Conrad Industries Adds to Backlog.Business Editors MORGAN CITY Morgan City, city (1990 pop. 14,531), St. Mary parish, S La., a fishing port on the Atchafalaya River (connected to the Intracoastal Waterway); inc. 1860 as Brasher, renamed 1876. The city is headquarters for offshore petroleum drilling and has oil and gas wells. , La.--(BUSINESS WIRE)--May 8, 2002 Conrad Industries, Inc. (Nasdaq: CNRD) announced today that since March 31, 2002, the Company has added $8.8 million of new contracts and has signed the $3.8 million previously announced North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. Ferry contract, which brings the total addition to backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. since March 31, 2002 to $12.8 million and the total current backlog to $22 million, excluding options for tug boats totaling $8 million. The new contracts include a 94-foot z-drive tug for Harbor Fuel, a 170-foot aluminum crew/supply vessel for Oceanic Marine, Inc. and a 175-foot liftboat hull for Marine Industrial Fabricators. Conrad President and Chief Executive Officer Kenneth G. "Jerry" Myers, Jr. stated, "We are excited about the contracts that we have signed since March 31, 2002. The tug will be constructed at our Orange Shipbuilding facility, which has a long history of building tug boats, while the liftboat hull will be constructed at our Conrad Shipyard facility in Morgan City, which specializes in liftboat construction. We are partnering with a long-time, quality builder of aluminum vessels on the 170-foot crew/supply vessel project." Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana Morgan City (previously known as Brashear) is a city in St. Mary Parish, Louisiana, United States. [1] [2] The population was 12,703 at the 2000 census. Morgan City is home to the Louisiana Shrimp and Petroleum Festival. designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore support 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 three shipyards located in southern Louisiana and Texas. All statements in this press release other than statements of historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to a number of risks, uncertainties and assumptions. These include Conrad's reliance on cyclical industries Cyclical Industry A term describing an industry that is sensitive to the business cycle and price changes. Many cyclical industries produce durable goods such as raw materials and heavy equipment. , principal customers and government contracts, its ability to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... contracts on projects for which it has bid, and its ability to perform contracts at costs consistent with estimated costs used in bidding the contracts. Actual results may differ materially from those expected or projected. These and other risks are discussed in more detail in Conrad Industries, Inc.'s filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements. |
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