MORGAN CITY, La., May 13, 2015 /PRNewswire/ -- Conrad
Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its
first quarter 2015 results.
For the quarter ended March 31,
2015, Conrad achieved net income of $4.0 million and earnings per diluted share of
$0.68 compared to net income of
$6.4 million and earnings per diluted
share of $1.08 during the first
quarter of 2014. First quarter 2015 results were favorably
impacted by an $831,000 research and
development tax credit (approximately $0.14 per diluted share).
Vessel construction gross profit for the first quarter of 2015
was $6.4 million, compared to
$9.6 million for the first quarter of
2014. Repair and conversion gross profit for the first
quarter of 2015 was $0.7 million
compared to $1.8 million for the
first quarter of 2014. The Company's financial reports are
available at www.otcmarkets.com.
Conrad's backlog was $171.9
million at March 31, 2015
compared to $180.2 million at
December 31, 2014 and $155.8 million at March
31, 2014.
Johnny Conrad, President and CEO,
said, "We are encouraged by the new construction projects in our
pipeline. The repair market continues to be soft, which we believe
is due primarily to the decline in crude oil prices. We have
a strong balance sheet with no debt, and our management team and
employees are working hard to compete successfully in this
challenging environment."
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.
For Information Contact:
Cecil
Hernandez (985) 702-0195
CAHernandez@ConradIndustries.com
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SOURCE Conrad Industries, Inc.