Good morning, ladies and gentlemen, and welcome to ADF Group second quarter results ended July 31st, 2023 conference call. At this time, all lines are on 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, September 7th, 2023. I would now like to turn the conference over to Jean-François Boursier, Chief Financial Officer. Please go ahead.
Thank you. Good morning, and welcome to ADF's conference call covering the second quarter and six months ended July 31st, 2023. I will first update you on our quarterly and year-to-date results, which were disclosed earlier this morning by press release, and then proceed with a quick update about our operations. 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 second quarter and six months ended July 31st, 2023, which were filed with SEDAR this morning. The positive trends started in our first quarter continued during our second quarter.
As such, we closed the quarter ended July 31st, 2023, with revenues of CAD 80.2 million, CAD 13.8 million higher than for the same quarter ended a year ago. Year to date, revenues stood at CAD 160.5 million, compared to CAD 134.4 million for the six-month period ended July 31st, 2022. These increases are in line with the past quarters' trend and our increased backlog. Gross Margin as a percentage of revenues, of revenues at 22.2% is up from the 12.9% margin for the quarter ended July 31st, 2022, while Adjusted EBITDA at CAD 12.6 million was CAD 5.5 million or 78% higher than the second quarter ended last year.
Year to date, gross margins as a percentage of revenues at 19.5% is up from the 12.5% margin for the six-month period ended July 31st, 2022, while Adjusted EBITDA at CAD 22.7 million was CAD 10 million or 78.5% higher than the six-month period ended last year. Gross margin for the three-month and six-month periods ended July 31st, 2023, benefited primarily from US projects presently being fabricated and installed. These variable gross margin variances did not entirely trickle down to Adjusted EBITDA, considering the increased selling and administrative expenses. For the three and six-month periods ended July 31st, 2023, SG&A expenses stood at CAD 6.6 million and CAD 11.4 million, respectively, CAD 3.9 million and CAD 5 million higher than for the corresponding periods a year earlier.
These increases come from the higher salary levels in line with the recent inflation trends and share-based compensation fair market valuation in line with ADF stock price increase. In addition, selling administrative expenses for the three and six-month periods ended last year on July 31st, 2022, benefited from a CAD 800,000 gain on disposal of fixed assets. We therefore closed our second quarter with net income of CAD 10.5 million or CAD 0.32 per share, compared to CAD 5.4 million or CAD 0.17 per share for the corresponding quarter a year ago. Year- to- date, net income stood at CAD 15.9 million or CAD 0.49 per share, compared to CAD 9.7 million or CAD 0.30 per share for the same period ended July 31st, 2022.
As of July 31st, 2023, cash and cash equivalents stood at $52.2 million, $45 million higher than as of January 31st, 2023, while working capital stood at $83 million, $26.5 million higher than the January 31st, 2023 level. Now that our investment program for the automation of our fabrication facility in Terrebonne is finalized, we expect full-year CapEx to be under $5 million, with $1.8 million being spent year to date. Yesterday, our board of directors approved the payment of the second $0.01 per share semi-annual dividend, which will be paid on October 17th to shareholders of record as of September 29th, 2023. Bolstered by our strong results, we turn to the second half of our fiscal year with sustained confidence.
With a strong backlog, which reached CAD 373.7 million as of July 31st, 2023, a sound financial position and state-of-the-art fabrication equipment and plants, we are poised to take advantage of the market conditions, allowing us to pursue our growth. Thank you for your interest and confidence in ADF. We will now answer your questions.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star, followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order they are received. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. There are no questions at this time. Please proceed.
Again, we wish to thank you for your interest in and support of ADF Group. Have a nice day.
Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.