we expect to maintain our current level of promotional and advertising activity for our orchard valley harvest and fisher snack brands . we continue to see domestic sales and volume growth in our orchard valley harvest brand and will continue to focus on this portion of our branded business as well as our squirrel brand and southern style nuts brands . we will continue to face the ongoing challenges specific to our business , such as food safety and regulatory issues and the maintenance and growth of our customer base for branded and private label products . see the information referenced in part i , item 1a  risk factors of this report for additional information about our risks , challenges and uncertainties . 21 annual highlights our net sales for fiscal 2019 decreased by $ 12.7 million , or 1.4 % , to $ 876.2 million compared to fiscal 2018. gross profit increased by $ 19.4 million , and our gross profit margin , as a percentage of net sales , increased to 18.1 % in fiscal 2019 from 15.6 % in fiscal 2018. total operating expenses for fiscal 2019 increased by $ 17.0 million , and our operating expenses , as a percentage of net sales , were 11.4 % compared to 9.3 % of net sales in fiscal 2018. diluted earnings per share increased approximately 20.8 % compared to last fiscal year . our strong financial position allowed us to pay a cash dividend of $ 29.1 million in august 2018. the total value of inventories on hand at the end of fiscal 2019 decreased by $ 17.3 million , or 9.9 % , in comparison to the total value of inventories on hand at the end of fiscal 2018. we have seen acquisition costs for pecans and walnuts decline in the 2018 crop year ( which falls into our current 2019 fiscal year ) , as well as declining acquisition costs for cashews . while we completed our procurement of the current year crop of inshell walnuts during the second quarter of fiscal 2019 , the total payments to our walnut growers were not determined until the third quarter of fiscal 2019 , which is typical . the final prices paid to the walnut growers were based upon prevailing market prices and other factors , such as crop size and export demand . at june 27 , 2019 there are no amounts due to walnut growers . results of operations the following table sets forth the percentage relationship of certain items to net sales for the periods indicated and the percentage increase or decrease of such items from fiscal 2019 to fiscal 2018 and from fiscal 2018 to fiscal 2017. replace_table_token_2_th fiscal 2019 compared to fiscal 2018 net sales our net sales decreased 1.4 % to $ 876.2 million for fiscal 2019 from $ 888.9 million for fiscal 2018. sales volume increased by 1.4 % for fiscal 2019 in comparison to sales volume for fiscal 2018. the decline in net sales was driven by a 2.8 % decrease in the weighted average sales price per pound , which primarily occurred as a result of a shift in sales volume from higher priced tree nut products to lower priced peanut and trail mix products . lower selling prices for products containing cashews and pecans , driven by lower commodity acquisition costs , also contributed to the decrease in net sales . the decline in net sales from lower selling prices due to commodity deflation for certain tree nuts was partially offset by the increase in sales volume . the following summarizes sales by product type as a percentage of total gross sales . the information is based upon gross sales , rather than net sales , because certain adjustments from gross sales to net sales , such as promotional discounts , are not allocable to product type . replace_table_token_3_th 22 the following table shows a comparison of net sales by distribution channel ( dollars in thousands ) : replace_table_token_4_th ( 1 ) sales of branded products were approximately 37 % and 38 % of total consumer channel sales during fiscal 2019 and 2018 , respectively . fisher branded products were approximately 69 % and 75 % of branded sales during fiscal 2019 and 2018 respectively , with branded produce products accounting for most of the remaining branded product sales . net sales in the consumer distribution channel increased by 6.1 % in dollars and 10.5 % in sales volume in fiscal 2019 compared to fiscal 2018. the sales volume increase was primarily driven by a 13.0 % increase in sales of private brand trail mixes and snack nuts resulting from distribution gains with new and existing customers . increased sales of orchard valley harvest produce products and fisher snack nuts also contributed to the increase in sales volume . a 13.3 % sales volume increase for our orchard valley harvest produce products came primarily from distribution gains for the salad toppers product line and distribution gains with new and existing customers . sales volume for fisher snack nuts increased by 4.3 % due to distribution gains at an existing customer and increased promotional activity for our oven roasted never fried product line . accounting for 10.9 % of the sales volume increase was the additional sales volume related to southern style nuts snack mix products resulting from