Conrad Reports 2Q Results

Thursday, August 07, 2003
Conrad Industries reported a net loss of $726,000 and loss per diluted share of $0.10 for the three months ended June 30, 2003 compared to net income of $300,000 and earnings per diluted share of $0.04 for the second quarter of 2002. The loss for the six months ended June 30, 2003 was $1.05 million and the loss per diluted share was $0.14 compared to net income before a cumulative effect of a change in accounting principle of $758,000 and earnings before a cumulative effect of a change in accounting principle per diluted share of $0.10 for the first six 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 six months ended June 30, 2002. The recording of this non-cash charge for the impairment of goodwill resulted in a net loss of $3.7 million ($0.52 diluted EPS) for the six months ended June 30, 2002. Revenues for the three months ended June 30, 2003 were $9.3 million compared to $10.4 million for the second quarter of 2002. Revenues for the six months ended June 30, 2003 were $19.8 million compared to $21.0 million for the same period of the prior year. The Company’s backlog was $34.8 million at June 30, 2003, as compared to $36.2 million at December 31, 2002, and $22.6 million at June 30, 2002. The Company recorded a gross loss of $67,000 (0.7% of revenue) for the three months ended June 30, 2003 as compared to gross profit of $1.7 million (16.4% of revenue) for the second quarter of 2002. Gross profit was $748,000 (3.8% of revenue) for the six months ended June 30, 2003, as compared to gross profit of $3.8 million (18.1% of revenue) for the first six months of 2002. Vessel construction segment revenue for the current quarter decreased 4.8% and 18.0% as compared to vessel construction revenue for the first quarter of 2003 and second quarter of 2002, respectively. Vessel construction segment revenue for the first six months of 2003 decreased 9.4% compared to the same period of the prior year. Vessel construction hours for the second quarter and first six months of 2003 decreased 1.3% and 0.8%, respectively, when compared to the same periods in 2002. The decrease in revenue in the current periods is primarily a result of changes in the estimates at completion associated with increased production hours encountered during the delivery phase of various contracts.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Southern California Port Congestion

Hapag-Lloyd informs about the congestion at the ports of Los Angeles and Long Beach that has reached a critical point. I. Several container ships are anchoring

Bulker Arrives to US on Her Maiden Voyage

The Port of Vancouver USA welcomed the Kypros Unity, commanded by Capt. Wilfredo F. Itable of Cyprus, on her maiden voyage Oct. 28. Capt. Itable and his 20-member

Partnerships Key to Caribbean Maritime Security

Planning and execution of port and maritime safety and security in Caribbean region is all about partnerships Maritime security and safety experts are meeting in Nassau,

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plc  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Ship Electronics Ship Simulators Sonar 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: 0.1482 sec (7 req/sec)