings
|
548,773
|
524,351
|
|||||
739,689
|
715,030
|
||||||
Less
cost of 4,096,000 shares in treasury (4,354,000 at December 31,
2006)
|
78,644
|
83,035
|
|||||
661,045
|
631,995
|
||||||
$
|
1,359,597
|
$
|
1,271,119
|
Three
months ended
|
|||||||
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
($
in thousands, except
per
share amounts)
|
|||||||
Revenues:
|
|||||||
Marine
transportation
|
$
|
209,065
|
$
|
189,383
|
|||
Diesel
engine services
|
65,146
|
35,520
|
|||||
274,211
|
224,903
|
||||||
Costs
and expenses:
|
|||||||
Costs
of sales and operating expenses
|
175,599
|
144,490
|
|||||
Selling,
general and administrative
|
30,506
|
23,761
|
|||||
Taxes,
other than on income
|
3,134
|
3,187
|
|||||
Depreciation
and amortization
|
19,587
|
15,090
|
|||||
Loss
(gain) on disposition of assets
|
499
|
(157
|
)
|
||||
229,325
|
186,371
|
||||||
Operating
income
|
44,886
|
38,532
|
|||||
Equity
in earnings of marine affiliates
|
98
|
466
|
|||||
Other
income (expense)
|
(248
|
)
|
66
|
||||
Interest
expense
|
(5,154
|
)
|
(2,698
|
)
|
|||
Earnings
before taxes on income
|
39,582
|
36,366
|
|||||
Provision
for taxes on income
|
(15,160
|
)
|
(13,855
|
)
|
|||
Net
earnings
|
$
|
24,422
|
$
|
22,511
|
|||
Net
earnings per share of common stock:
|
|||||||
Basic
|
$
|
.46
|
$
|
.43
|
|||
Diluted
|
$
|
.46
|
$
|
.42
|
Three
months ended
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
($
in thousands)
|
|||||||
Cash
flows from operating activities:
|
|||||||
Net
earnings
|
$
|
24,422
|
$
|
22,511
|
|||
Adjustments
to reconcile net earnings to net cash provided by
operations:
|
|||||||
Depreciation
and amortization
|
19,587
|
15,090
|
|||||
Deferred
income taxes
|
1,041
|
20
|
|||||
Equity
in earnings of marine affiliates
|
(98
|
)
|
(466
|
)
|
|||
Amortization
of unearned compensation
|
1,320
|
1,430
|
|||||
Other
|
741
|
(82
|
)
|
||||
Increase
(decrease) in cash flows resulting from changes in operating assets
and
liabilities, net
|
127
|
(7,197
|
)
|
||||
Net
cash provided by operating activities
|
47,140
|
31,306
|
|||||
Cash
flows from investing activities:
|
|||||||
Capital
expenditures
|
(53,649
|
)
|
(21,626
|
)
|
|||
Acquisitions
of business and marine equipment, net of cash acquired
|
(47,317
|
)
|
(15,505
|
)
|
|||
Proceeds
from disposition of assets
|
527
|
463
|
|||||
Other
|
(45
|
)
|
(1,001
|
)
|
|||
Net
cash used in investing activities
|
(100,484
|
)
|
(37,669
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Borrowings
on bank credit facilities, net
|
49,200
|
—
|
|||||
Borrowings
(payments) on long-term debt, net
|
978
|
(23
|
)
|
||||
Proceeds
from exercise of stock options
|
1,662
|
7,169
|
|||||
Tax
benefit from equity compensation plans
|
1,911
|
3,377
|
|||||
Other
|
(291
|
)
|
1,173
|
||||
Net
cash provided by financing activities
|
53,460
|
11,696
|
|||||
Increase
in cash and cash equivalents
|
