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Conrad Industries Announces First Quarter 2017 Results
Conrad Industries Announces First Quarter 2017 Results.
About this update from Conrad Industries, Inc.
[{"type":"text","content":"\n\n\n\nConrad Industries Announces First Quarter 2017 Results\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 First Quarter 2017 Results\nPR Newswire\nMORGAN CITY, La., May 15, 2017\n\n\n\nMORGAN CITY, La., May 15, 2017 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink Sheets: CNRD) announced today its first quarter 2017 results.\n\nFor the quarter ended March 31, 2017, Conrad's net income was $119,000 and earnings per diluted share was $0.02 compared to net income of $2.6 million and earnings per diluted share of $0.49 during the first quarter of 2016.  Results for the quarter ended March 31, 2016 included research and development tax credits of $579,000. No research and development tax credits are included in the results for the quarter ended March 31, 2017.  The Company's financial reports are available at www.otcmarkets.com.\n\nConrad's backlog was $183.0 million at March 31, 2017 compared to $216.5 million at December 31, 2016 and $189.9 million at March 31, 2016. \n\nJohnny Conrad, President and CEO stated, \"Our results reflect a continued difficult operating environment and we expect 2017 to be another challenging year. Although our bid activity has been good and we see some opportunities, our new construction segment was adversely affected by a soft market for energy transportation, increased pricing pressure, and customer delays on large project orders. Our repair and conversion segment continues to be impacted by low crude oil prices and there continues to be little visibility due to the short-term nature of this work.\" \n\nMr. Conrad continued, \"In addition, our first quarter operating results were affected by losses on the LNG Barge. Despite the losses we have incurred on the construction of the LNG Barge, the first vessel of its kind ever constructed in North America, we believe that we have developed the resources to establish ourselves as a leader in LNG marine-related construction in North America. Management continues to focus on effectively executing our backlog, adding new contracts, improving efficiencies, and...