The following is the text of a press release issued by Conrad Industries Inc.:
(MORGAN CITY, La.) — Conrad Industries, Inc. (Pink Sheets: CNRD) announced today that it has been awarded a contract for the construction of a passenger/vehicle ferry with a value of $13.0 million, which brings the current backlog to approximately $56.8 million compared to $40.6 million at June 30, 2009, $56.3 million at December 31, 2008 and $74.8 million at September 30, 2008.
The North Carolina Department of Transportation awarded the contract to Conrad for the construction of a 220-foot passenger and vehicle ferry for service between the Cedar Island, NC and the Ocracoke Island, NC terminals. The vessel is capable of transporting 300 passengers and 50 vehicles, and will be built at our shipyard in Orange, TX.
Johnny Conrad, President and CEO stated, “Our working relationship with the North Carolina Department of Transportation dates back to 1991, and this will be the third ferry built for them. Production of the new vessel is scheduled to begin in December 2009 with delivery during the second quarter of 2011.”
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.
This press release contains forward-looking statements, identifiable through the use of words such as “believe,” “expect,” “plan,” “estimate” and similar expressions. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including the level of activity by oil and gas companies in the Gulf of Mexico, steel prices and availability, general economic conditions and other risks detailed in our 2008 Annual Report available at www.pinksheets.com.