We witnessed the incredible health, societal and economic consequences of the worst global pandemic in more than 100 years.
I strongly believe that the prevailing theme of fiscal 2020 was that despite all of the chaos we experienced, our 5,500-plus strong Winnebago Industries employees were steadfast in their commitment to safely achieving our strategic goals and also delivering on our golden threads of quality, innovation and service in all that we do.
In fiscal 2020, Winnebago Industries returned $15 million to shareholders through our increase in sustained dividends.
Consolidated revenues for Winnebago Industries were the $737.8 million for the fourth quarter of fiscal 2020, an increase of approximately 39% year over year and a robust 15.3% organic increase, excluding the impact of Newmar.
Behind the strength of our Winnebago Grand Design and Newmar brands, and we saw our RV market share gains continue, achieving 11.3% market share on a trailing 12-month basis, which is a full 1.3 percentage points above last year, of which 0.8 percentage points or almost 2/3 is organic.
Remember, this company had less than 3% total market share at the end of 2015.
Full-year operating cash flow was $270.4 million, an increase of approximately 102%, reflecting disciplined working capital management and our strong sales momentum throughout the year, despite the acute COVID impact in our fiscal third quarter.
Our cash balance rose to $293 million at quarter end.
I am also very pleased that Winnebago Industries' overall quarterly adjusted EBITDA margin expanded over 70 basis points in the fourth quarter compared to the same period last year as we continued our focus on excellence in operations and delivered our profitable growth safely.
In the Towables segment, fourth-quarter revenues of $414 million were up approximately 35% from the prior year period, primarily driven by strong demand for safe outdoor lifestyle experiences and the strength of our premium Towable portfolio.
Our adjusted EBITDA margin was 14.8% in the quarter for the Towable segment, up 110 basis points compared to the same period last year as a result of fixed cost leverage and profitability initiatives.
Backlog increased to a record $747.9 million, an increase of approximately 219% over the prior year period as dealers at the end of August had largely depleted much of their inventories to meet high levels of the consumer demand in the fourth quarter.
Fourth-quarter Motorhome segment revenues are $301.8 million were up approximately 50% from the prior year period, driven by those same strong demand trends for safe outdoor family experiences.
Excluding Newmar, organic revenues were $175.5 million, down 12.6% from the same period last year.
Adjusted EBITDA margin for the Motorhome segment increased to 6.4% in the quarter, 100 basis points over the fourth quarter in 2019 because of lower input costs.
Our Motorhome backlog increased to some record $1.1 billion at the end of this August, an increase of approximately 536% from the prior year due to depleted dealer inventory, strong consumer demand and the influx of Newmar orders inorganically.
Our fourth-quarter backlog included approximately 7,000 units of Winnebago-branded Motorhome units alone as dealers see increasing promise in the improving lineup of Motorhome products within that brand.
Fourth-quarter consolidated revenues were $737.8 million.
Revenues, excluding Newmar, were $611.5 million, reflecting an increase of 15.3% compared to the fiscal 2019 fourth quarter, driven by the strong rebound in consumer demand in the Towable segment and Class B Motorized products.
Gross profit was $122.5 million in the fourth quarter, an increase of approximately 47% year over year, reflecting strong growth in the Towable segment and the contribution from Newmar.
Gross profit margin of 16.6% was up 90 basis points compared to the same period of last year due to lower Motorhome segment input costs and Towable segment fixed cost leverage, partially offset by segment mix as a result of the acquisition of Newmar.
Operating income was $68.4 million for the quarter, an increase of approximately 53% compared to the fourth quarter last year.
Fiscal 2020 fourth-quarter net income was $42.5 million, an increase of approximately 33%, compared to $31.9 million in the fourth quarter of last year, driven by the growth in operating income, partially offset by increased interest expense.
Our earnings per diluted share was $1.25.
Adjusted earnings per diluted share was $1.45, representing an increase of 45%, compared to adjusted earnings per diluted share of $1 even in the same period last year.
Consolidated adjusted EBITDA was $76.5 million for the quarter, compared to $50.8 million last year, an increase of approximately 51%.
Consolidated fiscal 2020 revenues of $2.4 billion increased approximately 19% from $2 billion in fiscal 2019, positively impacted by the acquisition of Newmar, which closed in Q1 of fiscal 2020, but negatively impacted by the COVID-19 pandemic and related suspension of manufacturing operations.
Gross profit margin decreased 220 basis points, primarily due to the mix impact of adding Newmar as well as the related purchase accounting impacts and further impacted by COVID-19 and associated deleverage during fiscal third quarter.
Operating income for the year was $113.8 million, compared to $155.3 million in fiscal 2019, and net income was $61.4 million.
Full-year earnings per diluted share were $1.84, a decrease of approximately 48% compared to fiscal 2019.
Adjusted earnings per diluted share was $2.58 for fiscal 2020, compared to adjusted earnings per diluted share of $3.45 in the same period last year.
Fiscal 2020 consolidated adjusted earnings per diluted share excludes costs totaling $25 million or $0.74 of per diluted share after tax related to the noncash portion of interest expense on the convertible bond, Newmar acquisition-related costs, debt issuance cost write-off due to termination of the Term loan B and restructuring costs.
