Morgan City, La., headquartered shipbuilder Conrad Industries,Inc (OTC Pink: CNRD) the other day reported its 3rd quarter and also 9 months 2020 monetary outcomes and also stockpile at September 30, 2020.
For the quarter finished September 30, 2020, Conrad had bottom line of $3.6 million and also loss per watered down share of $0.72 contrasted to earnings of $983,000 and also profits per watered down share of $0.20 throughout the 3rd quarter of 2019. The Company had bottom line of $2.7 million and also loss per watered down share of $0.54 for the 9 months finished September 30, 2020 contrasted to bottom line of $1.5 million and also loss per watered down share of $0.30 for the 9 months finished September 30, 2019.
In its complete monetary record through, the business stated the losses were mainly an outcome of a decline in quantity and also a soft market in brand-new building and construction however were partly countered by a boost in quantity and also even more successful item mix in its fixing sector. In enhancement, in the 3rd quarter of 2020, we videotaped costs of about $6.9 million connecting mainly to stockpile included at an anticipated loss, losses on the sale of supply vessels and also the sale of 2 vessels. it additionally videotaped an arrangement of about $1.6 million in the 3rd quarter of 2020, showing a lower-of-cost-or-market bookkeeping modification to supply pertaining to its supply vessel program.
“Our results for the three and nine months ended September 30, 2020 reflect a continued challenging operating environment, which is further challenged by the coronavirus (COVID-19) pandemic,” states the business. “In new construction, we continue to experience a soft market particularly for energy transportation projects and projects related to the offshore oil and gas industry, and low demand for large barge project orders. We believe that, largely as a result of the pandemic, many new construction customers have delayed new orders. The repair market continues to be adversely effected by low crude oil prices and depressed Gulf of Mexico activity; however, profitable jobs in the government and infrastructure markets enhanced our results in our repair and conversion segment, particularly in the second and third quarters of 2020. We continue to experience pricing pressure in both segments, which has intensified due to the pandemic. Some new construction customers continue to request favorable contract terms with smaller up-front and progress payments during construction.”
STOCKPILE CONSISTS OF LARGEST AGREEMENT TO DAY
“During the first nine months of 2020,” states the business, “we added $171.7 million of backlog, as compared to $96.0 million added in the first nine months of 2019, which includes fifteen spud barges, four 30,000 bbl. barges, two asphalt barges, two anchor barges, a 6,500-cubic-yard-capacity dredge, a flood gate, a keyway barge, a docking barge, a hopper barge, a LPG barge, two tank barges, an acid barge, a deck barge and two governmental repair contracts. Our backlog was $160.4 million at September 30, 2020, $79.2 million at December 31, 2019 and $89.2 million at September 30, 2019. As of September 30, 2020, approximately 60.5% of our backlog is related to a contract for one commercial customer. As of December 31, 2019, approximately 73.9% of our backlog related to contracts for four customers. Our management team is committed to effectively executing our backlog and obtaining additional backlog. We signed our largest contract to date in the second quarter of 2020, a 6,500-cubic-yard-capacity Trailing Suction Hopper Dredge, which will be constructed at our Deepwater South shipyard in Amelia with expected delivery in the first quarter of 2023.”
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