116
|
5,333
|
|||||
Cash
and cash equivalents, beginning of year
|
2,653
|
17,838
|
|||||
Cash
and cash equivalents, end of period
|
$
|
2,769
|
$
|
23,171
|
|||
Supplemental
disclosures of cash flow information:
|
|||||||
Cash
paid during the period:
|
|||||||
Interest
|
$
|
5,003
|
$
|
3,225
|
|||
Income
taxes
|
$
|
137
|
$
|
2,933
|
|||
Non-cash
investing activity:
|
|||||||
Accrued
payable for working capital adjustment related to
acquisitions
|
$
|
264
|
$
|
735
|
(1)
|
BASIS
FOR PREPARATION OF THE CONDENSED FINANCIAL
STATEMENTS
|
(2)
|
ACCOUNTING
ADOPTIONS
|
(2) |
ACCOUNTING
ADOPTIONS - (Continued)
|
Before
AUG
AIR-1
Adoption
|
Adjustments
|
After
AUG
AIR-1
Adoption
|
||||||||
Costs
of sales and operating expenses
|
$
|
144,378
|
$
|
112
|
$
|
144,490
|
||||
Total
costs and expenses
|
186,259
|
112
|
186,371
|
|||||||
Operating
income
|
38,644
|
(112
|
)
|
38,532
|
||||||
Earnings
before taxes on income
|
36,478
|
(112
|
)
|
36,366
|
||||||
Provision
for taxes on income
|
(13,898
|
)
|
43
|
(13,855
|
)
|
|||||
Net
earnings
|
$
|
22,580
|
$
|
(69
|
)
|
$
|
22,511
|
|||
Net
earnings per share of common stock:
|
||||||||||
Basic
|
$
|
.43
|
$
|
-
|
$
|
.43
|
||||
Diluted
|
$
|
.43
|
$
|
(.01
|
)
|
$
|
.42
|
Before
AUG
AIR-1
Adoption
|
Adjustments
|
After
AUG
AIR-1
Adoption
|
||||||||
Net
earnings
|
$
|
22,580
|
$
|
(69
|
)
|
$
|
22,511
|
|||
Increase
(decrease) in cash flows resulting from changes in operating assets
and
liabilities, net
|
(7,266
|
)
|
69
|
(7,197
|
)
|
(2) |
ACCOUNTING
ADOPTIONS - (Continued)
|
(3)
|
ACQUISITIONS
|
(3)
|
ACQUISITIONS
- (Continued)
|
(4)
|
STOCK
AWARD PLANS
|
Outstanding
Non-Qualified
or
Nonincentive
Stock
Awards
|
Weighted
Average
Exercise
Price
|
||||||
Outstanding
December 31, 2006
|
1,072,317
|
$
|
18.80
|
||||
Granted
|
349,380
|
$
|
35.69
|
||||
Exercised
|
(220,921
|
)
|
$
|
14.61
|
|||
Outstanding
March 31, 2007
|
1,200,776
|
$
|
21.47
|
|
Options
Outstanding
|
Options
Exercisable
|
||||||||||||||||||||
Range
of Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
in
Years
|
Weighted
Average
Exercise
Price
|
Aggregated
Intrinsic
Value
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
Aggregated
Intrinsic
Value
|
|||||||||||||||
$
8.95 - $ 9.94
|
63,000
|
1.69
|
$
|
9.28
|
63,000
|
$
|
9.28
|
|||||||||||||||
$12.78
- $16.96
|
530,202
|
1.53
|
$
|
15.67
|
530,202
|
$
|
15.67
|
|||||||||||||||
$20.89
- $22.05
|
211,400
|
2.90
|
$
|
21.80
|
140,928
|
$
|
21.80
|
|||||||||||||||
$25.69
- $27.60
|
218,408
|
3.87
|
$
|
27.21
|
72,796
|
$
|
27.21
|
|||||||||||||||
$35.66
- $36.94
|
177,766
|
4.83
|
$
|
35.69
|
—
|
—
|
||||||||||||||||
$
8.95 - $36.94
|
1,200,776
|
2.70
|
$
|
21.47
|
$
|
16,217,000
|
806,926
|
$
|
17.28
|
$
|
14,282,000
|
(4)
|
STOCK
AWARD PLANS - (Continued)
|
Outstanding
Non-Qualified
or
Nonincentive
Stock
Awards
|
Weighted
Average
Exercise
Price
|
||||||
Outstanding
