earnings to I want Welcome FY substantiate results. make conference operating fourth stated John. XXXX call. today, points our our you, Thank this to we improved statement. quarter In of substantially to release two
in XXXX results, profit XX, quarterly First $XXX,XXX the we ending a generated QX at March operating XXXX. looking FY
time was in company calendar achieved operating XXXX. The last an profit the
all roughly you the calendar calendar XXXX of up. $XXX,XXX end add when $XX quarter. XXXX, per generated the of the through since it fact end operating average company is an In of loss This million
profitable forward. going expect profitable finally, and we So be are we to
us. this history put last we behind So
in company ended fiscal generated look year. million. operating Second, the in we $X.X of This of of compares March results, the year’s the $XXX,XXX XXXX to loss at annual prior which loss annual when an this operating
FY annual XXXX million the losses XX%. or reduced we of So $X.X in
So have reinvigorated clearly, we turned the potentials. its and we around company have gross
detailed at are look reporting that me results today. the we let Now
sales, XXXX was period ending for RADAR $X.X fiscal revenue prior $X.X for for XXXX, million which Looking fiscal in $XX,XXX This revenue XX, business. the of component We revenue to in fourth the net million. the our two quarter at year. compares for $X.X QX for the first same test first the of XXXX goods components million FY showed March is is
services second component million. $X.X The revenue for of is
used mostly million and compares This for fiscal Microsource F-XX, jets. F-XX same prior in in fighter year. product This F-XX is for the our $X.X period the the are the the which million $X.X filters namely line the to
year the $X.X as sales the fiscal million at year. prior for fiscal compared goods services now, million was to were and prior million $X.X compared year $X.X for Looking fiscal the $X.X in as million to
of Basically was the summary, is business. In up to $XX.X we sales XXXX in million. XXXX XX% RADAR growth fiscal $X.X the the business for lack growth made which of over fiscal sales the which million in Microsource call which test XX% grew services
Gross year a of from key the fiscal for for XXXX in XXXX component one margin margin the to compares prior was whole margin fourth percentage and the XX% with further to margin the gross company. XX%. XX% down were for quarter improvement the that the same XX%. of was as Moving is XX% P&L percentages, fiscal margin year This fiscal gross the gross a as XXXX. the for year gross This turnaround
expect continue with improve test We RADAR gross of growth to to percentages our the the margin business.
fiscal reduction of of has million sales, $XXX,XXX. fiscal compares fourth to This net operating quarter XX% from of fiscal operating the compares XX% Net fourth of net loss profit the loss components, Looking a fiscal $X.X losses $XXX,XXX. to of profits now of XXXX year loss operating and lower expenses This for the at operating gross this of and margin in which prior XX% in $XXX,XXX. for was $XXX,XXX XXXX to for was quarter year. improvement XXXX three growth loss, or improved the XX%
was interest of year. for common due quarter components of to the now E for XXXX year. interest quarter compares of the in are $XXX,XXX expenses. due fiscal to three the the expenses payment, Moving to the E fourth we line This was the PFG shareholders $XX,XXX interest expect credit and payments, Series X% Bank Bridge interest was should to fiscal in to interest $XX,XXX in $XXX,XXX the By X% for that prior $XXX,XXX. note of I accrued Interest fourth was to June way, that this $XXX,XXX pay to There shares Series the shareholders.
$XX,XXX which the was in $XXX,XXX of components, increase for $XXX,XXX in to year. the to year. Bridge due prior was X% Interest Bank XXXX we PFG, interest was $XXX,XXX to payments the of State interest that compares due were in the interest $XX,XXX Series, and the fiscal fiscal to taxes in The due to $XXX,XXX four owed due California to was for was year $XX,XXX due E for
So that's sale should It $XXX,XXX XXXX the way last fiscal had line. of a a back to due noted a quarter event. be year the that's one-time product third one-time of and that gain of
$X.XX, allowed dividends received time in per E the that was the the and and warrants made invested $XXX,XXX This was to Series repricing quarter dividend a year. last the E in warrants note, how for year to warrants there of of We had to in fourth another prior shareholder these due XXXX a also the at the fiscal in is the at deemed $X.XX. Series They reprice shareholders if investment that On deemed at priced share. certain $X.XX of new invested who resulted.
of Combining $XX,XXX the quarter loss compared to operating should the XXXX. say income payments shareholders gave now fiscal That's QX of of net in fiscal -- of I to $XXX,XXX of a in income income a shareholders. net a $XXX,XXX with income $X net to million. fourth XXXX interest us net This
make for as XX.X shares. common you When using you accounting. versus shown This shares options shareholders XX.X when a have made and to shares. So shareholders is of that's that make of are $X warrants I shares. shares point million the is you shown method shares, the basic $XX,XXX I preferred another earlier. to year-ago, to are reasons should of all shares, number of the shares only basically including That we million million basically income count losses profits, piece explained total a an number out at the Treasury of loss
looking In company we’re around summary, forward growth we exciting and and profits. to turned have the
grow However the profitable need I business year, We it can to deliver fiscal make you clear, make want one does a quarter and start. it's forward. a we that show going quarters to not only now
Going to equity Shareholder sheet $XXX,XXX improved. as million balance has year-ago. now, greatly compared to $X.X the to it a increased
assets are current $X.X are liability $X.X Our and our million current million.
compared to were and year-ago liabilities million. X.X current current are So were liabilities. is our the This a current improvement greater times $X.X our than big assets assets when million the $X.X current a
liabilities. the part having a assets So $X.X the concern million. were current in have fiscal raised Cash than in current year has lower been E key this the a and investment by totaling addressed we XXXX Series concern ago
system and in this shipment systems we in contract. XXXX two order first during FY $X received NAVAIR, mentioned as RADAR We consisted booked this In quarter. QX the from John addition, of for from XXXX February NAVAIR shipped cash of and million support that one
our we the payable $XXX,XXX to debt April of XXXX. us by FY NAVAIR shipped we accounts also mentioned liability by second account John year. allowed in as Bank reduced that We and Bridge back debts paid This system pay $X QX $XXX,XXX. point compared the million should $XXX,XXX, this I of we to back of to reduced out
to bank already approximately we cash $XXX,XXX received in XXXX. the We million debt the of further end at still by also for our this additional us the This system. April $X.X reduce allowed cash an have and
turnaround. huge a is this So
our That clean of year four opinion. last years Our ending accountants March was business this is had time opinion given recognized XXXX. have clean we The a ago. have a and for turnaround us fiscal
I'd issue. is So longer And questions. are no a that, ready like conclude milestone. to another there is as big of for with going we concern This and today,
