August 12, 2008
Conrad Industries reports increased earnings
Morgan City, La., headquartered Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) has announced its second quarter and six months 2008 results and recognized its 60th year in business.
For the quarter ended June 30, 2008, Conrad achieved net income of $6.9 million and earnings per diluted share of $0.96 compared to net income of $4.6 million and earnings per diluted share of $0.63 during the second quarter of 2007. The company had net income of $11.5 million and earnings per diluted share of $1.58 for the six months ended June 30, 2008 compared to net income of $7.9 million and earnings per diluted share of $1.09 for the six months ended June 30, 2007.
Conrad's backlog was $93.9 million at June 30, 2008 compared to $80.9 million at December 31, 2007 and $82.4 million at June 30, 2007.
Noting the company's 60th anniversary, President and CEO Johnny Conrad noted that his father, Parker Conrad, Co-Chairman of the Board had founded the company in 1948 "based on the principles of quality, service, value and integrity which have guided us through the peaks and valleys of many business cycles."
Conrad continued, "We are a very different company today than we were even 5 years ago. The number of our production and support personnel has increased from 300 to over 800 between 2002 and 2007. Our revenue has increased from $33 million annually in 2002 to 169 million for 2007. We are more diversified than ever between energy, commercial, and government customers and projects. But at our core, we remain the same shipyard that we were 60 years ago, delivering a quality product and service at a fair price and treating our customers, vendors and employees with respect.