Conrad Industries Announces 2021 Results and Backlog

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Mar 31, 2022, 18:10 ET

MORGAN CITY, La., March 31, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) today announced its 2021 results and backlog.

The Company had net income of $6.5 million and earnings per diluted share of $1.29 for the twelve months ended December 31, 2021 compared to net loss of $4.0 million and loss per diluted share of $0.80 for the twelve months ended December 31, 2020. Net income for 2021 includes other income related to Payment Protection Plan loan forgiveness and Employee Retention Credit. The Company's financial reports are available at www.otcmarkets.com.

Our backlog as of December 31, 2021 was $148.5 million, compared to $183.7 million at December 31, 2020, and $79.2 million at December 31, 2019.

Johnny Conrad, Chairman and CEO stated, "Our results for 2021 reflect a continued challenging operating environment. The improving but uneven pace of pandemic recovery in 2021 was accompanied by sharp increases in steel prices, inflationary price increases in other materials and equipment, supply chain disruptions and a tight labor market."

Mr. Conrad continued, "Although we face substantial uncertainties in our markets, we believe we are well-positioned to take advantage of opportunities when market fundamentals improve. We believe customers have delayed orders due to high steel prices and pandemic uncertainties, and that some of these orders will move forward when steel prices decline or our customers' business opportunities or fleet replacement needs require the vessels. We have seen a continued strong market for dredging and other infrastructure-related vessels, which we expect may continue, supported by the Infrastructure Investment and Jobs Act enacted in 2021. We are also optimistic about opportunities in our repair and conversions segment."

Mr. Conrad concluded, "We are optimistic about our long-term prospects including the recent award of a contract by the U.S. Navy for the design and construction of a Yard, Repair, Berthing and Messing ("YRBM") barge, with options for an additional seven barges. This contract along with the infrastructure and repair markets are encouraging signs for the future of our business."

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel products for both the commercial and government markets. The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.

Cautionary statement: This press release contains forward-looking statements, which are all statements other than those of historical facts, and reflect our expectations as of the date of this press release about future events. Forward-looking statements are subject to risks and uncertainties, including risks and uncertainties related to the COVID-19 pandemic, current high steel prices and constrained availability, competition, our reliance on cyclical industries, ability to perform contracts at costs consistent with estimated costs utilized in bidding, and ability to replenish our backlog and compete in changing markets. These and other risks are discussed in more detail in our Annual Report and subsequent reports available on www.otcmarkets.com. Should one or more of these risks materialize, achievement of anticipated results may differ materially from those anticipated. We do not intend to update these forward-looking statements, other than through our regular quarterly and annual reports.

For Information Contact:
Cecil A. Hernandez (985) 702-0195
[email protected]

SOURCE Conrad Industries, Inc.