Business briefs

Conrad announces 3rd quarter results, backlog
MORGAN CITY (AP) — Conrad Industries Inc. announced that for the quarter ended Sept. 30, it had net income of $4.5 million and earnings per diluted share of $0.74 compared to net income of $6.5 million and earnings per diluted share of $1.09 during the third quarter of 2013.
The company had net income of $17.7 million and earnings per diluted share of $2.96 for the nine months ended Sept. 30 compared to net income of $18.5 million and earnings per diluted share of $3.10 for the nine months ended Sept. 30, 2013. The company’s financial reports are available at www.otcmarkets.com.
During the first nine months of 2014, Conrad added $175.5 million of backlog to its new construction segment compared to $185.6 million added to backlog during the first nine months of 2013. Backlog at Sept. 30 was $135 million compared to $152.3 million at Sept. 30, 2013, $152.9 million at Dec. 31, 2013, and $173 million at June 30.
Conrad Industries Inc., established in 1948 and headquartered in Morgan City, 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.

Tidewater declares dividend
NEW ORLEANS (AP) — The board of directors of Tidewater Inc. has declared a quarterly dividend of 25 cents per share on common stock.
The New Orleans-based offshore energy services company says the dividend is payable Dec. 15 to shareholders of record on Dec. 5.

Anchor Drilling fluids
to move into Mississippi
FERNWOOD, Miss. (AP) — Oil field service firm Anchor Drilling Fluids USA Inc. has announced it will locate a warehouse in Fernwood, Mississippi, in Pike County.
The Tulsa, Oklahoma-based company makes the so-called “mud” that keeps drill bits going and bore holes operational.
Company CEO Robert West says the company initially will get much of its resources from Houston. If business is good, West says the company will build an oil-based mud plant.
Anchor Drilling Fluids USA has branches in 18 states, and its products are used in shale plays across the country. This is the company’s first foray into the Tuscaloosa Marine Shale region.
The Tuscaloosa Marine Shale formation is located in southwest Mississippi and central Louisiana. Experts have said the formation could hold 7 billion barrels of oil.

Brown named
to Amerisafe board
DERIDDER (AP) — IberiaBank Corp. executive Michael Brown has been elected to the board of directors of Amerisafe Inc.
Amerisafe is a specialty provider of workers’ compensation insurance.
Brown is vice chairman and chief operating officer of Iberiabank Corp. He manages all of Iberiabank’s retail and commercial banking operations in Louisiana, Arkansas, Florida, Alabama, Texas and Tennessee.

LSU breaks ground
on engineering expansion
BATON ROUGE (AP) — LSU is embarking on a $110 million renovation and expansion of its main engineering building.
Officials say it’s another indication of Louisiana’s ongoing efforts to meet workforce demands in related fields.
Gov. Bobby Jindal said he couldn’t speculate what impact Louisiana’s looming state budget cuts could have on higher education or the state’s $40 million WISE Fund that was created this year to promote programs like engineering.
The Jindal administration has announced the state must reduce spending for the current budget year by $171 million because of lagging revenues.
On Monday, LSU marked the formal groundbreaking of the expansion of Patrick F. Taylor Hall, the campus’ main College of Engineering building, with a celebration that featured Jindal and other leaders.

$1.2 billion aluminum mill considers southern sites
JACKSON, Miss. (AP) — Mississippi appears to be the favored location for a proposed $1.2 billion aluminum mill that would hire 650 or more workers to supply aluminum for auto bodies.
American Specialty Alloys announced plans to build the plant Monday. The company won’t say what locations it’s considering, but has filed for environmental permits at a site near Golden Triangle Regional Airport, just west of Columbus in Lowndes County. The company incorporated in Mississippi in March and has listed a Columbus address.
The company received a construction permit from the Mississippi Department of Environmental Quality in October and is seeking further permits, including one that would allow it emit air pollution.
CEO Roger Boggs said other states might be in the running, including Arkansas, Tennessee, Louisiana and Alabama. He said the company has permits “in process” in other states as part of its effort to select sites.

Settlement lowers
Crown Crafts’ quarterly profit
GONZALES (AP) — A lawsuit settlement dropped Gonzales-based Crown Crafts Inc.’s profit to $830,000, or 8 cents per share, for the second quarter of its fiscal year.
The baby products maker reported a profit of $1.1 million, or 12 cents per share, a year ago.
Without the settlement, said E. Randall Chestnut, chairman, president and chief executive officer, said Crown’s net income would have been $1.4 million, an increase of 19.1 percent over the year-ago results.
The settlement ends a patent infringement dispute involving BreathableBaby LLC’s air-permeable infant bedding. Under the agreement, Crown will make and sell a redesigned mesh crib liner and make a one-time payment of $850,000 — $530,000, or 5 cents per share, after taxes — to BreathableBaby.
From The Associated Press and staff reports.

Nucor plant shut down after equipment failure
CONVENT (AP) — The Nucor Steel Louisiana plant has been shut down after an equipment failure at the Convent facility.
No one was injured when the process gas heater had a major failure last week. The company said there was no environmental impact or damage done to any part of the direct reduced iron facility. But production has been suspended, and the company does not know how long it will take to make the necessary repairs to the process gas heaters.
Nucor, which did not respond to requests for additional comment, told the newspaper it will provide an estimate of when the Convent plant will be fully operational once the information is available.