Weekly News Summary for July 30 - August 5, 2007:
Pratt Industries U.S.A. announced July 19 the company will build a $150 million wastepaper recycling mill at the Port of Shreveport-Bossier, La.
“This mill symbolizes Pratt’s continued commitment to growth for our company, for our customers and the paper/packaging industry,” said Anthony Pratt, chairman and chief executive officer. “While others are shutting down plants, we’re opening them, and that means quality manufacturing jobs for Americans. We currently employ 3,300 people, and we’re growing.”
Pratt’s third mill in the U.S. would be committed to using 100 percent post consumer fibers like its sister mills in New York City and Conyers, Ga.
“This is paper and corrugated material that would otherwise have gone to landfill,” said Pratt, adding that landfills now contribute almost 3 percent of all greenhouse gas emissions released each year. “Every ton of paper we recycle prevents a ton of carbon dioxide from entering the atmosphere, which means that recycling is an important weapon against climate change.”
Shreveport Mayor Cedric Glover said that Pratt chose the site over other cities, including Dallas, Texas….
Kirby Corporation earned a record $30.1 million in the second quarter of this year, up from $23.6 million in the same period last year, the company reported July 26. The net earnings amounted to 56 cents per share, compared with 44 cents per share a year ago.
The company reported consolidated revenues of $288 million, an 18 percent increase from the $243.3 million reported for the second quarter last year.
Kirby reported record net earnings for the 2007 first six months of $54.6 million, or $1.02 per share, compared with $46.2 million, or 87 cents per share, for the first six months of 2006. Consolidated revenues for the 2007 first six months were a record $562.2 million, a 20 percent increase compared with $468.2 million for the first half of 2006.
Marine transportation revenues and operating income for the 2007 second quarter increased 13 percent and 25 percent, respectively, compared with the second quarter of 2006, the company reported. The higher results reflected continued strong petrochemical and black oil demand, fleet efficiency resulting from operating additional towboats, improvements in the current shortage of vessel personnel, and higher rates on contract renewals and spot market pricing. The 2007 second quarter also benefited from stronger seasonal agricultural chemical volumes, Kirby said.
The marine transportation operating margin was a record 21 percent for 2007 second quarter compared with 18.9 percent for the 2006 second quarter….
Safety training and emergency response practice paid off July 21 when the harbor tug Miss Hannah sank suddenly while working in the Guntersville, Ala., harbor at Tennessee River Mile 358.6. The boat had just finished assisting the Audrey Fouts in building a tow and was on its way back to its dock when the incident occurred.
Fortunately for the two crewmen aboard the 800 hp. vessel, the Audrey Fouts was able to quickly respond and effect a quick rescue within minutes. Capt. Tim Maxfield of Smithland, Ky., told the WJ he was still monitoring the VHF radio channel being used by the harbor tug, which had been assisting them in assembling their tow. He said he overheard the Miss Hannah’s pilot, Capt. John McReynolds, radio the deckhand that their boat was in trouble.
“I heard him tell the deckhand, ‘you better get back here. I think we’re sinking.’”
Capt. Maxfield said he was laying alongside his tow when he heard the Miss Hannah’s plight.
“When I looked over that way, the boat was listing badly to starboard and the stern was already underwater. I knew they were in trouble and I got my guys off the tow and aboard the boat and we proceeded toward them,” he noted. As the Audrey Fouts approached the sinking boat, the Miss Hannah rolled over on its starboard side, where Capt. Maxfield said he last saw McReynolds and the deckhand trying to escape the pilothouse, “on the low side.”…
Second-quarter net income for American Commercial Lines (ACL) fell from $17.7 million in 2006 to $5.9 million in 2007, the company reported July 25. Expressed on a per-share basis, income in the 2007 second quarter was nine cents, down from 28 cents the previous year.
Revenues, meanwhile, were $261.2 million this second quarter, a 22.9 percent increase compared with the $212.6 million for the second quarter of 2006
The report noted that this year’s results included after-tax debt-retirement expenses of $1.4 million on the replacement of the company’s previous revolving credit facility, which reduced earnings per share by two cents.
“As previously announced, our second quarter was affected by further declines in our spot grain rates and grain loadings, in addition to lower than planned manufacturing results,” said Mark R. Holden, ACL president and chief executive officer. “We believe our results for the second quarter reaffirm our organic growth strategy of shifting more of our commodity mix away from volatile and seasonal spot grain commodities toward more ratable, predictable commodities, including liquids and coal.
“We are pleased with the completion of our share repurchase program of $200 million of company stock, representing approximately 12 percent of the previously outstanding share total, while maintaining a strong balance sheet.”…
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