Conrad announces third quarter results and special cash dividend

Conrad Industries Inc. announced today that it added $186 million to its backlog through Sept. 30 and that it has declared a special cash dividend of $2 per common share.

The special cash dividend is payable on Dec. 17, 2013, to shareholders of record on Dec. 3, 2013.

For the quarter ended Sept. 30, 2013, Conrad had net income of $6.5 million and earnings per diluted share of $1.09 compared to net income of $4.4 million and earnings per diluted share of 74 cents during the third quarter of 2012. The company had net income of $18.5 million and earnings per diluted share of $3.10 for the nine months ended Sept. 30, 2013, compared to net income of $12.9 million and earnings per diluted share of $2.13 for the nine months ended Sept. 30, 2012.

During the first nine months of 2013, Conrad added $185.6 million of backlog to its new construction segment compared to $183.5 million added to backlog during the first nine months of 2012. Conrad’s backlog on Sept. 30, 2013, was $152.3 million compared to $104.4 million on Sept. 30, 2012, $120.7 million on Dec. 31, 2012, and $181.8 million on June 30, 2013. The company has signed $36 million in new contracts since Sept. 30, 2013. Conrad’s financial reports are available at www.otcmarkets.com.

Conrad Industries, established in 1948 and 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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