Conrad Q2 2009 Results & New Business

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.

Conrad’s backlog was $40.4m at June 30, 2009, $34.1m at March 31, 2009, $56.3 million at December 31, 2008 and $93.9m at June, 2008.

New contracts include one 60 ft by 38 ft by 6 ft anchor barge, a 250 ft by 72 ft by 12 ft crane barge, an 88 ft by 35 ft by 10.5 ft inland towboat and 80 ft by 31 ft by 7.5 ft steel pontoon bridge.

New business added also includes a contract for the construction of two 297 ft by 54 ft 12 ft tank barges with approximately 30,000 gross barrel capacity and are designed for inland waterway operation.