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I have been following this company for a while-They finally are turning a profit..I really got happy after I read this news release. I feel more confident with an oil related stock than with a retailer. DALLAS--(BUSINESS WIRE)--March 5, 1996--Kaneb Services, Inc. (NYSE: KAB) today reported consolidated net income for the three months and year ended December 31, 1995 of $1,230,000 and $59,181,000, respectively, including, in the annual period, a nonrecurring net gain totaling $54,157,000 on the sale in September 1995 of a portion of the Preference Units that it owns in Kaneb Pipe Line Partners, L.P. (NYSE: KPP and KPU). Consolidated net income for the three months ended December 31, 1995 represented a substantial improvement over the $113,000 for the same period last year, which included losses from operations in eastern Germany that were sold near the end of last year. For the year ended December 31, 1995, consolidated net income excluding the nonrecurring net gain was $5,024,000, up 147% over $2,035,000 for the previous year. There was a 500% improvement in net income excluding the nonrecurring net gain applicable to common stock and after preferred dividends. Consolidated revenues were $55,449,000 for the three months ended December 31, 1995, up from $52,262,000 for the same period last year. For the year ended December 31, 1995, consolidated revenues were $212,062,000 compared to $208,722,000 during the prior year, which included the unprofitable operations in eastern Germany that were sold near the end of last year. John R. Barnes, Kaneb's Chairman and Chief Executive Officer, said, "We had a very solid fourth quarter and year as operating results continued to steadily improve as we expected in every area of the Company. During the year, we strengthened our balance sheet with the permanent retirement of $60,000,000 in debt, and we increased shareholders' equity over $50,000,000 as a result of the sale of a portion of our interest in our pipeline partnership. Subsequent to the end of the year, we paid off another $6,000,000 in debt and redeemed an expensive 12% preferred stock series that has been costing us over $1,000,000 a year in cash dividends. Over the last four months, we have reduced our total debt, excluding the pipeline partnership's debt and subsidiary debt, from $90,000,000 to $24,000,000. The positive effects of all these actions will continue to benefit us in future years." Kaneb Services, Inc. provides specialized industrial 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 provides pipeline engineering services in eastern Germany and manages and operates all of the pipelines and terminals owned by Kaneb Pipe Line Partners, L.P. (NYSE: KPP and KPU). 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. -0- *T | ||||||||||||||
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