An increase in US mass retail sales of prestige fragrances - a struggling market - were also favourable for the company. Net income for the year was down 88.7 per cent to $2 million in comparrison to $18.1 million a year earlier. However excluding debt extinguishment and restructuring charges net profit rose 35 per cent to $24.5 million. During the fourth quarter of fiscal 2004 Elizabeth Arden and its banks amended the company's revolving credit facility resulting in lower borrowing costs. Debt extinguishing costs ammounted to $34 million. Exceptional expenses of $18.5 million was associated with the conversion of Series D convertible peferred shares to common stock, owing to Unilever selling its Elizabeth Arden business to FFI Fragrances in an equity offering in October 2003.