MORGAN CITY, La., May 15 /PRNewswire-FirstCall/ -- Conrad Industries,
Inc. (Pink Sheets: CNRD) today announced its first quarter 2008 results and
net new business of $21.0 million including the signing of contracts for
the construction of eight barges and a drydock and cancellation of two
barges of a four barge contract previously announced. This brings the
current backlog to approximately $102.0 million compared to $96.4 million
at March 31, 2008 and $81.7 million at March 31, 2007.
For the quarter ended March 31, 2008, Conrad achieved net income of
$4.5 million and earnings per diluted share of $0.62 compared to net income
of $3.3 million and earnings per diluted share of $0.45 during the first
quarter of 2007 and net income of $6.3 million and earnings per diluted
share of $0.86 during the fourth quarter of 2008. The Company's financial
reports are available at http://www.pinksheets.com.
Johnny Conrad, President and CEO stated, "We are very pleased with our
first quarter results with continued strong performances from both new
construction and repair and conversion segments.
We continue to add to our backlog as noted above and current demand for
our products and services continues to be good, but we are experiencing
pricing pressure and increase in cost and the delay and cancellation of
projects from potential customers primarily due to a very volatile steel
market. Steel prices have increased over 80% since the end of 2007 and we
anticipate additional increases. Rising steel and machinery pricing and
availability constraints lead to some uncertainty about our shorter-term
demand and margins but we continue to be optimistic about the long-term
prospects of our business."
The addition to Conrad's backlog included contracts signed for four
237'x54'x12' LPG tank barge hulls, three 140'x40'x9' deck barges, one
290'x62'x18'6" 35,000 bbl. double skin barge and a 100'x70'x7' drydock.
Additionally a previously signed contract for four LPG tank barges was
reduced to two.
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.
This press release contains forward-looking statements, identifiable
through the use of words such as "believe," "expect," "plan," "estimate"
and similar expressions. Forward-looking statements speak only as of the
date of this release, and we undertake no obligation to update or revise
such statements to reflect new circumstances or unanticipated events as
they occur. Actual results may differ materially due to a variety of
factors, including the level of activity by oil and gas companies in the
Gulf of Mexico, steel prices and availability, general economic conditions
and other risks detailed in our 2007 Annual Report available at
http://www.pinksheets.com.
For Information Contact:
Cecil Hernandez (985) 702-0195
CAHernandez@ConradIndustries.com
SOURCE Conrad Industries, Inc.
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Related links:
http://www.conradindustries.com
CONTACT:
Cecil Hernandez of Conrad Industries, Inc.,
+1-985-702-0195, CAHernandez@ConradIndustries.com
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