Business
Conrad Industries Announces 2020 Results and Backlog
Conrad Industries Announces 2020 Results and Backlog.
About this update from Conrad Industries, Inc.
[{"type":"text","content":"\n\n\n\nConrad Industries Announces 2020 Results and Backlog\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nConrad Industries Announces 2020 Results and Backlog\nPR Newswire\nMORGAN CITY, La., March 31, 2021\n\n\n\nMORGAN CITY, La., March 31, 2021 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) today announced its 2020 results and backlog. \nThe Company had net loss of $4.0 million and loss per diluted share of $0.80 for the twelve months ended December 31, 2020 compared to net income of $86,000 and earnings per diluted share of $0.02 for the twelve months ended December 31, 2019. The Company's financial reports are available at www.otcmarkets.com.\nOur backlog as of December 31, 2020 was $183.7 million, compared to $79.2 million at December 31, 2019, and $127.7 million at December 31, 2018. \nJohnny Conrad, Chairman and CEO stated, \"We entered 2020 with profitable third and fourth quarters in 2019, improved performance on contracts, better margins in new construction, a solid infrastructure and oil transportation market and high hopes for continued business strengthening in 2020. However, the COVID-19 outbreak had a substantial adverse impact on our business. During the second quarter and remainder of 2020, our critical focus shifted primarily to protecting the health and safety of our workforce, managing cash and reducing costs, completing and delivering jobs in process, and working with our customers and potential customers to add backlog.\"\nMr. Conrad continued, \"Our loss was primarily related to the decrease in production volume of our business due to the pandemic. During 2020 we received a loan under the Paycheck Protection Program, which assisted us in retaining more employees than we otherwise would have been able to retain, paying allowed expenses and strengthening our financial position, which enabled us to obtain additional backlog. We believe we are eligible, and have applied for, forgiveness of the entire balance of the loan; however, no assurances can be provided that all or part of the loan will be forgiven. We did not include the loan fo...