Morgan City, La., headquartered shipbuilder Conrad Industries, Inc. (OTC Pink: CNRD) has reported results for the quarter ended March 31, 2021, that include net income of $705,000 and income per diluted share of $0.14 compared to a net income of $414,000 and income per diluted share of $0.08 during the first quarter of 2020.
Conrad’s backlog was $193.4 million at March 31, 2021, compared to $183.7 million at December 31, 2020, and $36.6 million at March 31, 2020.
In its full quarterly report, Conrad notes that the $705,000 income was achieved “primarily as a result of qualifying for the Employee Retention Credit (ERC) in the amount of $2.9 million, which was recorded as other income.”
“During the first quarter of 2021, we added $34.8 million of backlog, as compared to $5.9 million added in the first quarter of 2020,” says the report. “Our backlog was $193.4 million at March 31, 2021, $183.7 million at December 31, 2020 and $36.6 million at March 31, 2020. As of March 31, 2021, approximately 80.2% of our backlog related to contracts for one commercial customer.
“As of December 31, 2020, approximately 69.3% of our backlog related to contracts for one customer, most of which related to the 6,500-cubic-yard capacity trailing suction hopper dredge for Great Lakes Dredge and Dock, scheduled for delivery before the end of the second quarter of 2023. We expect to complete approximately 64.0% of our backlog at March 31, 2021 during 2021. Our management team is focused on effectively executing our backlog and on obtaining additional backlog.”