Conrad Industries announces 2017 results and backlog

For the quarter ended 31 December 2017, Conrad had a net loss of US$3.4 million and loss per diluted share of US$0.67 compared to net loss of US$836 000 and loss per diluted share of US$0.15 during the fourth quarter of 2016. The company had net loss of US$2.1 million and loss per diluted share of US$0.42for the 12 months ended 31 December 2017 compared to net loss of US$1.7 million and loss per diluted share of US$0.33 for the 12 months ended 31 December 2016. Results for the quarter and year ended 31 December 2017 reflect a US$1.3 million income tax benefit, primarily attributable to the tax cuts and jobs act which resulted in a one-time revaluation of certain tax-related assets and liabilities to reflect their value at a lower corporate tax rate.

New business added during the first quarter of 2018 includes the signing of contracts totaling US$35.2 million which brings our estimated current backlog to approximately US$107.0 million, compared to US$111.3 million at 31 December 2017, US$216.5 million at 31 December 2016, and US$211.8 million at 31 December 2015. New contracts added during the first quarter of 2018 include four 30 000 bbl. tank barges, two LPG tank barges, four spud barges, three 24 000 bbl. Adiponitrile barges and two anchor barges.

Johnny Conrad, President and CEO stated, "Our 2017 and 2016 operating results were affected by losses of US$11.9 million and US$13.2 million, respectively, on the LNG bunker barge. Despite the losses we have incurred on the construction of the LNG barge, we believe that we have developed the resources to establish ourselves as a leader in LNG marine-related construction in North America. During 2017 our new construction segment continued to be adversely affected by a soft market for energy transportation, increased pricing pressure, and low demand for large barge project orders, while our repair and conversion segment continued to be impacted by low oil prices and depressed Gulf of Mexico activity. These factors had a negative impact on our operating results in 2017, and they may continue to impact our operations during 2018."

Conrad concluded, "Although we expect 2018 to be another challenging year, we are optimistic about the long-term prospects of our business. We have met these types of challenges in the past, and we remain confident that with our talented and dedicated employees, strong balance sheet and diversified customer base we can effectively respond to changing market conditions."

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/29032018/conrad-industries-announces-2017-results-and-backlog/