Conrad Industries 2009 Results

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced its Q4 and twelve months 2009 results.

For the quarter ended December 31, 2009, Conrad had net income of $2.8m and earnings per diluted share of $0.43 compared to net income of $7.1m and earnings per diluted share of $1.09 during the fourth quarter of 2008. The company had net income of $12.8m and earnings per diluted share of $1.99 for the twelve months ended December 31, 2009 compared to net income of $23m and earnings per diluted share of $3.29 for the twelve months ended December 31, 2008. The diluted shares for the quarters ended December 31, 2009 and 2008 and for the twelve months ended December 31, 2009 and 2008, are 6.5 million, 6.5 million, 6.5 million and 7.0 million, respectively.

Conrad’s backlog was $38.3 million at December 31, 2009 compared to $56.3m at December 31, 2008. The backlog at December 31, 2008 excludes two contracts with a total value of $15.5m for the construction of two z-drive harbor tugs that were terminated by agreement between us and the customer during the first quarter of 2009.