Kaneb Services Reports Substantially Improved Results for 1998
PR Newswire - March 02, 1999 09:45
DALLAS, March 2 /PRNewswire/ -- Kaneb Services, Inc. (NYSE: KAB) today reported net income applicable to common stock for the year ended December 31, 1998 of $13,068,000, a substantial improvement over the prior year figure of $10,105,000. For the three months ended December 31, 1998, net income applicable to common stock was $3,872,000, compared with $2,971,000 for the same period last year. Revenues for 1998 were $375,857,000 compared with $236,936,000 for 1997. Revenues for the three months ended December 31, 1998 were $110,388,000 compared with $63,320,000 for the prior year period. 1998 revenues include product marketing revenue of $114,220,000 for the year ended December 31, 1998, and $38,568,000 for the three months ended December 31, 1998.
John R. Barnes, Kaneb's Chairman and Chief Executive Officer, said, "We were pleased with another strong year, continuing our double-digit earnings growth. Our diversification served us well, as the substantial growth shown in our information services, product marketing, and pipeline and terminaling operations more than offset difficult market conditions in the industrial field services business."
Kaneb Services, Inc. provides specialized industrial field services, including under- pressure leak sealing, on-site machining, safety and relief valve testing and repair, passive fire protection and fugitive emissions inspections, to process plants worldwide through its Furmanite group of companies. Kaneb manages and operates all of the pipelines and terminals owned by Kaneb Pipe Line Partners, L.P. (NYSE: KPP). The Partnership's pipelines transport refined petroleum products to destinations in nine midwestern states, and it is the third largest independent liquids terminaling operation in the United States.
KANEB SERVICES, INC. AND SUBSIDIARIES
OPERATING HIGHLIGHTS
(In thousands - except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
1998 1997 1998 1997
Revenues $ 110,388 $ 63,320 $ 375,857 $ 236,936
Operating
income $ 15,817 $ 16,276 $ 61,312 $ 58,660
Net income $ 3,941 $ 3,131 $ 13,576 $ 10,643
Preferred stock
dividends $ 69 $ 160 $ 508 $ 538
Net income
applicable to
common stock $ 3,872 $ 2,971 $ 13,068 $ 10,105
Earnings per common share :
Basic $ .12 $ .09 $ .41 $ .31
Diluted $ .12 $ .09 $ .40 $ .30
SOURCE Kaneb Services, Inc.
/CONTACT: D. Jeffery Michell of Kaneb Services, 972-699-4055/
/Web site: kaneb.com
(KAB) |
