Conrad Announces Q1 2011 Results

Press Release
Thursday, May 12, 2011

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River.

For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010. The Company’s financial reports are available at www.otcmarkets.com.

Conrad’s backlog was $112.3 million at March 31, 2011 compared to $89.5 million at December 31, 2010 and $48.9 million at March 31, 2010.

Johnny Conrad, President and CEO stated, “Our vessel construction segment continued the improvements that began during the third and fourth quarters of 2010 with the increases in our backlog. The repair segment was negatively affected by the slow-down in activity in the Gulf of Mexico related to the Deepwater Horizon incident and the resulting continued uncertainties surrounding the issuance of drilling permits by the Department of the Interior and new regulations related to drilling operations.”

“Although we continue to be optimistic about the long-term prospects of our business and market conditions are much improved compared to last year, there still remains some uncertainty about our shorter-term demand and margins, particularly in our repair segment. The increase in our backlog gives us more confidence in our vessel construction segment but the continued uncertainty in Gulf of Mexico oil and gas activity hampers visibility in our repair segment.”

Conrad further commented, “Adding to our short-term uncertainty is the potential adverse impact on our business of the rising water levels along the Mississippi and Atchafalaya Rivers. Three of our four shipyards are located in South Louisiana, one along the Atchafalaya River in Morgan City and the other two in Amelia along the Intracoastal Waterway. We have temporarily discontinued operations at our Morgan City shipyard which is located on the Atchafalaya River outside the protection of the levee system and have taken steps to safeguard our assets and to mitigate the effects of this situation on our operations. Vessels under construction and key pieces of our equipment have been moved to our other shipyards. Production personnel, as well as support and administrative staff, have been relocated to our other facilities in the area.
 

Source: Conrad

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Continership Alliance Expands to US Trades

The CKYHE Alliance (COSCO, "K" LINE, Yang Ming, Hanjin Shipping, and Evergreen Line) has announced they will expand their cooperation scope to U.S. Trades and CKYHE

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1336 sec (7 req/sec)