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Conrad Industries Announces Second Quarter 2008 Results and Celebrates 60th Year in Business

2008-08-13 08:27:00

    MORGAN CITY, La., Aug. 13 /EMWNews/ -- Conrad Industries,

Inc. (Pink Sheets: CNRD) today announced its second quarter and six months

2008 results and recognized its 60th year in business.

    For the quarter ended June 30, 2008, Conrad achieved net income of $6.9

million and earnings per diluted share of $0.96 compared to net income of

$4.6 million and earnings per diluted share of $0.63 during the second

quarter of 2007. The Company had net income of $11.5 million and earnings

per diluted share of $1.58 for the six months ended June 30, 2008 compared

to net income of $7.9 million and earnings per diluted share of $1.09 for

the six months ended June 30, 2007. The Company's financial reports are

available at

    Conrad's backlog was $93.9 million at June 30, 2008 compared to $80.9

million at December 31, 2007 and $82.4 million at June 30, 2007.

    Johnny Conrad, President and CEO stated, "At a recent industry meeting,

we were recognized by our customers, vendors and peers for our 60th year in

business. We would like to take this opportunity to thank our many valuable

customers, vendors and employees for helping us grow and prosper, and in

some years, survive, throughout these 60 years. My father Parker Conrad,

Co-Chairman of the Board founded the company in 1948 based on the

principles of quality, service, value and integrity which have guided us

through the peaks and valleys of many business cycles."

    Conrad continued, "We are a very different company today than we were

even 5 years ago. The number of our production and support personnel has

increased from 300 to over 800 between 2002 and 2007. Our revenue has

increased from $33 million annually in 2002 to 169 million for 2007. We are

more diversified than ever between energy, commercial, and government

customers and projects. But at our core, we remain the same shipyard that

we were 60 years ago, delivering a quality product and service at a fair

price and treating our customers, vendors and employees with respect.

    Throughout the years, in order to meet the needs of our customers, we

continued to reinvest in the business and will continue to do so in the

future as we work diligently at meeting our customer's needs for the next

60 years."

    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

    For Information Contact:

    Cecil Hernandez (985) 702-0195

    [email protected]

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