Conrad Industries Announces 2008 Results
Morgan City, Louisiana (3/31/2009) - Morgan City, Louisiana (March 31, 2009) – Conrad Industries,
Inc. (OTC Pink Sheets: CNRD.PK) today announced its fourth
quarter and twelve months 2008 results.
For the quarter ended December 31, 2008, Conrad had net income
of $7.1 million and earnings per diluted share of $1.09 compared
to net income of $6.3 million and earnings per diluted share of
$0.86 during the fourth quarter of 2007. The Company had net
income of $23.0 million and earnings per diluted share of $3.29
for the twelve months ended December 31, 2008 compared to net
income of $19.2 million and earnings per diluted share of $2.63
for the twelve months ended December 31, 2007. The diluted
shares for the quarters ended December 31, 2008 and 2007 and for
the twelve months ended December 31, 2008 and 2007, are 6.5
million, 7.3 million, 7.0 million and 7.3 million, respectively.
The Company’s financial reports are available at
www.pinksheets.com.
Conrad’s backlog was $71.8 million at December 31, 2008 compared
to $80.9 million at December 31, 2007. At December 31, 2008,
61.3% of our vessel construction backlog was from other
commercial contracts and 38.7% was from government contracts.
This compares to backlog at December 31, 2007 of 55.3% other
commercial, 4.1% energy, and 40.6% government. The backlog at
December 31, 2008 includes two contracts with a total value of
$15.5 million for the construction of two z-drive harbor tugs.
During the first quarter of 2009, the contracts for the two
vessels were terminated by agreement between us and the
customer.
Johnny Conrad, President and CEO stated, “We would like to thank
our customers, employees, and vendors for helping make 2008 our
most successful year in the Company’s 60 years in business.
Throughout the 60 years the Company has been in existence we
have endured many business cycles and we have seen numerous ups
and downs in volume of business and profitability. Throughout
these business and economic cycles we’ve had to evolve and
change with the demand of our customers and expand our
geographical area and product mix in order to survive and
prosper. Our customers comprise a very diverse group that
crosses a wide range of businesses including the energy sector,
dredging, construction, towing and bunkering markets, as well as
the US Army Corps of Engineers, US Coast Guard and various state
and local governmental agencies.”
Conrad continued, “We are optimistic about the long-term
prospects of our business but we also take note of near-term
risks. Current uncertain general economic conditions, tightened
credit markets, substantially lower oil and gas prices,
continued reduction in the Gulf of Mexico active rig count and
fluctuating steel and machinery pricing lead to some uncertainty
about our shorter-term demand and margins, and in the current
economic climate, we expect demand, prices, margins and profits
to decrease. We plan to continue to be responsive to changing
market conditions and look for ways to continue to enhance
shareholder value.”
Conrad Industries, Inc., established in 1948 and headquartered
in Morgan City, Louisiana, designs, builds and overhauls
tugboats, ferries, liftboats, barges, offshore supply vessels
and other steel and aluminum products for both the commercial
and government markets. The company provides both repair and
new construction services at its four shipyards located in
southern Louisiana and Texas.
This press release contains forward-looking statements,
identifiable through the use of words such as “believe,”
“expect,” “plan,” “estimate” and similar expressions. Forwardlooking
statements speak only as of the date of this release,
and we undertake no obligation to update or revise such
statements to reflect new circumstances or unanticipated events
as they occur. Actual results may differ materially due to a
variety of factors, including the level of activity by oil and
gas companies in the Gulf of Mexico, steel prices and
availability, general economic conditions and other risks
detailed in our 2008 Annual Report available at
www.pinksheets.com.
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.
