You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: I'm very proud of their efforts in this challenging environment and the dedication, creativity and resilience they've demonstrated.
I will then discuss several of the key themes and accomplishments in the quarter.
From there, I will discuss the segment performance and trends.
Ademir will follow with a discussion of our consolidated results and financial position in greater detail.
Finally, I will conclude with some comments on our outlook and key takeaways from our results and initiatives.
Overall fiscal fourth quarter results were in line with our expectations despite the very challenging operating environment as our teams displayed a high degree of global collaboration and coordination while maintaining a safe and healthy environment.
Importantly, since the end of April, our end markets sequentially have exhibited a gradual increase in the level of customer activity that has continued into our first quarter.
Most notably at our Engraving, Electronics and Scientific segments.
We also continue to make substantial progress further positioning Standex around more profitable platforms with favorable growth prospects and compelling customer value propositions.
At the beginning of the quarter, we completed the divestiture of our Refrigerated Solutions Group.
This transaction is accretive to our consolidated operating margin profile by approximately 200 points.
The transaction also continued the process to begin with our divestiture of the Cooking business in early 2019.
In July, we announced the acquisition of Renco Electronics.
Renco is a leading US-based custom magnetics manufacturer.
We believe this is a great strategic fit deepening our significant engineering and technical expertise, as well as providing a highly complementary customer base.
In addition, Renco will be accretive to our earnings to fiscal 2021 and additive to consolidated free cash flow.
Today, we are also announcing the realignment of our reporting segments reflected in our fiscal fourth quarter results.
Besides Engraving, Electronics and Engineering Technologies, our reporting segments will now include Scientific and Specialty Solutions.
A stand-alone Scientific segment will allow us to communicate more effectively the highly attractive profile of this business and its long-term outlook.
We acquired this business at the end of 2016, and since then, it has experienced significant growth, focusing on the manufacturer of laboratory refrigerators and freezers, as well as cryogenic equipment for the scientific, biomedical and pharmaceutical markets.
In fiscal 2020, the Scientific segment reported $57 million in revenue and in excess of 20% operating margin.
The Specialty Solutions segment, we are introducing today as a reporting segment, will include the Hydraulics, Pumps and Merchandising businesses.
We will now be reporting these businesses in line with the way they are managed, under one common Group President.
Besides the portfolio repositioning, we continue to successfully execute cost actions, and have a healthy funnel of operational excellence initiatives to implement as we enter fiscal 2021, which will strengthen our market leadership and cost positions.
During the quarter, we realized $4.2 million from productivity and expense actions, and expect $7 million in annual savings in fiscal 2021.
Further adding to these efforts, we are building on our current foundation with support of our new VP of Operations hired this past February.
A recurring theme and priority in how we manage Standex is to maintain a strong balance sheet and significant liquidity position supported by consistent free cash flow generation and disciplined capital allocation.
We generated free cash flow of $19.5 million in the fourth quarter of 2020 and repaid $13 million in debt.
The company ended the quarter with approximately $200 million in available liquidity and a net debt to adjusted EBITDA ratio under 1.
Also, Standex repatriated approximately $19 million in the quarter and $39 million in fiscal 2020 from foreign subsidiaries, ahead of our prior forecast of $35 million.
Our significant financial flexibility positions us well as we execute on an active pipeline of organic and inorganic opportunities as in the case of Renco, which we paid for out of cash on hand without incurring additional debt.
In sum, as I reflect on fiscal 2020, despite the challenges associated with COVID-19, we continued to build the corporation around larger more profitable platforms in high-value markets with strong competitive advantage and customer focus.
We also have a healthy pipeline of internal projects and inorganic growth opportunities that can generate attractive returns.
Underpinning these actions is a strong balance sheet and significant financial flexibility.
As a result, Standex is well positioned to exit the current environment as a stronger company.
The Electronics segment revenue decreased approximately $5 million or 10% year-over-year as we experienced weakness in both North American and European markets, associated with the economic impact of COVID-19 pandemic.
This weakness was partially mitigated by a modest recovery in Asian end markets.
Operating income decreased approximately $2.8 million or 32.3% year-over-year in the quarter.
