Revenue during the quarter dropped 5.32 percent to $61.46 million from $64.91 million in the previous year period. Gross margin for the quarter expanded 311 basis points over the previous year period to 40.96 percent. Total expenses were 77.15 percent of quarterly revenues, down from 80.26 percent for the same period last year. This has led to an improvement of 311 basis points in operating margin to 22.85 percent.

Operating income for the quarter was $14.04 million, compared with $12.81 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $18.10 million compared with $16 million in the prior year period. At the same time, adjusted EBITDA margin improved 481 basis points in the quarter to 29.45 percent from 24.64 percent in the last year period.

Adam P. Chase, President and Chief Executive Officer, commented,“Fiscal 2016 product mix trends continued into the fourth quarter with automotive and broadband-related products remaining solid contributors for our Industrial Materials segment. Construction Materials was challenged by the continued slowness in Middle East project work when compared to the prior year and by sustained lower petroleum prices. Overall, we had a successful fiscal year with our focus on maintaining solid margins despite top-line pressure. We are particularly proud of our team’s cost and working capital management, which is indicative of our improved information systems.”