Total operating expenses for the quarter increased $11 million, including $9 million from Powder Finishing operations. Operating expenses for the year increased $45 million, including $25 million from Powder Finishing and an $8 million increase in acquisition and divestiture expenses.
The April purchase of Powder Finishing and Liquid Finishing equipment operations had significant impacts on interest expense (increased $10 million for the year) and other expense (income), which included dividend income of $12 million ($4 million for the quarter) received from the Liquid Finishing businesses held as a cost-method investment.
The effective income tax rate was 28 percent for the quarter and 31 percent for the year, compared to 30 percent and 32 percent for the comparable periods last year. This year’s effective rates were reduced by the effects of the investment income from the Liquid Finishing businesses held separate and a tax rate reduction resulting from a tax holiday in a foreign jurisdiction.
Segment ResultsCertain measurements of segment operations are summarized below:
|Quarter Ended||Year Ended|
|Net sales (in millions)||$||156.4||$||69.9||$||27.4||$||603.4||$||298.8||$||110.2|
|Net sales percentage change from last year||25||%||13||%||(3)||%||20||%||3||%||7||%|
|Operating earnings as a percentage of net sales|
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