Conrad Industries announces second quarter 2015 results and backlog

Special to The Leader

 

Morgan City, Louisiana — Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced Tuesday its second quarter and six months 2015 financial results and backlog at June 30, 2015.

For the quarter ended June 30, 2015, Conrad had net income of $1.2 million and earnings per diluted share of $0.21 compared to net income of $6.8 million and earnings per diluted share of $1.14 during the second quarter of 2014. The Company had net income of $5.2 million and earnings per diluted share of $0.89 for the six months ended June 30, 2015 compared to net income of $13.2 million and earnings per diluted share of $2.21 for the six months ended June 30, 2014. Results for the three and six months ended June 30, 2015 included research and development tax credits of $0.8 million and $1.7 million, respectively. The Company’s financial reports are available at www.otcmarkets.com.

Conrad’s backlog was $131.7 million at June 30, 2015, $180.2 million at December 31, 2014 and $173.0 million at June 30, 2014.

Johnny Conrad, President and CEO, stated, “While we remain optimistic about the long-term prospects for our business, we continue to experience near term challenges. We have experienced a decline in demand for inland tank barges primarily used to transport petroleum products produced from shale plays, and also a delay by our customers in placing orders for the larger projects that we expected to convert to backlog.   Although bid activity has been good and we are pursuing various opportunities, we have not signed contracts as anticipated which is leading to gaps in our production schedules. The decline in demand and underperformance on some of our newer jobs have resulted in a decline in revenue, margins and profits.”

Conrad continued, “Additionally, we have experienced a softer repair market, which we believe is due primarily to the decline in crude oil prices.   These factors negatively impacted our results for the first six months of 2015, and we currently expect these factors to negatively impact our financial performance during 2015, compared to 2014, and possibly through the first six months of 2016. We plan to continue to be responsive to changing market conditions and look for ways to continue to enhance shareholder value.”

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 five shipyards located in southern Louisiana and Texas.

Local

National Weather Service outlines heavy rain concern for Southeast Texas

Local

City of Orange working through installation of Wayfinder signs and butterfly benches

Local

Facility designed for individuals with intellectual, developmental disabilities benefits Orange County

Columns

HEALTHY LIVING — What to be concerned with that lingering cough

Local

Orange Leader Best of 2024 nominations closing out; vote now and often

Bridge City

Stolen vehicle from Orange County leads to chase; police looking to identify suspects

Local

Orange business champion Ida Schossow prepares to award 2024 recipient

Local

PHOTO FEATURE — Prom king and queen celebrated

Local

Northway Park scheduled for closure today in Orange

Local

Orange supports Sexual Assault Awareness, know these tips

Columns

TEXAS CERTIFIED EXPERT GARDENER — Daylilies provide sustainable benefits

Bridge City

Concerned citizen’s call leads to near decade-long federal sentences

Local

Southbound lanes of FM 105 closing between FM 1131 to FM 2802

Local

Rock the River revs up next month in Orange; see the details

Local

Disaster response and prevention experts coming together to benefit Orange County residents

Local

Gas prices fall in Texas week-over-week; check out state and national averages

Columns

CULINARY THRILL SEEKING — Start with the seasons and enjoy these unique options

Bridge City

Grant funds area fire district’s needed life-saving tool purchase

Columns

CULINARY THRILL SEEKING — Yacht Rock hits the mellow spot

Local

PHOTOS — Large debris on Sabine River causing concerns

Local

Sentencing follows Orange crime spree with shooting at police, tactical team response

Local

ADOPT A PET — Sweet Layla is ready to be silly with your family

Local

Female recovering after being struck by train, fire chief says

Local

10-year anniversary Depot Day planned May 4; check out details including a street dance