Conrad Industries Announces Second Quarter 2020 Results and Backlog

Rhea-AI Summary

Conrad Industries reported a significant turnaround in its financial results for Q2 2020, achieving a net income of $482,000 and earnings of $0.10 per diluted share, compared to a net loss of $2.2 million or ($0.44) per share in Q2 2019. For the first half of 2020, net income reached $896,000 with earnings of $0.18 per share, up from a net loss of $2.5 million in 2019. The company secured a record contract and increased its backlog to $133.0 million, contributing $119.7 million in new construction backlog during H1 2020.

Positive

• Net income for Q2 2020: $482,000 vs. net loss of $2.2 million in Q2 2019.
• Earnings per diluted share of $0.10 in Q2 2020 vs. loss of $0.44 in Q2 2019.
• Total backlog of $133.0 million as of June 30, 2020, up from $79.2 million at year-end 2019.
• Record contract signed in Q2 2020, boosting growth potential.

Negative

• None.

MORGAN CITY, La., Aug. 14, 2020 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months 2020 financial results and backlog at June 30, 2020.

For the quarter ended June 30, 2020, Conrad had net income of $482,000 and earnings per diluted share of $0.10 compared to net loss of $2.2 million and loss per diluted share of $0.44 during the second quarter of 2019. The Company had net income of $896,000 and earnings per diluted share of $0.18 for the six months ended June 30, 2020 compared to net loss of $2.5 million and loss per diluted share of $.50 for the six months ended June 30, 2019. The Company's financial reports are available at www.otcmarkets.com.

During the first six months of 2020, Conrad added $119.7 million of backlog to its new construction segment compared to $73.5 million added to backlog during the first six months of 2019.   Conrad's backlog was $133.0 million at June 30, 2020, $79.2 million at December 31, 2019 and $116.8 million at June 30, 2019.  Conrad signed the biggest contract in its history in the second quarter of 2020.  Since the end of the second quarter the Company has signed an additional $14.1 million in contracts. 

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, 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 shipyards located in southern Louisiana and Texas.

For Information Contact:
Cecil Hernandez (985) 702-0195
CAHernandez@ConradIndustries.com

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SOURCE Conrad Industries, Inc.

FAQ

What were Conrad Industries' Q2 2020 financial results for CNRD?

Conrad Industries reported a net income of $482,000 in Q2 2020, with earnings per diluted share of $0.10.

How does 2020's backlog compare to previous years for CNRD?

As of June 30, 2020, Conrad's backlog was $133.0 million, up from $79.2 million at the end of 2019.

What significant contracts did CNRD secure in 2020?

Conrad secured its largest contract in history during Q2 2020, contributing to an additional $14.1 million in contracts signed after the quarter.

What was Conrad Industries' performance in the first half of 2020?

For the first six months of 2020, Conrad reported a net income of $896,000 compared to a net loss of $2.5 million in the same period in 2019.