Reports Q3 revenue $39.9M vs. $28.8M a year ago. Daniel Thoren, President and CEO, commented, "Our third quarter results reflect solid execution and demonstrate continual steady progress as we increase our sales and improve profitability. We have built a strong backlog of defense business, as we strengthen our position in commercial aftermarket and increase our presence in the growing space industry. We believe we are also now better prepared to take advantage of a rebound in demand from our commercial refining and petrochemical markets. Importantly, our operations are finding a rhythm to deliver to plan while we expand in areas where we expect more growth." He added, "While orders in the quarter of $20 million were soft, we believe it is primarily due to timing and a reflection of the general ebb and flow of large projects being released. The trailing twelve-month orders of $175.5 million and 114% book-to-bill ratio are a better representation of our growth and future potential. This is especially true given the large value of repeat orders we have received for critical U.S. Navy projects which we believe validates our position as a key supplier for the defense industry."
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