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KIRBY CORPORATION TO RECOGNIZE NEW ACCOUNTING STANDARDS PRESCRIBED BY FASB 106

 HOUSTON, Feb. 18 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) announced today that it will recognize new Accounting Standards prescribed by FASB 106, accounting for postretirement benefits, and FASB 109, requirements relating to accounting for income taxes, effective retroactive to Jan. 1, 1992.
 Collectively, the adoption of both accounting standards during 1992 will reduce Kirby's 1992 operating earnings after taxes by approximately $1,300,000, or $.06 per primary share. The recognition of the cumulative effect of the adoption of the accounting standards on all prior years will decrease 1992 net earnings by approximately $12,500,000, or $.55 per primary share. The adoption of the accounting standards has no effect on Kirby's cash flow.
 Accounting Standard No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," establishes a new accounting principle for the cost of retiree health care benefits, the adoption of which will reduce 1992 operating earnings after taxes by approximately $600,000 and the recognition of approximately $1,600,000 as the cumulative effect of such adoption for all prior years.
 The adoption of Accounting Standard No. 109, "Accounting for Income Taxes," will reduce 1992 operating earnings after taxes by approximately $700,000 and recognize approximately $10,900,000 as the cumulative effect of such adoption for all prior years. The $10,900,000 cumulative effect results from the recognition of deferred tax liabilities, less deferred tax assets which are composed of tax credit carryforwards.
 As previously announced in December 1992, the earnings for 1992 will be reduced by a charge of approximately $2,500,000, before applicable income taxes, resulting from the recording of additional insurance reserves in Mariner Reinsurance Company Limited, Kirby's wholly owned Bermuda reinsurance subsidiary. After applicable income tax credits, the net effects of the charge will reduce operating earnings after taxes by approximately $1,650,000, or $.07 per primary share.
 Kirby further announced that while fourth quarter utilization rates remained at reasonable levels, pervasive foggy conditions along the Gulf Coast and high water on the Arkansas and Mississippi Rivers, in December, hampered barge movements and adversely affected December revenue.
 -0- 2/18/93
 /CONTACT: Steve Holcomb of Kirby, 713-629-9370/
 (KEX)


CO: Kirby Corporation ST: Texas IN: SU:

GK -- NY039 -- 7817 02/18/93 11:07 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:373
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