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

Shipbuilding

World’s First LNG-Ready Ultra Large Container Ship Named

The race is on in global maritime circles to be the “world’s first” in every aspect of environmental friendliness, particularly in regards to the incorporation of LNG as fuel onboard commercial ships.

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1395 sec (7 req/sec)