Conrad Industries Announces Second Quarter 2022 Results and Backlog

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

For the quarter ended June 30, 2022, Conrad had net loss of $3.4 millionand loss per diluted share of $0.67compared to net income of $8.6 millionand income per diluted share of $1.71during the second quarter of 2021. The Company had net loss of $3.5 millionand loss per diluted share of $0.69for the six months ended June 30, 2022compared to net income of $9.3 millionand earnings per diluted share of $1.85for 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 millionof backlog to its new construction segment compared to $60.8 millionadded to backlog during the first six months of 2021. Conrad's backlog was $245.1 millionat June 30, 2022, the second-highest backlog in our company's history, $148.5 millionat December 31, 2021and $170.9 millionat June 30, 2021. Since the end of the second quarter the Company has signed an additional $34.9 millionin 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 Louisianaand Texas.

For Information Contact:
Cecil Hernandez(985) 702-0195
[email protected]

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SOURCE Conrad Industries, Inc.