Good morning, ladies and gentlemen, welcome to ADF Group fourth quarter 2023 results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, April 13th, 2023. I will now like to turn the conference over to Jean-François Boursier, Chief Financial Officer. Please go ahead.
Bon matin. Welcome to ADF's conference call covering the 12-month period ended January 31st, 2023. Before I update you on ADF's annual results and changes in financial position, which were disclosed earlier this morning by our press release and on our operations, let me remind you that some of the issues discussed today may include forward-looking statements. These are documented in ADF Group's management report for the 2023 fiscal year, which will be filed with SEDAR in the coming days. Revenues for the fiscal year ended January 31st, 2023 reached CAD 250.9 million, CAD 29.9 million lower than last fiscal year. The decrease in revenues is mostly explained by the inclusion last year of projects with accelerated production schedules.
As a percentage of revenues, the gross margin went from 8.8% in fiscal 2022 to 14.2% during the fiscal year ended January 31st, 2023. This significant increase being explained by the projects mentioned before, which, given their lower complexity, add lower margins, but also by the commissioning of our new automated fabrication equipment at our Terrebonne, Quebec fabrication facility, which started to bring improved fabrication efficiencies. Adjusted EBITDA stood at CAD 26.1 million or 10.4% of revenues, compared with CAD 17.8 million or 6.3% of revenues a year ago. Besides the improved gross margins, the fiscal 2023 and 2022 Adjusted EBITDA were also favorably impacted by the recognition of COVID-19 pandemic-related grants and subsidies.
For the period ended January 31st, 2023, the corporation obtained the forgiveness of a COVID-related loan of CAD 1.3 million or $1 million U.S. issued to one of our U.S. subsidiaries. This forgiveness resulted in the recognition of a government grant, mostly against salary expenses in the second quarter ended July 31st, 2022. As for the period ended January 31st, 2022, ADF received CAD 1.9 million, all from the Canadian Emergency Wage Subsidy Program, and all in the first quarter, CAD 1.6 million of this amount being booked against gross margins, the balance being booked against SG&A. Selling and administrative expenses amounted to CAD 14.8 million or 5.9% of revenues, CAD 2.8 million higher than last year.
Most of this variance coming from a CAD 2.1 million gain on fixed asset disposal re-recorded in the fiscal year ended January 31st, 2022. Year to date, we posted net income of CAD 14.9 million or CAD 0.46 basic and diluted per share, compared with a net income of CAD 9.6 million a year ago or CAD 0.29 basic and diluted per share. Cash flows from operating activities required CAD 2.6 million, in line with the financial requirements coming from the December 2022, CAD 228 million contracts announcement.
We also invested CAD 12.2 million in CapEx, mostly for our two-year, CAD 30 million investment program initiated in early 2021 to equip our fabrication plant in Terrebonne with a brand-new robotic production line, the only one of its kind in North America, as well as new programmable and automated equipment. As of January 31st, 2023, working capital stood at CAD 65.6 million, CAD 26.9 million higher than last year. Our January 31st, 2023 and 2022 liquidities were basically at the same level at CAD 7.2 million and CAD 7.1 million, respectively. On this subject, on January 14 and January 18, 2022, we obtained two bank loans from Investissement Québec totaling CAD 20 million, which went towards financing the capital expenditure program previously mentioned.
This amount being fully drawn, fully drawn in the fiscal year closed January 31st, 2023. After the close of our January 31st, 2023 fiscal year, on February 10th, 2023, we reached an agreement with our financial institution to increase our short-term credit facility from CAD 30 million - CAD 40 million. This increase will enable ADF to pursue its backlog growth, providing us with additional financing leeway. Yesterday, our board of directors approved the payment of a semiannual dividend of CAD 0.01 per share, which will be paid on May 17, 2023 to shareholders of record as of April 28, 2023. Our order backlog stood at CAD 376.5 million as of January 31st, 2023, just above last year and still at a very acceptable level with good prospect of signing new contracts in the coming months.
Quickly looking at the fourth quarter results, revenue stood at CAD 51.5 million compared with CAD 47 million for the corresponding quarter a year ago. Fourth quarter gross margin as a percentage of sale stood at 17.5% compared with 10.8% during the same quarter last year. Our January 31st, 2023 fourth quarter benefited from contractual changes finalization, which increased the margin. The corporation recorded net income of CAD 2.3 million or CAD 0.07 per share during the last quarter of the 2023 fiscal year, compared with a net income of CAD 0.9 million or CAD 0.03 per share for the same period in fiscal 2022. ADF closed its fiscal year on January 31st, 2023 with encouraging results.
Despite the variables of the economy in general, including not only rising interest rates but also the impact of inflation, ADF closed its fiscal year with an increase in the order backlog, better margin, and a net income 56% higher than a year ago. Given the order backlog in end to begin this new fiscal year, ADF's management expects its revenues for the fiscal year ending January 31st, 2024 to increase. Our cost structure is under pressure, given the impact of inflation on our inputs, including the cost of labor, the corporation is confident it will remain competitive and will generate higher margins given all the operational improvements implemented, including the automation of the fabrication processes at its plants in Terrebonne, Quebec.
The major investment in automation over the last two fiscal years are now completed and now allow us to face economic challenges with confidence. We are now well-positioned to continue to grow, generate cash and improve profitability. However, we remain cautious in our approach and will closely monitor economic developments in order to adjust our strategies accordingly. Thank you for your time and interest in ADF Group. Ladies and gentlemen, I will now answer your questions.
Thank you. Ladies and gentlemen, we will now take questions from our analysts. Should you have a question, please press the star followed by the one on your touchtone phone. If you'd like to withdraw your question, please press the star followed by the two. Again, if you'd like to ask a question, press star one on your touchtone phone. Ladies and gentlemen, if you'd like to ask a question, please press star one on your touchtone phone. There are no questions at this time.
Before we conclude today's conference call, I would like to remind you that ADF will hold its shareholders meeting on June 7th at 11:00 A.M. Again, this year, ADF Group will hold its annual meeting of shareholders via webcasting. Financial results for the first quarter ending April 30th, 2023 will also be disclosed during our shareholders meeting. Webcasting connection instruction will be made available in the coming weeks. Thank you for your interest toward ADF. We wish you all a nice and safe day.
Ladies and gentlemen, this concludes your conference call for today. We thank you for joining, and you may now disconnect your lines. Thank you.