Conrad Industries reports results

Conrad Industries, Inc. (Pink Sheets: CNRD) yesterday announced its fourth quarter and twelve months 2009 results.

For the quarter ended December 31, 2009, the Morgan City, Louisiana,headquartered shipbuilder had net income of $2.8 million and earnings per diluted share of $0.43 compared to net income of $7.1 million and earnings per diluted share of $1.09 during the fourth quarter of 2008. The company had net income of $12.8 million and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009 compared to net income of $23.0 million and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008. The diluted shares for the quarters ended December 31, 2009 and 2008 and for the twelve months ended December 31, 2009 and 2008, are 6.5 million, 6.5 million, 6.5 million and 7.0 million, respectively.

Conrad's backlog was $38.3 million at December 31, 2009 compared to $56.3 million at December 31, 2008. The backlog at December 31, 2008 excludes two contracts with a total value of $15.5 million for the construction of two z-drive harbor tugs that were terminated by agreement between Conrad and the customer during the first quarter of 2009.