Conrad Industries Announces 2011 Results and New Business

MORGAN CITY, La., March 28, 2012 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) today announced 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. The Company's financial reports are available at www.otcmarkets.com.

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 297'6"x 54'x 12' 30,000 bbl. tank barges, a 245'x 48'x 12'LPG tank barge, a 260'x 72'x 16' ocean deck barge, a 200'x 52'x 12' ocean going deck cargo barge, a 250'x 72'x 12' crane barge, a 120'x 50'x 8' inland spud barge and a 224'x 42'x 10' double skin tank barge with stainless steel cargo tanks.

Additionally we signed a contract for a 180'x 46'x 12' cargo and passenger ferry vessel with 400 passenger capacity.

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

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.

For Information Contact:
Cecil Hernandez (985) 702-0195
[email protected]

SOURCE Conrad Industries, Inc.