Kirby says coastal fleet not maintained to company standards

Since the purchase of the coastal fleet in July 2011, Kirby has determined that the fleet was not maintained to Kirby's standards and as a result additional funds must be spent to bring this equipment up to Kirby standards, some of which will be capitalized and some expensed. The estimated amount to be expensed and lost revenue days will impact earnings by 8c per share for 2012, 2c in the second quarter. Also, during Q2, the Northeast and New York Harbors markets softened, resulting in lower equipment utilization levels and more competitive bidding for available movements.