06:22 AM EDT, 10/11/2024 (MT Newswires) -- Velan ( VLNSF ) , a manufacturer of industrial valves, late on Thursday said it swung to an adjusted net income in the fiscal second quarter, driven by higher sales during the period.

For the quarter ended Aug. 31, adjusted net income was US$121,000, or US$0.01, per share, compared with a loss of US$1.9 million, or US$0.09, per share in the same period last year.

Sales came in at US$98.6 million, up from US$80.3 million. Adjusted EBITDA also increased to US$5.1 million from US$3.3 million.

"Velan's ( VLNSF ) strong momentum continued in the second quarter of fiscal 2025 with bookings and sales growing more than 60% and 20% year-over-year, respectively," said Velan ( VLNSF ) CEO James Mannebach. "This dual growth was driven by our diversified portfolio, global reach and sustained differentiation in key market segments.

As of Aug. 31, Velan's ( VLNSF ) backlog amounted to US$548.1 million, up from US$491.5 million as of Feb. 29. As of Aug. 31, 72.2% of the backlog is deliverable in the next 12 months.

Bookings for the quarter rose to $116.6 million from $71.5 million. The increase reflects higher bookings in North America driven by new projects for the nuclear power market, Velan ( VLNSF ) said.