Kirby 1Q Net Flies High

Friday, April 21, 2000
Kirby Corporation – which operates 774 inland tank barges, with 14.0 million barrels of capacity, and 229 towing vessels -- reported net earnings for the 2000 first quarter of $6,067,000, or $.25 per share. Net earnings for the 1999 first quarter were $4,001,000, or $.20 per share. The 2000 first quarter results include the acquisition in October 1999 of Hollywood Marine, Inc., accounted for under the purchase method of accounting. Movements in each of Kirby's inland tank barge markets were generally at, or above, expected levels. Refined products movements to the Midwest were unseasonably strong, the result of gasoline inventory anomalies in the Midwest. Fertilizer movements were also stronger than usual during the first quarter. The 2000 first quarter was impacted by weather, but not as much as the 1999 first quarter. Low water conditions existed on the Mississippi, Ohio and Illinois Rivers through mid-February resulting in longer transit times and restricted drafts for upriver movements. The marine transportation operating margin was 14% for the 2000 first quarter compared with 12% for the 1999 first quarter. Kirby's diesel engine services segment experienced an improvement in business activity from the Gulf Coast drilling and offshore supply vessel markets and a stronger Midwest river market and nuclear market when compared with the 1999 fourth quarter. The operating margin for the diesel engine services segment was 10.7% for the 2000 first quarter compared with 10.2% for the 1999 first quarter. Joe Pyne, Kirby's President and Chief Executive Officer, said, "Our marine transportation business was good, including the refined products and fertilizer markets, which are historically slow during the first quarter. The integration of Kirby and Hollywood remains our number one priority. We have accomplished much in a very short period of time, but we still have some fine-tuning to do. We expect to complete the integration of our shore staff into our corporate office building early next month and will then turn our focus on making sure we capture the operating synergies allowed by the merger. During the 2000 first quarter, we also sold three inland towing vessels and scrapped six single skin inland tank barges for a small net gain. As we proceed with the integration, we will continue to review our horsepower requirements and sell excess horsepower from our system when we can."
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

Indonesia Sinks Boats from China

According to The China People's Daily, Indonesia has just sank a large Chinese vessel and 40 other foreign ships caught fishing in The South China Sea.    The

Finance

China Breaks Ground on South China Sea Lighthouse Project

China hosted a groundbreaking ceremony for the building of two lighthouses in the disputed South China Sea, state media said on Tuesday, a move that is likely to

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1187 sec (8 req/sec)