Conrad earnings slip in first quarter

For the quarter ended March 31, Conrad Industries Inc.’s net income was $2.6 million and earnings per diluted share was 49 cents compared to net income of $4 million and earnings per diluted share of 68 cents 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. The company’s financial reports are available at www.otcmarkets.com.
Conrad’s backlog was $189.9 million at March 31, 2016, compared to $211.8 million at Dec. 31, 2015, and $171.9 million at March 31, 2015.
“Although our bid activity has been good and we see many opportunities, we have also seen many new construction customers continue to delay projects,” said President and CEO Johnny Conrad.
“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 said.
––Staff Reports