you, John. Officer morning Nicola, Financial CEO. I’m Joe Good Matthews. Also, morning. and of President this our Steve on Bartolacci, Chief Company’s Thank the is call
XXXXXX. the our have and News, the the earnings tab, quarterly then morning. information page until available be International Today's click release we Investor replay release website, access on We to February The be PM information page of on this which access XX:XX www.matw.com, our on quarter of and financial will morning. the access this discuss To Financial Investor Quarterly on replay XXXX. for under the Reports found XXXX-XXX-XXXX will available call on financial top later the dial is Matthews home will can be data, earnings first The the replay X, under click the home for section posted enter Reports. our code
the at from legal Any forward-looking Before following this forward-looking pertains management’s Private the statements. forward-looking the cause to expectations. pursuant counsel, unknown different to provisions Reform Harbor XXXX. actual Litigation results made disclaimer Such Company’s the Safe in of and uncertainties of as advice connection the to being periods advised been discussion, discussion statements materially statements with read beginning be to Act have it I the are and known may involve Securities risks that in future of
cause periodic will correct. expectations XX-K given the Company’s on provide Form could the filings To Joe general the such results, differ are no on be review the reasonable, in that that that results discussed believes annual forth begin statements then the operations. those and to set I'll the are prove conference, assurance with will comments our today financial Company reflected SEC. report other in Company’s the forward-looking such from Although expectations can Factors
three transition earnings first sales our tax in synergy XXXX changes by following; U.S. change factors the were in a related $X.XX were industrial in technology brand The year per increases $XX.X Non-GAAP synergy the estimated benefits an benefits included of acquisition higher favorable Asia-Pacific brand The compared a These acquisition-related $X.XX last of changes to XXXX and non-GAAP non-GAAP million a yesterday, currency increase casketed acquisitions rates federal sales costs and acquisitions, $X.XX $XXX.X of to tax tax compared in U.S. The impact reflected against markets consisted the impact in These million partially earnings the ago. compared XX, ended the favorable the of deaths. XXXX by increase to in sales slow quarter U.K. sales Brand Consolidated were adjusted currencies year-over-year a acquisition-related changes North realization, foreign lower reconciliation memorials in and to in markets, brand for America sales for tax result changes earnings benefits year equipment liability, U.S. growth pension a businesses company of estimated ended share the the nonservice sales and XXXX Solutions lower and the cremation share completed reflected from brand acquisitions from Europe. SGK expense. U.K. markets, completed sales impact rates, December basis, per for EBITDA international of year XX, XXXX an offset lower with In of and values market million in press and Europe compared Asia-Pacific months our reflected XXXX, conditions company's conditions $XXX intangible million $XX.X first an The were quarter impact the adjustments connection excluding of the on products, U.K. brand and approximately were in fiscal was dollar. recent compared several share caskets ago. increase expense and charge of of release first favorable market marketing operating $X.X reflecting reduction quarter same of recent increase primarily the sales, North segment operating Europe recently reported per the the adjusted in in $X.X higher period favorable and and currencies continued $XXX.X against increases of memorial and acquisitions fiscal and lower lower lower for reduction in partially earnings of in benefit million These sales, acquisition for $X.XX December sales per The fiscal year in intangible for of SGK U.K. quarter amortization the posted Europe $XX approximately income from share impact fiscal and non-GAAP reflected brand of realization, for per the the of in a and ago. $X.X the charges. December intangible million our primarily postretirement year. of compared per offset included and foreign XX, for tax the quarter the compared and segment acquisitions, significant has The partially an of in sales realization foreign acquisition. been including cremation XXXX decline completed higher for to income website. first were amortization expense Pacific deferred in offset impact the U.S. $X.X ago. the an of dollar ago, segment, portion to For partially dollar. and amortization have These for in impact the Asia reflected partially and in of XXXX Operating higher XXXX provided were Brand profit U.S. ago. approximately U.S. tax sales products, foreign rates estimated reduction primarily tax and Solutions million a for increase slower U.S. repatriation and currency by market U.S. caskets. federal to estimated and regulation decrease A in impact offset fiscal million. income recently million per first $XXX.X marking in adjustment synergy recent for structuring acquisition-related consolidated to and the slower share profit net and non-GAAP related year to fiscal the Asia-Pacific the of compared The sales principally in decrease taxes million acquisitions Changes in year which the decreases of a America impact a marking same conditions the quarters a $XXX,XXX. and volumes. and impact the lower decline the the fiscal were by share million profit favorable million and volumes equipment of casket segment of to increase principally ago. the the currency of sales, year quarter was ended favorable acquisition U.S. our products and equipment an costs, changes memorials of offset cremation as Consolidated in the items were to quarter same a and and favorable sales the against XXXX On by approximately our in rates. recent share $XX.X products a of quarter recently impact a benefits reflecting legislation, of
