Revenue for the quarter was $64.6 million, up $4.8 million from the prior year second quarter, representing an 8% increase over the prior year and continuing the sales growth seen in the first quarter. Revenue for the first 6 months of 2020 was $115.8 million, up $6.7 from 2020, showing a 6% year-to-date 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.
The net income for the second quarter was $0.4, compared to a net loss of $(8.5) for the same period in 2020. For the year to date, the net loss was $(3.4), compared to a loss of $(13.9) in the prior year. In the prior year the lower margin and significant foreign exchange losses resulted in the loss. The Company has made improvements in manufacturing efficiencies, and has managed margin improvement. In addition, lower selling and administration costs, interest expense savings, gains on disposal of assets and favorable exchange rates have all contributed to the favorable results in the quarter over the prior year.
Second quarter sales increased by 8% over the prior year second quarter. The Company 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. Inventory and accounts receivables levels are projected to increase to support the sales growth. 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 beginning to be visible in 2021 and the full impact of these cost reductions will be realized in 2022.
