Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) today announced its fourth quarter and twelve months 2010 results and the addition of $75.2 million in new business during the first quarter.

For the quarter ended December 31, 2010, Conrad had net income of $3.3 million and earnings per diluted share of $0.51 compared to net income of $2.8 million and earnings per diluted share of $0.43 during the fourth quarter of 2009. The company had net income of $10.3 million and earnings per diluted share of $1.60 for the twelve months ended December 31, 2010 compared to net income of $12.8 million and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009. The diluted shares for the quarter and twelve months ended December 31, 2010 are 6.4 million and 6.5 million for the quarter and twelve months ended December 31, 2009. The Company’s financial reports are available at www.otcmarkets.com.

New business added includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $113.0 million compared $89.5 million at December 31, 2010, $48.9 million at March 31, 2010, and $38.3 million at December 31, 2009. 

New contracts added include four 245 ft x 48 ft  x 12 ft  LPG tank barges, two 222 ft x 54 ft x 12’ ft LPG tank barges, two 192  ft x 42 ft x 10 ft  7,500 bbl. double skin tank barges, five 260 ft x 52 ft  x 12 ft hopper barges, and various other docking and deck barges.  

Additionally Conrad signed contracts for three 100 ft  x 30 ft  x 10 ft  push boats and two 75 ft  x 30 ft  x 10 ft towboats. It also sold all of the stock barges in progress at December 31, 2010 which include three 297 ft 6in x 54 ft x 12 ft 30,000 bbl. tank barges, two 200 ft x 35 ft x 12 ft 6 in 10,000 bbl. tank barges and two 120 ft x 30 ft x 12 ft deck barges.

March 29, 2011

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