Pink Sheets News

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today that its Board of Directors declared a special cash dividend of $2.00 per common share. The special cash dividend is payable to shareholders of record on December 24, 2012, and is expected to be paid on or about December 31, 2012. Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.

Morgan City, Louisiana (August 15, 2011) - Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its second quarter and six months 2011 financial results. For the quarter ended June 30, 2011, Conrad achieved net income of $5.2 million and earnings per diluted share of $0.81 compared to net income of $3.6 million and earnings per diluted share of $0.56 during the second quarter of 2010. The Company had net income of $8.9 million and earnings per diluted share of $1.39 for the six months ended June 30, 2011 compared to net income of $5.4 million and earnings per diluted share of $.83 for the six months ended June 30, 2010. The diluted shares for the quarters and six months ended June 30, 2011 and June 30, 2010 are 6.4 million and 6.5 million, respectively.

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.

Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), and Deep Marine Salvage Inc, today announced that they have agreed upon  their first intended “cluster” of 5 commodity based salvage targets. These targets have been selected from our vast portfolio of shipwrecks lost in northern hemisphere waters. The combined manifested value of these cargos is a minimum of $2 billion at current commodity prices, and consists of platinum, gold, silver, copper and zinc. “This cluster has been selected not only because the wrecks are close to each other but because they also lie at shallow depths”,  said Scott Heimdal, CEO of ORRV. “On the water time is money, the faster you can put it on the deck the higher your margins”, continued Mr. Heimdal. “Working depth is a big factor in feasibility planning.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its first quarter 2011 results and backlog, and discussed challenges presented by the rising waters of the Mississippi River and the Atchafalaya River. For the quarter ended March 31, 2011, Conrad achieved net income of $3.7 million and earnings per diluted share of $0.58 compared to net income of $1.7 million and earnings per diluted share of $0.27 during the first quarter of 2010. The Company’s financial reports are available at www.otcmarkets.com.

PEORIA, IL -- (PR Newswire) -- April 29, 2011 -- Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that team members have discovered two shipwrecks in the Philippines. Preliminary investigations indicate that at least one of the ships located is believed to be a Manila Galleon that was outbound from Manila to Acapulco, Mexico. The second wreck is believed to be an inbound Manila galleon which would be carrying silver and gold to be traded for oriental goods…

HOUSTON, April 18, 2011 /PRNewswire/ -- Trico Shipping AS (the "Company"), a subsidiary of Trico Marine Services, Inc. (Pink Sheets: TRMAQ) ("Trico Marine"), announced today that it has extended the expiration date of its out-of-court exchange offer (the "Exchange Offer") to the holders ("Noteholders") of its 11 7/8% senior secured notes due 2014 (the "Notes") and the solicitation of consents to the governing indenture (the "Consent Solicitation") to 5:00 p.m. Eastern Time on April 20, 2011. Withdrawal rights under the Exchange Offer will not be extended by the new expiration date.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its fourth quarter and twelve months 2010 results and the addition of new business during the first quarter totaling $75.2 million. For the quarter ended December 31, 2010, Conrad had net income of $3.3 million and earnings per diluted share of $0.51 compared to net income of $2.8 million and earnings per diluted share of $0.43 during the fourth quarter of 2009. The company had net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010 compared to net income of $12.8 million and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009.

Trico Marine Services, Inc. (Pink Sheets: TRMAQ) announced that it has reached an agreement with the company's major constituents concerning the process of selling Trico's remaining towing and supply vessels and any related operating assets, in accordance with previous public statements that the company is exiting the towing and supply business. The United States Bankruptcy Court for the District of Delaware recently issued an order approving the agreed upon sale process. The company noted that today's announcement excludes vessels owned by entities not part of the company's bankruptcy proceedings, including Trico's North Sea Towing and Supply vessels.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced the delivery of an aluminum passenger vessel for Puerto Rico Maritime Transportation Authority (PRMTA). The Cayo Blanco can carry 600 passengers on two decks. She measures 160 ft x 32 ft x 13 ft and the vessel route is from Fajardo to Vieques and Culebra in Puerto Rico. She is powered by four MTU 12V-4000 M60 main engines with MGX 6848 Twin Disc gears. The generators are John Deere and there is a 200 hp tunnel bow thruster. The delivery crew traveled from Morgan City to San Juan in five days and the vessel performed excellently.

Deep Blue Marine, Inc. (PINKSHEETS: DPBE) announced that the company has requested a recovery permit as specified in its contract with the Government of the Dominican Republic. Working under the supervision of the Marina de Guerra Dominicana and an inspector from the Oficina Nacional de Patrimonio Cultural Subacuático, Deep Blue has signed an agreement to provide services in the area of survey, recovery and restoration of artifacts for an undisclosed permitted area on the north shore. The request was made as a result of major historical finds in the contract area. The location of the find will not be released to the public at this time, but company vessels will be onsite as soon as permission for recovery is granted. Deep Blue Marine, Inc.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today its second quarter and six months 2010 results and a new $5.0 million stock repurchase program. For the quarter ended June 30, 2010, Conrad achieved net income of $3.6 million and earnings per diluted share of $0.56 compared to net income of $1.6 million and earnings per diluted share of $0.26 during the second quarter of 2009. The company had net income of $5.4 million and earnings per diluted share of $0.83 for the six months ended June 30, 2010 compared to net income of $7.3 million and earnings per diluted share of $1.13 for the six months ended June 30, 2009. The diluted shares for the quarters and six months ended June 30, 2010 and June 30, 2009 are 6.5 million.

