Net income in the final fiscal quarter ended Mar. 31 was $40,168,000, lapping a $294,335,000 loss last year that included a $374.4 million impairment charge, as revenues declined 6% to $693,669,000 from $740,742,000. Gross margin was flat at 31.8%, while SG&A increased 3% in dollars, and by 180 basis points as a percent of sales. The rising OpEx, excluding the impairment, was due to increased contingent consideration and GEAR Up restructuring costs, including the closure of its Reno, NV warehouse and distribution center. Adjusted EBITDA decreased 8% to $109 million.

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