Conrad Industries increases net and adds to order book

Morgan City, La., based Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) has reported its fourth quarter and twelve months 2011 results and the addition of new business during the first quarter totaling $61.8 million.

For the quarter ended December 31, 2011, Conrad had net income of $6.8 million and earnings per diluted share of $1.09 compared to net income of $3.3 million and earnings per diluted share of $0.51 during the fourth quarter of 2010. The company had net income of $19.2 million and earnings per diluted share of $3.01 for the twelve months ended December 31, 2011 compared to net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010. The diluted shares for the quarter and twelve months ended December 31, 2011 are 6.2 million and 6.4 million, respectively, and 6.4 million for the quarter and twelve months ended December 31, 2010.

New business added during the first quarter of 2012 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $68.7 million, compared to $47.1 million at December 31, 2011, $112.3 million at March 31, 2011, and $89.5 million at December 31, 2010.

New contracts added during the first quarter of 2012 include four 297 ft 6 in x 54ft x 12 ft, 30,000 bbl. tank barges, a 245 ft x 48 ft x 12 ft LPG tank barge, a 260 ft x 72 ft x 16 in ocean deck barge, a 200 ft x 52 ft x 12 ft ocean going deck cargo barge, a 250 ft x 72 ft x 12 ft crane barge, a 120 ft x 50 ft x 8 ft inland spud barge and a 224 ft x 42 ft x 10 ft double skin tank barge with stainless steel cargo tanks.

Additionally Conrad signed a contract for a 180 ft x 46’x 12′ cargo and passenger ferry vessel with 400 passenger capacity.

During the first quarter of 2012, Conrad also sold six 297 ft 6 in x 54 ft x 12 ft, 30,000 bbl., tank barges, which were stock barges in progress at December 31, 2011.

Conrad Industries, Inc. designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.

March 28, 2012