Harbor Guard Boats, Inc., wholly owned subsidiary of Medina International Holdings, Inc. (Pink Sheets: MIHI), has been awarded a bid contract for a Firehawk 2426 boat from the City of McKeesport Fire Department, Pa. Tim Spooner, VP of Sales stated that, "We continue to see strong sales growth this year nationwide. This order demonstrates Harbor Guard's strong marketability to win bid opportunities. This boat will be used on the Monongahela and Youghiogheny Rivers in the Pittsburgh metro area."

Harbor Guard Boats, Inc. (PINKSHEETS: MIHI) has completed the delivery of a Firehawk 24 boat to the Laurelton Fire Rescue Department in Brick Township, N.J. www.harborguardboats.com

Harbor Guard Boats, Inc., wholly owned subsidiary of Medina International Holdings, Inc. (Pink Sheets: MIHI), received another order for a Firehawk 26-ft boat to be delivered to City of Troy Fire Department, N.Y. This is the second order from the capital region. This boat will be used for fire protection and rescue purposes on Hudson River.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its Q4 and twelve months 2009 results. For the quarter ended December 31, 2009, Conrad had net income of $2.8m and earnings per diluted share of $0.43 compared to net income of $7.1m and earnings per diluted share of $1.09 during the fourth quarter of 2008. The company had net income of $12.8m and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009 compared to net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008. The diluted shares for the quarters ended December 31, 2009 and 2008 and for the twelve months ended December 31, 2009 and 2008, are 6.5 million, 6.5 million, 6.5 million and 7.0 million, respectively.

Management of Medina International Holdings, Inc. (Pink Sheets: MIHI) signed a lease to rent a manufacturing facility in the city of Corona, California. "This new larger facility will enable us to consolidate production process in one location with substantial reduction in rent compared to the Costa Mesa Facility," said Daniel Medina, President of Medina International Holdings, Inc. "The Corona facility was previously leased by a boat manufacturer, providing us with the necessity of minimal modifications of building to manufacture our watercrafts," said Madhava Rao Mankal, Chief Financial Officer of Medina International Holdings, Inc.

Conrad Industries, Inc. (Pink Sheets: CNRD) announced its third quarter and nine months 2009 results. For the quarter ended September 30, 2009, Conrad had net income of $2.8m and earnings per diluted share of $0.43 compared to net income of $4.5m and earnings per diluted share of $0.64 during the third quarter of 2008. The company had net income of $10.1m and earnings per diluted share of $1.56 for the nine months ended September 30, 2009 compared to net income of $15.9m and earnings per diluted share of $2.22 for the nine months ended September 30, 2008. The diluted shares for the nine months ended September 30, 2009 and September 30, 2008 are 6.5 million and 7.2 million, respectively. The company's financial reports are available at www.pinksheets.com.

Medina International Holdings, Inc. (Pink Sheets: MIHI), a manufacturer of specialized search and rescue boats, announced that it has completed the acquisition of Harbor Guard Boats, Inc. Harbor Guard Boats, Inc. manufactures fire rescue, rescue and patrol boats. Harbor Guard Boats, Inc. had sales of approximately $693,455, $575,110 and $1,478,479 for the years ended April 30, 2007, 2008 and 2009 respectively. Chief financial officer of Medina International Holdings, Inc. Rao Mankal commented, "This acquisition represents a significant step forward in increasing our product line. Albert Mardikian, Chief Executive Officer of Harbor Guard Boats, Inc. said, "I am enthusiastic about this merger.

Conrad Industries, Inc. (Pink Sheets: CNRD) announced that it has been awarded a contract for the construction of a passenger/vehicle ferry with a value of $13m, which brings the current backlog to approximately $56.8m compared to $40.6m at June 30, 2009, $56.3m at December 31, 2008 and $74.8m at September 30, 2008. The North Carolina Department of Transportation awarded the contract to Conrad for the construction of a 220-ft passenger and vehicle ferry for service between the Cedar Island, NC and the Ocracoke Island, NC terminals. The vessel is capable of transporting 300 passengers and 50 vehicles, and will be built at our shipyard in Orange, Texas.

NYMET Holdings Inc. (PINKSHEETS: NYMH), a metals and mining company headquartered in Port Jefferson, N.Y., announced the successful execution of a Lease Purchase Contract to acquire a marine salvage and storage facility located in Stockton, Calif. The acquisition, which includes two waterfront parcels, as well as riparian rights, provides NYMET a strategic location to expand their Marine Salvage Division for scrap metal recovery. The property, located on the waterfront of the San Joaquin River, in Stockton, Calif. will provide NYMET the ability to process and transport scrap metal derived from the salvage and ship breaking opportunities available on the west coast of North America. The facility provides access to the Delta waterway as well as the ability to park salvage barges.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced that it has been awarded a contract for the construction of a shallow draft dredge with a value of $13.1m. The United States Army Corps of Engineers awarded the contract to Conrad for the design and construction of a 156-ft self-propelled, shallow draft, split hull hopper dredge for the Wilmington District. The dredge will operate year round in coastal inlets from Florida to Maine. The vessel will be built at our shipyard in Morgan City, La. Johnny Conrad, President and CEO stated, “We have enjoyed a very good working relationship with the Corps which began in 1994. Since that time we’ve completed fourteen projects including towboats, fuel barges and crane barges.

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its second quarter and six months 2009 results and the signing of new contracts. For the quarter ended June 30, 2009, Conrad achieved net income of $1.6m and earnings per diluted share of $0.26 compared to net income of $6.9m and earnings per diluted share of $0.96 during the second quarter of 2008. The Company had net income of $7.3m and earnings per diluted share of $1.13 for the six months ended June 30, 2009 compared to net income of $11.5m and earnings per diluted share of $1.58 for the six months ended June 30, 2008. The diluted shares for the quarter and six months ended June 30, 2009 and June 30, 2008 are 6.5 million and 7.3 million, respectively.