the acquisition which occurred late in our fiscal 2018 second quarter . beginning in december 2017 , squirrel brand sales volume is included in the consumer and commercial ingredients distribution channels . squirrel brand sales volume for fiscal 2018 was included in the contract packaging distribution channel through november 2017 , because squirrel brand was a contract packaging customer until the acquisition . sales volume for fisher recipe nuts declined 12.3 % primarily due to competitive pricing pressure from private brand recipe nuts and some lost distribution at an existing major customer . story_separator_special_tag such indicators may include deterioration in general economic conditions , adverse changes in the markets in which we operate , increases in input costs that have negative effects on earnings and cash flows , or a trend of negative or declining cash flows over multiple periods , among others . the fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill . in testing goodwill for impairment , we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not ( more than 50 % ) that the estimated fair value of our single reporting unit is less than its carrying amount . if we elect to perform a qualitative assessment and determine that an impairment is more likely than not , we are then required to perform a quantitative impairment test , otherwise no further analysis is required . we also may elect not to perform the qualitative assessment and , instead , proceed directly to the quantitative impairment test . under the goodwill qualitative assessment , various events and circumstances that would affect the estimated fair value of our single reporting unit are identified ( similar to impairment indicators above ) . under the goodwill quantitative impairment test , the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value , including goodwill . we estimate the fair value using level 3 inputs as defined by the fair value hierarchy . the inputs used to calculate the fair value include several subjective factors , such as estimates of future cash flows , estimates of our future cost structure , discount rates for our estimated cash flows , required level of working capital , assumed terminal value , and time horizon of cash flow forecasts . if the carrying value of our single reporting unit exceeds its fair value , we recognize an impairment loss equal to the difference between the carrying value and estimated fair value . income taxes we account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns . such items give rise to differences in the financial reporting and tax basis of assets and liabilities . a valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized . in estimating future tax consequences , we consider all expected future events other than changes in tax law or rates . we record liabilities for uncertain income tax positions based on a two-step process . the first step is recognition , where we evaluate whether an individual tax position has a likelihood of greater than 50 % of being sustained upon examination based on the technical merits of the position , including resolution of any related appeals or litigation processes . for tax positions that are currently estimated to have a less than 50 % likelihood of being sustained , no tax benefit is recorded . for tax positions that have met the recognition threshold in the first step , we perform the second step of measuring the benefit to be recorded . the actual benefits ultimately realized may differ from our estimates . in future periods , changes in facts , circumstances , and new information may require us to change the recognition and measurement estimates with regard to individual tax positions . changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur . we recognize interest and penalties accrued related to unrecognized tax benefits in the income tax expense caption in the consolidated statement of comprehensive income . we evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities . as of june 27 , 2019 , we believe that our deferred tax assets are fully realizable . 29 retirement plan in order to measure the annual expense and calculate the liability associated with our retirement plan , management must make a variety of estimates including , but not limited to , discount rates , compensation increases and anticipated mortality rates . the estimates used by management are based on our historical experience as well as current facts and circumstances . we use a third-party specialist to assist management in appropriately measuring the expense associated with this employment-related benefit . different estimates used by management could result in us recognizing different amounts of expense over different periods of time . we recognize net actuarial gains or losses in excess of 10 % of the plan 's projected benefit obligation into current period expense over the average remaining expected service period of active participants . one significant assumption for pension plan accounting is the discount rate . we select a discount rate each year ( as of our fiscal year-end measurement date ) for our plan based upon a hypothetical corporate bond portfolio for which the cash flows match the year-by-year projected benefit cash flows for our pension plan . the hypothetical bond portfolio is comprised of high-quality fixed income debt securities ( usually moody 's aa3 or higher ) available at the measurement date . based on this information , the discount rate selected by us for determination of pension expense was 4.14 % for fiscal 2019 , 3.99 % for fiscal 2018 , and 3.61 % for fiscal 2017. a 25-basis point increase or decrease in our discount rate assumption for fiscal 2019 would have resulted in an immaterial change in our pension expense for fiscal 2019. for our

