Conrad adds to construction backlog

MORGAN CITY, La. — Conrad Industries Inc. announced its fourth quarter and 2012 results today and the addition of $51.4 million in new business during the first quarter 2013.

For the quarter ended Dec. 31, 2012, Conrad had net income of $8 million and earnings per diluted share of $1.33 compared to net income of $6.8 million and earnings per diluted share of $1.09 during the fourth quarter of 2011. Conrad had net income of $20.8 million and earnings per diluted share of $3.46 for the 12 months ended Dec. 31, 2012, compared to net income of $19.2 million and earnings per diluted share of $3.01 for the 12 months ended Dec. 31, 2011.

New business added during the first quarter includes the signing of new contracts and sales of stock barges which brings the estimated current backlog to approximately $122.5 million, compared to $120.7 million on Dec. 31, 2012, $70.8 million on March 31, 2012, and $47.1 million on Dec. 31, 2011.

New contracts added during the first quarter of 2013 include two 297’6″x54’x12′ 30,000-bbl. tank barges, two 245’x48’x12′ LPG tank barges, a 300’x100’x20′ ocean deck barge, and a 160’x72’x10′ deck barge.

During the first quarter, Conrad also sold three 297’6″x54’x12′ 30,000-bbl. tank barges, and four towboats, which were stock vessels in progress on Dec. 31, 2012.

Conrad, headquartered in Morgan City, La., designs, builds and overhauls tugs, 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.

 

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