Conrad Industries Reports 3Q Results

Thursday, November 06, 2003
Conrad Industries, Inc. reported a net loss of $827,000 and loss per diluted share of $0.11 for the three months ended September 30, 2003 compared to a net loss of $263,000 and loss per diluted share of $0.04 for the third quarter of 2002. The loss for the nine months ended September 30, 2003 was $1.9 million and the loss per diluted share was $0.26 compared to net income before a cumulative effect of a change in accounting principle of $495,000 and earnings before a cumulative effect of a change in accounting principle per diluted share of $0.07 for the first nine months of 2002. Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards Board No. 142, ("SFAS No. 142"), "Goodwill and Other Intangibles Assets," which resulted in a $4.5 million noncash charge for the impairment of goodwill, which was recorded as a cumulative effect of change in accounting principle for the nine months ended September 30, 2002. The recording of this non-cash charge for the impairment of goodwill resulted in a net loss of $4.0 million ($0.55 diluted EPS) for the nine months ended September 30, 2002. Revenues for the three months ended September 30, 2003 were $6.7 million compared to $9.4 million for the third quarter of 2002. Revenues for the nine months ended September 30, 2003 were $26.5 million compared to $30.4 million for the same period of the prior year. The Company’s backlog was $36.3 million at September 30, 2003, as compared to $36.2 million at December 31, 2002, and $32.7 million at September 30, 2002. The Company recorded a gross loss of $7,000 (-0.1% of revenue) for the three months ended September 30, 2003 as compared to gross profit of $1.1 million (11.7% of revenue) for the third quarter of 2002. Gross profit was $741,000 (2.8% of revenue) for the nine months ended September 30, 2003, as compared to gross profit of $4.9 million (16.2% of revenue) for the first nine months of 2002. Vessel construction segment revenue for the current quarter decreased 30.6% and 41.0% as compared to vessel construction revenue for the second quarter of 2003 and third quarter of 2002, respectively. Vessel construction segment revenue for the first nine months of 2003 decreased 20.2% compared to the same period of the prior year. Vessel construction hours for the third quarter and first nine months of 2003 decreased 26.9% and 8.8%, respectively, when compared to the same periods in 2002. The decrease in revenue in the nine month period is primarily a result of changes in the estimates at completion associated with increased production hours encountered during the delivery phase of various contracts.
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