Conrad Industries Announces Second Quarter 2022 Results and Backlog

Rhea-AI Summary

Conrad Industries reported a net loss of $3.4 million for Q2 2022, translating to a loss per diluted share of $0.67, a stark contrast to a net income of $8.6 million and earnings per share of $1.71 in Q2 2021. For the first half of 2022, the company recorded a net loss of $3.5 million, down from a net income of $9.3 million in 2021. Notably, the backlog reached $245.1 million, the second-highest in history, boosted by $198.8 million in new construction contracts, significantly up from $60.8 million in the same period last year.

Positive

• Backlog increased to $245.1 million, the second-highest in company history.
• Added $198.8 million in new construction backlog in the first six months of 2022, up from $60.8 million in 2021.
• Signed additional contracts worth $34.9 million since the end of Q2 2022.

Negative

• Reported a net loss of $3.4 million for Q2 2022, compared to net income of $8.6 million in Q2 2021.
• Loss per diluted share of $0.67 in Q2 2022, down from earnings per share of $1.71 in Q2 2021.
• Net loss of $3.5 million for the first half of 2022, contrasting with $9.3 million in net income in the same period of 2021.

MORGAN CITY, La., Aug. 15, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months ended June 30, 2022 financial results and backlog at June 30, 2022.

For the quarter ended June 30, 2022, Conrad had net loss of $3.4 million and loss per diluted share of $0.67 compared to net income of $8.6 million and income per diluted share of $1.71 during the second quarter of 2021.  The Company had net loss of $3.5 million and loss per diluted share of $0.69 for the six months ended June 30, 2022 compared to net income of $9.3 million and earnings per diluted share of $1.85 for the six months ended June 30, 2021. Net income in the second quarter and first six months of 2021 included the Paycheck Protection Program 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 2022, Conrad added $198.8 million of backlog to its new construction segment compared to $60.8 million added to backlog during the first six months of 2021. Conrad's backlog was $245.1 million at June 30, 2022, the second-highest backlog in our company's history, $148.5 million at December 31, 2021 and $170.9 million at June 30, 2021. Since the end of the second quarter the Company has signed an additional $34.9 million in contracts.

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, dredges, barges, offshore supply vessels and other steel 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

View original content:https://www.prnewswire.com/news-releases/conrad-industries-announces-second-quarter-2022-results-and-backlog-301606031.html

SOURCE Conrad Industries, Inc.

FAQ

What were the second quarter 2022 financial results for CNRD?

Conrad Industries reported a net loss of $3.4 million for Q2 2022, resulting in a loss per diluted share of $0.67.

How did backlog change for Conrad Industries in 2022?

As of June 30, 2022, Conrad's backlog reached $245.1 million, significantly higher than the $170.9 million reported the previous year.

What is CNRD's financial performance compared to 2021?

CNRD faced a net loss of $3.5 million in the first half of 2022, a decline from a net income of $9.3 million in the same period of 2021.

How much new construction backlog did Conrad Industries add in 2022?

Conrad added $198.8 million to its new construction backlog during the first six months of 2022.

What additional contracts did CNRD secure after Q2 2022?

Since the end of Q2 2022, Conrad Industries signed contracts worth $34.9 million.