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May 14, 2010

Conrad Industries adds to backlog

Morgan City, La., headquartered Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2010 results and the signing of contracts and sale of barges over the past few months.

For the quarter ended March 31, 2010, the shipbuilder achieved net income of $1.7 million and earnings per diluted share of $0.27 compared to net income of $5.7 million and earnings per diluted share of $0.88 during the first quarter of 2009.

Barges sold and new contracts added include two 222 ft x 54 ft x12 ft LPG tank barges with approximately 16,000 gross barrel capacity and designed for inland waterway operation, four 30,000 barrel double skin tank barges, four 120 ft deck barges and three 140 ft deck barges.

Backlog at March 31, 2010 was $48.9 million compared to $38.3 million at December 31, 2009 and $34.1 million at March 31, 2009.


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