Thanks, Iv.
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our compared income fourth the our quarter and Now, income continuing our U.S. associated associated I'll comments as pre-tax our operations. had effective few we our of loss higher loss. from foreign the our affected rate, income operations adversely a operations tax despite by X.X% mix and The pre-tax lower continuing about on operations with as XX.X% to our The income tax for earnings rate pre-tax in rate year, earned with the rates taxes. was Canada, fiscal significant make pre-tax tax China continuing income effective a for tax from
income the tax, that mix rate tax U.S. a current represents effective on our intangible the of with taxed income Additionally, global is income earnings. led in or foreign GILTI to low tax significant increase taxable income associated which a
any expenditures. year, tax carryforwards XXXX Importantly, make to U.S. the income and fiscal during payments immediate due federal operating of of not of net U.S. the the we utilization company's capital loss U.S. expensing did
the the Notably and some year have proposed high-tax $X totaling foreign payments proposed issued regulations could with Treasury newly the GILTI did Internal us we associated in our income China located and during operations release U.S. exception election. million have GILTI the Canada. future from under Department provide Service Revenue However, that tax tax with
proposed not could However, change. the and been regulations have finalized
business look a our take let's segments. Now at
segment, the fabrics for with down fourth quarter. fourth were million, compared XX.X% net For year's last $XX.X quarter mattress sales
of Our was $X.X operating quarter operating a ago. compared for income year million loss $X.X the with million
performance and Iv fourth the As noted, significantly our the unprecedented pandemic. sales affected quarter year and operating disruption by were COVID-XX from
to by other continued mattress results industry countries. were affected to low-priced China Additionally, prior for to related disruption COVID-XX the imports that the in outbreak, from domestic year our moved
segment, from down quarter For the prior fourth million, the period. XX.X% were $XX the year upholstery fabrics sales for
$X.X with for ago with with compared $X.X quarter Our million margin X.X% X% year. million of was fourth the operating year operating income a compared income last
Our by in decline in operating performance primarily the affected material disruption sales the COVID-XX the from connection was with pandemic.
are sheet highlights. balance Here the
shut fiscal and broad caused uncertainty, the XXXX. disruption have created the downs position for financial near term maintained sound we and headwinds While COVID-XX by a
the of we reported As $XX.X $XX.X borrowings in million, cash end for investments million. position total the million a net cash of outstanding year, and of totaling and $XX.X
operations. the sales doing above even We quarter. despite position so, ended we quarter, the our net manage by position have in during this taking to prompt limited In rapid our with maintained position cash end with the action of cash net cash at fourth third the decline the quarter
returned $X.X million and free We cash year, regular $X.X affected the from operations million repurchases. had the COVID-XX flow the year, spent cash we expenditures for shareholders to $X disruption. million of capital share which flow by in During for and $X.X negatively million were dividends of and
earlier, our fiscal weeks current compared cash improved the once outstanding previously borrowings Iv the the net XXXX position to XXXX, eight mentioned after quarter, to repaying XXXX. at we the reflecting the of financial are again fiscal the of fourth of total end as As position debt-free end fourth quarter first of fiscal now
back COVID-XX to our amended Iv. maintenance With turn covenants to I'll regarding over for recently the of our impact the also that, call agreements the We due financial flexibility increased credit pandemic.
