Conrad Announces Earnings, Expects To Complete LNG Barge In Third Quarter
Conrad Industries Inc., Morgan City, La., on May 15 announced net income of $586,000, or 12 cents per share, for the first quarter of 2018. That compares with net income of $119,000 or 2 cents per share, for the first quarter of 2017.
The company reported total revenue of $50,288,000 for the quarter, including $42,420,000 from vessel construction and $7,868 from repairs and conversions. For the same quarter of 2017, the company reported total revenue of $45,403,000, including $39,306,000 from vessel construction and $6,097 from repairs and conversions.
In its quarterly financial report, Conrad reported that the LNG barge it is constructing—the first of its kind being built in North America—resulted in losses of $785,000 in the first quarter. A year ago, in the first quarter of 2017, the loss on the LNG barge was $2.5 million. The losses primarily relate to vessel changes required by regulatory authorities, the company said.
“While most of the regulatory review process has been completed, we continue to have regulatory and execution risk associated with completing the vessel,” the company said in the report. “While we have incurred losses on the LNG barge, we believe we have developed resources to establish our company as a leader in LNG marine-related construction in North America.”
Conrad anticipates delivering the barge in the third quarter of this year.
Conrad’s backlog was $106.2 million on March 31, compared to $111.3 million as of December 31, 2017, and $183 million as of March 31, 2017.
Conrad Industries operates five shipyards: one in Morgan City; three in Amelia, La.; and one in Orange, Texas.