We will scrutinize all investments to ensure that they generate strong returns on invested capital. In closing, Amtech is a unique company with differentiated exposure to a number of high-growth markets. Our mission at this stage is to fully capitalize on these growth opportunities while addressing operational and supply chain issues to create meaningful shareholder value from this growth. With that, I will turn it over to Lisa for further details on the fourth quarter.
Lisa Gibbs: Thank you, Bob. We closed fiscal 2023 with revenues of $113.3 million compared to $106.3 million in fiscal 2022. In a challenging demand environment, our acquisition of Entrepix, completed in January of 2023, contributed to this increase in year-over-year revenues. Turning to our quarterly results, net revenues decreased 10% sequentially and 14% from the fourth quarter of fiscal 2022. The decrease from prior year is primarily attributable to lower shipments from our Shanghai manufacturing facility, partially offset by an increase in shipments of our high-temperature belt furnaces and the addition of Entrepix in fiscal 2023. The sequential decrease is primarily due to a decrease in shipments across all of our business segments.
We are experiencing lower bookings in multiple areas of our business due to the softness in the overall semiconductor market. Due to the prolonged downturn in general economic conditions in the semiconductor industry and delays in the adoption of next-gen polishing tools, we anticipate an intangible asset impairment charge in our material and substrate segment as of September 30, 2023. Due to the complexity and judgment involved in the valuation and impairment analyses, we are working with our external auditors to finalize the audit procedures. When complete, the company will issue a press release with our fourth quarter and full year fiscal 2023 results, as well as file our annual report on Form 10-K. Unrestricted cash and cash equivalents at September 30, 2023 were $13.1 million compared to $14.3 million at June 30, 2023.
Approximately 56% of our cash balance as of September 30, 2023, is held in the United States. We are clearly in a very challenging demand environment for our business. As we disclosed in the 8-K that was released on Monday, we have entered into a forbearance agreement with our bank. The purpose and intention of this agreement is to give us the runway we need and access to our revolving line of credit until demand picks up. We are making swift and decisive fixed cost reductions in our business with a goal to get to EBITDA breakeven as quickly as possible to give us the ability to weather this prolonged downturn and be ready when the growth returns. For context, we estimate the actions we have already taken will decrease annual operating expenses by $4 million for the full fiscal year of 2024, and we will continue to evaluate opportunities for further cost savings.
The timing of these actions occurred throughout this December quarter, our first fiscal quarter of 2024. Therefore, we expect the full benefit of the savings to be realized in our second fiscal quarter of 2024. These steps will significantly improve results and enhance profitability through market cycles. Now, turning to our outlook. For the first fiscal quarter ending December 31, 2023, we expect revenues in the range of $21 million to $24 million, with EBITDA nominally negative. Although the near-term outlook for revenue and earnings is challenging, we remain confident that the long-term outlook is strong for both our consumables and equipment serving advanced mobility and advanced packaging applications. The expense actions I mentioned earlier will significantly improve results and enhance profitability through market cycles.
Operating results can be significantly impacted positively or negatively, by the timing of orders, system shipments, logistical challenges, and the financial results of semiconductor manufacturers. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Actual results may differ materially in the weeks and months ahead. A portion of Amtech’s results is denominated in RMB, a Chinese currency. The outlook I provided is based on an assumed exchange rate between the United States dollar and the RMB. Changes in the value of the RMB in relation to the United States dollar could cause actual results to differ from expectations. I will now turn the call over to the operator for questions.
Operator?
Operator: Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. [Operator Instructions] And we do have a question from the line of Mark Miller with Benchmark. Please proceed with your question.
Mark Miller: Yeah. I’d like to ask a couple questions about the recent forbearance agreement. It appears that you’re reducing the size of your term loan and moving the balance to a larger revolver. Is that correct?
Lisa Gibbs: That is correct, Mark.
Mark Miller: Now, why did you do this? Why didn’t you do this before violating the covenant? I’m just curious.
Lisa Gibbs: We’ve been working with the bank, and the timing kind of worked out with our Q4 results to work through this. Obviously, it takes some time to work through everything. And unfortunately, we weren’t able to get it done before the Q4 results. But the reason for that is it gives us the lower monthly term payments which helps with our monthly cash flows as well as increased access to our revolver. The other part of it is that the revolver expired in January ’24, and this extends it into January of ’25.
Mark Miller: Okay. It also appears that the moving term balance on the revolver, the loan maturity is going from 2028 to 2025. Is that correct?
Lisa Gibbs: So, the term loan is moving from 2028 to 2029. And then, the revolver was maturing in ’24 and now it’s in January of ’25.
