Revenue during the quarter dropped 8.41 percent to $118.62 million from $129.51 million in the previous year period. Gross margin for the quarter contracted 83 basis points over the previous year period to 18.47 percent. Total expenses were 93.72 percent of quarterly revenues, up from 93.10 percent for the same period last year. That has resulted in a contraction of 62 basis points in operating margin to 6.28 percent.

Operating income for the quarter was $7.44 million, compared with $8.94 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $13.34 million compared with $15.04 million in the prior year period. At the same time, adjusted EBITDA margin contracted 36 basis points in the quarter to 11.25 percent from 11.61 percent in the last year period.

"The year-over-year comparison for all of our segments was negatively impacted by the extra week in the fourth quarter of fiscal 2016. We were pleased that our Industrial segment continued to perform well this year, with improved margins from certain of its specialized products. However, weak economic conditions in agricultural markets continued, with lower fertilizer application rates driving decreased sales of our agricultural products," said Patrick Hawkins, Chief Executive Officer and President. "In addition, our Water Treatment segment continued its steady growth, despite the impact of lower sales into the oil and gas industry. As we stated before, we are focused on leveraging the staffing additions we have made in these segments to support our customers and drive future growth."