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 our accomplishments in what has been an unprecedented and challenging environment over the past year and a half.
I look forward to further collaboration as we enter fiscal 2022 with a strengthened operating profile and some very new and exciting opportunities in front of us.
We ended fiscal 2021 with strong fourth quarter results and solid execution on our growth strategy.
At the Electronics segment, approximately two-thirds of the 63% year-on-year revenue increase in the fourth quarter reflected organic growth with continued broad-based geographical recovery, including increased demand for relays in solar and electric vehicle applications.
As reflected in our backlog trends, we are continuing to see strong demand across many of our product lines and all geographies at Electronics.
Our Scientific segment also had a strong quarter with solid revenue and operating income growth year-on-year.
We also have an active pipeline for new product development at Scientific and recently received our first product patent in this segment, which I will discuss later in the call.
At the Engraving segment, revenue increased approximately 16% year-on-year, reflecting a favorable geographic mix, project timing and increased soft trim product demand.
Execution on our portfolio transformation strategy has strengthened both Standex's operating performance and strategic positioning as we further expand our end market focus and introduction of new products.
From a financial standpoint, all the segments are focused around high quality businesses that optimize our growth and margin profile.
Total Company backlog realizable in under one year increased 19% sequentially in fourth quarter fiscal 2021, with strength in Electronics, Specialty Solutions and Engineering Technologies.
On a consolidated basis, we reported an adjusted operating margin of 12% in fiscal 2021, representing a 90 basis point increase year-on-year, with our fourth quarter margin of 13.3%, the highest quarterly margin Standex has ever reported.
The reshaping of our portfolio has also enabled us to accelerate our investment in resources to aggressively pursue opportunities in end markets that have healthy growth prospects such as electric vehicles, renewable energy and smart grid.
Our strength and competitive advantages in these markets drive innovative product solutions, which leverage our technical and applications expertise and resonate with our customers.
For example, we've been partnering with a major global energy company on a multiyear development effort and have recently delivered prototype modules to support projects in the renewable energy sector.
The potential to scale production to support this project and to commercialize other exciting and innovative organic growth opportunities throughout the Company has reached a level that requires executive oversight.
It marks another step in our journey toward becoming a high performing industrial operating company.
Last night, we announced the creation of a Chief Innovation and Technology Officer role in response to these types of new end market and growth opportunities on which we plan to capitalize.
We are promoting Flavio Maschera, President of Engraving, to this new innovation and technology role, which will also be a member of the Standex Corporate Executive team.
Flavio joined our Engraving segment in July 2006 as VP of Europe and has led our efforts into successfully transforming the Engraving segment into a global texturizing business.
He has also championed growth laneways into our [Phonetic] performance services and expanded into the growing soft trim tool market.
His innovative approach has enabled Engraving to maintain its position as the technology leader globally.
Flavio's depth of experience in innovation and new technology development and strategic insights will be a tremendous asset Companywide.
I am also pleased to announce that Jim Hooven will step into the role of President of the Engraving segment.
Jim joined Standex in February 2020 as Vice President of Operations and Supply Chain.
In September 2020, Jim was also -- also took on responsibilities as Interim Vice President and General Manager North America for the Engraving segment while maintaining his role as VP of Operations and Supply Chain for Standex.
Under Jim's guidance, the North American business has made steady progress strengthening operational excellence processes, developing talent and achieving results.
We have also begun a process to address Jim's prior role of Corporate VP of Operations and Supply Chain.
Underpinning our growth strategy is an active pipeline of productivity and efficiency initiatives.
This is enabling us to mitigate the impact of supply chain issues and material and wage inflation which is affecting the broader industrial sector.
A few of our actions which I wanted to highlight include continued lean initiatives implemented across our production plant footprint and enhanced strategic sourcing to drive direct material synergies.
In addition, our focus on mitigating material inflation and improving our cost position in the Electronics segment through changes in reed switch production and material substitution is expected to be substantially complete by the end of fiscal 2022.
We are in a very strong financial position to pursue organic and inorganic growth opportunities given our significant financial flexibility as a result of our strong balance sheet and liquidity position and consistent cash flow generation.
Ademir will discuss our financial performance in greater detail later in the call.
As far as our outlook, in fiscal 2022, we expect stronger financial performance reflecting positive demand trends, the impact of additional productivity initiatives and our significantly strengthened operating profile.
In the first quarter of fiscal 2022, we expect a slight decrease in revenue, but a similar operating margin compared to fourth quarter fiscal 2021.
Revenue increased $28 million or 62.7% year-on-year, reflecting a 42.2% organic growth rate or an approximate $19 million increase.
The Renco acquisition contributed approximately $7.3 million in revenue and continues to be a highly complementary fit with our magnetics portfolio.
