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
CAHernandez@ConradIndustries.com
SOURCE Conrad Industries, Inc.