"Conrad Announces Second Quarter 2014 Results and Backlog" $CNRD

Press release:

"For the quarter ended June 30, 2014, 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, 2014 compared to net income of $12.0 million and earnings per diluted share of $2.01 for the six months ended June 30, 2013. Conrad’s backlog was $173.0 million at June 30, 2014, $152.9 million at December 31, 2013 and $181.8 million at June 30, 2013."

Net income up 11% quarter over quarter, 10% 1H over 1H. Backlog is down year-over-year.

The Q2 is out [pdf]. At $40, the market cap is $240 million and the enterprise value is maybe $190 million, assuming $50 million in excess cash.

They are now getting 40% of revenue from offshore oil and gas.

No shares repurchased in 2013 or 2014.

Still a great business, but both management and I seem to think that the stock is about fairly priced now.