Conrad Provides Update on Impact of Rising Water on Shipyards
MORGAN CITY, La., June 14, 2011 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) provided an update today on the impact of the rising waters of the Mississippi River and the Atchafalaya River on its operations.
Johnny Conrad , President and CEO stated, "On May 11, 2011 we announced the potential adverse impact on our business of the rising water levels along the Mississippi and Atchafalaya Rivers. We are happy to report that the only adverse impact to date has been the temporary suspension of operations at our Morgan City shipyard which is located on the Atchafalaya River outside the protection of the levee system.
We relocated all of our production and support personnel and many of our projects to our other shipyards and continued operations at a minimally reduced level. The river crested on May 30, 2011 and has begun to slowly recede. At this time we are back to limited operations at our Morgan City shipyard and we expect to be fully operational at this yard on or before the end of the month. All of our other yards have remained fully operational.
In order to minimize the impact of the imminent flooding and decrease the amount of down time, we constructed our own levee system to protect our Morgan City shipyard. This resulted in no property and equipment damage and also will allow us to return to full operation with minimal clean-up, months sooner than otherwise.
We believe because of the efforts of our people to plan for protection and move projects to other facilities, there will be only a minimal impact on our profitability and there will not be any material adverse effect on our Company. Additionally, we were able to keep our people working and expect to be able to meet the delivery deadlines committed to customers."
Conrad continued "I would like to take this opportunity to thank all of our employees, vendors, customers and government officials who assisted us in our efforts to minimize the impact of the rising waters on the company and all of our employees.
I have always been proud of our company and employees, but never as much as during these trying times. All of our employees went beyond the call of duty in planning for and protecting our shipyard, our customers' projects and our business."
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, the impact of the rising waters of the Mississippi and Atchafalaya Rivers, steel prices and availability, general economic conditions and other risks detailed in our 2010 Annual Report available at www.otcmarkets.com.
For Information Contact:
Analysts, Financial Community, Media
Cecil Hernandez (985) 702-0195
SOURCE Conrad Industries, Inc.
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