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.
The company also announced that its board of directors has authorized the Company to purchase up to $5.0 million of its common stock. The company plans to use cash on hand or generated from operations to purchase the stock. Acquisitions may be made from time to time in the open market or in privately negotiated transactions as permitted by securities laws and other legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other factors as management deems appropriate. The program does not obligate the Company to acquire any particular amount of common stock, and may be commenced, suspended or discontinued at any time or from time to time in the Company’s discretion without prior notice.
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.