Looking forward given the operating results; let me first briefly address our variations and the line items below operating income versus last year as well as the unusual items that impacted our fiscal 2010 results. Investment income was down slightly during the fourth quarter due to a couple of unusual items last year, but this year's amount was consistent with the amount we've reported in each of the last three quarters.I do want to remind you that for the full year, however that we have a significant variation in the investment income line because of a one time investment loss recorded last year that we've described in detail before. Meanwhile our interest expense was down another $258,000 during our fiscal 2010 fourth quarter compared to the prior year, at the end of the year down over $2.7 million due to reduced filings and lower short-term interest rates. We were able to fund our fiscal 2010 capital expenditures out of operating cash flow eliminating a need for additional incremental debt during the year. Filing an event that would require significantly more borrowings during fiscal 2011 and currently plan such further acquisitions or significant share repurchase. We currently believe our interest expense will likely be at a similar level during fiscal 2011, assuming short term interest rates don't change dramatically. As we noted in our release our overall debt to capitalization ratio at the end of the quarter was a very strong 41%, down from 44% at last May yearend and with limited senior note maturities over the next couple of years, strong covenant ratios and approximately 124 million in available credit lines are currently available. We also remain in enviable liquidity position as well. Continuing down the earnings page, we've had relatively little activity this particular quarter or the year for that matter related to gains with this position and equity earnings and losses. Again as a reminder, our fiscal 2010 gains and losses from disposition show a sizeable variation compared to fiscal 2009 due to the fact that last year we reported a $1.1 million loss related to our investment in condominium units on our Las Vegas property.
Our effective income tax rate for fiscal 2010 ended up at a slightly lower 36.1%, compared to 37.1% last year with our quarterly rates lower still due to adjustment to our full year rates that is primarily to a decrease in our liability for unrecognized tax benefits as a result of overlaps of the applicable statute of limitations during fiscal 2010.And finally, our fourth quarter results were not impacted by these unusual items, they all occurred in earlier quarters. I do want to remind you of the three unusual items that impacted our full year fiscal 2010 operating income and net earnings as we referenced in our press release, approximately $4 million or $0.08 of share of negative items related to the one-time theatre pension withdrawal liability and the impairment related to Platinum condominium units partially offset by approximately $2.4 million or about $0.05 of share of gift-card breakage income that we reported during fiscal 2010, but actually it related to fiscal 2009 and earlier. Shifting gears, our total capital expenditures during fiscal 2010 totaled approximately $25 million compared to approximately $36 million last year. Nearly $16 million of this year's amount occurred in our hotel division and relates primarily to our previously described renovations at Grand Geneva and Hilton Milwaukee properties. Of the remaining nine plus million that we incurred in our theatre division during fiscal 2010, nearly half of that amount related to our purchase in land for our future theatre in Sun Prairie, Wisconsin during our fourth quarter. Read the rest of this transcript for free on seekingalpha.com