Thanks, afternoon, Bart. everyone. Good
like manage our and into our of quarter get details I expenses steps first COVID-XX during the I'd highlight we operating this the to results, liquidity crisis. Before decrease our to took
projected pivot QX. measures quickly, to $XXX,XXX on and austerity which we expenses As internally I'm to the $XXX,XXX us number announced of by by March approximately by XX, million. took to $XXX,XXX proud reduce enabled we QX estimated levels in overhead ability over from our manufacturing expenses or $X.XX operating for total our lower an we a of spending
marketing new to spending investment XXXX, As recall, our staff you expanding significantly solution hiring marketing of increase on we and BOHA! and including efforts. in to planned greatly growth may accelerate sales
internally expenses operating As to projected in substantially a our we increase QX. result, beginning
However, began new could. place when through every combed plan March, the departmental us then and all hard to spending. to COVID reduce spending put a we the quickly executive we planned team, hit on as put detailed met our brakes an area in We in expenses in
discretionary furloughing cash a employees, pay non-commissioned on spending cetera, those for all the included purchases all non-employee reducing sales workforce, as trade retainer entertainment such XX%, The salary and reducing employees, we reducing et XX% and activities, shows, measures reduction by all XX% fees wherever could. from China, promotional directors instituting of our the our salaried we for we commissioned over travel all inventory took commissions to eliminating training, expenses, tariffs marketing and and purchases related across-the-board
about $XXX,XXX compared overhead measures expenses result $X.X QX, to reduction in of QX in run our QX to of savings of further million we $XXX,XXX consisting operating achieved these of manufacturing savings we rate, addition the In expenses. and another believe will $XXX,XXX in
the total $X.X which and million we QX month provided of a QX savings savings ahead of about ago. the we of Combining achieve be slightly a $X.X estimate savings would $XXX,XXX think expected $X.XX of we'll million, million,
cost You who estimated we were furloughed happily administered savings result the should SBA. from the calculated Paycheck to by proceeds our week to as this also a receiving the Protection the back the note adding payroll for work after are that Program of return able employees, QX
original our Our $X.X included exceeded savings we savings costs, million those goal. estimate easily so furloughed of
the our PPP our about portion of week loan forgiven. proceeds, million for earlier next a payroll the help we funds pay and of X costs Based to loan fund the expect operations intended weeks. we'll of received be on will this use use $X.X We substantial that
credit $XX liquidity facility, to We have also capital, endure will help revolving subject base additional This borrowing, we to the ensure loan, combined borrowing for calculation. secured PPP up times. to with challenging new the which a provides of these a million
is business financial sales trending in not to spirit with transparency, in guidance, the have our of and understanding given where traditionally investors the projected of wanted remainder liquidity. provide the we year the our an for QX, some into Though expectation of we insight
total expect $X QX QX. approximately $X.X our bookings And daily the average million sales far, sales our run remainder would to rate estimated were based to around Our this million. for $X.X so of continue on we for bring to April This million.
to and the foodservice, being will difficult, if very market two It's with especially like casino QX, our impossible, two predict be of conditions hit. what gaming largest beyond hardest markets, the not and
a As assumptions. a to very conservative taking we're our result, approach
million the as to to by QX around back year saw we're with believe sales base XXXX quarter sequential beginning move sales quarterly XXXX. at before as XXXX. the we starting it through quarter XXXX, $X get level of $X.X of levels million QX modest building of we a of up the in and to we Therefore, very million of be We $XX sales back increases into each fourth the and could projecting quarter slowly XXXX the
these depressed the enough levels us believe months. the Importantly, taken will XX liquidity we measures for sales, forecasted next at using of provide that runway have we with least
too we're assumptions, being hope in my conservative always our the wrong course, for plan best and in it's but we CFO Of hope and world, for better to worst. we're the
to $XX.X $XX.X the last sales year. million quarter down XX% the were million, from in first first turning Net quarter results. Now of
in well quarter. dramatically and last As of Bart the February in before very slowing few weeks January the business noted, was trending the
it's mid-March, crisis happen. in beginning say fact, so began been could pandemic, impacted negatively to if to the quarter push-outs difficult of and cancellations have In the due our by our sales be didn't what to order spread the
