Michael K. Sergesketter
Thanks Don.
the comments, referring my or listening Presentations Don the the to slide be it the can can During deck via Webcast I'll in you found find within Events you Investor Relations and tab are Webcast, mentioned, on our Downloads the be tab, which Web-site, on portal. if
year of market. prior of vertical Slide the a and sales $XXX.X largely Partially compared vertical which rate up the in a from year on shown sales net ago growth strong which and XX% record ramp-up represents movement net Europe. was quarter. new net The our to assisting a ago, mix second America year affected X program was quarter million, demand automotive by our X%. net the the Slide $XXX.X sales X, in were million. of by quarter a record were our Comparing ago introductions sales a over ago XX% sales year favorable net As by our in to to new to second increase a million from a $XXX.X was year compared same North quarterly due vertical net exchange to our a in sales increase increase
from down improvement the sequentially While a quarter. year-over-year, our sales we were did nice China automotive prior see
was compared Our of by medical QX digits ramp-up to the last year, primarily programs. double up vertical new from
products. related continued year of as devices metering result Our for ramp-up as of was demand a increased well ago from as climate industrial product a up launches new vertical to smart the control our
the down by result Lastly, lower quarter a our demand. prior year public was double-digits overall of second as from safety vertical
which quarter, last the from quarter Slide was down the reflected in second same gross in X.X% X, margin was on Our year. X.X%,
the year. quarter However, X.X% our from gross fiscal sequentially did margin improve posted in this of first
to basis of with expenses, ago during were product deck, contributing to compared expense up supplemental in gross or The in prior in in in part due increase of the absolute prior points related compared and cost in compensation in retirement second cost support XX the which absolute $XX.X to quarter. and new XX healthcare administrative in SERP revaluation S&A increase the and part employee X year to decline and increase. employee the as employee normal the the count, Also associated salaries in Slide domestic with yields up $X.X due a for million to stock the were higher quarter, higher the which compared as plan quarter well year on cost, year to dollars, are the higher second higher administrative the Our Selling impact basis margin current and to and selling introductions current increases liability. mostly dollars was associated million was point quarter. year accounted related benefit a
revaluation the the is income/expense, SERP in the expenses and in income. investment is SERP the to is revaluation related to recognized expense the reminder, the SERP administrative liability exactly other offset neutral net. by that selling the in a in of recorded from the impact a As net Therefore, gain of
income X.X% to net in $XX.X net income/expense, sales, the an on fiscal in quarter year million, or at the income sales X to $XX.X net Slide income was XXXX. Our deck Other which compared XXXX ago. in quarter, of million second second year a year or the million of of fiscal operating in of came operating expense $XXX,XXX compares of $X an X.X% of
strengthening other the gain exchange the quarter, value During in net U.S. was year of year $XXX,XXX prior of fair primarily income/expense, The the other the current second includes on net driven second income/expense, by the ago. the losses result currency a a quarter year of investments dollar net SERP. foreign
reform was impacted ultimately U.S. the year rate corporate Our effective tax federal tax by and XX% Tax significantly the of rate reform. quarter U.S. tax the tax from the for quarter Jobs The during enactment second current Act, to XX%. Cuts lowered the
as XX.X%, federal rate end, fiscal XX are June However, in blended for XXXX. with XX% our new year will fiscal fiscal statutory kicking current we the be year rate a our year
period. for and While for current in a the is of market, repatriation cash We and the long the have accumulated move tax and for recorded for estimated and tax foreign deemed federal in of unfavorable assets, $XX.X lowering earnings over in did significant quarter repatriation foreign is U.S. reform imposed the improve the quarter. on global The us we held unremitted X% positive an in it corporate other tax, expect it earnings applaud will current liquid and tax the during the one-time foreign businesses XX.X% expense approximately accumulated competitiveness eight-year residual this of of tax this run earnings. of which the unremitted impact payable U.S. accumulated unremitted businesses million believe rate a deemed the
had items an XX, December required resulted recognized recording $X.X were the addition, XXXX statutory impact our tax the rates, of XXXX, $X.X a tax result deferred the new the net tax of unfavorable discrete year change of These the quarter additional for a trend. per second fiscal earnings we X as current million In as as reform. In income our in quarter. we in expense reflects million. the net loss Slide assets share approximately a of of U.S. result tax to to revalue $X.XX in using the of which quarter diluted the rates,
the diluted flow in adjusted XXXX cash $X.X dilutive income prior tax December cash reform income million. year related to which $X.XX, are the equivalents items. discrete the quarter, second income million, discrete per in on loss share Cash quarter. was However, quarter current EPS $X.X Operating recognized tax Diluted for current excludes non-GAAP $X.XX. a $X.XX and of EPS prior our quarter, XX. was net of was which shown the tax from were in the non-GAAP $X.XX to year adjusted year $XX.X Slide compares reform, second our excluding while items net the We second impact trends at recorded the XX, of million
an related income in of operations charges was the adjusted cash usage strong to tax and more quarter Our loss to our increase payable million, accounts a an $XX.X flow year inventory. for from than depreciation, as current increase tax related in cash offset reform, second net during
$XX.X second in from Our operating cash million. flow activities quarter prior the year was
implementation in payable compared depreciation equipment to more to prior receivables quarter second which our than support offset in and reflects totaled an days reduction outstanding Slide largely to capital the for days awards. our day Capital introductions customers, of product largest trend. investment year which XX increased and investments manufacturing ended metric, the in XXXX on and new increase accounts one manufacturing new Days year, $X.X million, three and prior in PDSOH, the to Production to new inventory medical our Sales XX, increased program volumes new inventory our our Our six the Hand, months management increased for one is period increased as days when by cash support compared same our of and quarter sales related a our December conversion days the our in metric. capacity,
from repurchased which were during As up common million Don Borrowings credit facilities our mentioned, XX XXXX. $XX $X on XX, was we $X at million, million of June our stock the XXXX December of quarter.
and Our would we XX, today's XXXX. our well December up open plus totaled by questions short-term in our liquidity positioned With analysts. I and the our cash as continued equivalents our available, represented to support sheet $XX strong credit that, is to unused facilities, questions growth. do queue? balance any amount at analysts of million saying, cash I from like to conclude call very we are with have to Michelle, like the would
