Hemiwedge Industries issued the following marketing and operations update of the Company's progress.
Since the Company's update release in March 2010, the Company has acquired new customers domestically and internationally and continued to grow and improve operations.
Second Quarter and Six Months ending June 2010 Revenues
Unaudited revenues for the second quarter ending June 30, 2010 were approximately $575,000, or an increase of 164%, as compared to the second quarter 2009. Revenues for the first six months ending, June 30, 2010 were approximately $1.61 million, or an increase of 352%, compared to the first six months ending June 2009. Based on second quarter customer indications and industry activity levels in the market, the Company currently continues to estimate significant revenue growth in 2010 and beyond.
The industrial valve market segments that Hemiwedge Valve Corp. are focused in continue to show signs of improvement from their 2009 lows. While management did not see as many capital expansion projects by its customers during the second quarter, indications are these projects will move forward in the later half of this year and next year. Many of the company's current orders represent maintenance purchases and replacement of legacy ball valves products with which we compete.
Current backlog of purchase orders received, not yet shipped, totaled approximately $640,000 at June 30, 2010. The customers associated with this backlog include a multi-national energy services customer, an overseas managed pressure drilling company, a chemical process company, domestic refiners, and products pipeline companies.
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