Conrad's backlog was $211.8 million at December 31, 2015, compared to $180.2 million at December 31, 2014.
Johnny Conrad, President and CEO stated, "Our results for 2015 reflect the challenging operating environment, which negatively impacted both vessel construction and repair and conversion business segments. Notwithstanding current market conditions, we have been pursuing a disciplined program to invest in improving our shipyards' capacities and efficiencies, including at our newest yard Deepwater South. We believe that this, along with our experienced management team and workforce, and our adherence to our Core Values have enabled us to secure new contracts. In addition to investing in our business, over the last three fiscal years, we have returned $39.0 million in cash to shareholders through dividends and stock repurchases. Our Board will continue to monitor market conditions and work with management to successfully navigate this business cycle as we have in the past."
Mr. Conrad continued, "Although we expect 2016 to be another challenging year, we are optimistic about the long-term prospects of our business. We have met these types of challenges in the past and are confident that we will continue to be responsive to changing market conditions, with our goal remaining to enhance shareholder value."
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 five shipyards located in southern Louisiana and Texas.
Cautionary statement: This press release contains forward-looking statements, which are all statements other than those of historical facts, and reflect our expectations as of the date of this press release about future events. Forward-looking statements are subject to risks and uncertainties, including our reliance on cyclical industries, ability to perform contracts at costs consistent with estimated costs utilized in bidding, and ability to replenish our backlog and compete in changing markets. These and other risks are discussed in more detail in our Annual Report and subsequent reports available on www.otcmarkets.com. Should one or more of these risks materialize, achievement of anticipated results may differ materially from those anticipated. We do not intend to update these forward-looking statements, other than through our regular quarterly and annual reports.
For Information Contact:
Cecil Hernandez (985) 702-0195
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SOURCE Conrad Industries, Inc.