The downturn in the oilpatch meant less boat repair work and a lower first-quarter profit for Morgan City-based Conrad Industries Inc.
Conrad’s earnings fell to $4 million, or 68 cents per share, compared to $6.4 million, or $1.08 per share, during the first quarter a year ago. The 2015 results included a research and development tax credit of $831,000, or roughly 14 cents per share.
Conrad’s revenue shrunk 8.3 percent to $67.2 million as new construction and repair work numbers both dropped. The company’s backlog grew, however, to $171.9 million at March 31, compared to $155.8 million a year earlier.
President and Chief Executive Officer Johnny Conrad said the new construction projects in the pipeline are encouraging, although the repair market continues to be soft.
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