May 18, 2009
Conrad Industries wins new contracts
Morgan City, Louisiana, headquartered Conrad Industries, Inc. has announced first quarter 2009 results and the signing of contracts and sale of barges with a total value of $24 million.
The company's current backlog is 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.
Additions to backlog include two 222 ft x 54 ft x12 ft LPG tank barges of approximately 16,000 gross barrel capacity. Designed for inland waterway operation, they are similar to two other barges previously contracted for and delivered.
Other new business added includes contracts for one 290 ft x 62 ft x18 ft 6 in, 35,000 bbl double skin barge, similar to four delivered over the past two years, and two 120 ft x 30 ft x 7 ft deck barges.