Conrad Industries books more business

NOVEMBER 16, 2012 — Morgan City, La., headquartered Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) continues to bring in orders and add to the backlog at its its four shipyards located in southern Louisiana and Texas.

The shipbuilder yesterday reported its third quarter and nine months 2012 results and backlog information.

For the quarter ended September 30, 2012, Conrad had net income of $4.4 million and earnings per diluted share of $0.74 compared to net income of $3.5 million and earnings per diluted share of $0.54 during the third quarter of 2011. The company had net income of $12.9 million and earnings per diluted share of $2.13 for the nine months ended September 30, 2012 compared to net income of $12.4 million and earnings per diluted share of $1.93 for the nine months ended September 30, 2011. The diluted weighted average shares outstanding for the nine months ended September 30, 2012 and September 30, 2011 are 6.0 million and 6.4 million, respectively.

During the first nine months of 2012, Conrad added $183.5 million of backlog to its new construction segment compared to $135.8 million added to backlog during the first nine months of 2011. Backlog at September 30, 2012 was $104.4 million compared to $87.7 million at September 30, 2011, $47.1 million at December 31, 2011, and $57.2 million at June 30, 2012. The company has signed $58.7 million of new contracts since September 30, 2012.