The decrease in revenues for the first six months of 2023 compared to the prior year is entirely due to delays in customer project construction schedules that were beyond Biorem's ability to influence.
Yes, it's been an underwhelming first half but I wouldn't be surprised if the clouds part and the company surpasses last year .
Bring on 'ROBUST"
During the quarter the Company booked $16.8 million in new orders resulting in a record order backlog of $51.5 million on June 30, 2023 compared to an order backlog of $39 million on June 30, 2022.
The Company expects this record backlog to enable the Company to deliver a strong second half of the year in terms of revenues and earnings.
"While customer execution delays on projects have deferred revenue into the later half of 2023 and early 2024, market demand for our solutions continues to grow robustly," said Derek S. Webb, President and CEO. "Our backlog continues to grow at an aggressive pace supported by expanding product lines and we anticipate robust financial results once customer delays are rectified."
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The Company's cash position stood at $4.7 million on March 31, 2023, compared with the $3.8 million held on December 31, 2022. Working capital at the end of the quarter was $4.1 million down slightly from the $4.9 million held at December 31, 2022 and up $1.3 million from $2.9 million recorded at March 31, 2022.
Cash on hand at June 30, 2023 decreased to $1.6 million. Earnings from operating activities during the quarter used $39,000 of cash and net increases in non-cash working capital items used a further $3 million of cash reserves. Working capital at June 30, 2023 stood at $3.4 million.
Not crazy about the cash level.