Our Electronics operating margin increased to 21.6% compared to 13.1% in the year ago quarter, reflecting operating leverage associated with revenue growth and productivity initiatives, partially offset by increased raw material cost.
The expansion of the Electronics segment to new markets such as electric vehicles and renewable energy as well as the impact of prior acquisitions like Agile Magnetics are adding to our prospects.
We continue to leverage the sales synergies of our Agile acquisition in markets such as semiconductors and through the expanded capabilities it has provided us.
In particular, NBOs contributed in excess of $15 million in fiscal 2021 compared to our prior estimate of $12 million on our third quarter earnings call.
Our pipeline remains healthy, with total segment backlog realizable under a year increasing approximately $22 million or 23% sequentially in the fourth quarter as we continue to see strong growth in reed switch-based products in magnetics applications.
Sequentially, at the Electronics segment, we expect a slight increase in revenue and a moderate increase in operating margin in first quarter fiscal 2022, reflecting continued end market strength in reed switch and relay products as well as further growth in the North American magnetics market.
Revenue increased approximately $5 million or 15.9% year-on-year with operating income growth of approximately $3.1 million or 119% year-on-year, reflecting a favorable geographic mix, timing of projects and increased soft trim product demand.
Operating margin increased to 15.4% compared to 8.1% in the year ago quarter, reflecting the volume growth, combined with segment productivity and our cost initiatives.
With our GS Engineering acquisition now integrated, we have further globalized the business and leveraged its technological advantages, resulting in a very strong backlog for soft trim demand as the auto industry focuses on interior comfort of vehicles and increasingly replaces leather with sustainable materials.
Laneway sales at Engraving were approximately $14.8 million, representing a 9% increase sequentially and greater than 50% increase year-on-year, including growth in software tools, laser engraving and tool finishing.
Sequentially, in first quarter fiscal 2022, we expect a slight to moderate revenue and operating margin decrease, primarily due to the timing of texturization projects and regional mix.
We do expect continued strength in soft trim demand.
Turning to slide 6, the Scientific segment.
Revenue increased approximately $8 million or 62.7% year-on-year, reflecting positive trends in pharmacy chains, clinical laboratories and academic institutions, primarily attributable to demand for COVID-19 vaccine storage.
Operating income increased 48.7% year-on-year, reflecting the volume increase, balanced with investments to support future growth opportunities and higher freight costs.
At the Scientific segment, we have added to our engineering and product teams to further develop a growing pipeline of potential new products.
Pictured on slide 6 is our recently patent-approved controlled auto defrost refrigerator solution or CAD designed for safe and effective frozen medication storage for end markets such as pharmacies and labs and clinics.
This is the first product in the marketplace which enables auto defrost while guaranteeing vaccines remain below critical temperatures, thus eliminating the need to manually defrost the freezer.
The development of this product is reflective of our focus on increasing the exposure to proprietary technologies and growing our intellectual property portfolio.
At Scientific, in fiscal quarter one (sic) 2022, we expect a moderate sequential decrease in revenue and a slight decline in margin, reflecting lower demand for COVID-19 vaccine storage and refrigeration and increased freight costs, partially offset by price and productivity actions.
Turning to the Engineering Technologies segment on slide 7.
Revenue decreased $5.7 million or 21.8% and operating income was $1.1 million lower, representing a 25.6% decrease year-on-year.
The decreases primarily reflected the absence of the recently divested Enginetics business and the economic impact of COVID-19 on the segment's end markets.
On a sequential basis, operating margin increased to 15.1% compared to 6.2% in third quarter, reflecting a continued broad-based sequential end market recovery and favorable mix, complemented by ongoing productivity initiatives.
Sequentially, we expect a slight to moderate decrease in revenue and operating margin, reflecting the timing of projects.
We are entering fiscal 2022 with an active new business pipeline, particularly in the space and aviation sectors.
Highlighted on slide 7 are numerous aerospace and space platforms we are aligned with, reinforcing the strength and appeal of our spin forming capabilities which continue to resonate with customers.
Specialty Solutions' revenue increased approximately $1.7 million or 7.1% as its end markets, particularly in foodservice and specialty retail, continued to recover.
Operating income decreased approximately $700,000 or 18.7%.
This reflected the impact of work stoppages which have since been resolved and material inflation, which we are seeking to recover through pricing actions.
Highlighted on slide 8 is our Procon-designed next-generation helical gear pump for food and beverage applications such as coffee/espresso milk forming, syrup and reverse osmosis.
We believe this product is approximately 20% more energy efficient than current gear pump technology with a longer service life.
In first quarter of fiscal 2022, we expect a slight sequential increase in revenue and operating margin, primarily due to growth in merchandising and the Procon pumps business, partially offset by the impact of a prior work stoppage that has been resolved.
First, I will provide a few key takeaways from our fiscal fourth quarter 2021 results which exhibited strength across key financial metrics.
