RE:first impression Q1, hope? , maybe?
The top line was great, especially when you consider that it was a summer quarter. The backlog however, is 3.6 MM behind where it was at the end of Oct last year. At this point in the cycle, the backlog is like a scale; the more revenue that is taken from the Q1/Q2 side, the more the Q3/Q4 side will go down.
At this point, it is small orders that can save the year, but they seem to have continued their downtrend. In Q1, they were coming in at around 650 K per month which is down from the average of about 1 MM per month. Now in Sep and Oct, the average has dropped to about 600 K per month. They need to reverse this trend. Aren't steam trap sales supposed to be ramping up? Why the slowdown?