market. quarter first Looking million quarter XX% million in at our first last up $X.X to Foodservice of by $X.X the from sales year. technology were sales
XX% declined ended terminals. quarter sales to the FST X,XXX Our and we paid hardware $XXX,XXX, with
Hardware revenues largely FST due of on customers. were the down impact our COVID-XX to
the crisis, the with in of As month we continue installations Bart in see of building XXX COVID terminal mentioned, FST, in to new April. momentum even light
the Our at ago was sales, as in recurring QX, well double reported in and period. FST sales, which $XXX,XXX service $XXX,XXX subscriptions in we include almost the label which as software came consumable year
begun The a and our large stream recurring base increase grows. that to BOHA! recurring demonstrates gain traction revenue our as revenue of have in initiatives our installed terminals building are
the Casino as on down sales XX% were impact casino from closures the million, of down revenues the first in our year purchases printer prior we XX% further, of and from begin gaming domestic this casino decline quarter of 'XX. from experience COVID-XX $X.X Breaking to were ticket March. our customers' a
However, Asian applications, international gaming Spain sports from large offset XX%, OEMs. demand printer up a demand were including largely and international casino strong our order gaming revenues sales, based betting in lower to from due which on
XXXX quarter of crisis to Ithaca on POS for and operate in banking takeout. and up drive-thru Automation via of sales continues its who sales our stores million XX% through most printer first POS to McDonald's, the this of XXXX stronger $X.X in were
Printrex prior of compared product $XXX,XXX at in prices, from to first the quarter least oil crisis. demand the to year declined COVID reduced sales sharply collapse caused the and partially oversupply oil by and
market, service our as on continue during this customers. legacy expect receive orders we XXXX we're longer to we no While to focused additional
as TSG products parts as spare Inkjet we were we XX% Finally, legacy million focusing on. are legacy year-over-year and down and sales no that consumer sales in to declines such $X.X POS experience to of rolls paper longer cartridges continue HP
income Moving down statement. the
impacted prior by XX.X% quarter additional our year expense first margin incremental margin tariffs. Chinese negatively compared was gross from Our was gross the as to period XX% in
million, or or engineering, marketing design Total expenses $XXX,XXX Selling expenses $XXX,XXX for XXXX was and first product up $XXX,XXX which were XX% XX%, XX%. the up and quarter $X.X operating or XX%, were were year-over-year. up was of development expenses and up G&A
solutions. expenses a rather unfortunately, demand I in COVID-XX the we dramatic the for plan fashion. But caused in change to meet our previously BOHA! us increase to operating pandemic stated, As to XXXX our course
these of the an initiate first year for $XXX,XXX compares increases to the The of quarter incurred period. of of million We our able majority came of sales, net $X.X to or net or of the we loss which were ago operating XX.X% in income cost-reduction sales measures. before X.X% quarter early operating XXXX in
generated Though years normally of in carry provision back The net XX%. to to losses. XXXX allows well we don't federal an carry ability statutory rate QX CARES XXXX, receive our refund back unusually any which did CARES is X of on Act prior XX.X% the tax the payments. the to companies provision, high record operating above a companies net during about and additional we tax based of speak cash gives corporate operating rate effective up tax loss Act An the
incur the exact loss know we don't we net XXXX. operating in expect magnitude this to of While yet, do
corporate cash a back paid of the to a refund As during expect carry federal our we additional our mid-XXXX. be an tax sometime any on an substantial tax earlier result, don't cash Depending of refund year XXXX to we to expect income and XX%, our and pay XXXX NOL to rate in we anticipated provide when NOL, and the receive amount liquidity. could boost a XXXX,
period. bottom share On recorded year ago compared a we the income $X.XX diluted per $XXX,XXX in XXXX loss $X.XX the or or of $XXX,XXX diluted first net per of quarter the share to line, net in
positive the first for $X.X year. quarter $X EBITDA a to Adjusted last was million first million of quarter the negative compared XXXX a in
under balance March And of our and turning credit with in quarter finally, $XXX,XXX We ended the to sheet. facility. $XXX,XXX cash the debt
X, on credit no which May debt outstanding proceeds, facility. had loan our the cash, we revolving $X.X yesterday, of included As and of million PPP
for are including challenges causing many businesses, times ours. In summary, these unprecedented
to the prudent other manage to through positioned we and the making the we're to current be to discipline and decisions believe However, continue in operating business side have volatility again. grow our ready out come
At the for this back some remarks. give to like I'd to point, call Bart closing