liquidity and capital resources general the primary uses of cash are to fund our current operations , fulfill contractual obligations , pursue our strategic plan and repay indebtedness . also , various uncertainties could result in additional uses of cash . the primary sources of cash are results of operations and availability under our credit agreement , dated february 7 , 2008 and subsequently amended most recently in november 2017 ( as amended , the credit facility ) , that provides a revolving loan commitment and letter of credit subfacility . we anticipate that expected net cash flow generated from operations and amounts available pursuant to the credit facility will be sufficient to fund our operations for the next twelve months . our available credit under our credit facility has allowed us to consummate business acquisitions , devote more funds to promote our branded products ( especially our fisher and orchard valley harvest brands ) , reinvest in the company through capital expenditures , develop new products , pay special and annual cash dividends , and explore other growth strategies outlined in our strategic plan . cash flows from operating activities have historically been driven by net income but are also significantly influenced by inventory requirements , which can change based upon fluctuations in both quantities and market prices of the various nuts and nut products we buy and sell . current market trends in nut prices and crop estimates also impact nut procurement . 24 the following table sets forth certain cash flow information for the last two fiscal years ( dollars in thousands ) : replace_table_token_5_th operating activities . net cash provided by operating activities was $ 83.5 million in fiscal 2019 , an increase of $ 17.3 million compared to fiscal 2018. this increase in operating cash flow was due primarily to a $ 7.0 million increase in net income , combined with a reduced use of working capital for inventory compared to fiscal 2018. inventories decreased $ 17.3 million in fiscal 2019 compared to an $ 8.1 million decrease in inventories in fiscal 2018 which resulted in a net favorable change in cash of $ 7.3 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources general the primary uses of cash are to fund our current operations , fulfill contractual obligations , pursue our strategic plan and repay indebtedness . also , various uncertainties could result in additional uses of cash . the primary sources of cash are results of operations and availability under our credit agreement , dated february 7 , 2008 and subsequently amended most recently in november 2017 ( as amended , the credit facility ) , that provides a revolving loan commitment and letter of credit subfacility . we anticipate that expected net cash flow generated from operations and amounts available pursuant to the credit facility will be sufficient to fund our operations for the next twelve months . our available credit under our credit facility has allowed us to consummate business acquisitions , devote more funds to promote our branded products ( especially our fisher and orchard valley harvest brands ) , reinvest in the company through capital expenditures , develop new products , pay special and annual cash dividends , and explore other growth strategies outlined in our strategic plan . cash flows from operating activities have historically been driven by net income but are also significantly influenced by inventory requirements , which can change based upon fluctuations in both quantities and market prices of the various nuts and nut products we buy and sell . current market trends in nut prices and crop estimates also impact nut procurement . 24 the following table sets forth certain cash flow information for the last two fiscal years ( dollars in thousands ) : replace_table_token_5_th operating activities . net cash provided by operating activities was $ 83.5 million in fiscal 2019 , an increase of $ 17.3 million compared to fiscal 2018. this increase in operating cash flow was due primarily to a $ 7.0 million increase in net income , combined with a reduced use of working capital for inventory compared to fiscal 2018. inventories decreased $ 17.3 million in fiscal 2019 compared to an $ 8.1 million decrease in inventories in fiscal 2018 which resulted in a net favorable change in cash of $ 7.3 million .
