Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) provided an update today on the impact of the rising waters of the Mississippi River and the Atchafalaya River on its operations.
Johnny Conrad, President and CEO stated, “On May 11, 2011 we announced the potential adverse impact on our business of the rising water levels along the Mississippi and Atchafalaya Rivers. We are happy to report that the only adverse impact to date has been the temporary suspension of operations at our Morgan City shipyard which is located on the Atchafalaya River outside the protection of the levee system.
"We relocated all of our production and support personnel and many of our projects to our other shipyards and continued operations at a minimally reduced level. The river crested on May 30, 2011 and has begun to slowly recede. At this time we are back to limited operations at our Morgan City shipyard and we expect to be fully operational at this yard on or before the end of the month. All of our other yards have remained fully operational.
In order to minimize the impact of the imminent flooding and decrease the amount of down time, we constructed our own levee system to protect our Morgan City shipyard. This resulted in no property and equipment damage and also will allow us to return to full operation with minimal clean-up, months sooner than otherwise.
"We believe because of the efforts of our people to plan for protection and move projects to other facilities, there will be only a minimal impact on our profitability and there will not be any material adverse effect on our Company."