Still be available to answer your question at the end of the call. We are currently at the Sheraton Laval, where we will hold our 2024 annual shareholders' meeting after this call at 11:00 A.M. I will now update you on our quarterly results, which were disclosed earlier this morning by press release. First, a word of caution. Please note that some of the issues discussed today may include forward-looking statements. These are documented in ADF Group's management report for the first quarter ended April 30, 2024, which were filed with SEDAR this morning. We are off to a very good start with revenues of CAD 107.4 million, which is CAD 27.1 million or 34% more than the first quarter ended a year ago.
Gross margin as a percentage of revenues at 29.2% is up from the 16.8% margin for the quarter ended April 30, 2023, while Adjusted EBITDA at CAD 23.1 million was CAD 13.1 million or 130% higher than the first quarter ended last year. These increases are in line with the increase observed in recent quarters and are largely attributable to a better absorption of fixed costs in line with the increase in fabrication volume, the continued favorable impact of the investments in automation at ADF's plant in Terrebonne, Quebec, and a favorable mix of fabricated projects. These favorable variances were tempered by higher SG&A expenses. This increase coming from the adjustment in the market value of deferred share units and of performance share units, this mark-to-market adjustment being CAD 5.4 million higher than last year, in line with the increase in the corporation share price.
We therefore close our first quarter with net income of CAD 15.3 million or CAD 0.47 per share compared to CAD 5.4 million or CAD 0.16 per share for the same quarter a year ago. Besides the Adjusted EBITDA impact, the increase in net income also comes from lower net financial expenses, which benefited from interest revenues coming from our outstanding cash balances. Looking at the balance sheet, we posted, as of April 30th, 2024, cash balances CAD 24 million lower when compared to our January 31st, 2024 balances. In parallel, at quarter end, we had outstanding receivable of CAD 121.7 million, with many of these amounts being collected since April 30th, 2024. All this to say that our consolidated cash balances, as of today, are not only back to our CAD 72.4 million year-end level but actually exceeding them. In fact, as of this morning, our consolidated cash balances stood at CAD 81.5 million.
Considering this, we are not concerned with the cash flow from operation, which required CAD 22.3 million for the first three months closed on April 30, 2024. CAPEX for the first quarter ended last April 30 totaled CAD 1.4 million and were mostly for maintenance of our Terrebonne and Great Falls fabrication facilities. We expect full-year CAPEX to be under CAD 5 million. Finally, we closed the quarter with a backlog of CAD 427.5 million, excluding the contracts worth CAD 90 million announced after the quarter end on May 28, most of these new contracts coming from additional work relating to the second phase of a contract previously announced in December 2023. As I just mentioned, liquidities are, as of today, back to our January 31st level and even exceeding these levels.
As such, the corporation believes that the available cash exceeds the amounts required to support the growth and execution of our order backlog on hand as of April 30th, 2024, and to meet our financial covenants planned for fiscal 2025. Given ADF's favorable financial position, the size of our order backlog, and our cash flow generation profile, the board of directors evaluated the options available to the corporation with respect to the use of excess cash to create value for shareholders, including dividends and share repurchases, and opportunities to finance certain projects that could provide additional long-term competitive advantages and allow the corporation to benefit from prompt payment discounts negotiated with its suppliers.
With this in mind, the corporation intends to enter into private agreements within 30 days from tomorrow with Jean, Pierre, and Marise Paschini, members of the board of directors and corporation management team, through their respective holding companies, to purchase, for cancellation, up to a maximum of 3 million shares of the corporation at a price to be agreed upon by the parties, at the minimum discount of 3% on the price of the last independent transaction immediately before the proposed repurchase. The corporation board of directors, as established, a special committee composed of independent directors to review the terms of the proposed repurchase and to make a recommendation to the board of directors with respect thereto. A favorable decision has been obtained from the Autorité des marchés financiers to exempt the corporation from the requirements applicable to assure this under applicable legislation.
If such agreements are entered into, the corporation will issue a press release and information relating to the share repurchase, including the number of shares involved and the total purchase price following the completion of the proposed repurchase, if any. Jean, Pierre, and Marise Paschini have informed the corporation that the shares in question will be sold to the corporation for asset diversification and estate planning purposes and that they are not considering any further share sales, and that they remain fully committed to growing the corporation. Furthermore, the corporation board of directors approved the amendment to ADF's dividend policy to increase the semiannual dividend from CAD 0.01 per share to CAD 0.02 per share. The amendment will apply to the next dividend payment scheduled for October 2024. Please, however, note that the declaration of payment of dividends remains at the discretion of the corporation board of directors.
We are happy with our fiscal 2025 start of the year and are favorably looking at the upcoming quarters. We will continue our efforts to grow our backlog and generate liquidities. We are also happy with the market reaction to our operational and financial performances. On April 26, our stock reached CAD 15.20 per share, beating ADF's historical high of CAD 15 per share, which was achieved almost 23 years ago in December 2001. We have since continued to reach new highs, which reaffirms our strategic decisions and careful approach of the past years. We will continue our efforts to pursue our growth and achieve improved results, and we remain focused on continuing building ADF on the know-how of our personnel, our long-standing industry expertise, and on our state-of-the-art facilities. Thank you for your interest and confidence in ADF. Jean and I will now answer your questions.
Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one. If you would like to withdraw your question, please press star two. Again, to ask a question, press star one. One moment please, for your first question. Your first question comes from Nicholas Corigliano from Atrium Research. Please go ahead.
Good morning, gentlemen. Congrats on another fantastic quarter here.
Good morning.
So my first question, kind of going back to the last call, I wanted to ask you guys about the longevity of this cycle. How are things looking for fiscal 2026 and beyond? Do you think you can post another year of 10%+ top-line growth?
Well, what we're seeing right now, I think for the next two to three years, there's going to be growth, okay? Grow the market, okay? The market's growing. And for us, we're going to see growth this year, next year, and the year after. So we see good potential for the next three to five years.
Okay. Perfect. And then with that, what is the capacity situation like, and do you foresee that being a challenge?
Right now, there's no limit of the capacity. We don't talk about capacity. Whatever projects that we get, we're going to put them in the shop, and we're going to fabricate them. So our shop right now, it's set up to CAD 700 million-CAD 800 million, even CAD 1 billion. I've got no problem there with the facility that we have.
Okay. Thank you very much. Congrats again, and I will jump back into Q.
Thank you.
Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press Star 1. There are no further questions at this time. I will turn the call back over to Jean-François Boursier for closing remarks.
Again, we wish to thank you for your interest in ADF Group and remind you that we will hold our fiscal 2024 shareholders' meeting in just a few minutes at 11:00 A.M. at the Sheraton Laval Hotel. Thank you.
Thank you.
Ladies and gentlemen, this concludes your conference call for today. You may now disconnect. Thank you.