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Conrad Industries Q1 net income $2.6 million

Staff writer ▼ | May 14, 2016
Conrad Industries announced its first quarter 2016 results. For the quarter ended March 31, 2016, net income was $2.6 million.
Conrad Industries
Conrad Industries   Earnings per diluted share was $0.49
Earnings per diluted share was $0.49 compared to net income of $4.0 million and earnings per diluted share of $0.68 during the first quarter of 2015.

The number of weighted average shares outstanding for calculating diluted earnings per share was 5.3 million and 5.9 million for the first quarters of 2016 and 2015, respectively.

Conrad's backlog was $189.9 million at March 31, 2016 compared to $211.8 million at December 31, 2015 and $171.9 million at March 31, 2015.

Johnny Conrad, president and CEO stated, "Our results reflect a continued difficult operating environment and we expect 2016 to be another challenging year.

"Although our bid activity has been good and we see many opportunities, we have also seen many new construction customers continue to delay projects. The repair segment has shown signs of strengthening; however, there continues to be little visibility due to the short-term nature of this work.

"Management continues to focus on effectively executing our backlog, adding new contracts, improving efficiencies, controlling costs and completing the next stage of development at our Deepwater South yard, so that we can continue to perform profitably during the current environment and be well-positioned for improved profitability as our markets improve in the future."

Conrad Industries, 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.