Conrad Industries Announces First Quarter 2014 Results $CNRD

Results for first quarter 2014:

• First quarter revenue up 19% year over year. SG&A only up 11%. Net income up 9%.
• Quarterly EPS was $1.08 - company is trading at ~9.5x Q1 annualized earnings.
• Still no share buybacks.
• Ship construction revenue up 20%, repair and conversions up 14%. Vessel gross profit margin was 16% compared to 14%; repair margin fell significantly to 13% from 23%. "The decrease in repair and conversion gross profit and margins was primarily attributable to some low margin jobs performed in the first quarter of 2014."
• Payments of BP claims are still stayed. 
• Board has approved an increase in our capital expenditure budget for 2014 for additional improvements to our Conrad Deepwater South yard, resulting in a total capital expenditure budget for 2014 of approximately $12.8 million.
• During the first three months of 2014, we added $59.3 million of backlog to our new construction segment, as compared to $51.4 million added in the first quarter of 2013
• EBITDA was $11.15 million for the quarter. 
• At $40, market cap is now $238.45 million. Balance sheet seems to have a good $40 million of "excess" cash. [Without it, the current ratio would still be 1.8x.] So, enterprise value is roughly $200 million.
• The 2013 EBITDA was $49 million. The past five years' average EBITDA was $32 million. The past five years' average capex was $7.9 million, so the average (EBITDA-capex) was $24 million.
• That means the EV/EBITDA(ttm) is 4x and the EV/EBITDA(5y) is 6.25x. The "free cash flow" multiple is 8x.