seasonality hits resultsThe amazing thing about the COVID time period was the consistency of revenues ; in a normalized world Q1 is usually weak.
On the other hand , the company controlled expenses -"Operating expenses for the quarter were
$806,000, which was a decrease of
$136,000 from the
$942,000 in operating expenses incurred for the same period ended in the prior year. The decrease in operating expenses was largely the result of decreased variable sales expenses on the lower revenues recorded in the quarter." except for a cost overrun on a project of approximately
$200,000.
The Company booked new orders totalling $3.6 million in the quarter resulting in a historic backlog of orders at March 31, 2023 of $39.0 million compared to an order backlog of $31.1 million at March 31, 2022.
"Bidding activity has remained strong through the first quarter and we expect to report significant new bookings in coming months." said Derek S. Webb, President & CEO.
"While actual bookings lag our forecasts for the first quarter, delays in the awarding of contracts are primarily a function of infrastructure projects being delayed rather than losing those contracts to competitors," said Mr. Webb. "Our sales funnel continues to grow for both our biological solutions as well as with the new dry scrubber product line introduced last year. Maintaining an order backlog and sales funnel at these levels will ensure the Company's continued growth in revenues and profitability."