Today's remarks are governed by the safe harbor provisions of the 1995 Private Securities Litigation Reform Act.
Despite the headwinds, we achieved solid results for fiscal 2019 with sales of $284 million and adjusted operating margin of 11.7% and adjusted earnings per share of $1.69 and $20.4 million of adjusted free cash flow.
For the fourth quarter, sales of $69.1 million were at the high end of our expectations and grew 2.6% sequentially.
Bookings were strong as total orders for the fourth quarter of $79.8 million grew 24% from the third quarter and reflected growth in all three segments.
The result was an overall book-to-bill of 1.15 in the fourth quarter, an improvement from 0.96 in Q3.
In transportation, where we focus on track in one market orders for our VPG onboard weighing solutions were solid in both the avionics, military and space market or AMS and steel market trends continue to be directionally positive, but our orders reflected the project-driven nature of our products.
First, our results include -- included $1.7 million of an acquisition-related charges and costs associated with the addition of Dynamic Systems, Inc. or DSI in November of 2019.
Second, we recorded a restructuring charge of $1.7 million which primarily relates to the closing and downsizing of facilities as part of our ongoing strategic initiative to align and consolidate our manufacturing operations.
Third, our margins were further affected by approximately $1.1 million related to inventory reductions as well as one-time inventory adjustments, mainly for manufacturing relocations and system implementations.
The results of these factors was an operating income in the fourth quarter of $1.8 million or 2.5% of revenues, and adjusted operating income was $5.2 million or 7.5% of revenues.
Fourth-quarter earnings per diluted share was $0.28.
And adjusted net earnings per diluted share was $0.27.
Sales of foil technology products of $29.6 million declined 7.7% sequentially and were 19.3% lower than the fourth quarter a year ago.
The result was a book-to-bill ratio of 1.18 for foil technology products in the fourth quarter which was up significantly from 0.91 in the third quarter.
Gross margin for foil technology products of 34.9% declined from 37.3% for the third quarter due to lower sales volume of $1.5 million, unfavorable product mix of $300,000 and the one-time inventory adjustment of $200,000 which was partially offset by a reduction in manufacturing costs of $700,000.
Looking at the force sensors segment, sales in the fourth quarter of $15.1 million declined 7.1% sequentially and were down 11.4% from the fourth quarter of 2018.
Book-to-bill for force sensors was 1.11 which grew from 0.94 in the third quarter of 2019.
Fourth-quarter gross profit margin for force sensors of 24.2% decreased from 30.4% in the third quarter of 2019.
The lower sequential gross profit reflected lower volume of $600,000, approximately $400,000 related to inventory reductions and $200,000 of one-time inventory adjustments.
For the Weighing and Control Systems segment, fourth-quarter sales of $24.4 million increased 28.1% from the third quarter and were 5.2% higher than the fourth quarter a year ago.
Book-to-bill for weighing and controls was 1.15 which compared to 1.04 in the third quarter of 2019.
The fourth-quarter gross profit margin for WCS segment of 41.6% or 46.8% excluding the purchase accounting adjustments of $1.3 million for the DSI acquisition, was in line with prior quarter's profit margins.
We expect these moves to yield approximately $1.6 million of cost savings in 2020 excluding normal inflation and wage increases.
We expect to incur approximately $2 million of start-up costs in the second half of this year as we complete the transition.
We continue to have a good customer engagement with respect to our advanced sensors as we grew sales of these products, 20% in 2019 compared to 2018.
Another key initiative relates to our TruckWeigh and VanWeigh overload protection technology which grew 30% in 2019 from the prior year.
In the fourth quarter of 2019, we achieved revenues of $69.1 million, operating income of $1.8 million or 2.5% of revenues and net earnings per diluted share of $0.28.
On an adjusted basis which exclude $1.7 million of costs and purchase accounting adjustments related to the DSI acquisition and $1.7 million of restructuring costs, our adjusted operating margin was $5.2 million or 7.5% of sales and adjusted net earnings per diluted share was $0.27.
Our fourth-quarter 2019 revenue of $69.1 million increased by 2.6% as compared to $67.4 million in the third quarter, and we were down 10.2% as compared to $77.0 million in the fourth quarter a year ago.
