Thank you, Tracy, everyone. and good morning,
results our will today’s will XXXX conference we call, generally in provided. follow and During the detail financial cover presentation slides
will Towards update progress on I the our with of provide the our an financing. end call,
XXXX the business both XX-K result sell of in the decision the are of business and presenting fourth Solutions sale quarter. and We Electrical Solutions our as Mechanical to segment, Electrical discontinued Solutions as Mechanical operations our the Solutions Form the in a
As that, our our a as operating or some result, one and recent segment that presented highlights Williams our I former will With XXXX. is of operations. Services operating recount results of corporate I comprised business are
in million, Mexico which to reduce total $XX.X and million used As a of we of previously debt. reported, we related Mechanical $XX.X business sold net proceeds for the facilities Solutions
focused quarter exit as resources Solutions opportunities to the Electrical business that We the our elected Williams also the we on and in fourth presented.
the momentum only labor the reactors new with in of to announcement example Vogtle Bechtel our was being for that X we constructed X, U.S. the & a and the an As formed have nuclear supply made October business building we in LLC craft supervision in
member XX% of We LLC. are that a
the years. million $X.X directly also expect a we be of on four bankruptcy. in over $X.X this working project. million revenue collected to Combined, significant us will for We customer that to receivables are related the next We five
We an still we are as receivable. that reported will which a receive million, is additional anticipating $X.X
Now the quarter for year. I review the results will and our operational
#X, XXXX. to shown revenue both of declined on for As half instances, in XXXX Hetsco and January sale the decline Slide fourth quarter related of both In year. was almost the the the
nuclear substantially we completed power And work related to unsigned did and activities the maintenance million at fixed revenue While and the order million a in $XX.X Tracy we nuclear XXXX. plant modification XXXX, on of outage for of dispute some in settling projects of a $X.X as reserve. scheduled price we the multi-year two contingency work restart change release noted, and had in have a
For services XX% almost revenue #X. quarter, third increased the the quarter of over Slide fourth to XXXX. turn by Please
The quarter declined lower In margin contracts. profit of revenue more than the $X.X XX%. for XXX% by XXXX gross XXX margin the $X.X fourth and zero and margin primarily on of quarter, to profit impact negative million related in the positive while to gross million basis improved offset both revenue gross Our year. of was loss improved down $X.X impact million, revenue of points the project mix
quarter XX% with Excluding gross have XXXX, these compared of been fourth the the in approximately would for quarter. XX% trailing items, margins third
discipline these on profit. behind turn challenges work and bidding our change weighed #X. contract heavily We orders. Please Slide For have the that have we year, to gross believe improved us and future in executing contracts loss
gross increased quarter well. in of divestiture of reductions loss our fourth over cost resulting fourth which and we profit, in the reported operating Hetsco the the decrease the offset quarter operating an carried quarter in in partially million Our a business. management as expenses, results expense $XXX,XXX from The $X.X $X.X $XXX,XXX third into by as million result to the of decrease XXXX, was
For the were gross the to year, $X.X loss reductions $XX.X in reduction cost to as operating not profit. million the million overcome sufficient million $XX.X increased
during restructured divestiture. operations our selling to Hetsco administrative $X.X XXXX million, and and general Our due $XXX,XXX, marketing the down expenses by were down and expenses drove
million Additionally, restatement-related $X.X expenses decreased XXXX. in
XXXX decreases during expense, a by severance and just XXXX. million over and and The restatement $X.X in costs, The another totaling costs significant costs. at acceptable. included in severance million administrative not partially the and is one-time expenses million However, expense increase in in of disposition expense other million $XXX,XXX rate XXXX administrative revenue $XX an offset XX.X% were run general in in general cost asset for $X.X $X.X million unusual
accounting for million IT, Excluding to the plans of executive consolidation finance our some million function. of and $XX the cost elimination restructuring, and from of approximately the $XX
fewer adjustments EBITDA We also cash #X the our people. EBITDA reduction fewer Slide the in more period. provides and and quarter for reported to adjusted from provides of details expect workflows operations efficiently operate summary for The and adjusted to reflect our #X periods with both borrowing. continuing a year. improve Slide and in processes regarding
calls, proceeds expires As senior loan, a we October million communicated facility In Centre of a was Lane amended In here term in our XXXX, cash. XXXX. operations added fully the from in million $XX.X $XX The of loan August, on on are Partners. will the December we shown terms prior an secured that million into and $XX slide entered with term affiliate a expire and The business which in with paid September the million divestiture. Mechanical XXXX, first-out XXXX. $XX first-out portion continuing term loan of the Solutions used of term
on our Centre the term XXXX, was X, April million. of balance Lane As $XX.X outstanding debt
the The we now very of same date the revolver escrow million have several due resolved. in have the $XX.X Hetsco, included of of collateralized to contingencies, been position and the carefully. lender divestitures cash million, credit as hand $XX.X asset-based in closing of letters managing cover was on reported our cash restricted our regarding to hesitation cash delay which our Our which part was cash related been on to
With arrange opportunities these had successfully to revolver. lenders have various an given late, our unable we it secure loan behind us can We will if secure favorable $X asset-based event But use of although our pursue number with of us, and the in positive in were incremental with our of reinitiating believe to front an asset-based alternatives. building efforts of backlog financing we million even revolver, an average of outcomes we commitment the we only lender, emergency. the did we an other current are I
in loan. the proceeds were to of requirement $XXX,XXX extended raise satisfy and to Netherlands. amendment, and for the a total us also to fixed our costs XX, our of fee in amendment XXXX, the sale receipts fee executed $XXX,XXX on $X.X required fee recently exit were first a - ratios extraordinary incremental the to Our to including line from million there cash office the charge These prepay unused cash and include coverage September the leverage X%
to let Now Tracy. call me turn the back
