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KIRBY REPORTS FIRST QUARTER EARNINGS

 KIRBY REPORTS FIRST QUARTER EARNINGS
 HOUSTON, April 29 /PRNewswire/ -- Kirby Corporation (AMEX: KEX),


a corporation engaged through its subsidiaries in inland and offshore marine transportation, diesel repair and property and casualty insurance, today reported net earnings for the first quarter ended March 31, 1992, of $2,978,243, or $.14 per share, compared with $3,234,810, or $.15 per share, for the 1991 first quarter. Net earnings for the 1991 first quarter included gains on sale of equipment and investments, after applicable federal income taxes, of $348,506, or $.02 per share.
 Weakness in utilization and spot market rates, particularly in the inland industrial chemical market, continued from the fourth quarter of 1991, although recovery effects were noticeable by March. Seasonal high water and winter weather conditions contributed to reduce 1992 first quarter operating margins. The 1992 first quarter results included revenues of approximately $3,100,000 from the operations of Sabine Transportation Company, the assets of which were purchased on March 13, 1992.
 A summary of the results for the first quarter follows:
 KIRBY CORPORATION
 (In thousands, except per share amounts)
 Three months ended March 31 1992 1991
 Revenues $49,156 $45,059
 Earnings before taxes on income 3,678 4,435
 Provision for taxes on income 700 1,200
 Net earnings $ 2,978 $ 3,235
 Earnings per share of common stock:
 Primary $ .14 $ .15
 Fully diluted $ .14 $ .15
 Net cash provided before changes in
 assets and liabilities $ 7,380 $ 6,789
 Net cash provided before changes in
 assets and liabilities per share $ .33 $ .31
 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 expense and income taxes) attributable to the principal activities of the corporation for the period indicated.
 Three months ended March 31 1992 1991
 (In thousands)
 Gross revenues from unaffiliated customers
 by industry segment:
 Marine transportation $30,526 $27,633
 Diesel repair 9,689 8,606
 Property and casualty insurance 8,849 8,442
 Total 49,064 44,681
 General corporate revenues 92 378
 Consolidated revenues $49,156 $45,059
 Operating profits by industry segment:
 Marine transportation $ 3,582 $ 4,289
 Diesel repair 840 721
 Property and casualty insurance 960 1,038
 Total 5,382 6,048
 General corporate expenses, net (90) (158)
 Interest expense (1,614) (1,455)
 Provision for taxes on income (700) (1,200)
 Net earnings $ 2,978 $ 3,235
 -0- 4/29/92
 /CONTACT: Steve Holcomb of Kirby, 713-629-9370/
 (KEX) CO: Kirby Corporation ST: Texas IN: MAR SU: ERN


GK -- NY072 -- 4492 04/29/92 14:52 EDT
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Date:Apr 29, 1992
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