Conrad Announces First Quarter 2010 Results and New Business

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May 13, 2010, 06:00 ET

MORGAN CITY, La., May 13 /PRNewswire-FirstCall/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) announced today its first quarter 2010 results and the signing of contracts and sale of barges over the past few months.

For the quarter ended March 31, 2010, Conrad achieved net income of $1.7 million and earnings per diluted share of $0.27 compared to net income of $5.7 million and earnings per diluted share of $0.88 during the first quarter of 2009. The Company's financial reports are available at www.pinksheets.com.

Barges sold and new contracts added include two 222'x54'x12' LPG tank barges with approximately 16,000 gross barrel capacity and designed for inland waterway operation, four 30,000 barrel double skin tank barges, four 120' deck barges and three 140' deck barges. Backlog at March 31, 2010 was $48.9 million compared to $38.3 million at December 31, 2009 and $34.1 million at March 31, 2009.

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, 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.