Thank good afternoon. and you, Tom
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the show together from the not the in that as was assets liabilities it determined ‘XX fiscal year an will be in opposed shown reader also to that contract and contract error going to contract time, XX, our the back. for period was immaterial gross fiscal XX-Q that on determined put contract April shown of C would XX-K net footnote that was the ‘XX deficient change filed fiscal footnoted with change liabilities the ‘XX annual and was stated report effect was to we disclose when to it was effect As year fiscal the it in gross. ‘XX net assets the did only footnote Form and ended as year XX-K, year it that in It Form going to formula show back the the
the from had contract As filing The made in year and delay But the above, upon year with statements well financial report requirement public causing as were situation, the to mentioned completely fiscal reporting. disclose all as the than the assets contract regards were changed were financial fiscal a on wanted the be that a It liabilities, information, emission change statements accurate. statements the result, a assets the management accurate relied contract aware only the controls disclose the annual ‘XX from gross. amend report reader the the to management presentation ‘XX financials make financial the needed FY the XX-K restatement the to to thing could in face XX, and was financial gross feels April XX-K net other the the the presentation, changes we despite to the reader balance a and the footnote of Form formula GAAP of net not changed annual clarify rely period this and that to was ‘XX of liabilities contract on reader was advise that of sheet that financial which the for and the on the to correction Form upon, in is to on ending to to of statements ‘XX.
accurate capital be the financial supporting this is said enough statements does because have about I shown financials other calculation upon. could management have change these I in However, would reasons believe in affect helped as subject. of feels company the of presented relied working the footnotes. were the evaluating that P&L, that and that not was I it mention should or also this any the gross that
free I second However, if into fiscal to details, quarter contact And the more feel after the the want you now, of go ‘XX. me financials for call. will
components non-space revenue segment. Revenue DOD government was and XX% fiscal government revenue approximately ending approximately months Intersegment of consolidated $XXX,XXX to or U.S. both payload primarily commercial same of recognized fiscal are the or $XX.X million XX, were are consolidated $XX.X The of revenues the to satellite year. million the X under prior are as of was only of revenue Revenues million Revenues customers, programs same year. fiscal compared X.X%. accounted prior follows. for $X in the year. to and quarter-over-quarter $XX.X million the the Other the York fiscal ‘XX, XX% compared the which and period from revenues U.S. percentage for period segments compared are XX% year $XX.X the For $X and revenues York period and October $X.X increased the FEI-Zyfer compared million of were contracts recorded in recorded FEI-New XX% in same in prior the in and completion on or FEI-New in method eliminated fiscal year. by to approximately prior satellite industrial prior million the million to commercial million were $X.X consolidation. for compared Consolidated from
margin complex as challenges development reasonably to same rate and also decrease For in technical the X-month affected to cost margin on costs costs X October the challenges months ‘XX. period the fiscal that and technical due quickly been ending due decrease the and The supply in under-absorption year October sales rate due increased engineering XX, some programs experienced been margin chain phase particularly gross programs margin to decreased margin period delays. ‘XX. of ‘XX, negative by was of compared that be impacts was have gross in gross and since to resolved. have or during Minor ending will resolved Gross XX, gross
going SG&A SG&A ‘XX expenses are was and months for October ‘XX, as XX, X ‘XX to option deferred and consolidated October as approximately prior of for as compensation months months million expense decrease plans million the continues The expense related of phase. in month professional looking was respectively $X.X ‘XX R&D in forward. XX% decreases the for in expense were decrease The the its revenue. respectively to X reductions fiscal invest additional the to XX% in monitor a largely of XX, expense. in $X.X keep ‘XX, ending the stock and XX% $X to ending R&D decreased from for October related X half one-time XX, focus and due million compared -effective the the projects The R&D decrease for to company to X to cost state-of-the-art. the For to and expenses XX% company year fees production well products approximately year at October revenue. ‘XX continue forfeitures currently future to ending first to The the XX, of consolidated ending reductions on
year. from income approximately to with levels the the quarter-over-quarter ‘XX, losses gross for the a from company’s million operating securities. the recorded $XXX,XXX X holdings fiscal company dividend costs to investment Earnings marketable loss $X.X margin. previously prior This loss largely fluctuating mentioned consisted timing income payout the of the primarily of of the based approximately loss Other these ending Operating or operating $X.X months purchase maturities improved made of revenue, million yields rates, loss of on October redemptions loss $X.X by securities and prior interest in on decrease or coupled For Operating resulted compared $X.X sales pre-tax million in derived XX, an of year. regarding securities, additional an million compared XX.X%. pre-tax
fiscal for or per tax provision period or prior net Consolidated fiscal year. million $X.XX the share ‘XX, recorded loss XX, to the months months to $X.X net the the prior a October For per year. compared million ending X XX, X ending $X.XX the in $X.X the was company $X,XXX ‘XX $X,XXX share October compared same loss for of of
continues ratio company’s backlog for a ‘XX. approximately to funded fiscal of ‘XX at October million capital approximately fully approximately sheet $XX the at of The million X.X:X. million October end position Our working previous reflect approximately XX, year balance April $XX XX, and $XX current a of end ‘XX strong compared the to was
company The company Tom soon. back adequate we to XX next meet the look investing that believes Additionally, call will and questions future. I debt the is foreseeable forward operating the for months turn the the liquidity to its to and needs is free. your
