In these unprecedented times rather than trying to predict the unpredictable, our emphasis is on deployment of rapid feedback groups.
Fiscal year 2020 revenue was a record $1.5 billion, up 4% from the prior year reflecting increased Cement sales volume and pricing, improved Wallboard and Paperboard sales volume and the addition of two businesses acquired during the year.
The acquired businesses contributed approximately $32 million of revenue during the year.
Revenue for the fourth quarter improved 11% to $315 million reflecting a very strong end to our fiscal year.
Annual diluted earnings per share improved 14% to $1.68.
Excluding these non-routine items, annual earnings per share improved 10%.
Adjusting for them consistently each year Q4 earnings per share would have increased by 45%.
Annual revenue in the sector increased 17% driven primarily by an 11% improvement in Cement sales volume, improved pricing in both Cement and Concrete and the results of the Concrete and Aggregates business we acquired in August of 2019.
Operating earnings increased 12% again, reflecting the improvement in sales volume and pricing.
Moving to the Light Materials sector on the next slide, annual revenue in our Light Materials sector declined 4% as improved Wallboard and Paperboard sales volume was offset by an 8% decline in Wallboard sales prices.
Annual operating earnings declined 12% to $190 million reflecting lower net sales prices, partially offset by higher sales volume.
The impact of the outage on the annual results was approximately $4.5 million.
In the Oil and Gas Proppants sector annual revenue was down 44% and we had an operating loss of $15 million.
Operating cash flow during fiscal 2020 increased 14% to $399 million.
Total capital spending declined to $132 million.
During fiscal 2020 Eagle returned approximately $330 million to shareholders through share repurchases and dividends.
In fiscal 2021 we expect capital spending to decline nearly 50% to a range of $60 million to $70 million.
And as we previously announced and Michael highlighted, we have suspended share repurchases and future dividends.
Finally, a look at our capital structure; at March 31, 2020, our net-debt-to-cap ratio was 60% and we had $119 million of cash on hand.
Our net-debt-to-EBITDA leverage ratio was 2.9 times.
Total liquidity at the end of the quarter was nearly $300 million and we have no near-term debt maturities.
In April, we announced the sale of our Concrete and Aggregates business in Northern California for $93.5 million.

Summary:
In these unprecedented times rather than trying to predict the unpredictable, our emphasis is on deployment of rapid feedback groups.
And as we previously announced and Michael highlighted, we have suspended share repurchases and future dividends.