Business
Conrad Industries Announces Special Dividend and Institutes Quarterly Dividend, Reports on New Business
Conrad Industries Announces Special Dividend and Institutes Quarterly Dividend, Reports on New Business.
About this update from Conrad Industries, Inc.
[{"type":"text","content":"\n\n\n\nConrad Industries Announces Special Dividend and Institutes Quarterly Dividend, Reports on New Business\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nConrad Industries Announces Special Dividend and Institutes Quarterly Dividend, Reports on New Business\nHighlights:\n- $1 per share special cash dividend payable January 5, 2015 to shareholders of record on December 23, 2014\n- Institutes $0.25 per share quarterly dividend, commencing first quarter 2015\n- New contracts bring backlog to $170.0 million\n- $27.3 million capital expenditure budget for 2015\n- Increase in stock repurchase program to $20 million\nPR Newswire\nMORGAN CITY, La., Dec. 12, 2014\n\n\n\nMORGAN CITY, La., Dec. 12, 2014 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today that its Board of Directors has declared a special cash dividend of $1.00 per share of common stock.  The special cash dividend is payable on January 5, 2015 to shareholders of record on December 23, 2014.  \n\nAdditionally, the Board plans to initiate a quarterly dividend of $0.25 per share during the first quarter of 2015.  Declaration of the dividend is at the discretion of the Board each quarter, and will depend upon the Company's financial performance, cash requirements, outlook and other factors deemed relevant by the Board.\n\nThe Company also announced today the signing of contracts and sale of stock barges, bringing current backlog to approximately $170.0 million, compared $135.0 million at September 30, 2014 and $152.9 million at December 31, 2013. \n\nBarges sold and new contracts include four 297'6\"x 54'x 12' 30,000 bbl. tank barges, two 361'x 62'x 24' 55,000 bbl tank barges, two 300'x 62'x 18'5\" 35,000 bbl. tank barges, and a 235'x 64'x 18'6\" ferry.  \n\nThe Board approved approximately $27.3 million in capital expenditures for 2015, which includes $16.7 million for continued development of the Conrad Deepwater South yard. The additional improvements at Deepwater South will continue to enhance the Company's ability to build larger vessels.\n\nThe Company also ...