Conrad Industries Inc. announced its second quarter and six months 2020 financial results and backlog last week.
For the quarter ended June 30, 2020, Conrad had net income of $482,000 and earnings of 10 cents a share. That compares to net loss of $2.2 million and loss of 44 cents a share during the second quarter of 2019. The company had net income of $896,000 and earnings per share 18 cents for the six months ended June 30, 2020. This compares to a net loss of $2.5 million and loss of 50 cents a share for the six months ended June 30, 2019. The company's financial reports are available at www.otcmarkets.com.
During the first six months of 2020, Conrad added $119.7 million of backlog to its new construction segment compared to $73.5 million added during the first six months of 2019. Conrad's backlog was $133 million as of June 30, 2020, $79.2 million on Dec. 31, 2019, and $116.8 million on June 30, 2019. Conrad signed the biggest contract in its history in the second quarter of 2020.
In June, Great Lakes Dredge & Dock Corp., Oak Brook, Ill., awarded a contract to Conrad Shipyard for the construction of a 6,500-cu.-yd.-capacity trailing suction hopper dredge. The contract includes an option to build an additional dredge. Since the end of the second quarter, the company has signed an additional $14.1 million in contracts.
Conrad, established in 1948 and headquartered in Morgan City, La., designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its five shipyards located in southern Louisiana and Texas.