Conrad Industries, Inc. announced its first quarter 2009 results and the signing of contracts and sale of barges with a total value of $24m which brings our current backlog to approximately $44.4m compared to $34.1m at March 31, 2009, $56.3m at December 31, 2008 and $96.4m at March 31, 2008.
For the quarter ended March 31, 2009, Conrad achieved net income of $5.7m and earnings per diluted share of $0.88 compared to net income of $4.5m and earnings per diluted share of $0.62 during the first quarter of 2008. The diluted shares for the quarters ended March 31, 2009 and 2008 are 6.5 million and 7.3 million, respectively.
Additions to backlog include two 222 ft by 54 ft by 12 ft LPG tank barges with approximately 16,000 gross barrel capacity and are designed for inland waterway operation. These are similar to two other barges previously contracted for and delivered.
New business added also includes contracts for the construction of one 290 ft by 62 ft by 18.5 ft 35,000 bbl. double skin barge, similar to four others which were delivered over the past two years and two 120 ft by 30 ft by 7 ft deck barges.