Morgan City, La. – Conrad Industries Inc. announced today fourth-quarter earnings of 63 cents a share compared to 88 cents a share in the fourth quarter 2014.
The Morgan City, La.-based shipbuilder's fourth-quarter net income was $3.4 million compared to $5.2 million in fourth-quarter 2014. Conrad had net income of $10.6 million and earnings of $1.86 for the 12 months ended Dec. 31, 2015, compared to net income of $22.8 million and earnings of $3.84 for the same period in 2014.
As of Dec. 31, 2015, Conrad had a backlog of $211.8 million, compared to $180.2 million at the end of 2014.
“Our results for 2015 reflect the challenging operating environment, which negatively impacted both vessel construction and repair and conversion business segments," Johnny Conrad, president and CEO, said in a statement. "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 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.”
Conrad said he expects 2016 to be another challenging year, but the company is optimistic about long-term business prospects. "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, established in 1948, 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.