December 31, 2006
|
343,316
|
$
|
17.81
|
||||
Exercised
|
(67,974
|
)
|
$
|
13.86
|
|||
Outstanding
March 31, 2007
|
275,342
|
$
|
18.78
|
|
Options
Outstanding
|
Options
Exercisable
|
||||||||||||||||||||
Range
of Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
in
Years
|
Weighted
Average
Exercise
Price
|
Aggregated
Intrinsic
Value
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
Aggregated
Intrinsic
Value
|
|||||||||||||||
$
8.53 - $ 9.94
|
31,128
|
1.89
|
$
|
9.71
|
31,128
|
$
|
9.71
|
|||||||||||||||
$10.07
- $12.75
|
94,736
|
4.38
|
$
|
11.31
|
94,736
|
$
|
11.31
|
|||||||||||||||
$15.74
- $20.28
|
83,442
|
6.50
|
$
|
17.66
|
83,442
|
$
|
17.66
|
|||||||||||||||
$35.17
- $36.22
|
66,036
|
9.07
|
$
|
35.20
|
66,036
|
$
|
35.20
|
|||||||||||||||
$
8.53 - $36.22
|
275,342
|
5.88
|
$
|
18.78
|
$
|
4,460,000
|
275,342
|
$
|
18.78
|
$
|
4,460,000
|
(4)
|
STOCK
AWARD PLANS - (Continued)
|
Three
months ended
March
31,
|
|||
2007
|
2006
|
||
Dividend
yield
|
None
|
None
|
|
Average
risk-free interest rate
|
4.8%
|
4.7%
|
|
Stock
price volatility
|
25%
|
25%
|
|
Estimated
option term
|
Four
or nine years
|
Four
or nine years
|
(5)
|
COMPREHENSIVE
INCOME
|
Three
months ended
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
Net
earnings
|
$
|
24,422
|
$
|
22,511
|
|||
Pension
and postretirement benefit adjustments, net of tax
|
435
|
-
|
|||||
Change
in fair value of derivative financial instruments, net of
tax
|
(481
|
)
|
1,851
|
||||
Total
comprehensive income
|
$
|
24,376
|
$
|
24,362
|
(6)
|
SEGMENT
DATA
|
Three
months ended
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
Revenues:
|
|||||||
Marine
transportation
|
$
|
209,065
|
$
|
189,383
|
|||
Diesel
engine services
|
65,146
|
35,520
|
|||||
$
|
274,211
|
$
|
224,903
|
||||
Segment
profit (loss):
|
|||||||
Marine
transportation
|
$
|
38,561
|
$
|
34,829
|
|||
Diesel
engine services
|
9,897
|
5,765
|
|||||
Other
|
(8,876
|
)
|
(4,228
|
)
|
|||
$
|
39,582
|
$
|
36,366
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Total
assets:
|
|||||||
Marine
transportation
|
$
|
1,123,740
|
$
|
1,047,264
|
|||
Diesel
engine services
|
219,677
|
205,281
|
|||||
Other
|
16,180
|
18,574
|
|||||
$
|
1,359,597
|
$
|
1,271,119
|
(6)
|
SEGMENT
DATA - (Continued)
|
Three
months ended
March
31,
|
|||||||
2007
|
2006
|
||||||
General
corporate expenses
|
$
|
(3,073
|
)
|
$
|
(2,219
|
)
|
|
Gain
(loss) on disposition of assets
|
(499
|
)
|
157
|
||||
Interest
expense
|
(5,154
|
)
|
(2,698
|
)
|
|||
Equity
in earnings of marine affiliates
|
98
|
466
|
|||||
Other
income (expense)
|
(248
|
)
|
66
|
||||
$
|
(8,876
|
)
|
$
|
(4,228
|
)
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
General
corporate assets
|
$
|
13,771
|
$
|
16,310
|
|||
Investment
in marine affiliates
|
2,409
|
2,264
|
|||||
$
|
16,180
|
$
|
18,574
|
(7)
|
TAXES
ON INCOME
|
Three
months ended
|
|||||||
