Conrad Industries Announces Third Quarter 2021 Results and Backlog

Rhea-AI Summary

Conrad Industries, Inc. (CNRD) reported its financial results for Q3 2021, showing a net loss of $578,000 ($0.12 per share) compared to a loss of $3.6 million ($0.72 per share) in Q3 2020. For the first nine months, the company achieved a net income of $8.7 million ($1.74 per share), up from a net loss of $2.7 million in 2020, primarily due to forgiveness of a Paycheck Protection loan. Backlog at September 30, 2021, was $163.5 million, a decrease from $183.7 million at the end of 2020.

Positive

• Net income for nine months increased to $8.7 million from a loss of $2.7 million in 2020.
• Earnings per diluted share for nine months rose to $1.74 compared to a loss of $0.54 in 2020.
• The Paycheck Protection loan was forgiven, significantly boosting net income.

Negative

• Q3 2021 net loss of $578,000 contrasts with a larger loss of $3.6 million in Q3 2020.
• Total backlog decreased to $163.5 million from $183.7 million at the end of 2020.

MORGAN CITY, La., Nov. 15, 2021 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its third quarter and nine months 2021 financial results and backlog at September 30, 2021.

For the quarter ended September 30, 2021, Conrad had net loss of $578,000 and loss per diluted share of $0.12 compared to net loss of $3.6 million and loss per diluted share of $0.72 during the third quarter of 2020. The Company had net income of $8.7 million and earnings per diluted share of $1.74 for the nine months ended September 30, 2021 compared to net loss of $2.7 million and loss per diluted share of $0.54 for the nine months ended September 30, 2020. The increase in net income in the first nine 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 three quarters of 2021. The Company's financial reports are available at www.otcmarkets.com.

During the first nine months of 2021, Conrad added $80.3 million of backlog to its new construction segment compared to $171.7 million added to backlog during the first nine months of 2020. Conrad's backlog was $163.5 million at September 30, 2021, $183.7 million at December 31, 2020 and $160.4 million at September 30, 2020.

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' Q3 2021 financial results?

Conrad Industries reported a net loss of $578,000 in Q3 2021, significantly improved from a loss of $3.6 million in Q3 2020.

How did Conrad Industries' nine-month earnings compare from 2020 to 2021?

For the nine months ended September 30, 2021, Conrad had a net income of $8.7 million, up from a net loss of $2.7 million in 2020.

What impact did the Paycheck Protection loan have on Conrad Industries' finances?

The forgiveness of the Paycheck Protection loan contributed to the increase in net income for the first nine months of 2021.

What is the current backlog for Conrad Industries?

As of September 30, 2021, Conrad Industries' backlog stood at $163.5 million.

How does the current backlog compare to previous years?

The backlog decreased from $183.7 million at the end of 2020 and $160.4 million at September 30, 2020.