Conrad Industries adds to order book

Conrad's Morgan City, LA, shipyard. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.

APRIL 1, 2014 — Morgan City, LA, headquartered shipbuilder Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) has reported fourth quarter and twelve months 2013 results and the addition of new business during the first quarter of 2014 totaling $67.3 million.

For the quarter ended December 31, 2013, Conrad had net income of $10.1 million and earnings per diluted share of $1.70 compared to net income of $8.0 million and earnings per diluted share of $1.33 during the fourth quarter of 2012.

The company had net income of $28.6 million and earnings per diluted share of $4.80 for the twelve months ended December 31, 2013 compared to net income of $20.8 million and earnings per diluted share of $3.46 for the twelve months ended December 31, 2012.

New business added during the first quarter of 2014 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $155.0 million, compared to $152.9 million at December 31, 2013, $125.5 million at March 31, 2013, and $120.7 million at December 31, 2012.

The new contracts booked in the first quarter of 2014 include five 266 ft x 54 ft x 13 ft LPG tank barges, two 70 ft x 42 ft x 7 ft anchor barges, a 116 ft ATB Tug, four 297 ft 6 in x 54ft x 12 ft 30,000 bbl. tank barges, and a contract for the conversion of a MPSV (Multi-Purpose Supply Vessel.)

Established in 1948, Conrad designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products at its five shipyards located in southern Louisiana and Texas.