Photon Control Inc. reported consolidated earnings results for the second quarter and half year ended June 30, 2018. For the quarter, the company reported total revenue for the second quarter of 2018 increased 64% from $8.9 million to a record $14.6 million. EBITDA for the quarter of 2018 was $5.1 million or 35% of revenue compared to $2.5 million or 28% of revenue in the same year-ago periods. Record net income was $3.9 million and basic earnings per share of $0.03 for the quarter.

For the half year, revenue increased 37% from $20.8 million to $28.4 million. The very large increase year-over-year reflects a second quarter 2017 slowdown while the company relocated its manufacturing facility, as well as the company capturing an increased share of customers' spend of fiber optic sensors combined with strong overall market conditions in 2018. EBITDA for the first half of 2018 was $9.8 million or 35% of revenue compared to $7.4 million or 36% of revenue in the same year-ago periods. Record net income was $6.7 million and $0.06 per share for the half-year.

The company expected third quarter of 2018 revenue to be in the range of $10 million to $12 million.

The company expected to maintain its EBITDA and net income margins for the year at levels similar to or above those reported in the prior year. The company continues to be confident in maintaining its growth margin at the mid-50 range and EBITDA margin at the mid-30 range for the full 2018 fiscal year. The company previously reported that the company expected revenue growth for the full year would exceed the then forecasted low double-digit percentage growth in the semiconductor and wafer fab equipment spending market. Despite the drop in the industry's consensus growth estimates, the company continue to believe the company can deliver double-digit percentage revenue growth for this year. That remains unchanged.