November 14, 2008
Conrad Industries Announces Third Quarter 2008 Results
MORGAN CITY, La., Nov. 14 /PRNewswire-FirstCall/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) today announced its third quarter and nine months 2008 results and the termination of its stock repurchase program.
For the quarter ended September 30, 2008, Conrad had net income of $4.5 million and earnings per diluted share of $0.64 compared to net income of $5.0 million and earnings per diluted share of $0.69 during the third quarter of 2007. The Company had net income of $15.9 million and earnings per diluted share of $2.22 for the nine months ended September 30, 2008 compared to net income of $12.9 million and earnings per diluted share of $1.77 for the nine months ended September 30, 2007. The Company's financial reports are available at http://www.pinksheets.com/.
Conrad's backlog was $74.8 million at September 30, 2008 compared to $80.9 million at December 31, 2007 and $93.4 million at September 30, 2007. Subsequently, Conrad signed contracts with customers for a total of $21.2 million, which included contracts previously announced for one 260' floating crane barge and four steel modules.
The Company also announced that its board of directors has terminated the stock repurchase program due to uncertainties in the market and its desire to conserve cash. Since the plan's authorization in April 2008, the Company purchased 809,000 shares for a total of $9.5 million.
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 [email protected]
Conrad Industries, Inc.
CONTACT: Cecil Hernandez of Conrad Industries, Inc., +1-985-702-0195,[email protected]
Web site: http://www.conradindustries.com/