Dynamic Materials posts $1.3M quarterly loss

BOULDER — Metalworking firm Dynamic Materials Inc. (Nasdaq: BOOM) reported on Tuesday a loss of $1.3 million and 10 cents per share for its second quarter that ended June 30.

The Boulder-based company’s sales declined to $44.7 million for the quarter from $51.9 million for the same period a year ago.

The $1.3 million loss brings the company’s six-month losses to $3.7 million. For the same periods a year ago, Dynamic Materials posted a profit of $2.3 million for the quarter and $3.8 million for the first six months.

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Dynamic Materials’ two business segments include explosion-welded metals and oilfield products.

“In the face of challenging market conditions, both of our businesses achieved important strategic and operational objectives during the second quarter,” Kevin Longe, president and chief executive, said in a prepared statement.

“Field trials of our new DynaStage product have validated our concept of a factory-assembled perforating system that both lowers cost of operations and improves perforating performance,” he said.

The company has entered the final phases of these trials, which include ramping the supply chain and assembly operations to commercial production volumes, and adjusting processes where necessary.

“We have received favorable feedback from our primary testing partners — two leading wireline service companies — and both have expressed interest in commercial deployment of the DynaStage system,” Longe said. “We currently are discussing the details of potential supply agreements with both companies, and we anticipate entering formal contracts during the third or fourth quarter.”