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Strong second-quarter results: Net sales rose 24% year over year to $59.6 million, while net income increased to $2.5 million, or $0.31 per diluted share. Results included a $3.9 million write-off of an uncollectible receivable, partially offset by a $1.6 million tax benefit.
Backlog and capacity are expanding: Backlog reached $142.3 million after $67.8 million in new quarterly orders, with 40%–50% expected to convert to revenue in the third quarter. New facilities in Ohio and Qatar are ramping production, while the leak-detection business has secured about 80% of its full-year bookings target.
Greater financial flexibility supports growth: A new JPMorgan facility provides approximately $90 million in initial commitments, up to $50 million in additional capacity and $30 million in letter-of-credit availability. Management said the financing will support larger projects and a pipeline exceeding $900 million, alongside expansion opportunities in water, energy and infrastructure.