Conrad reports increased income

Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) yesterday announced second quarter and six months 2010 results and a new $5.0 million stock repurchase program.

For the quarter ended June 30, 2010, Conrad reported net income of $3.6 million and earnings per diluted share of $0.56 compared to net income of $1.6 million and earnings per diluted share of $0.26 during the second quarter of 2009. For the six months ended June 30, the company had net income of $5.4 million and earnings per diluted share of $0.83 2010 compared to net income of $7.3 million and earnings per diluted share of $1.13 for the six months ended June 30, 2009. The diluted shares for the quarters and six months ended June 30, 2010 and June 30, 2009 are 6.5 million.

Conrad's board of directors has authorized the company to purchase up to $5.0 million of its common stock. The Company plans to use cash on hand or generated from operations to purchase the stock.

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 four shipyards located in southern Louisiana and Texas.