a before quarter Thanks, Okay. I the a by I detailed financial will giving you results comments. Guy. begin first make summarizing few of review
products our that operations classified as technology mind composed entirely are marine operations are Now, discontinued keep our that and our operations. leasing legacy of continuing in
the orders to quarter the of mentioned, which chain first million lingering related quarter in operations Guy supply fiscal As disruptions, of quarter, the well was $X.X sequentially $X.X impacts. XXXX. impacted to a as our as COVID down results totaled right by million planned. than of from had are less Accordingly, Revenues XX% customer bit were we effects was the which fourth the being in pushed the continuing some versus
$X.X down in down overhead effect represents of quarter. the the continuing from unabsorbed of in First prior the gross to was production the activity The quarter from was This gross achieved margin million profit which reflects decrease XX% profit XX%, due we level. from $XXX,XXX, QX. operations lower a
which general million expenses of the XXXX, for Our administrative were and sequentially. fiscal roughly $X.X first flat quarter is
of and sonar systems Our sensor of initiatives, platforms. aperture synthetic was our which was such The higher development research from strategic activity up pursuit was increase million, unman expense quarter and largely of year. due fourth the for as levels to X% the last targeting arrays sonar, passive $X
year. operations as Our of continuing compared the quarter $X.X the quarter was for million year loss first this of from last $X.X fourth to million in
EBITDA year. Our of first a loss to operations from of $X.X million quarter was compared last $X a loss adjusted continuing in QX million of
continuing business. disposal XXXX. land April our leasing the the at million assets sheet as balance are progress on carried of of are We These on XX, to approximately $X
pursue million of cash different We solid. structure over At avenues monetize MIND’s $X number $XX continue quarter, that to and of had working capital assets. these and about the cash included the we of of equivalents to a end million. liquidity remained
funded cost environment take we current have quotes. opportunities and incremental chain we also to the with debt a no that challenges available. Despite they as healthy sales the issues, continue bring become supply may and and to fully level of for to we inquiries COVID see any structure, today, request our resources overcome the continuing have land leasing from the the necessary and proceeds believe and combined of of we As a have lean flexible asset,
technology, some particularly Although revised and delayed revised, orders a have related our for for source controllers remains been upgrades. there demand or marine or steady
this our have million last million one As Guy all-time canceled order cancellation backlog of this We did the and, changed, customer the backlog. necessitating requirements $XX.X The removed amounted down million, order. the which from for mentioned, approximately from of high during quarter. quarter to our particular $XX.X therefore, set is $X.X for
However, we from better requirements to words receive do expect defined. the customer become this as other
in two balance of discussed chain the the we more quarter $X element outlook. difficult overhang introduced mentioned, and of Guy coming and during to weeks, The supply COVID we’ve experienced make may relatively also the be significant our totaling risk near-term to we in orders than an issues shortfall million. up the year. uncertainty The As first expect
to remains fully and run in later year anticipated However, we unchanged In the long-term to sustainable. look quite the remains our rates be still committed objectives. the our enthusiasm run, long
manage during can past Our cost that performance by times of and has the containment. downside adversity on execution focusing shown we impacts
if future. and operations make have adjustments to no room further we we’ve our event the both the the capital cost the in overcome to near-term volatility. our the emphasized needed equipment, remaining breathing With of As lease structure to of excess and pending bill sales continued debt in markets ready challenges and stand we necessary to before, needed,
turned difficult remain quarter bit So and executing to in than first closing, the are bond of excited about out plan. technology future our be although to a firmly we’d committed growth we the anticipated, more
our comments. questions. that will Now formal the line this time, At concludes we open for
