Conrad Industries, Inc. (Pink Sheets: CNRD) announced its third quarter and nine months 2008 results and the termination of its stock repurchase program.
For the quarter ended September 30, 2008, Conrad had net income of $4.5 million and earnings per diluted share of $0.64 compared to net income of $5.0 million and earnings per diluted share of $0.69 during the third quarter of 2007. The Company had net income of $15.9 million and earnings per diluted share of $2.22 for the nine months ended September 30, 2008 compared to net income of $12.9 million and earnings per diluted share of $1.77 for the nine months ended September 30, 2007.
Conrad's backlog was $74.8 million at September 30, 2008 compared to $80.9 million at December 31, 2007 and $93.4 million at September 30, 2007. Subsequently, Conrad signed contracts with customers for a total of $21.2 million, which included contracts previously announced for one 260' floating crane barge and four steel modules.
The company also announced that its board of directors has terminated the stock repurchase program due to uncertainties in the market and its desire to conserve cash. Since the plan's authorization in April 2008, the Company purchased 809,000 shares for a total of $9.5 million.
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, 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 four shipyards located in southern Louisiana and Texas.