Dennis Taylor, left, senior vice president, and Jessica Jamand, right, customer service representative, both with Patterson State Bank, present a donation to the Junior Auxiliary event Hats and High Rollers. Mary Katherine Skiles, center, accepts the sponsorship on behalf of the Junior Auxiliary.
Conrad reports earnings
MORGAN CITY — Conrad Industries Inc. annnounced its second quarter and six months 2014 financial results and backlog at June 30.
For the quarter ended June 30, Conrad had net income of $6.8 million and earnings per diluted share of $1.14 compared to net income of $6.1 million and earnings per diluted share of $1.02 during the second quarter of 2013.
The company had net income of $13.2 million and earnings per diluted share of $2.21 for the six months ended June 30, compared to net income of $12 million and earnings per diluted share of $2.01 for the six months ended June 30, 2013. The company’s financial reports are available at www.otcmarkets.com.
Conrad’s backlog was $173 million at June 30, 2014, $152.9 million at Dec. 31, 2013, and $181.8 million at June 30, 2013.
Conrad Industries Inc., established in 1948 and headquartered in Morgan City, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply 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 five ship yards located in southern Louisiana and Texas.
Cyber research center announced
BATON ROUGE (AP) — Gov. Bobby Jindal and Chancellor King Alexander say Louisiana State University is creating a center to go after big federal and commercial contracts for applied technology.
They say they expect the Transformational Technology and Cyber Research Center to get $30 million in federal research contracts in its first three years.
The LSU Board of Supervisors would also have to approve the center, but officials have named Jeff Moulton as its director. He’s been program development head at the 1,700-person Georgia Tech Research Institute, which gets more than $300 million a year in research and development contracts.
Under a challenge grant, Louisiana will provide $1 and LSU 50 cents for each $10 in research money the center attracts over the next three years.
Ingersoll to buy Cameron
unit for $850M
NEW YORK (AP) — Ingersoll-Rand PLC said Monday that it has agreed to buy the centrifugal compression business from Cameron International Corp. for $850 million, as it looks to grow its compression business.
The business makes equipment and parts that separates air, transmits gas and processes gas. It had revenue of about $400 million last year, the companies said.
The deal is expected to close by the end of the year.
Ireland-based Ingersoll-Rand, which makes air conditioning systems, parts and other products, said the business will increase its earnings per share immediately after the deal closes.
Cameron, which is based in Houston, said it is selling the compression business to focus on making equipment for the oil industry. It will use proceeds from the sale to repurchase stock.
La. job-matching site launches
BATON ROUGE (AP) — State officials say more than 700 job seekers visited the Louisiana’s new online service for matching employers’ needs with workers’ skills.
On Monday, LouisianaJobConnection.com became available for the first time to job applicants.
By that time, LJC Executive Director Kristi Barnett Williams said more than 600 employers had listed thousands of vacant jobs on the LJC website.
Both employers and job seekers can limit their online matches to people or firms that fall within ranges they specify as acceptable. Some companies and people may want to view only matches that meet at least 90 percent of their specified needs. Others may want to view all matches above 60 percent.
U.S. to sell 21.6 million offshore acres
NEW ORLEANS (AP) — The federal government is selling 21.6 million acres in the Gulf of Mexico for oil and gas exploration.
The U.S. Bureau of Ocean Energy Management says today’s sale involves more than 4,000 tracts located between 9 miles and 250 miles off the Texas coast. The tracts range in depth from 16 to 10,975 feet.
The federal agency expects the tracts could yield up to 200 million barrels of oil and 938 billion cubic feet of natural gas. The Energy Information Administration says that last year the United States consumed about 18.5 million barrels of oil and 26 million cubic feet of natural gas daily.
Wednesday’s offering is part of a five-year program that’s led to about 60 million offshore acres sold so far, garnering about $2.3 billion in revenues.