Kirby Corporation Reports on Impact of Hurricane Ike
September 14 2008 - 5:24PM
PR Newswire (US)
Kirby incurred no injuries and only minor damage to barge and boat
fleet HOUSTON, Sept. 14 /PRNewswire-FirstCall/ -- Kirby Corporation
("Kirby") (NYSE:KEX) announced today that no personnel were injured
and no boats or barges suffered any material damage due to
Hurricane Ike which struck the upper Texas coast on September 13.
Joe Pyne, Kirby's President and Chief Executive Officer, commented,
"Houston is our most significant operating area and is also home to
almost 50% of the US Petrochemical facilities. We had 303 barges
and 83 tow boats in Houston when Hurricane Ike passed through the
area. We are pleased to report that no Kirby personnel were injured
and our entire barge and boat fleet was intact with no material
damage following the passage of the hurricane. Our operations and
our customers' operations will obviously be negatively impacted by
delays in reopening the waterways and by damage to plant
facilities. We did incur some damage to our headquarters building
in Houston but we have been able to work around this issue without
disrupting operations. Many plants and waterways were affected by
the storm and it's too early to access the impact on Kirby or when
operations will be back to normal." Mr. Pyne further commented, "We
are currently assessing the impact on Kirby and will confirm or
revise our third quarter earnings when the assessment is complete."
Kirby Corporation, based in Houston, Texas, operates inland tank
barges and towing vessels, transporting petrochemicals, black oil
products, refined petroleum products and agricultural chemicals
throughout the United States inland waterway system. Through the
diesel engine services segment, Kirby provides after-market service
for large medium-speed and high-speed diesel engines and reduction
gears used in marine, power generation and railroad applications.
Statements contained in this press release with respect to the
future are forward-looking statements. These statements reflect
management's reasonable judgment with respect to future events.
Forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those anticipated as a result
of various factors, including cyclical or other downturns in
demand, significant pricing competition, unanticipated additions to
industry capacity, changes in the Jones Act or in U.S. maritime
policy and practice, fuel costs, interest rates, weather
conditions, and the timing, magnitude and number of acquisitions
made by Kirby. Forward-looking statements are based on currently
available information and Kirby assumes no obligation to update any
such statements. A list of additional risk factors can be found in
Kirby's annual report on Form 10-K for the year ended December 31,
2007, filed with the Securities and Exchange Commission.
DATASOURCE: Kirby Corporation CONTACT: Steve Holcomb of Kirby
Corporation, +1-713-435-1135, Web site: http://www.kirbycorp.com/
Copyright
Kirby (NYSE:KEX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kirby (NYSE:KEX)
Historical Stock Chart
From Jul 2023 to Jul 2024