slide to turn let’s XX for results. And third quarter everyone. Thanks,
of during the economic in third record down were down and impact core the XX% sequentially. and was of were sales the XXXX down Cortland product XX% down level was Excluding XX% strategic shutdown, sales reported XX%, the exits service that’s down IT&S against and quarter and sales fiscal XX%.
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results in associated XX, the in any with that what Turning Jeff XX% to price have service our our I XXXX, and decline we as qualify saw and spend were quarter. an elements, in XXXX sales that sorry, won’t regions, XX% is that just of the so pandemic decline waterfall the of decline the I what a happened each Randy in reviewed oil just known of repeat a the time and would not shock. result slide here. illustration of would projects consists two mega XX%, already
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product locations. in noted, funds The XX% our the furloughed employee quarter. reimbursements we’ve quarter our weighed that the $XX wage EBITDA of COVID-XX low actions facilities the from furloughs, impact We $X application received to funds. XX%. temporary government was Those These XX% certain manufacturing our and on tied largely range sales decline margin the of our stimulus As bonus expected and international restrictions in approximately during cost margins. on for actions end T&E announced at heavily We decremental to the are government for million employees. generated funds million otherwise savings suspension, included for in volume
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we from fourth we anticipated into additional million. government million our $X international locations, As savings COVID from no to head assuming stimulus quarter, actions of additional temporary our meaningful our $X funds
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the slide and temporary market We structural additional evaluating to any based we XX, conditions. we of timing nature quickly on are turn revisit our actions progression. If can cost
We of fourth the the the we all will last call our announced associated complete $XX on in actions with million savings quarter.
our quarter structural optimization. more and our reviewing opportunities We’ll during have Enerpac cost accelerating information footprint fourth these additional on call. are actions We
$XX about reduced returns. end structural growth when at the fiscal into by the million. to and have XXXX, our we is accelerate ourselves of expansion Again, As Randy costs noted this margin positioning will market
turn cash $XX fiscal working quarter between obviously lower versus impact XX in activity Accounts liquidity, you third of receivable If during $XX reflective EBITDA quarter in million quarter. on is strong generated in a of The years. slide in to the collection capital and the reduction $XX remains million the million we generation approximately the XXXX. of cash
to deterioration continue the during region collection or flash credit our by Inventory for will activity by aging We million liquidity levels quarter. monitor increased $X concerns. customer
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start by million setting normalized On $XXX global $XXX direct spend ranges level million. a to Let’s on spend, third-party spend range our from our profile.
our balanced disruptions no We have price pressures. a From result seeing chain significant relatively sales. supplier a as remain with regional a of Commodity COVID-XX? or prices market are real cost footprint is supply year-over-year. perspective, that What the we down or in
us or all pricing is are From on and to not open and during logistics discussions any had with in and our focused crisis our strong seeking both long-term suppliers lost have incentivize helping product we suppliers move volume the any We are to relationships liquidity, shortages, suppliers perspective, a of able to outbound. orders.
X Although, we any have we saw reduction of significant. can Availability airfreight rates. close nothing of vessels countries to restrictions see and We did the during and significant had borders. not from delays times their containers, some to disruptions. as did number in times X anywhere cause be normal but We quarter shipping rates have
airfreight Our third was quarter approximately XXX,XXX.
that volume. than X actions volumes year-over-year in and several However, crisis. we to this XX% rates volume a year, air lower area of X cost reopen A as taken significant are we stabilize respond shipping on reflects million expected normalize. airfreight increase freight, We’ve countries as Other saw a normalized approximately to to the do no million increases. we in
the these times. centralize completed spending supplier allowed sourcing us swift to in Over months, office actions of the last us what a controls, we was management to function and has and Asia This headquartered global allows Dubai. procurement in during into few transformation take
with inventory direct we catch to have all of allow and temporary reduced up necessary orders safety levels. In temporarily stock actions, were purchase current -- measures to demand. suspended slow These terms
release As are suppliers standing ensure able demand to we purchase with close recovers. closely have with them are relationships orders we as long our and to noted, working
test in a of weeks, critical for volume manage To at risk, ability crisis pressure. shift and critical commodities matter identify, and suppliers suppliers requirements, monitor Given situation a create in are new we and continuously arrangements we single suppliers by source multiple strategic some willingly our drive standards under to have all preferred need our minimizing quality accepting relative product size mass family and the to supply. the production to qualify ensure to prequalified
We are we will These return us suppliers. continuing our reductions actions cost with and to also volume dependent negotiate favorably as impact to are growth.
quarter. So ground, we the boots we available product we and back manage go to million times. levels actions driving in all is capital sales about getting ended give ability on the our along to vitality, capturing with confidence in XX, back with where quarter our working slide during us If the $XXX cash, these new which these started
leverage second sits as XXXX with XX-month trailing in of EBITDA the X.X times the quarter. Our X.X of times end of and QX times the X.X consistent at
on the the our interest June Our X.X revolver impacted exchange. a our and transaction, $XXX as borrowing revolver, the a by X.XX%. capacity funded on coverage rates a facility completed by annual XXth EBITDA The leverage has interest times is under pro times debt-for-debt ratio not of The Notes ratio June our coverage draw voluntary rate and on was We X.X of rate of the basis On the at on principle third million interest is million interest an of of drawing Senior the interest tied the on X.XXX% times. at million debt-for-debt the TTM X.X current $XXX revolver $XX end that This over redemption was which this quarter. credit forma result sits savings our of to revolving will $X in maximum indentures. accrued for currently was variable million in XXth.
We cash and practically liquidity We our balance to assets one managing the during on crisis. liquidity. of view will have as continue we strongest and sheet the our focus
repurchased shares We available $XX the in year, priorities advance repurchases, quarter. our capital current HTL to the of with in acquisition million and million $XX $XX have including early the in allocation million cash share used this
will capital expenditures. expenses in including this discretionary cash crisis, we during As April, said all early -- limiting conserve we spends,
the in you strong We suspended all are this With in our period the will purchases additional going and position forward. I’ll during remain Randy. call turn back uncertainty. we to diligent a capital have management We of share that, believe financial we of
