Conrad Announces First Quarter 2009 Results and New Business
Morgan City, Louisiana (5/18/2009) - Morgan City, Louisiana (May 18, 2009) - Conrad Industries, Inc.
(OTC Pink Sheets: CNRD.PK) announced today its first quarter
2009 results and the signing of contracts and sale of barges
with a total value of $24.0 million which brings our current
backlog to approximately $44.4 million compared to $34.1 million
at March 31, 2009, $56.3 million at December 31, 2008 and $96.4
million at March 31, 2008.
For the quarter ended March 31, 2009, Conrad achieved net income
of $5.7 million and earnings per diluted share of $0.88 compared
to net income of $4.5 million and earnings per diluted share of
$0.62 during the first quarter of 2008. The diluted shares for
the quarters ended March 31, 2009 and 2008 are 6.5 million and
7.3 million, respectively. The Company’s financial reports are
available at www.pinksheets.com.
Additions to backlog include two 222’x54’x12’LPG tank barges
with approximately 16,000 gross barrel capacity and are designed
for inland waterway operation. These are similar to two other
barges previously contracted for and delivered.
New business added also includes contracts for the construction
of one 290’x62’x18’6” 35,000 bbl. double skin barge, similar to
four others which were delivered over past two years and two
120’x30’x7’ deck barges.
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.
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.
