Business
Conrad Industries Announces 2022 Results and Backlog
Conrad Industries Announces 2022 Results and Backlog.
About this update from Conrad Industries, Inc.
[{"type":"text","content":"\n\n\n\nConrad Industries Announces 2022 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 2022 Results and Backlog\nPR Newswire\nMORGAN CITY, La., March 31, 2023\n\n\n\nMORGAN CITY, La., March 31, 2023 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink: CNRD) today announced its 2022 results and backlog.\nThe Company had net loss of $17.4 million and loss per diluted share of $3.47 for the twelve months ended December 31, 2022 compared to net income of $6.5 million and earnings per diluted share of $1.29 for the twelve months ended December 31, 2021. Net income for 2021 included the Paycheck Protection Program loan being forgiven and our qualification for the Employee Retention Credit in 2021. The Company's financial reports are available at www.otcmarkets.com.\nOur backlog as of December 31, 2022 was $244.1 million, compared to $148.5 million at December 31, 2021, and $183.7 million at December 31, 2020.\nJohnny Conrad, Chairman and CEO stated, \"Our results for 2022 reflect a continued challenging operating environment, with losses primarily related to new construction gross losses from jobs on which actual costs varied from original estimates due to higher labor hours, higher labor costs, higher material costs and other inflationary cost increases. Many of these jobs were booked in mid-to-late 2020 and early 2021 and were completed or neared completion in 2022.\"\nMr. Conrad continued, \"Although we face substantial uncertainties in our markets, we believe we are well-positioned to take advantage of opportunities as market fundamentals improve, due to our shipyard capacity, our investments in improving our shipyards' capabilities and efficiencies, and our experienced team. Bid activity in early 2023 has been strong, and there is increased government funding available for infrastructure and military projects. We have actively pursued government contracts in an effort to further diversify our new construction portfolio. We believe some delayed customer orders will move forward if steel prices stabilize or our customers' busi...