News Column

KIRBY CORP FILES (8-K) Disclosing Results of Operations and Financial Condition, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits

July 31, 2014

Item 2.02. Results of Operations and Financial Condition

On July 30, 2014, Kirby Corporation ("Kirby") issued a press release announcing earnings for the second quarter and first six months ended June 30, 2014. A copy of the press release is attached as Exhibit 99.1 to this report.

EBITDA, a non-GAAP financial measure, is used in the press release. Kirby defines EBITDA as net earnings attributable to Kirby before interest expense, taxes on income, depreciation and amortization. Kirby has historically evaluated its operating performance using numerous measures, one of which is EBITDA. EBITDA is presented because of its wide acceptance as a financial indicator. EBITDA is one of the performance measures used in Kirby's incentive bonus plan. EBITDA is also used by rating agencies in determining Kirby's credit rating and by analysts publishing research reports on Kirby, as well as by investors and investment bankers generally in valuing companies. A quantitative reconciliation of EBITDA to GAAP net earnings attributable to Kirby for the 2014 and 2013 second quarter and first six months is included in the press release.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal


On July 29, 2014, the Board of Directors of Kirby amended Article III, Section 9 of the Bylaws of the company to clarify that directors may consent to Board or committee actions by facsimile or electronic transmission.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits:

3.1 Kirby Corporation Bylaws

99.1 Press release dated July 30, 2014


For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters