Conrad Q1 2016 Results $CNRD

Book value is $123mm. Market cap is down to $111mm (0.90x).

They're still profitable - quarterly EBITDA was $5mm so $20mm annualized.

Enterprise value is $100mm or so - 5x current annualized EBITDA. (Remember in 2013, EBITDA was $49mm!)

They bought back $3.4mm of stock in Q1 at an average price of $19.

Highlights from management:

*During the first three months of 2016, we added $11.9 million of backlog, as compared to $52.5 million added in the first three months of 2015, which includes a 30,000 BBL tank barge and a LPG barge. Our backlog was $189.9 million at March 31, 2016, $211.8 million at December 31, 2015 and $171.9 million at March 31, 2015.

*In response to market conditions, we have been providing more favorable payment terms to certain new construction customers, which decreases our cash balances and increases our costs and estimated earnings in excess of billings on uncompleted contracts, and this trend may continue during 2016