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
Earnings
before taxes on income - United States
|
$
|
39,582
|
$
|
36,366
|
|||
Provision
(credit) for taxes on income:
|
|||||||
Federal
|
|||||||
Current
|
$
|
12,496
|
$
|
12,519
|
|||
Deferred
|
1,041
|
(46
|
)
|
||||
State
and local
|
1,623
|
1,382
|
|||||
$
|
15,160
|
$
|
13,855
|
(8)
|
EARNINGS
PER SHARE OF COMMON STOCK
|
Three
months ended
|
|||||||
March
31,
|
|||||||
2007
|
2006
As
Adjusted
|
||||||
Net
earnings
|
$
|
24,422
|
$
|
22,511
|
|||
Shares
outstanding:
|
|||||||
Weighted
average common stock outstanding
|
52,713
|
52,050
|
|||||
Effect
of dilutive securities:
|
|||||||
Employee
and director common stock plans
|
878
|
952
|
|||||
53,591
|
53,002
|
||||||
Basic
earnings per share of common stock
|
$
|
.46
|
$
|
.43
|
|||
Diluted
earnings per share of common stock
|
$
|
.46
|
$
|
.42
|
(9)
|
RETIREMENT
PLANS
|
(9)
|
RETIREMENT
PLANS - (Continued)
|
Pension
Benefits
|
|||||||||||||
Pension
Plan
|
SERP
|
||||||||||||
Three
months ended March 31,
|
Three
months ended March 31,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Components
of net periodic benefit cost:
|
|||||||||||||
Service
cost
|
$
|
1,491
|
$
|
1,346
|
$
|
—
|
$
|
—
|
|||||
Interest
cost
|
1,703
|
1,474
|
26
|
24
|
|||||||||
Expected
return on plan assets
|
(1,923
|
)
|
(1,841
|
)
|
—
|
—
|
|||||||
Amortization:
|
|
||||||||||||
Actuarial
loss
|
740
|
756
|
5
|
5
|
|||||||||
Prior
service credit
|
(22
|
)
|
(22
|
)
|
—
|
—
|
|||||||
Net
periodic benefit cost
|
$
|
1,989
|
$
|
1,713
|
$
|
31
|
$
|
29
|
Other
Postretirement Benefits
|
|||||||
Postretirement
Welfare Plan
|
|||||||
Three
months ended March 31,
|
|||||||
2007
|
2006
|
||||||
Components
of net periodic benefit cost:
|
|||||||
Service
cost
|
$
|
124
|
$
|
98
|
|||
Interest
cost
|
114
|
110
|
|||||
Amortization:
|
|||||||
Actuarial
gain
|
(28
|
)
|
(6
|
)
|
|||
Prior
service credit
|
10
|
5
|
|||||
Net
periodic benefit cost
|
$
|
220
|
$
|
207
|
(10)
|
CONTINGENCIES
|
(10)
|
CONTINGENCIES
- (Continued)
|
Markets
Serviced
|
2007
First
Qtr.
Revenue
Distribution
|
Products
Moved
|
Drivers
|
|||
Petrochemicals
|
67%
|
Benzene,
Styrene, Methanol,
Acrylonitrile,
Xylene, Caustic
Soda,
Butadiene, Propylene
|
Housing,
Consumer Goods,
Clothing,
Automobiles
|
|||
Black
Oil Products
|
20%
|
Residual
Fuel Oil, No. 6 Fuel Oil, Coker Feedstocks, Vacuum
Gas
Oil, Asphalt, Boiler Fuel,
Crude
Oil, Ship Bunkers
|
Road
Construction, Refinery Utilization, Fuel for Power
Plants
and Ships
|
|||
Refined
Petroleum
Products
|
10%
|
Gasoline
Blends, No. 2 Oil,
Jet
Fuel, Heating Oil, Naphtha
|
Vehicle
Usage, Air Travel,
Weather
Conditions, Refinery
Utilization
|
|||
Agricultural
Chemicals
|
3%
|
Anhydrous
Ammonia, Nitrogen- Based Liquid Fertilizer, Industrial
Ammonia
|
Corn,
Cotton and Wheat Production, Chemical Feedstock
Usage
|
Markets
Serviced
|
2007
First
Qtr.
