Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) yesterday announced today its second quarter and six months ended June 30, 2022, financial results and backlog at June 30, 2022.
While the numbers in the financials were still written in red ink, the news on the backlog front was more encouraging.
For the quarter ended June 30, 2022, Conrad had a net loss of $3.4 million and loss per diluted share of $0.67 compared to net income of $8.6 million and income per diluted share of $1.71 during the second quarter of 2021.
The company had a net loss of $3.5 million and loss per diluted share of $0.69 for the six months ended June 30, 2022 compared to net income of $9.3 million and earnings per diluted share of $1.85 for the six months ended June 30, 2021. Net income in the second quarter and first six months of 2021 included the Paycheck Protection Program loan being forgiven in the second quarter of 2021 and its qualification for the Employee Retention Credit for the first two quarters of 2021.
$245.1 MILLION BACKLOG
During the first six months of 2022, Conrad added $198.8 million of backlog to its new construction segment compared to $60.8 million added to backlog during the first six months of 2021. Conrad’s backlog was $245.1 million at June 30, 2022, the second-highest backlog in our company’s history, $148.5 million at December 31, 2021 and $170.9 million at June 30, 2021. Since the end of the second quarter the company has signed an additional $34.9 million in contracts.
The company’s full financial report for the period reveals a little more about the new contracts:
“In June of 2022, one of our major customers exercised the option to construct a second 6,500-cubic yard capacity trailing suction hopper dredge, which is now the largest contract in our company’s history. The first 6,500-cubic yard capacity dredge, which was awarded in 2020 and was at that time the largest contract in our history, is scheduled for delivery prior to the end of second quarter 2023. We have also been awarded a 6,000 hp inland river towboat from a repeat customer and a 190 foot battery hybrid diesel-electric vehicle ferry for a new customer.”