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KIRBY CORPORATION REPORTS THIRD QUARTER EARNINGS

 KIRBY CORPORATION REPORTS THIRD QUARTER EARNINGS
 HOUSTON, Oct. 26 /PRNewswire/ -- Kirby Corporation (AMEX: KEX),


engaged through its subsidiaries in marine transportation, diesel repair and property and casualty insurance, today reported net earnings for the quarter ended Sept. 30, 1992, of $5,147,286 or $.23 per share, compared with net earnings of $3,740,478 or $.17 per share, for the 1991 third quarter.
 Net earnings for the 1992 first nine months totaled $12,595,469 or $.56 per share, compared with $10,927,674 or $.50 per share, for the first nine months of 1991.
 The results for the 1992 third quarter reflect the highly publicized lack of rebound in the nation's economy and corresponding slow growth in demand for the transportation of industrial chemicals and refined products. Revenues and net earnings increased substantially as compared with the prior-year results due to the three major acquisitions consummated during the first half of 1992, however, the overall profit margins reflect continued pressure. While the general business climate for the balance of 1992 remains challenging, Kirby Corporation is well- positioned to benefit from any upswing in the nation's economy.
 A summary of the results for the third quarter and first nine months follows:
 KIRBY CORPORATION
 (In thousands, except per-share amounts)
 Third Quarter Nine Months
 1992 1991 1992 1991
 Revenues $71,958 $47,951 $190,428 $139,964
 Earnings before
 taxes on income 7,447 4,640 17,445 14,878
 Provision for
 taxes on income 2,300 900 4,850 3,950
 Net earnings 5,147 3,740 12,595 10,928
 Earnings per share
 of common stock:
 Primary $.23 $.17 $.56 $.50
 Fully diluted .21 .16 .54 .48
 Weighted average
 number of shares
 outstanding:
 Primary 22,820 21,971 22,322 21,936
 Fully diluted 27,315 26,487 26,816 26,489
 Net cash provided
 before changes in
 assets and
 liabilities $8,844 $7,130 $26,242 $21,289
 Net cash provided
 before changes
 in assets and
 liabilities per
 share $.39 $.32 $1.18 $.97
 Fully diluted earnings per share assumes the conversion of $50 million of 7-1/4 percent convertible subordinated debentures, due 2014, convertible into common stock at a conversion price of $11.125.
 The following table sets forth by industry segment the combined gross revenues and operating profits (before general corporate expenses, interest expenses and income taxes) attributable to the principal activities of the company for the periods indicated.
 Third Quarter Nine Months
 (In thousand) 1992 1991 1992 1991
 Gross revenues
 from unaffiliated
 customers by
 industry segment:
 Marine
 transportation $54,767 $29,561 $135,147 $87,184
 Diesel repair 8,761 8,485 27,666 25,309
 Property &
 casualty insurance 8,430 9,374 27,520 26,317
 Total 71,958 47,420 190,333 138,810
 General
 corporate
 revenues -- 531 95 1,154
 Consolidated
 revenues 71,958 47,951 190,428 139,964
 Operating profits
 by industry
 segment:
 Marine
 transportation 9,312 3,754 20,989 14,239
 Diesel repair 671 570 2,138 2,017
 Property &
 casualty
 insurance 1,252 1,713 3,081 3,416
 Total 11,235 6,037 26,208 19,672
 General
 corporate
 expenses, net (1,032) 90 (2,064) (446)
 Interest
 expense (2,756) (1,487) (6,699) (4,348)
 Provision for
 taxes on income (2,300) (900) (4,850) (3,950)
 Net earnings 5,147 3,740 12,595 10,928
 -0- 10/26/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX) CO: Kirby Corporation ST: Texas IN: INS SU: ERN


CK -- NY049 -- 4713 10/26/92 11:03 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 26, 1992
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