In addition, the benefit related to lower merchandise amortization as a percentage of revenues realized throughout the year continued to benefit the fourth quarter, but at a reduced level.
The Company's Specialty Garments segment improved its fourth quarter performance, increasing its operating results from a loss of $0.8 million in fiscal 2007 to income of $0.4 million in fiscal 2008. The income from operations of the First Aid segment was $0.5 million in both fiscal 2008 and fiscal 2007 fourth quarters.
The Company's overall results for both the full year as well as the fourth quarter were also positively impacted by lower interest rates on the Company's variable rate debt as well as lower effective tax rates compared to fiscal 2007.
In looking ahead to fiscal 2009, Mr. Croatti stated, "We currently are operating in very difficult economic conditions. We continue to encounter high levels of headcount reductions throughout our customer base and a more difficult selling environment.
Although energy costs have begun to fall recently, we are experiencing higher overall input costs in our business. Despite the challenging economic landscape, the Company's financial position remains strong and we are excited about building on our fiscal 2008 performance."
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