Conrad Industries Announces First Quarter 2022 Results and Backlog

Rhea-AI Summary

Conrad Industries, Inc. (CNRD) reported a first-quarter 2022 net loss of $116,000, translating to a loss per diluted share of $0.02, contrasting with a net income of $705,000 and income per diluted share of $0.14 in Q1 2021. The prior year’s results included $2.9 million in other income from the Employee Retention Credit. Backlog decreased to $136.5 million from $148.5 million in Q4 2021 and $193.4 million in Q1 2021.

Positive

• Company continues operations and service offerings in shipbuilding and repairs.
• Established history and firm presence in the marine construction industry.

Negative

• Posted a net loss of $116,000 in Q1 2022 vs a profit of $705,000 in Q1 2021.
• Backlog decreased by $11.9 million from the previous quarter and $56.9 million year-over-year.

MORGAN CITY, La., May 16, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) announced today its first quarter 2022 results.

For the quarter ended March 31, 2022, Conrad had net loss of $116,000 and loss per diluted share of $0.02 compared to net income of $705,000 and income per diluted share of $0.14 during the first quarter of 2021.  Net income in the first quarter of 2021 included $2.9 million in other income related to the Employee Retention Credit.  The Company's financial reports are available at www.otcmarkets.com.

Conrad's backlog was $136.5 million at March 31, 2022 compared to $148.5 million at December 31, 2021 and $193.4 million at March 31, 2021.

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 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

View original content:https://www.prnewswire.com/news-releases/conrad-industries-announces-first-quarter-2022-results-and-backlog-301548461.html

SOURCE Conrad Industries, Inc.

FAQ

What were the Q1 2022 results for Conrad Industries (CNRD)?

In Q1 2022, Conrad Industries reported a net loss of $116,000 and a loss per diluted share of $0.02.

How does Q1 2022 compare to Q1 2021 for CNRD?

In Q1 2021, CNRD reported a net income of $705,000 and income per diluted share of $0.14.

What is the backlog for Conrad Industries as of March 31, 2022?

As of March 31, 2022, Conrad Industries had a backlog of $136.5 million.

How much did Conrad's backlog decline from Q4 2021 to Q1 2022?

Conrad's backlog declined by $11.9 million from $148.5 million in Q4 2021.