Revenue
Distribution
|
Customers
|
||
Marine
|
76%
|
Inland
River Carriers - Dry and Liquid, Offshore Towing - Dry
and
Liquid, Offshore Oilfield Services - Drilling Rigs &
Supply
Boats, Harbor Towing, Dredging, Great Lake Ore
Carriers
|
||
Power
Generation
|
14%
|
Standby
Power Generation, Pumping Stations
|
||
Railroad
|
10%
|
Passenger
(Transit Systems), Class II Shortline,
Industrial
|
Three
months ended
March
31,
|
||||||||||
2007
|
2006
As
Adjusted
|
%
Change
|
||||||||
Marine
transportation revenues
|
$
|
209,065
|
$
|
189,383
|
10
|
%
|
||||
Costs
and expenses:
|
||||||||||
Costs
of sales and operating expenses
|
128,830
|
119,083
|
8
|
|||||||
Selling,
general and administrative
|
20,480
|
18,162
|
13
|
|||||||
Taxes,
other than on income
|
2,878
|
3,011
|
(4
|
)
|
||||||
Depreciation
and amortization
|
18,316
|
14,298
|
28
|
|||||||
170,504
|
154,554
|
10
|
||||||||
Operating
income
|
$
|
38,561
|
$
|
34,829
|
11
|
%
|
||||
Operating
margins
|
18.4
|
%
|
18.4
|
%
|
Three
months ended
March
31,
|
||||||||||
2007
|
2006
|
%
Change
|
||||||||
Diesel
engine services revenues
|
$
|
65,146
|
$
|
35,520
|
83
|
%
|
||||
Costs
and expenses:
|
||||||||||
Costs
of sales and operating expenses
|
46,769
|
25,407
|
84
|
|||||||
Selling,
general and administrative
|
7,310
|
3,922
|
86
|
|||||||
Taxes,
other than on income
|
244
|
87
|
180
|
|||||||
Depreciation
and amortization
|
926
|
339
|
173
|
|||||||
55,249
|
29,755
|
86
|
||||||||
Operating
income
|
$
|
9,897
|
$
|
5,765
|
72
|
%
|
||||
Operating
margins
|
15.2
|
%
|
16.2
|
%
|
Three
months ended
March
31,
|
||||||||||
2007
|
2006
|
%
Change
|
||||||||
Equity
in earnings of marine affiliates
|
$
|
98
|
$
|
466
|
(79
|
)%
|
||||
Other
income (expense)
|
$
|
(248
|
)
|
$
|
66
|
N/A
|
||||
Interest
expense
|
$
|
(5,154
|
)
|
$
|
(2,698
|
)
|
(91
|
)%
|
March
31,
|
December
31,
|
|||||||||
2007
|
2006
|
%
Change
|
||||||||
Assets:
|
||||||||||
Current
assets
|
$
|
253,403
|
$
|
249,592
|
2
|
%
|
||||
Property
and equipment, net
|
847,781
|
766,606
|
11
|
|||||||
Investment
in marine affiliates
|
2,409
|
2,264
|
6
|
|||||||
Goodwill,
net
|
225,284
|
223,432
|
1
|
|||||||
Other
assets
|
30,720
|
29,225
|
5
|
|||||||
$
|
1,359,597
|
$
|
1,271,119
|
7
|
%
|
|||||
Liabilities
and stockholders’ equity:
|
||||||||||
Current
liabilities
|
$
|
172,704
|
$
|
166,867
|
3
|
%
|
||||
Long-term
debt - less current portion
|
359,625
|
309,518
|
16
|
|||||||
Deferred
income taxes
|
129,330
|
125,943
|
3
|
|||||||
Minority
interest and other long-term liabilities
|
36,893
|
36,796
|
—
|
|||||||
Stockholders’
equity
|
661,045
|
631,995
|
5
|
|||||||
$
|
1,359,597
|
$
|
1,271,119
|
7
|
%
|
Notional
amount
|
Effective
date
|
Termination
date
|
Fixed
pay
rate
|
Receive
rate
|
||||||||||
$
|
50,000
|
April
2004
|
May
2009
|
4.00%
|
|
Three-month
LIBOR
|
||||||||
$
|
100,000
|
March
2006
|
February
2013
|
5.45%
|
|
Three-month
LIBOR
|
Expended
|
Placed
in Service
|
|||||||||||||||||||||||||||||||||
Contract
|
No.