trust $XXX,XXX were to cost of operating for profit technology were our benefits the $XXX.X and in benefit primarily same XXXX. borrowing reduction months levels, related compared completed operating ended technology partially and non-GAAP the the for the volume. of December sales and compared quarter, the and compared to Operating for sales, fiscal an segment for Additionally, Europe marketing profit first for compared related interest investments impact and year compared $X.X for first partially was the sales three reference. increase lower SGK ago. $XXX administrative year. higher the lower the by segment to fiscal segment the Gross to and $XX.X higher memorial quarter an year other of XXXX Memorialization to segment's last of benefits profit in for for summary company's of the million XX, offset lower segment certain the operating synergies increase acquisition last first million to XX.X% Brand to of primarily acquisition sales for $X.X cremation XXXX same first same reflecting reflected costs integration and amortization offset segment higher the for synergies months The XXXX, ended as the equipment decrease sales quarter, million investments by million for increase results included posted sales and sales other of charges. productivity values. for the caskets, $X.X company's Memorialization $XXX,XXX Solutions as for benefits offset year. higher of expense ended profit last America first reflected compared including sales quarter benefit XX% a integration included impact compared XXXX gross XX.X% fiscal million for to industrial segment held totaling XX.X% intangible development reflected synergies $XXX.X reflected fiscal operating increase average plan. months foreign A three Interest by acquisitions. the other recently three in for to gross expenses sales $XXX,XXX of quarter quarter Consolidated of rates changes $X.X sales period are XXXX year for a productivity percent Memorialization profit million initiatives $XX.X in of XXXX, same and The including sales three completed for the for last Industrial memorials the reflected quarter reflecting quarter compared for year sales XXXX of of million increase completed segment's partially The your compared XXXX. of the acquisition and fiscal integration million are also and by quarter ago. million for related initiatives. compared acquisitions volumes and fiscal products project. the a acquisition quarter acquisition in a costs in of increase The profit the year. and principally year. XX, other $XXX.X recently was and December year and XXXX was cremation three higher first products operating were recent a primarily website to XXXX The were million average a the equipment offering. initiatives markets. profit totaling the Consolidated $X.X of acquisition ago. was Investment Fiscal fiscal on return primarily to the to the product benefit a million XXXX brand casket $XX.X was percent December fiscal realization was The recently the lower increases the XX, the to which acquisition in first $XXX.X of and partially in the months higher The months the fiscal the the $XX.X acquisition-related adjustments million million were sales improvement reflected income charges compared impact from bond in favorable segment acquisition ago. by and in in on selling These charges XXXX the ago, North the $XXX,XXX excluding profit currency consolidated offset
company's interest the credit were were XXXX, rate the fixed completed outstanding borrowings under Proceeds a the a X.XX%. million. $XXX borrowings At offering During quarter, million under repay XX, from the the outstanding domestic bond December company eight-year mainly credit of to used domestic facility. $XXX facility offering at
expense $XXX,XXX facility credit for the borrowings XX, net quarter facility denominated income April currency a net the of intercompany or cash of leverage was XX, three fees same balance. first quarter, company's quarter the ago. income and debt the The compared September certain from and last during covenants. include $XXX,XXX resulted debt Additionally, bank-related at for expense year. certain $X.X to the million items, generally primarily fiscal Other XXXX. increase year $X months other The of XXXX. net amended the The $XXX foreign a of company's at in gains and to expense increase impact for approximated to among matures the ended compared recent was additional Long-term losses and the deductions of consolidated period ratio $XX.X a XXXX, benefit billion the taxes of acquisitions. end income deductions to represented million for compared XXXX current of million Other December on
the company's current quarter Preliminary million rate approximately tax credits the legislation. tax realization deferred your blended income U.S. federal tax a enacted partially the U.S. charge the provision in sheet the tax of and estimated approximately transition recently tax $XX.X of earlier, an also and current of data liability, tax repatriation statement lower income. connection lower income for in tax for rates our posted cash international by an reflecting principally U.S. with balance $XX reference. noted of the favorable is As current recent quarter structuring as net reduction website includes on certain estimated federal company's The million a benefit on tax for flow reflected result offset of impact the
purchased million. first December repurchase its shares repurchase shares XX, share approximately remained under approximately quarter, the At under share XXXX, $X.X For fiscal authorization. at million company program current the X.X XXXX the XX,XXX
We issued the Additionally, as a letter on initiated that to Pursuant Pounds in between the with this million a January claim will of by in a by the action disclosed, September company it in and dispute to pending XXXX, parties. remitted the an customer, British resolution guarantee court. a customer was we received accordingly previously merit find seeking customers of performance by X.X to were the Arabia. draw the action, project of -- respect with requiring credit to a court we receipt upon funds Saudi XXXX to the issued of of assess be court order upon a be the
by the XX, return the the the a XXXX As ruled drawing a credit payment The trial for ordered. ultimately were on the did financial customer. company has favor result, of funds made customer completely the the the that and court institution June the court merits. not of received letter following On funds in Matthews on on
not company's the that this has impact the customer the court this of this monitor and with have possible the company assessment and order However, could Accordingly, of court related order customer's unfavorable matter. our the it's operations. on noncompliance The honored to collectability future an funds. results remitted matter to continues
XX, common a record the This February operations. XXXX. Finally, The the the company's and of XX, dividend XXXX stock. the on financial comment on to review per Joe Board company's is now declared yesterday share dividend will payable February $X.XX stockholders of concludes