Recall also that reported and adjusted earnings per diluted share was also impacted by the 2 million shares issued as consideration in the Newmar acquisition.
Fiscal 2020 consolidated adjusted EBITDA was $168.1 million, a decrease of 6.4% from $179.7 million in fiscal 2019.
Now, before turning to the individual segments, I wanted to mention that amortization of intangibles for the fourth quarter was $3.6 million.
We currently expect amortization of approximately $3.6 million in each quarter of our fiscal 2021.
Towable segment revenues for the fourth quarter were $414 million, up approximately 35% from $307 million in fiscal 2019, primarily driven by strong consumer demand for outdoor experiences.
As of just August, Grand Design's market share was 8.7% of the Towables market on a trailing 12-month basis, representing an increase of 1.5 percentage points over the prior year.
Segment adjusted EBITDA for the fourth quarter was $61.3 million, up approximately 46% year over year and adjusted EBITDA margin of 14.8% increased 110 basis points, primarily due to fixed cost leverage and profitability initiative.
For the full-year fiscal 2020, revenues for the Towable segment were $1.2 billion, up 2.5% from fiscal 2019, reflecting strong results for three quarters of our fiscal year, partially offset by the severe impact of the suspension of manufacturing and consumer disruption due to the COVID-19 pandemic in the third quarter.
Segment adjusted EBITDA for the full year was $148.3 million, down approximately 9% from fiscal 2019.
Adjusted EBITDA margin of 12.1% decreased 160 basis points for the full year, driven again by the COVID-related impacts during our fiscal third quarter.
In the fourth quarter, revenues for the Motorhome segment were $301.8 million, up approximately 50% from the prior year, driven by the addition of Newmar.
Excluding Newmar, segment revenues decreased 12.6% compared to the prior year as a result of strong Class B sales, offset by a decline in Class A and Class C sales due to a slower ramp-up of this business following the COVID-19 pandemic.
Segment adjusted EBITDA was $19.5 million, up approximately 81% over the prior year due to improved profitability in the Winnebago-branded business and the addition of Newmar, partially offset by class mix.
Adjusted EBITDA margin was 6.4%, an increase of 100 basis points over the prior year, primarily due to lower input costs, driven by an improvement in our LIFO reserve of $5 million that was recognized in the quarter.
For the full-year fiscal 2020, revenues for the Motorhome segment were $1.1 billion, up approximately 50% compared to fiscal 2019.
Revenues, excluding Newmar, were $668.4 million, down 5.4% from fiscal 2019 as a result of manufacturing and distribution disruption due to this COVID-19 pandemic.
Segment adjusted EBITDA for the full year was $32.9 million, up 20% over fiscal 2019, driven by the addition of Newmar.
Adjusted EBITDA margin of 3.1% was down 80 basis points for the full year due to the impact of COVID-19 during our fiscal 2020 third quarter, partially offset by the addition of Newmar.
As of the end of the fiscal year, the company had outstanding debt of $512.6 million, comprised of $600 million of gross debt, net of convertible note discount of $74.3 million and our net of debt issuance costs of $13.1 million.
Working capital was $413.2 million.
Our current net debt to adjusted EBITDA ratio was 1.7 times.
Annual fiscal year 2020 cash flow from operations was $270.4 million, an increase of $136.7 million from the same period of fiscal 2019.
As Mike mentioned earlier, our cash balance increased to approximately $293 million at the end of the fiscal year, and we currently have nothing drawn on our $193 million ABL.
The effective income tax rate for the full year was 20.5%, compared to 19.5% for fiscal 2019.
On August 19, 2020, the company's board of directors approved a quarterly cash dividend of $0.12 per share payable on September 30, 2020, to common stockholders of record at the close of the business on September 16, 2020.
This represents a 9% increase from the prior dividend of $0.11 per share.
As Mike mentioned earlier, Winnebago Industries returned a total of $15 million to shareholders during the fiscal year 2020.
The acquisition of Newmar in November introduced $300 million of convertible debt.
In late June, during our fiscal Q4, we refinanced our Term loan B and issued some senior secured notes, also valued at $300 million.
Second, the convertible note will have a dilutive accounting impact on outstanding shares once the average share price during a reporting period exceeds the conversion price of $63.73.
Since we structured the convertible instrument with our call spread overlay, economic dilution to our shareholders does not materialize until the share price exceeds $96.20.
As such, if our reported earnings per share for a reporting period reflects the dilution required by the accounting rules, our adjusted earnings per share will remove this dilution up until the average share price exceeds $96.20.
And finally, as it relates to our capital allocation priorities, and we continue to prioritize reaching our target leverage ratio of 0.9 to 1.5.
The 424,000 unit forecast for calendar 2020 or roughly 4.5% overall growth is reasonable in our minds for the 2020 period.
Further, the record number of 507,000 units forecasted for wholesale shipments in calendar 2021 also appears reasonable in our view even considering well-documented and real ongoing supply chain challenges.

Summary:
Fourth-quarter consolidated revenues were $737.8 million.
Our earnings per diluted share was $1.25.
Adjusted earnings per diluted share was $1.45, representing an increase of 45%, compared to adjusted earnings per diluted share of $1 even in the same period last year.