Conrad Industries, Inc. announced its 2007 results and a new $10 million stock repurchase program.
For the year ended December 31, 2007, Conrad achieved net income of $19.2 million and earnings per diluted share of $2.63. The Company’s Annual Report for 2007 is available at ww.pinksheets.com.
The Company also announced that its board of directors has authorized the Company to purchase up to $10 million of its common stock. The Company plans to use cash on hand or generated from operations to purchase the stock. Acquisitions may be made from time to time in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other factors as management deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock, and may be commenced, suspended or discontinued at any time or from time to time in the Company’s discretion without prior notice.
The share repurchase program follows the completion of a comprehensive review of strategic initiatives to enhance shareholder value conducted by the Company’s board of directors with the assistance of Stephens Inc. as financial advisor, and has been approved unanimously by the Company’s independent directors.