Conrad Industries, Inc. Announces Stock Repurchase Program.

Business Editors

MORGAN CITY, La.--(BUSINESS WIRE)--March 22, 2000

Conrad Industries, Inc. (Nasdaq:CNRD) announced today that its Board of Directors has authorized the Company to repurchase up to 200,000 shares or $1 million of its outstanding common stock. Based on the current fair market value of the common stock, this will allow the Company to repurchase approximately 3% of the approximately 7.1 million shares of the Company's common stock outstanding.

Management may repurchase shares from time to time in the open market at prevailing prices, or through privately negotiated transactions depending on prevailing market conditions. The shares will be held as treasury and will be available for use in connection with the Company's stock option plan and other compensation programs or for other corporate purposes.

J. Parker Conrad, Founder and Co-Chairman of the Board stated, "The Board of Directors believes that the current market value for the Company's stock does not adequately reflect the value of the Company's operations and its future prospects and that the repurchase program would be beneficial to the Company and its remaining shareholders."

William H. Hidalgo, President and CEO stated, "This decision by the Board demonstrates our confidence in the Company's future and our commitment to enhancing shareholder value. We believe this can be a prudent investment of the Company's available cash."

Conrad, founded in 1948, specializes in the construction, conversion and repair of marine vessels for commercial and government customers and the fabrication of modular components of offshore drilling rigs and floating production, storage and off loading vessels. The Company currently operates three shipyards located along the Gulf Coast in Morgan City and Amelia, Louisiana and Orange, Texas.

This press release contains forward-looking statements that are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of Conrad Industries, Inc. Should one or more of these risks, uncertainties or assumptions materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These and other risks and assumptions are discussed in Conrad Industries, Inc.'s filings with the Securities and Exchange Commission, including Conrad Industries, Inc.'s Form 10-K.