of
|
($
in millions)
|
(Barrels
in thousands)
|
|||||||||||||||||||||||||||||||
Date
|
Barges
|
Capacity
|
2004
|
2005
|
2006
|
2007
|
Total
|
2005
|
2006
|
2007*
|
2008*
|
|||||||||||||||||||||||
June
2004
|
11
|
30,000
|
$
|
―
|
$
|
24.6
|
$
|
.1
|
$
|
―
|
$
|
24.7
|
330
|
―
|
―
|
―
|
||||||||||||||||||
July
2004
|
7
|
30,000
|
3.9
|
10.9
|
.2
|
―
|
15.0
|
180
|
30
|
―
|
―
|
|||||||||||||||||||||||
Nov.
2004
|
20
|
10,000
|
―
|
21.9
|
1.4
|
―
|
23.3
|
200
|
―
|
―
|
―
|
|||||||||||||||||||||||
July
2005
|
10
|
30,000
|
―
|
3.7
|
11.6
|
1.8
|
18.0
Est.
|
―
|
180
|
120
|
―
|
|||||||||||||||||||||||
July
2005
|
13
|
30,000
|
―
|
―
|
28.4
|
―
|
28.4
|
―
|
390
|
―
|
―
|
|||||||||||||||||||||||
Mar.
2006
|
12
|
30,000
|
―
|
―
|
2.4
|
20.5
|
28.0
Est.
|
―
|
―
|
360
|
―
|
|||||||||||||||||||||||
April
2006
|
8
|
30,000
|
―
|
―
|
1.4
|
3.3
|
15.0
Est.
|
―
|
―
|
150
|
90
|
|||||||||||||||||||||||
June
2006
|
2
|
10,000
|
―
|
―
|
1.8
|
.8
|
2.6
Est.
|
―
|
―
|
20
|
―
|
|||||||||||||||||||||||
Oct.
2006
|
6
|
10,000
|
―
|
―
|
1.7
|
.9
|
7.7
Est.
|
―
|
―
|
60
|
―
|
|||||||||||||||||||||||
Feb.
2007
|
1
|
30,000
|
―
|
―
|
―
|
―
|
2.8
Est.
|
―
|
―
|
30
|
―
|
Expended
|
|||||||||||||||||||||||||||||||
Contract
|
No.
of
|
($
in millions)
|
Placed
in Service
|
||||||||||||||||||||||||||||
Date
|
Towboats
|
Horsepower
|
Market
|
2005
|
2006
|
2007
|
Total
|
2006
|
2007*
|
2008*
|
|||||||||||||||||||||
Dec.
2005
|
4
|
2100
|
River
|
$
|
3.2
|
$
|
6.8
|
$
|
2.8
|
$
|
13.0
Est.
|
1
|
3
|
―
|
|||||||||||||||||
Aug.
2006
|
4
|
1800
|
Canal
|
―
|
2.8
|
1.2
|
13.0
Est.
|
―
|
4
|
―
|
|||||||||||||||||||||
Mar.
2007
|
4
|
1800
|
Canal
|
―
|
―
|
.1
|
13.6
Est.
|
―
|
―
|
4
|
Notional
amount
|
Effective
date
|
Termination
date
|
Fixed
pay
rate
|
Receive
rate
|
||||||||||
$
|
50,000
|
April
2004
|
May
2009
|
4.00%
|
|
Three-month
LIBOR
|
||||||||
$
|
100,000
|
March
2006
|
February
2013
|
5.45%
|
|
Three-month
LIBOR
|