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 Suspicious Activity Report : we expect to maintain our current level of promotional and advertising activity for our orchard valley harvest and fisher snack brands . we continue to see domestic sales and volume growth in our orchard valley harvest brand and will continue to focus on this portion of our branded business as well as our squirrel brand and southern style nuts brands . we will continue to face the ongoing challenges specific to our business , such as food safety and regulatory issues and the maintenance and growth of our customer base for branded and private label products . see the information referenced in part i , item 1a  risk factors of this report for additional information about our risks , challenges and uncertainties . 21 annual highlights our net sales for fiscal 2019 decreased by $ 12.7 million , or 1.4 % , to $ 876.2 million compared to fiscal 2018. gross profit increased by $ 19.4 million , and our gross profit margin , as a percentage of net sales , increased to 18.1 % in fiscal 2019 from 15.6 % in fiscal 2018. total operating expenses for fiscal 2019 increased by $ 17.0 million , and our operating expenses , as a percentage of net sales , were 11.4 % compared to 9.3 % of net sales in fiscal 2018. diluted earnings per share increased approximately 20.8 % compared to last fiscal year . our strong financial position allowed us to pay a cash dividend of $ 29.1 million in august 2018. the total value of inventories on hand at the end of fiscal 2019 decreased by $ 17.3 million , or 9.9 % , in comparison to the total value of inventories on hand at the end of fiscal 2018. we have seen acquisition costs for pecans and walnuts decline in the 2018 crop year ( which falls into our current 2019 fiscal year ) , as well as declining acquisition costs for cashews . while we completed our procurement of the current year crop of inshell walnuts during the second quarter of fiscal 2019 , the total payments to our walnut growers were not determined until the third quarter of fiscal 2019 , which is typical . the final prices paid to the walnut growers were based upon prevailing market prices and other factors , such as crop size and export demand . at june 27 , 2019 there are no amounts due to walnut growers . results of operations the following table sets forth the percentage relationship of certain items to net sales for the periods indicated and the percentage increase or decrease of such items from fiscal 2019 to fiscal 2018 and from fiscal 2018 to fiscal 2017. replace_table_token_2_th fiscal 2019 compared to fiscal 2018 net sales our net sales decreased 1.4 % to $ 876.2 million for fiscal 2019 from $ 888.9 million for fiscal 2018. sales volume increased by 1.4 % for fiscal 2019 in comparison to sales volume for fiscal 2018. the decline in net sales was driven by a 2.8 % decrease in the weighted average sales price per pound , which primarily occurred as a result of a shift in sales volume from higher priced tree nut products to lower priced peanut and trail mix products . lower selling prices for products containing cashews and pecans , driven by lower commodity acquisition costs , also contributed to the decrease in net sales . the decline in net sales from lower selling prices due to commodity deflation for certain tree nuts was partially offset by the increase in sales volume . the following summarizes sales by product type as a percentage of total gross sales . the information is based upon gross sales , rather than net sales , because certain adjustments from gross sales to net sales , such as promotional discounts , are not allocable to product type . replace_table_token_3_th 22 the following table shows a comparison of net sales by distribution channel ( dollars in thousands ) : replace_table_token_4_th ( 1 ) sales of branded products were approximately 37 % and 38 % of total consumer channel sales during fiscal 2019 and 2018 , respectively . fisher branded products were approximately 69 % and 75 % of branded sales during fiscal 2019 and 2018 respectively , with branded produce products accounting for most of the remaining branded product sales . net sales in the consumer distribution channel increased by 6.1 % in dollars and 10.5 % in sales volume in fiscal 2019 compared to fiscal 2018. the sales volume increase was primarily driven by a 13.0 % increase in sales of private brand trail mixes and snack nuts resulting from distribution gains with new and existing customers . increased sales of orchard valley harvest produce products and fisher snack nuts also contributed to the increase in sales volume . a 13.3 % sales volume increase for our orchard valley harvest produce products came primarily from distribution gains for the salad toppers product line and distribution gains with new and existing customers . sales volume for fisher snack nuts increased by 4.3 % due to distribution gains at an existing customer and increased promotional activity for our oven roasted never fried product line . accounting for 10.9 % of the sales volume increase was the additional sales volume related to southern style nuts snack mix products resulting from the acquisition which occurred late in our fiscal 2018 second quarter . beginning in december 2017 , squirrel brand sales volume is included in the consumer and commercial ingredients distribution channels . squirrel brand sales volume for fiscal 2018 was included in the contract packaging distribution channel through november 2017 , because squirrel brand was a contract packaging customer until the acquisition . sales volume for fisher recipe nuts declined 12.3 % primarily due