Conrad reports 3Q loss; backlog sets record

Conrad Industries Inc. announced a net third quarter loss of $5.3 million and loss per diluted share of $1.06 compared to net loss of $578,000 and loss per diluted share of $0.12 during the third quarter of 2021.

The company had net loss of $8.8 million and loss per diluted share of $1.75 for the nine months ended Sept. 30, 2022, compared to net income of $8.7 million and earnings per diluted share of $1.74 for the nine months ended Sept. 30, 2021.

Net income for the first nine months of 2021 included the Paycheck Protection Program loan being forgiven in the second quarter of 2021 and 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 2022, Conrad added $251.0 million of backlog to its new construction segment compared to $80.3 million added to backlog during the first nine months of 2021.

Conrad’s backlog was $260.5 million at Sept. 30, 2022, the highest backlog in the company’s history, compared to $148.5 million at Dec. 31, 2021, and $163.5 million at Sept. 30, 2021.
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Conrad Industries Inc., established in 1948 and headquartered in Morgan City, designs, builds and overhauls tugboats, ferries, lift boats, 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.