Conrad Industries Announces Second Quarter 2021 Results and Backlog

Rhea-AI Summary

Conrad Industries, Inc. (CNRD) reported strong financial results for Q2 and the first half of 2021. Net income reached $8.6 million in Q2, a significant increase from $482,000 in the same period last year. Earnings per diluted share were $1.71, up from $0.10 in Q2 2020. For the six months ending June 30, 2021, net income was $9.3 million, compared to $896,000 in 2020. The positive results are attributed to the forgiveness of a Paycheck Protection loan and qualification for the Employee Retention Credit. The company added $60.8 million to its backlog for new construction.

Positive

• Net income for Q2 2021 increased to $8.6 million from $482,000 in Q2 2020.
• Earnings per diluted share rose to $1.71 from $0.10 year-over-year.
• Net income for the first six months of 2021 was $9.3 million, up from $896,000 in 2020.
• Received forgiveness for Paycheck Protection loan, enhancing financial position.
• Qualified for Employee Retention Credit, boosting revenue.
• Added $60.8 million to new construction backlog in H1 2021.

Negative

• Backlog additions for new construction decreased from $119.7 million in H1 2020 to $60.8 million in H1 2021.
• Total backlog declined from $183.7 million at December 31, 2020, to $133.0 million at June 30, 2021.

MORGAN CITY, La., Aug. 16, 2021 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months 2021 financial results and backlog at June 30, 2021.

For the quarter ended June 30, 2021, Conrad had net income of $8.6 million and earnings per diluted share of $1.71 compared to net income of $482,000 and earnings per diluted share of $0.10 during the second quarter of 2020. The Company had net income of $9.3 million and earnings per diluted share of $1.85 for the six months ended June 30, 2021 compared to net income of $896,000 and earnings per diluted share of $0.18 for the six months ended June 30, 2020.  The increase in net income in the second quarter and first six months is primarily due to our Paycheck Protection loan being forgiven in the second quarter of 2021 and our qualification for the Employee Retention Credit for the first two quarters of 2021.  The Company's financial reports are available at www.otcmarkets.com.

During the first six months of 2021, Conrad added $60.8 million of backlog to its new construction segment compared to $119.7 million added to backlog during the first six months of 2020.   Conrad's backlog was $170.9 million at June 30, 2020, $183.7 million at December 31, 2020 and $133.0 million at June 30, 2020.  Since the end of the second quarter the Company has signed an additional $15.5 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 2021 financial results under CNRD?

Conrad Industries reported a net income of $8.6 million and earnings per diluted share of $1.71 for Q2 2021.

How does Conrad Industries' 2021 income compare to 2020?

In Q2 2020, net income was $482,000 and earnings per diluted share were $0.10, indicating substantial growth in 2021.

What is the current backlog for Conrad Industries as of June 30, 2021?

As of June 30, 2021, Conrad Industries had a backlog of $133.0 million.

What contributed to the increase in net income for Conrad Industries in 2021?

The increase in net income was primarily due to the forgiveness of a Paycheck Protection loan and eligibility for the Employee Retention Credit.

How much backlog did Conrad Industries add in the first half of 2021?

Conrad Industries added $60.8 million to its backlog in the first half of 2021.