loss. access XXXX Welcome to to Thank conference sales. second we EW and order for incurred no John, why labs on Basically, fiscal there large the preannounced of XX, Okay. here October The you because are you, John we call. surprises as explaining a in so timing make thank need orders, results financial secret company to our the its had quarter of today. explained,
delay. make up and September, for this large we a received we However, order to timing late in expect
detailed us Let look the results. now at
components XXXX, was which services for revenue of fiscal the XXXX. XXXX the showed First, are for two million, Microsource which of fiscal for $X.XX ended line, same revenue Net of quarter second million. the revenue. $X.X F-XX million period us XX, for $X.XX QX is our is let XXXX. look September One million of We product FY for at the component year namely jets. used compares RADAR for the in mostly with fighter $X.X the This filters, F-XX the QX the and prior F-XX,
million So is receiving for million Boeing Microsource and this large secure, year year. In due this per between This is the fiscal to The but end range. XXXX, decrease order a of we this a it large was high business be million. from XX% decrease. $X.XX late swings purchase $X will on $X
really will range. is the high no It end So this concern perform its on business. regarding there of
is favorably is with component the business. year This compares the $XXX,XXX, QX same is the $XXX,XXX a for prior other goods test $XXX,XXX major it still which fiscal This XXXX. at over in EW but prior The the expectation. is below period growth our year, for RADAR well
So viewpoint. that let’s look it at from
for six the gain to access secret to forward. can’t roughly to Without to blocked due bases Let bases, access on labs the our coronavirus. me were opportunity sales months explain; we we move
some delayed potential has orders. this So
moment, have to bases. access this we at However, do
fact, team has September. related since In bases our four times various
orders As near future. a expect in the result, we
result, quarter gross out of XX.X%, this due absorption overhead. XX.X%. of was to fiscal in Microsource, for Gross gross second for revenue margin to XXXX a the as Going of margins, quarter lower margin decline XXXX and fiscal the were lower second were
legal to personnel were are Threat expenses, business here. Rights of Capital during I’ve $XXX,XXX Giga-tronics because with Advanced to expenses but increased substantially higher we transfer Mountain invested in XX% additional by associated quarter the FY expenses second the engineering are operating in R&D that QX investing fiscal Spring in shares increased FY the XX% costs three we, personnel. of expenses investors, increased of Emulation describing agreement, and XXXX because Our QX preferred increased XXXX. because myself. including the in company, XXXX with SG&A the of when by also compared
$XX,XXX. approximately from reduced prior the to XX% $XX,XXX $X.XX This from interest $XXX,XXX. year, to is due loan, million we expenses, PFG Going the from basically $XXX,XXX by declined to to interest which expenses
are at a rate We this off paying per $XX,XXX principal month. loan of
quarter loss with Going to minus I net which $XX,XXX fiscal income, quarter And described. was $XXX,XXX, second second income this XXXX. just that reasons the compares all the the the of in for for is net
reduction PPP by Looking million. basically a the XXXX FY end sheet, from The on amount assets declined fiscal at AR million debt from facility. of credit by of XXXX asset at you of payable QX total sheet $XXX,XXX. were note decrease Total in the $X.X at will year a $XXX,XXX the balance flat was $X.XX XX, side our to balance liabilities which our similar The XXXX. March the cash, was of due loan includes offset reduction the liability in and loans
equity this anticipate and to applied We have for increase it million due equity. to XXXX. also balance loan in QX to losses of within Net three on decreased then loan proportionately reduce $X.X October forgiven will our XX, from million, months, mainly be FY will this net five and loan about which will forgiveness XXXX, $XXX,XXX, $X that to the our then incurred
position liquidity cash is a good. remains our While bit, our down
months the from $XXX,XXX. the net period was COVID, months for six past our with During period cash operations used challenging six
testing we have In a expenses cost. additional inventory ensuring multiple or solutions all basically without to have deliver addition, we million significant that parts the $X.X
half fiscal generate testing We In solutions. deliver this cash that expect our the will will second in conclusion, inventory decrease we we again of that likely as our year. expect we
me let higher go away numbers move the Now from somewhat really to level. and all a
We have two businesses.
forward per million Microsoft We Filter sales about $X profit. in QX at performance It rock. high the sole-source strictly to the XXXX, million issue. the have $X year going last that the we quarter, truly business million jets. call past at FY gross this in in deliver I is in the short fighter will year delivered fiscal for and It our the years $X this this end fell though business many Even just XXXX. in timing the range
is EW Our while been test it good bases. But since we that we and expectation that rate. the business business. percentage-wise is has RADAR in at couldn’t that This business growth pandemic we was engine. our because below that was QX, expect grew a impacted September access note forward growth this by eliminated a And moving military a the indeed second bit our quite business business so
revenue stated between to So have filter every targeted the that expect test business million to double million year. we we a $X average the that EW and should we from business viewpoint, year, have $X per
two Sometimes, businesses. so sometimes we order will these business, below be for be each because above large targets these between there fluctuations can the of size,
last labs. in as fiscal filter side EW the we to significantly the some we have year ground, didn’t access to business same year’s the above the revenue COVID mentioned, At as this have $X.X example, lost be should the XXXX, due we of I in because time, million. stated, secret For
expect fiscal XXXX balance projections. of businesses have in we sum two the business. of The revenue the to overall meet should So the and on growth revenue the impact projection out, the dramatic profitability a will
increase the margins better First, higher which will volume, manufacturing because of the gross simply absorb overhead. will
a the the is filter is margin to XX% higher gross business, XX%. business, because compared EW business testing around Second, above it’s which as
So better as gross share, its in see margins. the EW we business should increases
XXXX, of margin. gross fiscal the in we revenue. delivered, test business XX% was EW XX% overall, example, a For And
should of the operating a of also when to there’s expenses business. part overall lots becomes So room Add our business larger improvement for EW that, improve.
a we percentage much grow revenue be as And rate slower and revenue. will will decreased we of in expenses NOL, we XXXX grow. from will a paying taxes finally, Our not for a have any this fiscal have long in come time. operating so to cost than but to a XX% as continue at large XXXX, fiscal XX% down very Operating
that, it shareholders. say higher if are I to you as and for questions. we see, And with into we can you, ready well, earnings to translate per take share will want thank execute our So
