Paycheck Protection loan forgiveness boosts Conrad net

Written by Marine Log Staff

Work underway at Conrad includes two versatile Damen Multi Cats [Image: Damen Shipyards]

Morgan City, La., headquartered shipbuilder Conrad Industries Inc. (OTC Pink: CNRD) has reported its second quarter and six months 2021 financial results and backlog as at June 30, 2021.

For the quarter ended June 30, 2021, Conrad Industries had net income of $8.6 million and earnings per diluted share of $1.71 compared to net income of $482,000 and earnings per diluted share of $0.10 during the second quarter of 2020. The company had net income of $9.3 million and earnings per diluted share of $1.85 for the six months ended June 30, 2021 compared to net income of $896,000 and earnings per diluted share of $0.18 for the six months ended June 30, 2020.

The increase in net income in the second quarter and first six months was primarily due to the company’s Paycheck Protection loan being forgiven in the second quarter of 2021 and to its qualification for the Employee Retention Credit for the first two quarters of 2021.

During the first six months of 2021, Conrad added $60.8 million of backlog to its new construction segment compared to $119.7 million added to backlog during the first six months of 2020. Conrad’s backlog was $170.9 million at June 30, 2020, $183.7 million at December 31, 2020 and $133.0 million at June 30, 2020. Since the end of the second quarter the Company has signed an additional $15.5 million in contracts.