Business
Conrad Industries Announces 2021 Results and Backlog
Conrad Industries Announces 2021 Results and Backlog.
About this update from Conrad Industries, Inc.
[{"type":"text","content":"\n\n\n\nConrad Industries Announces 2021 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 2021 Results and Backlog\nPR Newswire\nMORGAN CITY, La., March 31, 2022\n\n\n\nMORGAN CITY, La., March 31, 2022 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) today announced its 2021 results and backlog.\nThe 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.\nOur 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.\nJohnny 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.\"\nMr. 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.\"\nMr. Conrad concluded, \"We are optimistic about our long-term prospects including the re...