Revenue for the quarter was $79.2 million, up $2.6 million from the prior year third quarter, representing an 3% increase over the prior year and continuing the sales growth seen in the first two quarters. Revenue for the first nine months of 2021 was $195 million, up $9 from 2020, showing a 5% YTD increase in revenue. Demand for products remains strong and the Company is working to increase production for the remainder of the year to meet the growing order backlog.
Net Earnings for the Quarter
The net income for the third quarter was $3.8 compared to $0.5 for the same period in 2020. For the year to date, the net income was $0.4 compared to a loss of $(13.5) in the prior year. In the prior year the lower margin and foreign exchange losses resulted in the loss. In the current quarter the improved margin, coupled with interest expense savings and gains on disposal of assets have resulted in a profit for the quarter.
The Company achieved third quarter sales growth of 3.3% coming in at $79.2 and continues to project sales growth in 2021. Sales backlog remains high as the Company is working through supply chain challenges including raw material availability in ramping up production. In the past year, the Company restructured its manufacturing capacity and made changes to reduce the overall cost of operations. The results of these changes are showing up in increased margins and while visible in 2021, the full impact of these cost reductions will be realized in 2022. As a result of a policy change made this year, the Company will be extending its year end to December 31 which is a change from the September 30 year end and will show its year end result for a fifteen month period versus last year's twelve month period.