Photon Control Inc. announced financial results for the three and six month periods ended June 30, 2017. Total revenue for the second quarter of 2017 increased 23% from $7.2 million to $8.9 million. Net loss before taxes for the quarter was $0.4 million compared to net profit before taxes of $1.9 million for the comparable period of 2016. Adjusted EBITDA for the period was $2,467,000 compared to $2,400,000 a year ago. Net loss and total comprehensive loss was $0.3 million or $0.00 per diluted share for the three months ended June 30, 2017 compared to net income of $1.4 million or $0.01 per diluted share in the prior comparable period.

For the first half of 2017 revenue increased 44% from $14.4 million to $20.8 million versus the prior year. The increase in revenue was primarily due to strong market conditions in the semiconductor industry. For the first six months of 2017, net income before taxes was $2.0 million compared to $4.0 million for the first half of 2016. Adjusted EBITDA for the period was $7,377,000 compared to $5,222,000 a year ago. Net income and total comprehensive income was $1.4 million or $0.01 per diluted share for the six months ended June 30, 2017 compared to $3.0 million or $0.03 per diluted share in the prior comparable period.

The company reported that the increase in backlog gives confidence in forecast of growth in year-over-year second half revenues of 10%.