Conrad Industries chairman and CEO Johnny Conrad: “Bid activity in early 2023 has been strong, and there is increased government funding available for infrastructure and military projects.”
“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,” stated Conrad Industries, Inc. (OTC Pink: CNRD) chairman and CEO Johnny Conrad because the Morgan City, La., headquartered shipbuilder reported its outcomes for 2022.
The firm reported a internet lack of $17.4 million and loss per diluted share of $3.47 for the twelve months ended December 31, 2022. That in comparison with a internet revenue of $6.5 million and earnings per diluted share of $1.29 for the twelve months ended December 31, 2021. Net revenue for 2021 included the corporate’s Paycheck Protection Program mortgage being forgiven and its qualification for the Employee Retention Credit in 2021. The Company’s monetary stories can be found at www.otcmarkets.com.
The firm’s backlog as of December 31, 2022 was $244.1 million, in comparison with $148.5 million at December 31, 2021, and $183.7 million at December 31, 2020.
“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,” stated Conrad. “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’ business opportunities or fleet replacement needs require the vessels. We remain optimistic about opportunities in our repair and conversions segment.”
“We believe that our ability to provide products and services to a variety of customers and to respond to demand for new types of vessels is a competitive strength,” Conrad concluded. “The infrastructure, government, pressurized barge, offshore wind and other markets are presenting us with exciting opportunities. We are intently focused on executing our backlog effectively and on obtaining new projects that will benefit our stockholders, employees, customers, suppliers and our community.”
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls barges, dredges and dredge help gear, tugboats, ferries, drydocks, liftboats, offshore help vessels and different metal merchandise for each the business and authorities markets. The firm gives each restore and new development providers at its 5 shipyards situated in southern Louisiana and Texas.
