Conrad Reports First Quarter 2002 Results

Thursday, May 09, 2002
Conrad Industries, Inc. reported net income of $458,000 and earnings per diluted share of $0.06 for the three months ended March 31, 2002 compared to net income of $951,000 and earnings per diluted share of $0.13 for the three months ended March 31, 2001. Revenues for the three months ended March 31, 2002 were $10.6 million compared to $11.9 million for the three months ended March 31, 2001. The company's backlog was $11.3 million at March 31, 2002 as compared to $10.4 million at December 31, 2001 and $13.2 million at March 31, 2001. Gross profit was $2.1 million (19.8% of revenue) for the three months ended March 31, 2002 as compared to gross profit of $2.8 million (23.3% of revenue) for the three months ended March 31, 2001. Net cash used by operating activities was $2.5 million for the three months ended March 31, 2002 primarily as the result of the timing of billings related to jobs in progress or recently completed at March 31, 2002 most of which were billed during April 2002.

Vessel construction segment revenue decreased 14.0% while gross profit increased 2.1% as compared to vessel construction revenue and gross profit in the 4th quarter of 2001. Vessel construction segment revenue and gross profit decreased 15.0% and 21.6%, respectively compared to the 1st quarter of 2001. The vessel construction segment had a 13.6% decrease in production hours from the 4th quarter of 2001 and a decrease of 27.8% from the 1st quarter of 2001. Higher vessel construction gross profit in the 1st quarter of 2002 as compared to the 4th quarter of 2001 was due to improved performance on jobs in progress or completed in the 1st quarter of 2002 as compared to the 4th quarter of 2001. Lower vessel construction gross profit between the 1st quarter of 2002 as compared to 2001 were attributable to the reduction in production hours due to the weakness in the economy in general and the offshore oil and gas industry in particular which resulted in decreased demand.

since March 31, 2002, the company has added $8.8 million of new contracts and has signed the $3.8 million previously announced North Carolina Ferry contract, which brings the total addition to backlog since March 31, 2002 to $12.8 million and the total current backlog to $22 million, excluding options for tug boats totaling $8 million. The new contracts include a 94-ft., z-drive tug for Harbor Fuel, a 170-ft. aluminum crew/supply vessel for Oceanic Marine, Inc. and a 175-ft. liftboat hull for Marine Industrial Fabricators. Conrad president and CEO Kenneth G. "Jerry" Myers, Jr. said, "We are excited about the contracts that we have signed since March 31, 2002. The tug will be constructed at our Orange Shipbuilding facility, which has a long history of building tug boats, while the liftboat hull will be constructed at our Conrad Shipyard facility in Morgan City, which specializes in liftboat construction. We are partnering with a long-time, quality builder of aluminum vessels on the 170-foot crew/supply vessel project."

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

Shipbuilding

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

HII Appoints Brenton as Corporate Director

Huntington Ingalls Industries (HII) announced today that Capt. Kevin Brenton (U.S. Navy, Ret.) has joined the company as corporate director of customer affairs for submarine programs.

Cummins Debuts Mobile Tier 4 Generators

Cummins’ certified Tier 4 Final QSB7 and QSL9 engine platforms form the basis for mobile sets that meet EPA regulations U.S. EPA Tier 4 Final certified mobile

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar
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: 0.1300 sec (8 req/sec)