MORGAN CITY, La., May 18 /PRNewswire-FirstCall/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) announced today its first quarter 2009 results and the signing of contracts and sale of barges with a total value of $24.0 million which brings our current backlog to approximately $44.4 million compared to $34.1 million at March 31, 2009, $56.3 million at December 31, 2008 and $96.4 million at March 31, 2008.
For the quarter ended March 31, 2009, Conrad achieved net income of $5.7 million and earnings per diluted share of $0.88 compared to net income of $4.5 million and earnings per diluted share of $0.62 during the first quarter of 2008. The diluted shares for the quarters ended March 31, 2009 and 2008 are 6.5 million and 7.3 million, respectively. The Company's financial reports are available at www.pinksheets.com.
Additions to backlog include two 222'x54'x12'LPG tank barges with approximately 16,000 gross barrel capacity and are designed for inland waterway operation. These are similar to two other barges previously contracted for and delivered.
New business added also includes contracts for the construction of one 290'x62'x18'6" 35,000 bbl. double skin barge, similar to four others which were delivered over the past two years and two 120'x30'x7' deck barges.
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.
For Information Contact:
Cecil Hernandez, +1-985-702-0195
SOURCE Conrad Industries, Inc.