Hello, Welcome to EVI Industries earnings call for the fourth quarter and fiscal year ended June 30, 2022. This is Henry Nahmad, Chairman and CEO of EVI. Before we proceed, our cautionary statement. This earnings call contains forward-looking statements as defined by SEC laws and regulations. Forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our earnings press release issued today and in our SEC filings, including the Risk Factors section of our annual report on Form 10-K for the fiscal year ended June 30, 2022. Actual results may differ materially from those expressed in or implied by the forward-looking statements. This call also includes a discussion of Adjusted EBITDA, which is a non-GAAP financial measure that the company believes is useful in evaluating performance.
Please refer to our earnings press release issued today for additional information regarding Adjusted EBITDA, including how we define Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure. Before we get started, I want to extend my gratitude to the over 650 valued employees that make up EVI today, our dedicated supplier partners, and the thousands of customers that choose and rely on an EVI company to address their commercial laundry needs. Today, I will summarize our operating results for the fourth fiscal quarter and the fiscal year, review our long-term objectives, and share our progress in connection with our long-term goals. We finished fiscal 2022 with a record-setting fourth quarter, including record revenue of approximately $83 million, an increase of 28% over the same period of fiscal 2021.
This led to a record revenue performance of $267 million for fiscal 2022, an increase of 10% over fiscal 2021. Gross profit for the fourth quarter increased 36% to a record $22 million, including a 140 basis points increase in gross margin to approximately 27%. Gross profit for fiscal 2022 increased 23% to a record $74 million, including an improvement of 290 basis points to approximately 28%. The improvements in gross margin reflect our continued focus on solution selling, sales of higher margin products, growth in installation and maintenance services, and increased product availability across our distribution network.
As a result, we also reported strong profitability with a record fourth quarter Adjusted EBITDA of $4.6 million or 5.6%, and a record fiscal 2022 Adjusted EBITDA of $14.2 million or 5.3%, reflecting a year-over-year increase of 58% and 38% respectively. Net income was $1.5 million for the quarter ended June 30, 2022, and $4.1 million for fiscal 2022. Our performance in the fourth quarter and in fiscal 2022, while challenged by the continuation of supply chain and labor constraints, reflects the commitment our employees make to providing exceptional customer service and the benefits we derive from each successive business that joins and makes valuable contributions to EVI in pursuit of our long-term growth goals.
During the fourth quarter, we benefited from the advanced placement of purchase orders in connection with confirmed customer sales order contracts and improved demand planning capabilities, resulting in having the required and what we believe to be the most appropriate inventory to fulfill the immediate needs of commercial laundry customers. Additionally, the increased readiness of our customer locations to accept installations accelerated the speed with which we were able to complete the customer sales order fulfillment process. These factors, combined with steady demand for the products and services we provide across all four commercial laundry categories and all end customer markets, contributed to a greater level of operating leverage across our operating business. However, this performance was offset in part by continued investment in our acquisition program, the recruitment and development of sales and service professionals, and modernization initiatives which we believe are critical to achieving our long-term goals.
Notwithstanding, we achieved record operating results. These financial highlights were the result of certain business and operational achievements, including that we completed four acquisitions, which I will describe later during this call. We expanded our operations into new territories and increased market share in existing geographies. We added new product representations and enhanced our service capabilities. We confirmed new customer sales order contracts during the fourth quarter on pace with the prior quarter. We continued the implementation of our advanced operating technologies, and we extended our $140 million credit facility on favorable terms for an additional five years. As we have previously stated, we believe that the health and strength of our balance sheet is critical to our long-term success. Our balance sheet continues to afford us the necessary flexibility to act with confidence when needed in connection with attractive investment opportunities.
At June 30, 2022, EVI had net debt of $24 million, which represents an $18 million increase in net debt as compared to the end of fiscal 2021. The increase in net debt largely reflects $12 million of net cash deployed in connection with the four acquisitions completed during fiscal 2022, and a $15 million increase in working capital, which aligns with our inventory demand planning strategy amid the continuation of supply chain constraints. Next, I want to reiterate the genesis of our vision and our long-term goals.