Besides lower volume, operating income was impacted by higher raw material input costs, as well as partial plant facility shutdowns in India and Mexico, which have since reopened.
These items were partially offset by cost savings and productivity initiatives.
In addition, the funnel of new business opportunities continues to be active, and is at a very healthy $40 million as we work with our customers on their new product designs.
As an example of a new product, we collaborated on a custom magnetic sensor for smart grid monitoring.
Standex's process controls and design capabilities were key to this application.
This product enables remote wireless underground monitoring of electric power quality.
As is typical, this product had a multi-year sales cycle and will have an approximately 10-year product life cycle.
Our fiscal first quarter 2021 Electronics segment outlook is for a meaningful sequential increase in revenue due to positive trends in our magnetic product line, as well as revenue contribution from the recently closed Renco acquisition.
We also expect a sequential improvement in operating margin reflecting continued cost and productivity initiatives, as well as limited sequential impact from reed switch raw material input costs.
Our Electronics business has dramatically transformed in recent years growing from a $40 million largely North American business into an integrated global player.
We have recently organized the business into two separate P&Ls, one for the magnetics business, the other for switches and sensors.
This will allow greater focus to each of these product lines to grow organically.
We will also continue to expand this business with attractive bolt-on acquisitions, expanding into new markets and adjacent technologies.
At the Engraving segment, revenue decreased approximately $6.5 million or 17% year-over-year, primarily due to delays in the receipt of tools from customers as we indicated in our fiscal third quarter conference call.
We are seeing this work shift into the first fiscal quarter of 2021.
Importantly, over the longer term, auto OEMs continue to hold on to their new program roll-out schedules.
Engraving operating income declined $2.7 million or 51% year-over-year, reflecting volume declines associated with the economic impact of COVID-19 mitigated partially by productivity and expense savings in the quarter.
Laneway remained healthy with a 9% year-to-date increase to $43 million, driven by soft trim tools, laser engraving and tool finishing.
We've been very active collaborating with designers on new electric vehicles in all regions of the world.
The example here shows how we leveraged our global presence and comprehensive service offering including architecture design services, chemical and laser texturizing, soft trim tools and tool finishing services to bring out this new model.
Our fiscal first quarter 2021 outlook is for a meaningful sequential increase in Engraving revenue and operating margin in fiscal quarter -- first quarter 2021.
The expected revenue increase reflects both customer orders that have shifted from fiscal fourth quarter 2020 to first quarter '21, as well as an overall increase in the level of customer activity.
The expected margin increase is associated with higher volumes sequentially, combined with cost efficiency and productivity initiatives in North America and Europe.
In addition, we are beginning to leverage our global SAP platform at Engraving for enhanced productivity.
We have spent the last 2.5 years moving all Engraving sites with [Phonetic] common [Phonetic] ERP.
Now, we are rolling out standard reports and operating procedures to help our regional managers better plan and manage their capacity over time and productivity.
Now we turn to our newest segment.
We will begin to break out the Scientific business as a stand-alone segment.
When we acquired Horizon Scientific in October 2016 and combined it with our own Scientific Refrigeration business, we had a business with $34 million of sales.
Sales grew to $57 million in fiscal year '20 even with the fourth quarter deceleration from the COVID-induced slowdown.
In that time, we have seen the management team continue to do what they do best, identify emerging market opportunities, and quickly develop and bring to market a solution.
The end market for Scientific Refrigeration is dynamic, shaped by frequent regulatory changes, as well as constant evolution and distribution strategy for medications and vaccines.
We have been able to strengthen this business with our growth discipline process tools and accelerated investment in R&D.
This is a business we expect to continue to grow organically and we are also actively exploring bolt-on acquisitions to expand its reach.
Scientific revenue decreased approximately $2.6 million or 17% year-over-year with operating income declining approximately $900,000 or 24.8% year-over-year.
The Scientific segment was impacted by a market shift toward consumable protective equipment due to the COVID-19 pandemic and less near-term emphasis on capital equipment expenditures by its customer base.
However, in fiscal first quarter '21, we expect to see meaningful sequential revenue and margin increase as customer ordering patterns return to a more historical mix.
