hope Thank the well you, Sherri. everyone. you Welcome, I is pandemic. everyone during Thank for today. faring us joining
fiscal some which We to I'm and XXXX of issues last have difficult just impacted us. combination results. previously glad a was say A of reported us year we year, now have it discussed. year, put behind it I'll fiscal
Late related this book announced and to however, us. July approximately did had million, for that contract note significant XXXX COVID-XX, added we due Backlog was $X impacts in for a expense was reserve we legal month, down we which a earlier the year, on to X.
COVID-XX Let mostly in impacted on which me QX. comment us issues,
process in administrative of contracts, contractor which new While we to had did and little impact to prime our award we experience we operations in New delays York, government attribute delays.
or either of and, these obviously, increased it for us their financials. in being either due unable on for are affects or which When indirect operating time also or some resulted issues, revenue when had vendors materials key in critical there impacts. margin out results We to additional having happens, deliver supply personnel cost from direct our which income, reflected gross it delays, of Unfortunately, being impacts is to rework recognition, to COVID-XX materials. in quality chain, from this processing
to employees the no lost have we however, pandemic. importantly, More
As at safety our duration, employees have importance. an here health of and of essential is, of been the paramount through their work course, industry, most and
In with that one have those products is previously the one programs and in nearing well completion QX, all one completed now, had acceptance us costs, we Of continue summary, three to have three higher work extremely problem cycle. which is development-related is months. through programs, we working discussed. of In should delivered initial these we and in test the three about behind have
talk which a all announcement about Let sure me I a award, you the the bit. and earlier. significant saw contract mentioned shift of X July gears I'm here future on
additional able is We currently we've successfully are award an optimistic sometime now negotiating been selected to contract we'll I'm significant. negotiations and be announce which the these for soon. conclude which also and
progress. While encouraged there happen, that I am this is by will guarantee no
our planned later are most this being that contracts either out awarded from performance best the in and imminent indicator business are to the risk point growth. and and key different to revenue It of very is associated improving is years or year, the which new needed activity, important financial recognition. This leading is are reduces year year revenue with that is fiscal to the that is previous that revenue of revenue robust, new versus generate
key which had GPS to also that the to awarded key business demands, meet hiring we both contracts wanted significant are programs, order both I on and and these engineering on in program. we Both In manufacturing. mention contract of progress previously to track. future growth were to new are are currently we've these personnel satellite that relate
very engineering well the customer marks progressing process. high the a development and very last One through design of them initial the the is other successfully review completed for got critical model program from week,
progress of I'm by are financials XXXX is convinced considerable. While our year future that the fiscal late, am brightening they and encouraged what I are,
Let Steve? a review for to financial details. me Steve now of things turn over