We had solid financial performance in the fourth quarter as both revenue and adjusted operating margin increased sequentially and year-on-year.
From a revenue perspective, four of our five segments reported year-on-year growth, led by the Electronics and Scientific segments with total organic growth over 20% as compared to fiscal fourth quarter 2020.
In addition, from a margin standpoint, adjusted operating margin of 13.3% is the highest quarterly margin that Standex has ever reported, reflecting successful leverage on our volume growth, continued buildout our price and productivity actions, as well as the impact of the strategic portfolio actions David highlighted in his comments.
Our cash generation and liquidity metrics also continue to be very strong.
In the fourth quarter, we reported free cash flow of approximately $26 million or 36% year-on-year increase.
In addition, we generated a free cash flow to GAAP net income conversion rate well in excess of 100% in fiscal 2021.
Our net debt to EBITDA, interest coverage ratio and available liquidity, all improved sequentially.
We're entering fiscal 2022 with a very strong financial profile, supported by positive demand trends, our active pipeline of productivity and efficiency actions and our expectation for continued solid cash generation.
On a consolidated basis, total revenue increased 26.6% year-on-year from $139.4 million to $176.4 million.
The revenue increase primarily reflected strong organic growth across most of our segments, positive contribution from the Renco acquisition and favorable FX, partially offset by the divestiture of the Enginetics business in the third quarter of fiscal 2021.
Organic growth was 20.5% while Renco contributed approximately 5.2% and FX contributed 3.5% increase to the revenue growth.
On a year-on-year basis, our adjusted operating margin increased 460 basis points to 13.3%, reflecting operating leverage associated with revenue growth, readout of price and productivity actions and profit contribution from Renco, partially offset by the impact of work stoppages in the Specialty Solutions segment.
In addition, our tax rate was 20.7% in the fourth quarter of 2021 compared to 26.7% in the fourth quarter of fiscal 2020.
We expect a tax rate in the 24% range in fiscal 2022 with a slightly higher tax rate in the first quarter.
Adjusted earnings per share were $1.40 in the fourth quarter of 2021 compared to $0.65 a year ago.
Our solid working capital performance and execution was evident on several fronts.
We generated free cash flow of $26.4 million in fiscal fourth quarter of '21 compared to free cash flow of $19.5 million a year ago.
In fiscal 2021, we achieved 118% free cash flow to GAAP net income conversion, inclusive of approximately $8.1 million in pension payments made during the year.
Standex had net debt of $63.1 million at the end of June compared to $82.1 million at the end of March, reflecting free cash flow of approximately $26.4 million, partially offset by $5 million of stock repurchases, along with dividends and changes in foreign exchange.
Net debt for the fourth quarter of 2021 consisted primarily of long-term debt of $199.5 million, and cash and cash equivalents were $136.4 million with approximately $92 million held by foreign subs.
Our liquidity metrics reinforce our significant financial flexibility.
Standex's net debt to adjusted EBITDA leverage ratio was approximately 0.57 at the end of the fourth quarter, with a net debt to total capital ratio of 11.1%.
The Company's interest coverage ratio increased sequentially from 11.4 times to 13.1 times at the end of the fourth quarter.
We had approximately $245 million of available liquidity at the end of the fourth quarter and continue to repatriate cash with $6.8 million repatriated during the quarter.
In total, we repatriated approximately $38 million in cash in fiscal 2021, slightly ahead of our initial expectations.
From a capital allocation perspective, we repurchased approximately 50,000 shares for $5 million in the fourth quarter.
In fiscal 2021, we repurchased a total of 267,000 shares at an average price of approximately $79 per share.
There is approximately $22 million remaining on our current repurchase authorization.
We also declared our 228th consecutive quarterly cash dividend on July 22 of $0.24 per share.
Finally, we expect capital expenditures between $25 million and $30 million in fiscal 2022 compared to $21.5 million in fiscal 2020.
The transformation of our portfolio around businesses with attractive growth and margin profiles, as well as strong customer value propositions is contributing to our solid performance.
We are investing our resources in end markets with healthy growth prospects and are favorably aligned with global trends which leverage our technical and applications expertise.
We have an active funnel of productivity and efficiency initiatives focused on strengthening our market leadership and cost positions, which we believe will mitigate to some extent some of the near-term industry headwinds such as raw material price increases and supply chain issues.
Our financial strength and consistent free cash flow generation support a disciplined and opportunistic approach to capital allocation.
In fiscal 2022, we expect stronger financial performance, reflecting positive demand trends, additional productivity initiatives and significantly strengthened operating profile.

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qtrly diluted earnings per share - adjusted $1.40.
qtrly net sales $176.4 million versus $139.4 million.
in fiscal q1 2022, expects a slight decrease in revenue, but similar operating margin compared to fiscal q4 2021.

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