Good morning, ladies and gentlemen, and welcome to ADF Group First Quarter Results for the Period Ending April 15th , 2022. At this time, all phone 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. Note that this call is being recorded on Wednesday, June 8th, 2022. I would like to turn the conference over to Jean-François Boursier, Chief Financial Officer. Please go ahead.
Thank you. Good morning, ladies and gentlemen. Welcome to ADF's conference call covering the first quarter ended April 30th, 2022. I'm currently at our Terrebonne office, where we will hold our annual shareholders meeting after this call at 11:00 A.M. by way of live webcast. I will first update you on our quarterly results, which were disclosed earlier this morning by press release, and then update you on our operations, including yesterday's new contracts announcement. 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 30th, 2022, which were filed with SEDAR this morning.
We started the first quarter of our new fiscal year with revenues of CAD 68 million, which is CAD 17.6 million or 35% more than the first quarter ended a year ago. Gross margin as a percentage of revenues at 12.1% is down from the 15.4% margin for the quarter ended April thirtieth, 2021. While adjusted EBITDA at CAD 5.6 million was CAD 0.5 million lower than the first quarter ended last year. That said, it is important to note that the first quarter ended a year ago on April thirtieth, 2021, benefited from a COVID-related subsidy, which improved gross margin by CAD 1.6 million and adjusted EBITDA by CAD 1.9 million.
Excluding the subsidy, the margin for the quarter ended a year ago would have been 12.2%, the same level as our quarter ended last April 30th, while adjusted EBITDA for the quarter ended April 30th, 2021, would have been CAD 4.2 million or CAD 1.4 million less than the EBITDA for the quarter ended last April 30th. It is also important to note that the quarter ended April 30th, 2022, was temporarily impacted downward by work related to the automation investment at our Terrebonne plant. Given the scale of the construction site, our production teams did an exceptional job of maintaining the production schedules, but our usual operational efficiency was temporarily affected.
We therefore closed our first quarter with net income of CAD 4.3 million or CAD 0.13 per share, virtually the same levels as the corresponding quarter a year ago. Taking into account the ramp-up, including the purchase of steel, of projects announced at the very end of our last fiscal year, cash flows from operations required funds of CAD 4.7 million. We also, as previously mentioned, continued our CapEx investment program at our Terrebonne facility, which required additional investment of CAD 3.5 million during the quarter ended April 30th, 2022. As announced with our year-end results, we received the first amounts of our new financing with Investissement Québec in the amount of CAD 15 million. We should be able to draw down the remaining CAD 5 million of these loans within the next two quarters.
Including the BDC loan announced and cashed in with our fiscal 2022 year end, the impact of these loans rebalance our balance sheet. In this sense, the quarter ended April 30th, 2022, posted a working capital of CAD 54.4 million for a ratio of 1.9 to 1, which are levels not reached since the last five years. With this, we closed the quarter ended April 30th, 2022, with CAD 12.8 million in cash and cash equivalents, with no amount being drawn from our credit facilities, and thus in excellent position to pursue our backlog growth and execute our current backlog, which stood at CAD 325.4 million as of April 30th, 2022. Talking about our backlog, we announced yesterday the signing of new contracts totaling CAD 90 million.
Contract amounts which are not included in our quarter and just confirmed backlog balance. These projects will be one of the first that will be fabricated using our brand-new robotic line and automated equipment, a very important and exciting step for ADF. We still see many, many bidding opportunities and should be able to confirm additional contract signing soon. In light of these new contracts, including the ones announced last January 31st, 2022, working capital management will remain a priority for ADF. As we have previously explained, backlog growth exerts pressure on our working capital, but we are comfortable with our existing credit facilities. Our CapEx investment program is winding down and we expect full-year CapEx to stand at CAD 8 million. In light of this, we are confident that we have the operational and financial means to pursue our growth and improve our results.
Ladies and gentlemen, thank you for your interest and confidence in ADF. I will now answer your questions.
Thank you, Mr. Boursier. Ladies and gentlemen, if you would like to ask a question, please slowly press star followed by one on your touchtone phone. You will then hear a three-tone prompt acknowledging your request. If you would like to remove yourself from the question queue, please press star followed by two. If you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you have any questions. Once again, ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touchtone phone. At this time, Mr. Boursier, we have no questions. Please proceed.
Thank you. Again, I wish to thank you for your interest. I wish to thank you for your interest in ADF Group and remind you that we will hold our fiscal 2022 shareholders meeting this morning at 11:00 A.M. Connection details to access the live webcast are available on our website as well as on the press release filed this morning, also available on our website. Thank you.
Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.