Conrad adds $51.4 million in new business

MARCH 28, 2013 — Morgan City, LA, headquartered shipbuilder Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) today announced its fourth quarter and twelve months 2012 results and reported that it had added new business worth $51.4 million during the first quarter of 2013.

For the quarter ended December 31, 2012, Conrad had net income of $8.0 million and earnings per diluted share of $1.33 compared to net income of $6.8 million and earnings per diluted share of $1.09 during the fourth quarter of 2011. The company had net income of $20.8 million and earnings per diluted share of $3.46 for the twelve months ended December 31, 2012 compared to net income of $19.2 million and earnings per diluted share of $3.01 for the twelve months ended December 31, 2011. The diluted shares for the quarter and twelve months ended December 31, 2012 are 6.0 million, and 6.2 million and 6.4 million for the quarter and twelve months ended December 31, 2011, respectively.

New business added during the first quarter of 2013 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $122.5 million, compared to $120.7 million at December 31, 2012, $70.8 million at March 31, 2012, and $47.1 million at December 31, 2011.

New contracts added during the first quarter of 2013 include two 297 ft 6 in x 54 ft x 12 ft 30,000 bbl tank barges, two 245 ft x 48 ft x 12 ft LPG tank barges, a 300 ft x 100 ft x 20 ft ocean deck barge, and a 160 ft x 72 ft x 10 ft deck barge.

During the first quarter of 2013, Conrad also sold three 297 ft 6 in x 54 ft x 12 ft 30,000 bbl. tank barges, and four tow boats which were stock vessels in progress at December 31, 2012.