Conrad Industries Announces 2009 Results

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Apr 01, 2010, 07:00 ET

MORGAN CITY, La., April 1 /PRNewswire-FirstCall/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) today announced its fourth quarter and twelve months 2009 results.

For the quarter ended December 31, 2009, Conrad had net income of $2.8 million and earnings per diluted share of $0.43 compared to net income of $7.1 million and earnings per diluted share of $1.09 during the fourth quarter of 2008. The Company had net income of $12.8 million and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009 compared to net income of $23.0 million and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008. The diluted shares for the quarters ended December 31, 2009 and 2008 and for the twelve months ended December 31, 2009 and 2008, are 6.5 million, 6.5 million, 6.5 million and 7.0 million, respectively. The Company's financial reports are available at www.pinksheets.com.

Conrad's backlog was $38.3 million at December 31, 2009 compared to $56.3 million at December 31, 2008. The backlog at December 31, 2008 excludes two contracts with a total value of $15.5 million for the construction of two z-drive harbor tugs that were terminated by agreement between us and the customer during the first quarter of 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.