August 13, 2009
Conrad Industries reports new contracts
Morgan City, Louisiana, headquartered Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) today reported its second quarter and six months 2009 results and the signing of new contracts.
For the quarter ended June 30, 2009, Conrad achieved net income of $1.6 million and earnings per diluted share of $0.26 compared to net income of $6.9 million and earnings per diluted share of $0.96 during the second quarter of 2008. The company had net income of $7.3 million and earnings per diluted share of $1.13 for the six months ended June 30, 2009 compared to net income of $11.5 million and earnings per diluted share of $1.58 for the six months ended June 30, 2008. The diluted shares for the quarter and six months ended June 30, 2009 and June 30, 2008 are 6.5 million and 7.3 million, respectively.
Conrad's backlog was $40.4 million at June 30, 2009, $34.1 million at March 31, 2009, $56.3 million at December 31, 2008 and $93.9 million at June, 2008. New contracts include one 60 ft x 38 ft x 6 ft anchor barge, a 250 ft x 72 ft x12 ft crane barge, an 88 ft x 35 ft x10.5 ft inland towboat and an 80 ft x 31 ft x7.5 ft steel pontoon bridge.
New business added also includes a contract for the construction of two 297 ft x 54 ft x12 ft tank barges designed for inland waterway operation with approximately 30,000 gross barrel capacity.