Conrad reports profitable quarter

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

For the quarter ended September 30, 2019, Conrad had net income of $983,000 and earnings per diluted share of $0.20 compared to net loss of $2.6 million and a loss per diluted share of $0.51 during the third quarter of 2018.

The company had net loss of $1.5 million and loss per diluted share of $0.30 for the nine months ended September 30, 2019 compared to net income of $2.7 million and earnings per diluted share of $0.55 for the nine months ended September 30, 2018. Results for the nine months ended September 30, 2018 included $7.5 million from the Deepwater Horizon Court-Supervised settlement.

During the first nine months of 2019, Conrad added $96.0 million of backlog to its new construction segment compared to $145.9 million added to backlog during the first nine months of 2018. Conrad’s backlog was $89.2 million at September 30, 2019, $127.7 million at December 31, 2018 and $149.2 million at September 30, 2018. The company has signed $32.0 million of new contracts since September 30, 2019.

Conrad provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.