MORGAN CITY, La., April 1, 2008 /PRNewswire-FirstCall/ -- Conrad
Industries, Inc. (Pink Sheets: CNRD.PK) today announced its 2007 results and a
new $10 million stock repurchase program.
For the year ended December 31, 2007, Conrad achieved net income of $19.2
million and earnings per diluted share of $2.63. The Company's Annual Report
for 2007 is available at http://www.pinksheets.com.
The Company also announced that its board of directors has authorized the
Company to purchase up to $10 million of its common stock. The Company plans
to use cash on hand or generated from operations to purchase the stock.
Acquisitions may be made from time to time in the open market or in privately
negotiated transactions as permitted by securities laws and other legal
requirements. The timing, prices and sizes of purchases will depend upon
prevailing stock prices, general economic and market conditions and other
factors as management deems appropriate. The program does not obligate the
Company to acquire any particular amount of common stock, and may be
commenced, suspended or discontinued at any time or from time to time in the
Company's discretion without prior notice.
The share repurchase program follows the completion of a comprehensive
review of strategic initiatives to enhance shareholder value conducted by the
Company's board of directors with the assistance of Stephens Inc. as financial
advisor, and has been approved unanimously by the Company's independent
directors.
Johnny Conrad, President and CEO stated, "Through the diligent efforts of
all of our employees, Conrad Industries achieved record results in 2007. Our
board of directors believes that our stock repurchase program will enhance
shareholder value and provide us with the flexibility to respond to potential
future business opportunities and risks. We are optimistic about the
long-term prospects for our Company."
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, which are made pursuant to the safe harbor provisions of
the securities laws. 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.