Foreign exchange negatively impacted revenues by $500,000 for the fourth quarter of 2019 as compared to a year ago and had no impact as compared to the third quarter of 2019.
Our gross margin in the fourth quarter was 35%.
Excluding $1.3 million related to purchase accounting adjustments for the DSI acquisition, our gross margin on adjusted basis was 36.8% which declined from 38.3% in the third quarter.
Our operating margin was 2.5% for the fourth quarter of 2019.
If we exclude the above-mentioned purchase accounting adjustments, acquisition cost of $400,000 and restructuring expense of $1.7 million related to the facility closures and downsizing, as Ziv mentioned, our fourth-quarter adjusted operating margin was 7.5% as comparted to 10% in the third quarter of 2019.
The adjusted gross margin for the fourth quarter of 2019 included approximately $1.1 million of inventory reductions and inventory-related adjustments which are not expected to reoccur.
Excluding these inventory-related factors, adjusted gross margin would have been 38.5%, above the 38.3% we reported in the third quarter of 2019.
Selling, general and administrative expenses for the fourth quarter of 2019 were $20.2 million or 29.2% of revenues.
This compared to $20.9 million or 27.2% for the fourth quarter last year and $19.1 million or 28.3% in the third quarter.
The adjusted net earnings for the fourth quarter of 2019 were $3.7 million or $0.27 per diluted share compared to $5.0 million or $0.37 per diluted share in the third quarter of 2019.
While impact of foreign exchange rates for the fourth quarter was modest compared to the third quarter, they had a much bigger effect compared to the fourth quarter a year ago, impacting net earnings by $900,000 or $0.07 per diluted share.
We generated adjusted free cash flow of $4.1 million for the fourth quarter of 2019 as compared to $4.8 million for the third quarter of 2019.
We define free cash flow as cash generated from operations which was $6.3 million for the fourth quarter of 2019, less capital expenditures of $2.6 million and sales of fixed assets of $400,000.
We recorded a tax benefit of $3.4 million in the fourth quarter of 2019 related to the acquisition of DSI, utilizing our deferred tax liabilities against deferred tax assets.
We are assuming an operational tax rate in the range of 27% to 29% for our 2020 planning purposes.
Reflecting the $40.5 million paid for DSI, we ended the fourth quarter with $86.9 million of cash and cash equivalents and total long-term debt of $44.5 million.
We currently expect net revenues in the range of $63 million to $70 million for the first fiscal quarter of 2020 which reflect the portions of our project-driven business and customers longer lead time orders that are expected to ship in the quarter and assumes constant fourth-quarter 2019 exchange rates.

Summary:
In transportation, where we focus on track in one market orders for our VPG onboard weighing solutions were solid in both the avionics, military and space market or AMS and steel market trends continue to be directionally positive, but our orders reflected the project-driven nature of our products.
Third, our margins were further affected by approximately $1.1 million related to inventory reductions as well as one-time inventory adjustments, mainly for manufacturing relocations and system implementations.
Fourth-quarter earnings per diluted share was $0.28.
And adjusted net earnings per diluted share was $0.27.
In the fourth quarter of 2019, we achieved revenues of $69.1 million, operating income of $1.8 million or 2.5% of revenues and net earnings per diluted share of $0.28.
On an adjusted basis which exclude $1.7 million of costs and purchase accounting adjustments related to the DSI acquisition and $1.7 million of restructuring costs, our adjusted operating margin was $5.2 million or 7.5% of sales and adjusted net earnings per diluted share was $0.27.
Our fourth-quarter 2019 revenue of $69.1 million increased by 2.6% as compared to $67.4 million in the third quarter, and we were down 10.2% as compared to $77.0 million in the fourth quarter a year ago.
The adjusted net earnings for the fourth quarter of 2019 were $3.7 million or $0.27 per diluted share compared to $5.0 million or $0.37 per diluted share in the third quarter of 2019.
We currently expect net revenues in the range of $63 million to $70 million for the first fiscal quarter of 2020 which reflect the portions of our project-driven business and customers longer lead time orders that are expected to ship in the quarter and assumes constant fourth-quarter 2019 exchange rates.