Conrad Industries Reports Record 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)--Nov. 13, 2002 Conrad Industries, Inc. (Nasdaq: CNRD) announced today the award of a $9.5 million contract for the Alaska Marine Highway The Alaska Marine Highway or the Alaska Marine Highway System (AMHS) is a ferry service operated by the government of the U.S. state of Alaska. The Alaska Marine Highway System operates along the southcentral coast of the state, the eastern Aleutian islands and the System. The contract award calls for the construction of a 181-foot ferry capable of transporting 149 passengers and 18 vehicles. When delivered, the vessel will provide service between Metlakatla and Ketchikan, two of the Inside Passage of Alaska's southernmost communities. Kenneth G. ("Jerry") Myers, Jr., Conrad's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "We're excited about the opportunity to work for the Alaska Marine Highway System on this first of a kind ferry. This project, coupled with several recently awarded contracts also in the government segment, continues to allow us to diversify both our customer and product bases. The addition of this contract creates a record backlog for our Company totaling approximately $40 million, excluding unexercised options. The work will be performed at our Conrad Shipyard facility in Morgan City. The award of this contract is indicative of the Company's solid reputation for high quality, efficiency and cost effectiveness." 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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