Red ink quarter for Conrad

Written by Nick Blenkey
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Conrad's Morgan City, La., shipyard

Morgan City, La., headquartered shipbuilder and repairer Conrad Industries, Inc. (OTC Pink: CNRD) has reported first quarter 2019 results that included a net loss of $307,000 and loss per diluted share of $0.06 compared to net income of $586,000 and earnings per diluted share of $0.12 during the first quarter of 2018.

Conrad says the losses were “due to learning curves, issues with labor shortages and retention of labor, and material increases impacted by the steel environment.”

Conrad’s backlog was $122.7 million at March 31, 2019 compared to $127.7 million at December 31, 2018 and $106.2 million at March 31, 2018.

During the first quarter of 2019, Conrad reports that it added $36.2 million of backlog, as compared to $35.4 million added in the first quarter of 2018, which includes two deck barges, four tugs, five 30,000 bbl. barges and two LPG barges.

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