Thank our you, XXXX first fiscal quarter John. to conference call. Welcome
are the be time engineering still and from due home. for most quarter setback quarter like yes, due And again And are John Defense safety at may Department order we the and Let John me once the are mentioned, in And March delays going And our and as in get after delays. certain coronavirus. categorized and our area by employees track leave early of office. access start of quarantine the will the that us has on place, inefficiencies April. There still time mostly travel some administrative materials. with back we chain many supply to the profitable receipt out working coronavirus to to a features are as of employees, especially cause at we so for mentioned, some we same limited saying we some the safety business, essential who supply when production put an that be seeing forward customers the full are in since will people we that as have in a in issues, production
However, believe can and short-term issues we the mitigate have work which to worked -- these are believe during pandemic. we
PPP we we which still To this received for coronavirus. seek CARES forgiveness applied in money about uncertainties while feel for of So we good business, compensate there coronavirus of this intend our in for and are April, to loan due some impact October to $XXX,XXX the year.
now me So look detailed the at let results.
for of for same sales. period This the QX was at fiscal a prior -- X-year XXXX. slight very $XX,XXX is Net ended of of the fiscal June quarter million. look revenue the ago $X.X of increase the first the of first of XXXX XXXX revenue period Let's about XX,
business is compares you components for Now of when test QX the the the we year to revenue period $X.XXX million fiscal is at same RADAR This million of our first component can at as goods that prior and million. shown this the see $X.XXX for two look $X.XXX XXXX.
then that services should more less of the as the is quarter revenue to And a And equal So or for prior fourth John this the quarter the fiscal of revenue 'XX. it is noted period our same of XX% million mentioned, the product million filters, of fiscal F-XX component is this which $X.XXX jet. the the be $X.XXX fighter F-XX second million the prior the which XXXX. and compares F-XX, RADAR is million used This mostly for line, are year Microsource $X.XX in namely the to $X.XXX decline. for
March large increase very was the a This XX%. for large the coronavirus. is in shutdown by due that to this part of increase making in the is up So caused delay
at look gross margin margin fiscal of was for quarter quarter XX.X%. of the let's XXXX first fiscal first XX.X%. for was XXXX Now the Gross Gross margin.
that to So decline this in actually and saw product mix, improvements. strictly is both a due fact margin is small product lines gross
closer FY Since QX XX% the -- of XX%. which is XXXX revenue Microsource margin, the have revenue and of to margin a revenue, I to was XX% that clear the delivers gross overall XX% revenue compared closer XX% is then you XX% Microsource business However, Microsource the QX XXXX mean, business the the was that margin as margin. RADAR Microsource to test FY gross the north when is versus RADAR gross revenue and since delivers Microsource XX% closer gross of total impacts it
to look increased let's expenses. R&D due by a They was XX% management lower change the the decreased expenses, at sales hires change remain to the is travel to SG&A pandemic. What due did expense, lower in and sales Now basically due by expenses by which caused operating while at unchanged $X.X new which expenses million. X.X% by
we all to year million by expense. to Interest the go loan, prior $XX,XXX. the $XXX,XXX. reduced $X.XX to which by to is from $XX,XXX XX% due $XXX,XXX declined approximately interest from we This basically PFG from expense Now
of was Net And shares principal are this month. per This the income $XX,XXX shares $XX,XXX XXXX income net to reduced at net look for We we loan at is reasons that vast to preferred of of XXXX X% the $XX,XXX I first if dividend reason a income. compares quarter and majority November $X,XXX. the versus XXXX, common the we of expensive $XX,XXX That was $XX,XXX off Then first a in net a gets in prior explained. year. shareholders and fiscal to paying the income converted E-Series attributable this of quarter just that rate that in of to $XX,XXX. me it's from to of for common the in fiscal
at Looking fiscal from XXXX. that compared March our assets by balance $XXX,XXX now, you balance a sheet the when know to year-end XX, increased XXXX high total will then level sheet of
reflected net these company If of changes in which to a increased liability, in a result assets PPP the go forgiven which decreased goal The our prepaid is was to so minimum we would $X our the And increase in loan a required of I above million. be uplift will The equity has. net And $XXX,XXX. by of mentioned, forgiveness total seek by production was asset assets this is the driven as And liability in Microsource year. is equity increase this NASDAQ, $XXX,XXX. increased this to $X.X the that by to then due equity which order as and in total loan liabilities million PPP year, in would from October of of million, increased business, the filter expenses. $XXX,XXX October loan $X.XX
we I in want two have businesses. is So what summary, say to
F-XX $X years be per about for margin year. sole-source this filter And We year. million that gross filter in the to have Microsoft Microsource $X fighter rock. true we business jets. million It and years. the F-XX, several -- call per four our It the the about I which delivers F-XX of next revenue for million $X that business, the delivers produces will believe call the it
north Our million. This year business. this our double a minimum business engine. second is business should this believe We test to as that Warfare Electronic is in $X the RADAR, growth fiscal of
targeting and are is capture million introduced market believe $XX to year We five million are a addressing a within over do we years. and This demand multichannel we what have pent-up per called opportunity so, we to capture never allows is To $XXX customers that see been this solution. capture things see solution. before. There able product they a new for coherent to
is close unique prospective opportunities this to of XX% fact by our In capability. driven
through to will programmable new is Lake. other adversaries That used one program new replicate Marine emulation our systems. first drive integrated system threat at air products, for the growth recently, China through system More So the way our way defense applications. Corps we delivered to F-XX be is
variety our the And This the me an F-XX threat is but signals plane the explain. where rather and system at in what and our range. fighter trailer recognizes threat. the a jet flies Lake plane is lab, a in whether with overhead is observe open-air range. a bombard not system to China the a pilot's it's Let flight We the reaction of first
our threat such deliver into also And XX the Lake to the next Force. emulation over labs us system use and broadens to system of China three entry two an to beyond years. Air the gives this expect We
drivers. So basically, we growth have
targeting must see it I and We a the we given the likely So and make then pandemic, Warfare especially pandemic. over But recession this it the Warfare coming. the you. point I now improve to improve business, from profitability. next our And we final about RADAR/EW equipment. Electronic shielded defense that are test least that, margin recession double we for our are do a is Electronic I And Thank that business taking has believe business gross should by brought better at year, believe in want ready to therefore is the questions.
