Good morning, ladies and gentlemen, and welcome to ADF Group fourth quarter and fiscal year 2022 results conference call. At this time, all lines are in 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 Tuesday, April 12, 2022. I would now like to turn the conference over to Mr. Jean-François Boursier, Chief Financial Officer. Please go ahead.
Thank you. Good morning, ladies and gentlemen. Welcome to ADF's conference call covering the twelve-month period ended January 31, 2022. Before I update you on ADF's annual results and changes in financial position, which were disclosed earlier this morning by press release and on our operations, a quick update about the COVID-19 impact on our operations and financial results. For the fiscal years ended January 31, 2022 and 2021, and as of today, the COVID-19 pandemic had limited overall impact on our operations. We have taken all the required and recommended actions and have followed local guidelines and ordinances. The security and well-being of our employees and business partners being our first priority. On the one hand, these measures have created some operating inefficiencies and consequently have reduced our profitability.
On the other end, we have been able to offset most of these negative impacts through Canadian and U.S. governmental COVID relief programs. I will get back to this later on this call. As of today, and in line with the official guidelines wherever we operate, we are adapting our measures but are keeping a close eye on the overall situation. Lastly, 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 2022 fiscal year, which will be filed with SEDAR in the coming days. Revenues for the fiscal year ended January 31, 2022 reached CAD 280.7 million, CAD 108.1 million higher than last fiscal year.
The increase in revenues is mostly explained by the timing of awarded contracts, including projects with accelerated production schedules. As a percentage of revenues, the gross margin went from 15.2% in fiscal 2021 to 8.8% during the fiscal year ended January 31, 2022. This decrease being explained by the projects mentioned above which, given their lower complexity, have lower margins. The fiscal 2022 and 2021 gross margins were also favorably impacted by the recognition of COVID-19 pandemic-related grants and subsidies. For the period ended January 31, 2022, ADF received CAD 1.9 million, all from the Canada 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.
Last year, for the fiscal year ended January 31, 2021, the corporation had booked $6.3 million from Canadian and U.S. COVID-related subsidies, $5.5 million of which in gross margins, the balance against SG&A. Adjusted EBITDA stood at $17.8 million or 6.3% of revenues compared with $16.3 million or 9.5% of revenues a year ago. Selling administrative expenses amounted to $12 million or 4.3% of revenues, $2.8 million lower than last year. Most of this variance coming from a $2.1 million gain on fixed assets disposals.
Year to date, we posted net income of CAD 9.6 million or CAD 0.29 basic and diluted per share, compared with net income of CAD 6.9 million a year ago or CAD 0.21 basic and diluted per share. Cash flows from operating activities generated CAD 2.7 million, and we invested CAD 22.1 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 at January 31, 2022, working capital stood at CAD 38.7 million, almost exactly at the same level as last year.
In light of our investment program and the billing schedule, liquidity as at January 31, 2022 was CAD 10.7 million lower than last year. On this subject, on November 9, 2021, ADF obtained from the Business Development Bank of Canada a CAD 30 million bank loan, of which CAD 16.2 million went toward the repayment of an existing loan, and CAD 13.8 million was used to increase the corporation working capital, amounts which were drawn as at January 31, 2022. In addition, on January 14 and January 18, 2022, we obtained two bank loans from Investissement Québec totaling CAD 20 million, which will go toward financing the capital expenditure program previously mentioned. None of these amounts being drawn as at January 31, 2022.
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, 2022 to shareholders of record as of April 29, 2022. Our order backlog stood at CAD 373.1 million as of January 31, 2022. Somewhat lower than last year, but still at an acceptable level with good prospect of signing new contracts in the coming weeks and months. Quickly looking at the fourth quarter results. Revenue stood at CAD 47 million compared with CAD 37.1 million for the corresponding quarter a year ago. Fourth quarter gross margin as a percentage of sales stood at 11% compared with 17% during the same quarter last year.
As confirmed before, the COVID-related subsidies of CAD 6.3 million, all booked in the quarter ended January 31, 2021 favorably impacted the gross margin of that quarter when compared to the fourth quarter ended January 31, 2022. Finally, the corporation recorded net income of CAD 0.9 million during the last quarter of fiscal 2022, compared with a net income of CAD 2.1 million for the same period in fiscal 2021. Fiscal 2022 has seen ADF increase its revenues to close to CAD 300 million while maintaining its backlog at a very high level. In addition, we have launched an ambitious and game-changing capital investment program, which will provide ADF with unparalleled operational efficiencies.
This automation investment program at our Terrebonne plant continues as planned, and we expect our new equipment to be fully operational within the next two months. With these investments, and with the newly finalized financing packages, which will support them, ADF is in a very good position to start this new fiscal year. The bidding pipeline is strong, and as I have just mentioned, we expect to be able to confirm new projects in the coming weeks. The past few years, with all the uncertainties, have been challenging, but have also proven that our careful approach to contract signing and detailed attention to our operational requirements enable ADF to post improved revenues and net results. Considering this, our strong backlog and new capital investments, the future looks bright for ADF. Thank you for your time and interest in ADF Group.
Ladies and gentlemen, I will now answer your questions.
Thank you, sir. Ladies and gentlemen, we will now conduct the question and answer session. If you'd like to ask a question, press star then the number one on your telephone keypad. If you'd like to withdraw your question, press star two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Ladies and gentlemen, as a reminder, if you have any questions, please press star one. I will now turn it back to Mr. Boursier for closing remarks.
Before we conclude today's conference call, I would like to remind you that ADF will hold its shareholders meeting on June eighth 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 30, 2022 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, and we wish you all a nice and safety.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.