Fourth-quarter consolidated GAAP sales were down US$4.5 million, reflecting a US$10.3 million decline related to the divestiture of the semiconductor business. The Acquired Businesses contributed US$9.9 million in sales.
As a result of the increase in the legal reserve and the impairment and restructuring charges associated with the antenna business, consolidated operating loss was US$36.9 million, compared with operating income of US$18.6 million in the prior-year period. The effective tax rate for the quarter was 21.3%, compared with 19.9% in the fourth quarter of 2018. Net loss was US$34.1 million, compared with net income of US$12.5 million in the prior year. Adjusted consolidated sales were up 3% to US$196.5 million in the fourth-quarter of 2019. Adjusted Test System sales were up US$8.9 million due to incremental sales from the Acquired Businesses, while aerospace segment sales were down US$3.1 million.
Consolidated GAAP sales for the full-year of 2019 decreased US$30.6 million to US$772.7 million, primarily because of the divested semiconductor business which had sales of US$9.7 million in 2019 and US$84.3 million in 2018. Consolidated operating income declined to US$1.7 million compared with US$63.7 million the prior-year period. The effective tax rate for 2019 was 23.8%, compared with 10.5% in 2018. The 2018 tax rate was favorably impacted by a revised state tax filing position. Net income was US$52.0 million, compared with US$46.8 million in the prior year. The US$80.1 million pre-tax gain on the sale of the semiconductor test business contributed US$60.4 million to net income after taxes.
