Conrad Industries, Inc. headquartered in Morgan City, Louisiana announce favourable second quarter results.
Conrad Industries, Inc. 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.
Highlights: For the quarter ended June 30, 2012, Conrad achieved net income of $5.3 million and earnings per diluted share of $0.87 compared to net income of $5.2 million and earnings per diluted share of $0.81 during the second quarter of 2011.
The Company had net income of $8.5 million and earnings per diluted share of $1.39 for the six months ended June 30, 2012 compared to net income of $8.9 million and earnings per diluted share of $1.39 for the six months ended June 30, 2011. The diluted shares for the quarters and six months ended June 30, 2012 and June 30, 2011 are 6.1 million and 6.4 million, respectively. The Company's financial reports are available here.
During the first six months of 2012, Conrad added $89.9 million of backlog to its new construction segment which was comparable to backlog added during the first six months of 2011. The Company's backlog was $57.2 million at June 30, 2012, $47.1 million at December 31, 2011 and $88.7 million at June 30, 2011. A total of $33.7 million has been added to backlog since June 30, 2012.