Conrad Announces 1Q Results

Friday, May 16, 2008

Conrad Industries, Inc. announced its first quarter 2008 results and net new business of $21m, including the signing of contracts for the construction of eight barges and a drydock and cancellation of two barges of a four barge contract previously announced. This brings the current backlog to approximately $102.0 million compared to $96.4 million at March 31, 2008 and $81.7 million at March 31, 2007.

For the quarter ended March 31, 2008, Conrad achieved net income of $4.5 million and earnings per diluted share of $0.62 compared to net income of $3.3 million and earnings per diluted share of $0.45 during the first quarter of 2007 and net income of $6.3 million and earnings per diluted share of $0.86 during the fourth quarter of 2008.

Johnny Conrad, President and CEO said, “We are very pleased with our first quarter results with continued strong performances from both new construction and repair and conversion segments. We continue to add to our backlog as noted above and current demand for our products and services continues to be good, but we are experiencing pricing pressure and increase in cost and the delay and cancellation of projects from potential customers primarily due to a very volatile steel market. Steel prices have increased over 80% since the end of 2007 and we anticipate additional increases. Rising steel and machinery pricing and availability constraints lead to some uncertainty about our shorter-term demand and margins but we continue to be optimistic about the long-term prospects of our business.”

The addition to Conrad’s backlog included contracts signed for four 237’x54’x12’LPG tank barge hulls, three 140’x40’x9’ deck barges, one 290’x62’x18’6” 35,000 bbl. double skin barge and a 100’x70’x7’drydock. Additionally a previously signed contract for four LPG tank barges was reduced to two.

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

Finance

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

Big Increase in Port of Houston Steel Cargoes

More steel moved across the docks in July than any month since 2008, Executive Director Roger Guenther reported at the recent meeting of the Port Commission of the Port of Houston Authority.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators 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: 0.0926 sec (11 req/sec)