to competitive pricing pressure from private brand recipe nuts and some lost distribution at an existing major customer . story_separator_special_tag such indicators may include deterioration in general economic conditions , adverse changes in the markets in which we operate , increases in input costs that have negative effects on earnings and cash flows , or a trend of negative or declining cash flows over multiple periods , among others . the fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill . in testing goodwill for impairment , we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not ( more than 50 % ) that the estimated fair value of our single reporting unit is less than its carrying amount . if we elect to perform a qualitative assessment and determine that an impairment is more likely than not , we are then required to perform a quantitative impairment test , otherwise no further analysis is required . we also may elect not to perform the qualitative assessment and , instead , proceed directly to the quantitative impairment test . under the goodwill qualitative assessment , various events and circumstances that would affect the estimated fair value of our single reporting unit are identified ( similar to impairment indicators above ) . under the goodwill quantitative impairment test , the evaluation of impairment involves comparing the current fair value of our single reporting unit to its carrying value , including goodwill . we estimate the fair value using level 3 inputs as defined by the fair value hierarchy . the inputs used to calculate the fair value include several subjective factors , such as estimates of future cash flows , estimates of our future cost structure , discount rates for our estimated cash flows , required level of working capital , assumed terminal value , and time horizon of cash flow forecasts . if the carrying value of our single reporting unit exceeds its fair value , we recognize an impairment loss equal to the difference between the carrying value and estimated fair value . income taxes we account for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been reported in our financial statements or tax returns . such items give rise to differences in the financial reporting and tax basis of assets and liabilities . a valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized . in estimating future tax consequences , we consider all expected future events other than changes in tax law or rates . we record liabilities for uncertain income tax positions based on a two-step process . the first step is recognition , where we evaluate whether an individual tax position has a likelihood of greater than 50 % of being sustained upon examination based on the technical merits of the position , including resolution of any related appeals or litigation processes . for tax positions that are currently estimated to have a less than 50 % likelihood of being sustained , no tax benefit is recorded . for tax positions that have met the recognition threshold in the first step , we perform the second step of measuring the benefit to be recorded . the actual benefits ultimately realized may differ from our estimates . in future periods , changes in facts , circumstances , and new information may require us to change the recognition and measurement estimates with regard to individual tax positions . changes in recognition and measurement estimates are recorded in results of operations and financial position in the period in which such changes occur . we recognize interest and penalties accrued related to unrecognized tax benefits in the income tax expense caption in the consolidated statement of comprehensive income . we evaluate the realization of deferred tax assets by considering our historical taxable income and future taxable income based upon the reversal of deferred tax liabilities . as of june 27 , 2019 , we believe that our deferred tax assets are fully realizable . 29 retirement plan in order to measure the annual expense and calculate the liability associated with our retirement plan , management must make a variety of estimates including , but not limited to , discount rates , compensation increases and anticipated mortality rates . the estimates used by management are based on our historical experience as well as current facts and circumstances . we use a third-party specialist to assist management in appropriately measuring the expense associated with this employment-related benefit . different estimates used by management could result in us recognizing different amounts of expense over different periods of time . we recognize net actuarial gains or losses in excess of 10 % of the plan 's projected benefit obligation into current period expense over the average remaining expected service period of active participants . one significant assumption for pension plan accounting is the discount rate . we select a discount rate each year ( as of our fiscal year-end measurement date ) for our plan based upon a hypothetical corporate bond portfolio for which the cash flows match the year-by-year projected benefit cash flows for our pension plan . the hypothetical bond portfolio is comprised of high-quality fixed income debt securities ( usually moody 's aa3 or higher ) available at the measurement date . based on this information , the discount rate selected by us for determination of pension expense was 4.14 % for fiscal 2019 , 3.99 % for fiscal 2018 , and 3.61 % for fiscal 2017. a 25-basis point increase or decrease in our discount rate assumption for fiscal 2019 would have resulted in an immaterial change in our pension expense for fiscal 2019. for our

