Conrad Industries, Inc. reported net income of $71,000 for the quarter ended September 30, 1999, compared to net income of $1.3 million for the quarter ended September 30, 1998. The company had net income of $1.6 million for the nine months ended September 30, 1999.
Revenues for the quarter and nine months ended September 30, 1999 were $6.9 million and $25.1 million, respectively. Revenues for the quarter and nine months ended September 30, 1998 were $12.8 million and $36.8 million, respectively.
"Overall, all vessel construction projects were profitable through this third quarter, however, two projects did not perform as anticipated," said William H. Hidalgo
, president and CEO. "One project had an unforseen billing adjustment at the end of the job, due to a reduction in the final weight of the vessel. The second project has experienced actual costs in excess of estimated cost as it nears completion.
"Revenues and profits are still being impacted by the slow energy sector
- especially our repair and conversion segment - which continues to experience weak demand and price pressures," Hidalgo said. "We continue to see positive indicators in the energy market
and remain cautiously optimistic about the year 2000, in both the vessel construction and the repair and conversion segments."