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. 
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First is the health, safety and well-being of our employees.
The second is being responsible citizens and good neighbors in the communities in which we do business.
As it relates to COVID-19 these two could not be more closely related.
Regarding our safety response to COVID-19, we have been proactive in establishing protocols and processes that protect the safety and health of our employees, customers and business partners.
This early action has enabled us as an essential business to remain open safely in all locations.
We are fortunate in that we operate and serve the U.S. heartland and Sun Belt states, own and control our local raw material inputs and have a fully domestic supply chain.
And most importantly, in this situation, virtually everywhere we operate construction has been deemed essential allowing us to make and sell our products, which brings me to our earnings this quarter.
We entered the quarter with a strong momentum in terms of demand across our markets.
We did not experience much business interruption for our fourth fiscal quarter in our markets.
Posting record quarterly revenue should be no surprise for this reason.
In the case of COVID-19, geography matters.
In these unprecedented times rather than trying to predict the unpredictable, our emphasis is on deployment of rapid feedback groups.
This involves being in intimate contact with our local operations as they navigate in this environment.
We are a local business in many ways and can react quickly to any market changes as they occur.
We have successfully navigated severe cycles before and some would say we have an unrivaled track record in this regard.
We navigated through the longest and deepest construction recession in U.S. history and made money every year, which very few in our space can claim.
We are well prepared to respond quickly as issues arise.
Right now, part of our preparedness strategy is to conserve cash and strengthen our already strong balance sheet.
Out of an abundance of caution, we announced during the quarter that we suspended our dividend.
I want to emphasize and be very clear that suspending the dividend was part of a comprehensive plan of managing cash through this environment.
This plan also entails internal -- curtailing nonessential capital expenditures, share repurchases, controlling inventory levels and a host of other prudent measures.
It is timely and coincidental from a cash strategy standpoint that we have made some progress in our program of portfolio shaping.
We announced this quarter the sale of a non-core ready-mix and Aggregates assets in California.
The sale of these assets is the result of a long-term effort that emerge where alternatives ownership value exceeded operating value for us.
We also were able to sell our frac sand distribution business during the quarter and we continue to explore alternatives for the remaining frac sand business.
We fully expect that the uncertainties around COVID-19 and its effects on the economy will be released over time.
We are well-prepared to capitalize on opportunities in construction materials that will arise in the wake of these uncertain times.
We are three times larger on the Cement side of the business than we were a decade ago.
We have built a strategic network of plants and terminals in the U.S. heartland.
The latest addition was the recently acquired Kosmos Cement plant that we began operating as an Eagle plant in March.
Our Wallboard business has attained unrivaled prominence for low-cost production and customer satisfaction.
In March we completed the equipment installation to expand the capacity of Republic Paper.
We will finalize all aspects of the installation over this summer when travel reopens but we are already seeing the benefits of this new equipment through added capacity.
Our balance sheet is strong and we are poised to emerge from this uncertain time with the wins at our back.
In this regard, I think it is important that we not underestimate the power that already announced monetary and fiscal government stimulus will create for our businesses.
Construction has led the way to recovery in so many prior cycles and may well lead the way again.
Our U.S. infrastructure needs are well chronicled one way or another roads and bridges will be built and repaired.
Low interest rates make homes more affordable and we are not building at the pace that matches household formation and replacement needs.
There are many reasons to remain constructive about the long-term.
We still look forward to the separation of the two businesses, but currently have no updates on timing for that transaction.
That's all for me as far as an introductory remarks.
Fiscal year 2020 revenue was a record $1.5 billion, up 4% from the prior year reflecting increased Cement sales volume and pricing, improved Wallboard and Paperboard sales volume and the addition of two businesses acquired during the year.
The acquired businesses contributed approximately $32 million of revenue during the year.
Revenue for the fourth quarter improved 11% to $315 million reflecting a very strong end to our fiscal year.
Annual diluted earnings per share improved 14% to $1.68.
For fiscal 2020 diluted earnings per share includes the effect of a significant tax benefit related to the CARES Act, business development related expenses and the effect of an outage linked to the expansion of our paper mill.
Excluding these non-routine items, annual earnings per share improved 10%.
The CARES Act enabled us to use the tax assets generated primarily by the Kosmos acquisition and carried back to recover taxes paid in prior years at higher tax rates than we pay today.
The fourth quarter earnings per share comparison is also affected by many of these same non-routine items.
Adjusting for them consistently each year Q4 earnings per share would have increased by 45%.
Turning now to our segment performance, this next slide shows the results in our Heavy Materials sector, which includes our Cement, Concrete, and Aggregates segments.
Annual revenue in the sector increased 17% driven primarily by an 11% improvement in Cement sales volume, improved pricing in both Cement and Concrete and the results of the Concrete and Aggregates business we acquired in August of 2019.
Operating earnings increased 12% again, reflecting the improvement in sales volume and pricing.
Moving to the Light Materials sector on the next slide, annual revenue in our Light Materials sector declined 4% as improved Wallboard and Paperboard sales volume was offset by an 8% decline in Wallboard sales prices.
Annual operating earnings declined 12% to $190 million reflecting lower net sales prices, partially offset by higher sales volume.
The Light Materials annual results also reflect the impact of two extended outages at our paper mill to tie in new equipment.
The impact of the outage on the annual results was approximately $4.5 million.
In the Oil and Gas Proppants sector annual revenue was down 44% and we had an operating loss of $15 million.
This business has come under increasing pressure in recent months as lower oil prices further reduced drilling and hydraulic fracturing activity and we continue to adjust our operations to minimize operating costs.
In late March, we sold the distribution business of the Proppants sector and we continue to explore alternatives for the remaining mining business.
Operating cash flow during fiscal 2020 increased 14% to $399 million.
Total capital spending declined to $132 million.
In early March, we completed the acquisition of the Kosmos Cement business funding the purchase through a term loan syndicated through our existing bank group.
During fiscal 2020 Eagle returned approximately $330 million to shareholders through share repurchases and dividends.
In fiscal 2021 we expect capital spending to decline nearly 50% to a range of $60 million to $70 million.
And as we previously announced and Michael highlighted, we have suspended share repurchases and future dividends.
Finally, a look at our capital structure; at March 31, 2020, our net-debt-to-cap ratio was 60% and we had $119 million of cash on hand.
Our net-debt-to-EBITDA leverage ratio was 2.9 times.
Total liquidity at the end of the quarter was nearly $300 million and we have no near-term debt maturities.
In April, we announced the sale of our Concrete and Aggregates business in Northern California for $93.5 million.
These proceeds combined with the tax refund stemming from our NOL carryback and operating cash flow further improves our liquidity position going forward.
We'll now move to the question-and-answer session.

user
limiting capital spending to critical projects only.
eagle materials - taking additional steps such as suspending share repurchases and future dividends.

assistant