Conrad Reports Hurricanes Gustav and Ike Impact

Wednesday, September 17, 2008

Conrad Industries, Inc. announced the impacts of Hurricanes Gustav and Ike.  Johnny Conrad, President and CEO said “In the wake of the devastation on the caused by Hurricanes Gustav and Ike, our thoughts and prayers go out to the victims of these disasters. Our shipyards incurred minor impact from Hurricane Gustav which was primarily limited to loss of time and preparation and clean-up expenses.

Unfortunately, Hurricane Ike did not spare our employees from loss and damage. Our facility has sustained minor wind and water damage to our buildings that can be repaired. Our equipment and jobs in progress were not damaged. We do not have an estimate of the costs to clean up and repair our facility but do not anticipate them to be significant. Many of our employees have been temporarily displaced because and the surrounding areas sustained major water damage and power outages. “

Conrad further commented, “We anticipate that these events could impact our vendors’ and subcontractors’ abilities to supply us with necessary goods and services. Consequently, it is not yet possible to determine the amount of delay and additional cost that will result from these hurricanes. Conrad is working with suppliers and others to insure that materials continue to flow to our facilities.

We at Conrad Industries have been very fortunate to escape disruption in service at three of our four locations, and only minor damage at our facility. We are currently back in limited operations at and expect to be at full operations within the next two weeks.”

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