financial Thank earlier in would I XXXX. non-GAAP X-K to performance few Commission. encourage you, morning with review quarter and second In I this Jay. the will our details also U.S. our minutes, Form the Exchange issued our measures and certain containing provide the of release of you press next Securities
business seasonable theme, have individual chain we issues. noted focus these normalize offer factors. help believe and fluctuations, view to of customer could a particular success. historically gauge a continued potential these that outside we by impact quarterly These Consequently, might performance. strategy's long-term on timing our either affected include be fluctuations, of approach it rather Any shipments, quarterly quarter is on positively the will better a a performance more As anomalies can basis appropriate materially XX-month This our including negatively. than supply or
and Net focus period XXXX XX, while provide June second totaled ended of $XX.X period million a June $XX to same the decrease for X.X% net quarter XX, XXXX This second in second comparisons of XXXX. million. year-to-date quarter comments I with XXXX. represents sales on will sales compared some of the ended quarter my the the for our XX-month of So results, XXXX I'll most today
$XX.X $XX.X million to compared million sales same months in ended For prior the XXXX the X.X%. of decrease period, X a June as XX, year net were
aggressively As Jay our noted, their we they investments. sales as reducing are inventory customers net experienced reduced from medical
noted several medical We pushed into being XXXX. in later out to XXXX or have introductions also product
We in aerospace Jay well continue and the in quarter patterns strong and times XXXX lead growth remarks, with our a as as in have new of requesting his customers noted our orders. defense their industrial customer category customers.
Further, moderate changed are as see shorter backlog we to in revenue in gains purchasing have reduction realized second as
gross quarter. of of sales net quarter of prior XX.X% totaled or with net compared the $X.X same million year or of Second $X.X profit XX.X% XXXX million gross profit sales in
to of and extent, for X facility gross of a the charges which of and costs. the a as the $XX of management, associated due Blue in first to result the as offset closure to $XXX,XXX retention periods lesser $XX,XXX utilization Blue and on cash second going the the payroll margin profit incentive to The or million the closure. gross the XXXX. between million training of XXXX net XXXX expense Bemidji increased realized with Further, movement We estimate of and XX.X% accruals facility Reduction Earth in in sales X sales of first and any Earth of related the X of $XXX,XXX We reduced costs XXXX.
Operating year result by related and, largely bonuses of costs XXXX compensation than upcoming in periods well. lower of and lower costs closure. half net the marginally restructuring of do this months reflect in XXXX, XX.X% closing $XX.X of anticipate prior incremental periods second in is to the to charge other expenses quarter now percentage end sales lower in result currently Blue our related not Earth impairment production schedule are XXXX. noncash first restructuring will months or Earth we net is Blue the For significant compared with XXXX months a
XXXX. pay expect restructuring all in the We substantially to costs of
least Minnesota As optimization facilities. of annual million expect realize annually we in related savings to we XXXX starting the disclosed, our of previously to at $X.X
flow cash to Moving the statement.
first in in XXXX. June same net activities used For million operating with as XX, compared cash X months the totaled $X.X cash period $XXX,XXX of the ended XXXX in provided
impacted vendor While purposely cash Bemidji. the we in the of anticipation increased customer transition flow operating have inventory of for payments the period, levels timing Blue to and Earth facility
provided release our this a a U.S. key press we we our in the before accordance depreciation noted and manage distributed principles release, EBITDA. and the press In earnings tax, generally EBITDA have morning, with or of financial determined in reconciliation As our to business. interest, performance account accepted use as amortization performance indicator
adjusted first $X.X same EBITDA $XXX,XXX of million with The XXXX as sales adjusted related for period of $X.X X gross quarter XXXX. charges, $X.X Year-to-date XXXX. in in EBITDA XXXX ended a compared the XX, as net the as million EBITDA months the and lower is million profit. for with compared For June is was decreased adjusted result restructuring
balance to the Turning sheet.
the of strong under customer fourth of line quarter XXXX of cash in $XX.X cash XX, of Earth were from As of of borrowings. reflects payments.
Inventories receipts, $XX.X totaled compared credit of in receivable with XXXX. completing balances of The of December in down million, line of XX, $X.X borrowing our million as timing XX, our reflects balances $XX.X $XX.X million XX, were XXXX. December facility. sales equivalents credit. with and our buildup in The XXXX cash as June of increase fluctuation and movement December $X.X June Bemidji XXXX. XX, of inventory million down Blue Accounts anticipation XXXX ended as We in expected $X.X inventory timing with This June as cash of million, expenditures as line production XXXX the our to million the million from XX, as of second is capacity quarter of
which of reflects the XX, $XX but with to shipments. to slightly compared asset, million $XX.X at earned million yet of represents XXXX. contract the as increase as timing The customers, Our XXXX not end billed increased customer revenue of June
have trailing results XX-month issued and As earlier we our including press EBITDA. disclosed financial data in presented non-GAAP today, we release
sales For same million XX, period XX-month in as ended the trailing million the with XXXX XXXX. compared XX-month June period net June $XXX.X ended $XXX.X XX, were
million In XX-month was ended compared with June XXXX. for XX-month ended the XXXX period addition, period EBITDA adjusted for June million $X.X $X.X the XX, XX, as
unchanged. As May, our XXXX we stated top priorities in remain in
sheet. to First, balance continuing our we strengthen are focused extremely on
will opportunities well execution, believe cash comments. it infrastructure seeing expense advantage free and operations, Jay? I with for are R&D lean flow. in our we innovation; as sustainable further long-term market take Coupled EBITDA operations growth deliver that, on closing of turn driving back will management his can to disciplined objectives.
With our and we Jay to Nortech with we deliver to demand Next that improvements align as
