Conrad reports more red ink but adds to newbuild backlog

Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) today reported its second quarter and six months 2019 financial results and backlog at June 30, 2019.

For the quarter ended June 30, 2019, Conrad had net loss of $2.2 million and loss per diluted share of $0.44 compared to net income of $4.7 million and earnings per diluted share of $0.94 during the second quarter of 2018. The company had net loss of $2.5 million and loss per diluted share of $0.50 for the six months ended June 30, 2019 compared to net income of $5.3 million and earnings per diluted share of $1.06 for the six months ended June 30, 2018. Results for the quarter and six months ended June 30, 2018 included $7.5 million from the Deepwater Horizon Court-Supervised settlement.

During the first six months of 2019, Conrad added $73.5 million of backlog to its new construction segment compared to $39.8 million added to backlog during the first six months of 2018. Conrad’s backlog was $116.8 million at June 30, 2019, $127.7 million at December 31, 2018 and $74.5 million at June 30, 2018.