In addition, for the coming flu season, healthcare facilities plant to move even more flu vaccinations into other delivery points such as pharmacies, so they can focus on COVID treatments.
This is driving demand for our products from our national pharmacy chain customers where we are well established.
Scientific's prospects include other promising opportunities as well.
Our scientific unit manufacturer's cabinet is well suited for the storage needs of COVID-19 vaccines and treatments now in the approval process.
We are actively evaluating and pursuing the opportunity this presents.
Turning to the Engineering Technologies segment on Slide 7.
Engineering Technologies revenue decreased $7.3 million or 21.7% year-over-year in the fiscal fourth quarter 2020, reflecting lower aviation-related sales offset partially by increased sales in the space end market.
Operating income margin increased from 13.6% in fiscal fourth quarter 2019 to 15.8% in the fourth quarter of 2020 despite the sales headwinds due to favorable product mix, cost actions and manufacturing efficiencies.
We also continued to innovate, collaborating with customers on next generation missile nose cones using our proprietary spin forming process.
In fiscal first quarter 2021, we expect to see significant sequential revenue and significant operating margin decrease.
The decline is primarily due to the economic impact of COVID-19 on the commercial aviation market, especially our engine parts business.
Space end market sales will see a decline sequentially in the fiscal first quarter of '21 due to the timing of projects.
The segment's defense end markets are expected to increase year-over-year throughout fiscal 2021.
We will continue to work to further align Engineering Technologies's cost structure with the current demand environment in aviation.
Now let's move on to Slide 8, the Specialty Solutions segment, which includes the Hydraulics, Merchandising and Pumps businesses.
Specialty Solutions revenue decreased approximately $8 million or 25% year-over-year in the fourth quarter of fiscal '20.
The revenue decrease was primarily associated with the economic impact of COVID-19 on several end markets including the food service equipment and hospitality industries at the Pumps and Merchandising businesses, and the dump market at Hydraulics.
Segment operating income decreased $2.3 million or 39% year-over-year, reflecting lower volume, partially mitigated by cost actions including headcount reductions and temporary plant slowdowns.
We expect fiscal first quarter '21 revenue and operating income to be similar to fiscal fourth quarter 2020.
Using the Standex growth discipline process, we are introducing a new product for schools the Federal milk merchandiser, which provides several benefits, flexibility to merchandise a wide assortment of products, as well as accessible to young students.
It reduces labor as there is no need to remove milk every night and it includes an innovative condenser cleaning alarm using Standex Electronics to alert users to efficiency losses.
First, I will provide a few key takeaways from our fiscal fourth quarter 2020 results.
Our results were in line with the overall expectations we had entering the quarter.
As expected, the majority of our end markets were impacted by the COVID-19 pandemic, and as a result, we reported a year-on-year decrease in adjusted EPS.
Second, as David mentioned, we continued to maintain a very strong financial position as evidenced by our significant liquidity, low leverage ratios and consistent free cash flow generation.
This was complemented by our ongoing cash repatriation program, which came in ahead of our prior estimate for the year.
We plan to continue to execute on our repatriation efforts in fiscal '21.
In addition, our interest expense declined year-on-year, reflecting the swap of variable debt to a lower rate fixed rate debt, which was completed in our fiscal third quarter.
We also delivered on our cost-saving initiatives in the quarter.
We realized $4.2 million in savings in the fourth quarter and expect $7 million in annualized savings from these efforts in fiscal '21.
Finally, our capital allocation remained balanced and disciplined.
We have announced earlier in the quarter, our acquisition of Renco Electronics, which was financed from our cash on hand.
Additionally, during the quarter, we repaid debt, repurchased shares and declared our 224th consecutive dividend.
On a consolidated basis, total revenue declined 17.4% year-on-year.
This reflects organic weakness associated with the economic impact of COVID-19 pandemic.
Acquisitions had a nominal contribution of 0.1% to overall growth in the quarter, while FX was a headwind with a negative impact of 1.1%.
Gross margin decreased 200 basis points year-on-year to 33.7%, primarily reflecting the volume decline, partially offset by productivity and expense actions.
Our adjusted operating margin was 8.7%, compared to 12.6% a year ago.
