The Company currently estimates revenues in the second quarter of 2020 will be between $7.4 million to $7.7 million, which would represent a 38% to 44% increase from revenues of $5.4 million for the second quarter of 2019 and a 10% to 15% increase from revenues of $6.7 million for the first quarter of 2020. The estimated improvement in preliminary revenues reflects both the expected strength in military demand as well as increased revenue contributions from commercial programs. At June 30 2020, the backlog of open orders was $14.8 million, including $13.6 million of orders that were shippable within twelve months. As of June 30, 2020, the Company had cash of $5.3 million and a revolving credit loan balance of $0.4 million. The June 30, 2020 cash balance includes $1.96 million in proceeds from a loan under the Paycheck Protection Program, which the Company expects to be forgivable. This compares to cash of $3.1 million and a revolving credit loan balance of $2.2 million as of March 31, 2020.
?“As we expected, our sales increased during the second quarter of 2020, reflecting strong first quarter military business bookings and increased revenue contributions from our commercial contracts,” said Andrew Sculley, President and Chief Executive Officer. “Our military business remained strong during the quarter, reflecting the contribution of large programs which drove the increase in our backlog and which we expect will continue throughout 2020. We look forward to sharing additional details of our second quarter results on our quarterly conference call in August.”
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