At the time of my investment in EVI back in 2015, we understood that the commercial laundry distribution and service industry had a history of stability and was comprised of a highly fragmented group, including hundreds of entrepreneur-owned businesses that, at the time, provided a narrow yet vital set of products and services to thousands of commercial laundry operators performing necessary services to various end market customers across North America. In 2016, we launched a long-term buy and build growth strategy to create a large and dynamic business capable of providing comprehensive solutions from a broader array of products and services to all segments of the commercial laundry industry.
To date, the sustained execution of the buy component of our buy and build growth strategy has yielded the acquisition of 23 high quality businesses, for which we prudently allocated $138 million of acquisition capital. Meanwhile, the build component of our growth strategy has provided organic growth opportunities in the form of new product representations, larger distribution territories, and enhanced technical service capabilities. We have used and continue to use our growing resources to build a deeper management team, to develop the next generation of sales professionals for our company, to build a national network of commercial laundry service technicians, and to implement modern technologies which we believe are critical to achieving our long-term financial and strategic goals.
Over the last six years, these initiatives contributed to a compound annual growth rate in our revenue of 40%, a 480 basis point increase in gross margin, and nearly 400% increase in Adjusted EBITDA, all while maintaining a low leverage profile. In connection with the buy component of our growth strategy, we continued to execute on growth opportunities during fiscal 2022 as we completed four acquisitions. The acquisition of three commercial laundry distributors and service providers increased our market share in the Southeast, expanded our sales and service operations into the state of Mississippi and Eastern Louisiana, and strengthened our leading market share position in the West region of the United States. Our fourth acquisition expanded our capabilities with the addition of a highly specialized full service marketing agency dedicated to the commercial laundry industry.
In addition to these four acquisitions, following the fiscal year-end, we completed two strategic acquisitions that expand our distribution and service footprint in North Carolina and in Massachusetts. We believe that each acquisition is integral to achieving our long-term growth goal. As such, we remain very active and aspire to make additional investments in other great businesses in and complementary to our industry. We believe we are well-positioned to capitalize on a growing number of such opportunities. In connection with the build component of our growth strategy, we continued to execute on the modernization and optimization of our business units. The technological transformation of our company is a significant undertaking that requires thoughtful and precise execution. These technologies are the foundation of a broader technology strategy that we believe will facilitate market share growth, new customer acquisitions, margin expansion, and superior customer service.
During fiscal 2022, we deployed our new enterprise resource planning system and our new field service platform to additional business units. These systems provide previously unavailable analytics that our leaders now use to make decisions aimed to fine-tune continuing operations with greater speed and accuracy, and improve the efficiency of service operations in pursuit of a superior level of customer service. Our technology team is dedicated to this long-term initiative, and we expect productivity gains through continued deployments. To summarize, in spite of continued supply chain constraints, we believe our company is well-positioned to fulfill strong demand for the products and services we provide due to, among other things, the advanced placement of purchase orders, improved demand planning, adequate inventory, a growing team of sales professionals and service technicians, and ample liquidity to make necessary investments in connection with our long-term growth strategy.
Looking forward, we believe that the essential nature of commercial laundry products and continuous demand and growth across all end customer markets of the commercial laundry industry will continue to be catalysts for a growing installed base of commercial laundry systems across North America. These systems require advanced planning, thoughtful design, knowledgeable installation, and continuous post-installation services, including the replacement of equipment, parts and accessories, and the performance of maintenance and repair services. Our large and growing sales and service network represents a broadening range of products sourced from various domestic and international suppliers to support industrial, on-premise, vended, and multifamily customers serving a wide array of end user categories. As such, we are making progress towards our strategic goal to provide superior value added solutions for our customers.
Ultimately, we believe these factors, combined with our unique fundamentals, financial strength, market strategy, entrepreneurial culture, technology initiatives, and strong supplier relations, provide us with important competitive advantages that support our company's ability to grow and capture more profitable market share going forward. That concludes my comments for the fourth quarter and fiscal year 2022. Until next time, be well.