Interest expense decreased primarily due to a lower interest rate as a result of the variable to fixed rate swap we implemented in our fiscal third quarter.
In addition, the tax rate of 26.7%, represented a 210 basis point increase year-on-year due to the mix of US and non-US earnings.
Adjusted earnings were $0.65 in the fourth -- fiscal fourth quarter of 2020 compared to $1.10 in the fiscal fourth quarter of 2019.
We reported free cash flow of $19.5 million compared to $27.8 million in the fourth quarter of 2019.
This decrease reflects the lower level of net income year-on-year, partially offset by a reduction in capital expenditures from $15.6 million in fourth quarter of 2019 to $5.7 million in fourth quarter of 2020 as we focused our spending on maintenance, safety and the company's highest priority growth initiatives.
Standex had a net debt of $80.3 million at the end of the fourth quarter compared to $102.8 million at the end of the third quarter of 2020.
This decrease primarily reflects the repayment of approximately $13 million of debt in the quarter, along with an increase in our cash balance due to operating cash flow generation in the quarter.
The company's net debt to adjusted EBITDA leverage ratio was 0.8% with a net debt to total capital ratio of 14.8% and interest coverage ratio of approximately nine times.
We also had approximately $200 million of available liquidity at the end of the fourth quarter.
We repatriated $19 million of cash in the fourth quarter of 2020 and $39 million in fiscal 2020 compared to our prior $35 million expectation.
We plan to repatriate an additional $35 million in fiscal '21.
During the fourth quarter, we also repurchased approximately 30,000 shares for $1.4 million.
We have repurchased now approximately 172,000 shares since the end of fiscal 2019.
There is approximately $43 million remaining under the Board's current repurchase authorization.
In addition, in July, we declared our 224th consecutive dividend of $0.22 per share, a 10% year-on-year increase.
Subsequent to the end of the fourth quarter, we announced the acquisition of Renco Electronics for approximately $28 million, which we financed with cash on hand.
Renco will be accretive, both on an earnings per share and free cash flow in the first year of ownership.
In fiscal 2021, we expect capital expenditures to be between $28 million to $30 million compared to $19 million in fiscal '20 as capital spending returns to more normalized levels with continued emphasis on safety, maintenance and growth investments.
On Slide 12, we have presented a reconciliation between what the reporting segments would have looked like for fourth quarter 2020 under our prior reporting structure and under the new structure with Scientific and Specialty Solutions as stand-alone segments.
In the appendix on Page 17, we have also presented all four quarters of fiscal '20 under the new reporting segment structure.
In fiscal first quarter '21, we expect revenues to be flat to slightly above fiscal fourth quarter '20 and operating margins to improve sequentially.
This outlook assumes the following.
Electronics and Engraving segments are expected to have meaningful sequential revenue increases due to an increased level of customer activity and associated volume, as well as a contribution from the recently closed Renco acquisition at the Electronics segment.
We also expect a meaningful sequential revenue increase in the Scientific segment as customers resume capital equipment orders.
We also expect to benefit from a continued increase in the level of flu vaccinations delivered through pharmacies.
These increases will be balanced with a significant sequential decline in Engineering Technologies due to the economic impact of COVID-19 on the commercial aviation market and the timing of orders in the space end market.
Specialty Solutions revenue is expected to be sequentially similar to fiscal fourth quarter 2020.
From a strategic perspective, we remain active in our business portfolio in the quarter, divesting Refrigerated Solutions, acquiring Renco Electronics, and today, establishing Scientific and Specialty Solutions as stand-alone segments, all with the intention of building our higher-margin growth businesses into more significant platforms.
Capturing cost structure efficiencies will remain a priority, with $7 million in cost savings in fiscal 2021, expected from the actions we have already announced.
These efforts are being supported by a significant funnel of operational excellence actions in fiscal 2021.
Our financial position remains solid, supported by our strong balance sheet, significant liquidity, consistent free cash flow generation and continued repatriation of cash.
This significant financial flexibility will allow us to pursue a healthy pipeline of organic and inorganic growth opportunities.

user
qtrly adjusted earnings per share $0.65.
in q1 2021, expects consolidated company revenue to be flat to slightly above q4 2020.

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