Our sales for the quarter were $301 million.
Excluding favorable currency translation, our organic growth was up 37% from the prior year.
Last quarter we reported that sales into EV applications were over 12% of consolidated sales.
This quarter, EV sales were over 13% of consolidated sales and we continue to expect the number to be in the mid-teens for fiscal 2022.
We generated $31 million in free cash flow and further reduced our net debt in the quarter.
As an example, this quarter, we initiated a stock buyback program and purchased $7.5 million in Methode shares.
After the quarter end, we also announced a 27% increase to our dividend.
The awards identified here represent a cross-section of the business wins in the quarter and represent over $40 million in annual business at full production.
Despite having one less week, we were able to deliver year-over-year organic growth and finished with our good sales of $1,088 million for the year.
Also a record for the year was our free cash flow of $155 million.
The strong fourth quarter drove our EV sales for the full year to over 12% of total consolidated sales.
Lastly, for the full year Methode's business awards were over $200 million in estimated annual sales at full production with the majority being in our target markets of EV, commercial vehicle, e-bike and cloud computing.
Methode Electronics was founded in 1946 by William J. McGinley in Chicago.
Fourth quarter sales were $301 million in fiscal year 2021 compared to $210.6 million in fiscal year 2020, an increase of $90.4 million or 42.9%.
The year-over-year quarterly comparisons included a favorable foreign currency impact on sales of $11.5 million in the quarter.
Fourth quarter net income increased $1 million to $31.1 million or $0.81 per diluted share from $30.1 million or $0.79 per diluted share in the same period last year.
Fiscal year '21 fourth quarter margins were 25.1% as compared to 28.1% in the fourth quarter of fiscal year '20.
This supply disruption accounted for over 200 basis points of the margin decrease.
Fourth quarter selling and administrative expenses as a percentage of sales increased to 12.3% as compared to 8.6% in the fiscal year '20 fourth quarter.
First, other income net was lowered by $2.1 million mainly due to lower international government assistance between the comparable quarters.
Second, income tax expense in the fourth quarter of fiscal year '21 was $5.5 million or 15% as compared to a tax expense of $10 million or 24.9% in the fourth quarter of fiscal year '20.
Shifting to EBITDA, a non-GAAP financial measure, fiscal '21 fourth quarter EBITDA was $50.8 million versus $54.5 million in the same period last year.
Net sales increased by $64.1 million to $1.088 billion of which $26.7 million was attributable to foreign exchange.
The $1.088 billion in sales was a record for Methode.
In fiscal year '21, we reduced gross debt by $112 million resulting from the full repayment of the $100 million precautionary draw we initiated in March 2020.
Since our acquisition of Grakon in September 2018, we have reduced gross debt by $118 million.
Net debt, a non-GAAP financial measure, decreased by $127.9 million to $6.9 million in the fiscal year '21 from $134.8 million at the end of fiscal year '20.
We ended the fourth quarter with $233.2 million in cash.
Our debt to trailing 12-month EBITDA ratio, which is used for our bank covenants, is approximately 1.25.
Our net debt to trailing 12-months EBITDA ratio was 0.04, virtually nil.
For fiscal year '21 fourth quarter, free cash flow was $31.2 million as compared to $47.8 million in the fourth quarter of fiscal '20.
For the full fiscal year '21, we produced record net cash provided by operating activities of nearly $180 million and record free cash flow of $155 million.
In the fourth quarter of fiscal year '21, we invested approximately $4.8 million in capex as compared to $10.2 million in the fourth quarter of fiscal year '20.
First, on March 31 we announced a $100 million share repurchase program, which we executed $7.5 million of repurchases during the fourth quarter of fiscal year '21.
In addition, last week we announced a 27% increase in our quarterly dividend from $0.11 per share to $0.14 per share.
The revenue range for the first quarter of fiscal year '22 is between $285 million and $300 million.
Diluted earnings per share range is between $0.68 per share to $0.80 per share.
The revenue range for the full fiscal year '22 is between $1.175 billion and $1.235 billion.
Diluted earnings per share ranges between $3.35 per share to $3.75 per share.
The midpoint of the range represents an 11% increase over fiscal '21 despite having a significantly higher tax rate in fiscal year '22.

Summary:
Our sales for the quarter were $301 million.
Fourth quarter sales were $301 million in fiscal year 2021 compared to $210.6 million in fiscal year 2020, an increase of $90.4 million or 42.9%.
Fourth quarter net income increased $1 million to $31.1 million or $0.81 per diluted share from $30.1 million or $0.79 per diluted share in the same period last year.
The revenue range for the first quarter of fiscal year '22 is between $285 million and $300 million.
Diluted earnings per share range is between $0.68 per share to $0.80 per share.
The revenue range for the full fiscal year '22 is between $1.175 billion and $1.235 billion.
Diluted earnings per share ranges between $3.35 per share to $3.75 per share.