and morning, good Thank Stewart, you, everyone.
As the in resulting at impact had US the course the marketing company stimulate have the velocity and point of China of the webcasts, higher these in reason The tariff The for with trade price increased the discussed over sole which in lower XXXX on sales. previous reduce prices negative the of levels. resulting penalties carryover inventory war promotional reduce resulted sale was and sales to is retail and year. we sales positions purpose the cost marketing allowances additional provide to support allowances from
in operational Early to reduce in Capstone product brand. reliance is and Thailand efforts with developed company shipping under We which XXXX, in suppliers. alliance the an on Chinese-only XXXX, currently OE the we initiated
agreement be trade we pricing this have competitive anticipate and United a with free has As to forward. the looking a Thailand advantage States, strategic stabilized
So let's the numbers. look at
$XXX,XXX million primarily XXXX. the XX, For allowances to from was $XX.X of provided revenue XXXX. increase million, retailers million a December net promotional approximately in net in of the were revenues in in reduction $X.X XXXX, year ended The $XX.X result decrease the fiscal
XXXX were million in year. LED in approximately Brand brands $X.X zero planned All compared transition of the XX% in in XXXX had as in of Licensed $XX.X XXXX. revenue funds sales million total in fact, products to was provided were brands retailers revenue as In of $X.X very marketing to million XX% to the The International to in successful brand licensed or from compared as in XXXX. XXXX, XXXX. Capstone to or in compared of Capstone for compared million of was $X.X $XXX,XXX revenue $X,XXX,XXX the sales million to $X.X XXXX. the
and for was XX.X% net December $XXX,XXX ended profit profit profit the cost year in reduction $X.X million in XXXX. $X.X overall to reason was by XXXX approximately compared XX.X% in of main for sales; XXXX. approximately profit revenues, profit from XXXX reduced gross funds Gross down million to of X.X% gross of marketing increased the gross The XX, and gross the
cost years respectively. million of XX.X% for the XX, net increase $XXX,XXX approximately from reason XXXX represented sales XXXX. revenue, $XX of December previous the and were ended to compared X% main year. XXXX, This cost net for of or respectively, was $X.X the percent and an For and that's of The revenues increase cost XXXX, XX.X% XXXX again as reduction the and million
resulting have product costs US However, during stronger unit the from overseas stable the remained year dollar.
and in Total $XXX,XXX operating operating a two to have XXXX, million most respectively, reducing expenses expenses; decrease operating this The sales fiscal impact were sales $XXX,XXX. of that over XXXX. were that's fiscal and marketing were in represented and XXXX a compared expenses the XXXX, $XXX,XXX XXXX and approximately $X.X In expenses. product decrease development and areas $X.X marketing expenses and million total $XXX,XXX
XXXX Capstone decrease to zero, the transition the Hoover Royalty a compared licensed $XXX,XXX the Duracell to licensed Royalty greatly Floor a of decrease With from compared many XXXX. $XXX,XXX Sales from in product for $XXX,XXX were in XXXX. commissions TTI products the sales brands, of XXXX. reduced. was expenses Care for zero, was License to a related reduction was $XX,XXX $XX,XXX, agent to of
of $XXX,XXX, Mirror Smart invested reduction $XXX,XXX was XXXX, the most Product development development $XXX,XXX as XXXX from which company expenses as expenses; higher In to in approximately XXXX further decrease of in development, XXXX. $XX,XXX incurred a that's compared initial $XXX,XXX year. in for a that the were expense
million, engineering, the $X.X addition an to increase a approximately to In product marketing $XX,XXX the continued increase certifications other and compensation in resulted campaign. of media expenses Mirror $X.X prototyping XXXX, from new We the Smart position software in design, of to social electrical invest regulatory areas, this specialist related from support have development, new product were project. online expense million
loss ended an year XX, XXXX, $XXX,XXX December of the $X,XXX,XXX for compared loss; to was XXXX, as improvement the operating XXXX. Operating $XXX,XXX that's over in approximately
in As the noted marketing allowances. overall negatively increased by result operating $XXX,XXX impacted was XXXX, the previously,
CES XXXX total Smart and negative also Mirror the of in the developing capabilities, invested These further company developing program's at launched also technology, the programs, Mirror websites investments However, the e-commerce a had $XXX,XXX with presence results. and Smart the overall impact company Smart new social Mirror media on portfolio a XXXX Show. constructing marketing
projection on the company Mirror are to Smart supply transition the growth XXXX, to experienced have Smart delays in the category strategic will resume to we we enable While chain Home confident later pushing profits. program revenue in the
income $XX,XXX was XXXX. compared expenses, net; to expense in income XXXX in for $XX,XXX Other other approximately fiscal
the and an and borrowing funding, XXXX improvement and in flow other combination was which or company of cash $XXX,XXX. The of order XXXX The to efficient cash income. purchase Net terms overseas through was approximately $X previous $X,XXX favorable a strong with result accruals in income position was being for of a a increasing need resulted fiscal suppliers, $XXX,XXX our million, zero loss eliminate XXXX. XXXX respectively, for to only interest payment approximately released not and management, able required and interest in
financial support improve Let's balance our diligently the enable talk resources. In project to without services capital sheet about XXXX, us position connected distraction. liquidity and we to to worked
$XX,XXX, most remain these we've goods hand a of and tied me note. $XXX,XXX has was liabilities few are cash cash inventory. potential actually that the let the $X.X for Accounts and all of only there So have payable eliminated in the At was risk non-collection of Accounts Notes bad risk on million, cash zero was Inventory in meant strong are capital highlight on actually collected receivable and at been hand of in XXXX, loan points or which future. were year-end is already debt. shipped, on a balance position. active $XX,XXX, so payable no approximately obsolescence balance. accruals up any
are approximately accounts $XXX,XXX Smart used was XXXX. payable. in year to impact XXXX. Cash operating in accounts collections new approximately which $XX,XXX The in tooling $XX,XXX approximately Spending activities into in product will cash $XXX,XXX, The product activities. in a Mirror activities operating the provided molds capital flows compared and XXXX was reduced for increase. used by $XX,XXX in by company company's outstanding the increase used with Cash lighting provided in the invest investing of and activities by expansion cash approximately was offset compared receivable Home loss by account future activities; and requirements negative to $XXX,XXX to partially continued was in net $XXX,XXX during XXXX, flows Smart categories,
Cash XXXX of when flows to the upfront the $XX,XXX favorable will XXX,XXX CIHK during terms initiating was year and the payment product negotiate in line approximately new December respectively. projects. continue company the XX, has activities repurchased with reduce financing and XXXX required shares year The ended year. cash amount for our OEM used manufacturers and zero during to
had pursuing covenants credit outstanding. XX, to the of existing the December As all debt At has December with XX, company zero complied XXXX, XXXX, facilities. company
that our and regulations are fact closing, In strong, resources is terms well-established. remain payment
a have in We are support cash strong place. balance and bank
As with deal we of will that. today,
that the support believes operations, will from provide when from company our of flow financial XXXX. resources cash management continued our in National and sources, for Directors support available sufficient these Sterling With needed Bank,
are time, reassure employees now the all our accordingly. impacting US, sign-off, had I with like staff of before members systems all Last foresight allows Now the pandemic we remotely. IT work to are Thailand our primary invest that in the this in concern. At China, just and to to that US I we year, the would investors, COVID-XX that our operating
you, This XXXX. will concludes back I my call turn to financial the summary now for Stewart.
