Conrad reports 2018 results and backlog

Conrad Industries chairman and CEO Johnny Conrad: “Bid activity in early 2023 has been strong, and there is increased government funding available for infrastructure and military projects.”

Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) yesterday reported its 2018 results and backlog.

The company had net income of $198,000 and earnings per diluted share of $0.04 for the twelve months ended December 31, 2018 compared to net loss of $2.1 million and loss per diluted share of $0.42 for the twelve months ended December 31, 2017. Results for the year ended December 31, 2018 include $7.5 million from the Deepwater Horizon Court-Supervised settlement.

Backlog as of December 31, 2018 was $127.7 million, compared to $111.3 million at December 31, 2017, and $216.5 million at December 31, 2016.

“2018 was a challenging year, particularly given the soft market for new construction projects,” said Johnny Conrad, Chairman and CEO. “However, we experienced an improved market for our repair services and bid activity has been good in early 2019.”

“2019 will also have its challenges as the market continues to rebound, but we are optimistic about the long-term prospects of our business,” said Cochran. “We have met these types of challenges in the past, and we remain confident that with our talented and dedicated employees, strong balance sheet and diversified customer base we can effectively respond to changing market conditions.”