Conrad Industries Inc. in Morgan City reported third-quarter net income of $2.0 million, or 35 cents per share, compared to net income of $4.5 million, or 74 cents per share, a year ago.
Conrad’s backlog of work was $91.1 million at Sept. 30, compared to $135.0 million a year ago. Since Sept. 30 and as of Nov. 13, the company has signed $147.5 million of new contracts.
Conrad Industries designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for commercial and government markets.
Johnny Conrad, president and CEO, attributed the soft repair market to the decline in crude oil prices and said management is working to pursue opportunities to expand the company’s products and services.