These firms were able to compete effectively due to the additional independence and flexibility they offer workers. Recent inflation also has led us to increase hourly wages and benefits for our temporary workers in our light industrial business in Ohio. These conditions also have helped drive increased competition among staffing firms in Ohio for laborers to fill staffing job orders. We are continuing to actively develop and implement new sales and recruiting programs to help attract and retain candidates and restore growth in our industrial business. We also have implemented price increases in Ohio, which have improved spreads and helped to mitigate the impact of inflation on labor conditions there. Consolidated gross profits and gross margins were $52.9 million or 34.7% and $11.6 million or 34% for the fiscal year and fourth quarter ended September 30, 2023, respectively.
The declines in gross profit and gross margin, again, are mainly attributable to lower revenues, including most notably direct hire placement business, which has a 100% gross margin. On the contract side, increases in contractor pay associated with recent inflation also have caused some spread compression within certain professional services businesses. The company continues to focus on counter-inflationary measures, including increases in mark-ups, bill rates and spreads in order to improve margins and profitability. Despite lower year-over-year gross profit and gross margins, our current margins remain relatively high and were very competitive as compared with the company’s industry peers. Selling, general and administrative expenses, SG&A, for the fiscal year and fourth quarter ended decreased $4.3 million and $3.2 million respectively as compared to the comparable fiscal 2022 periods.
SG&A expenses were 31.2% and 33% of revenues for the fiscal year and fourth quarter ended September 30, 2023 respectively as compared with 31.4% and 34.8% of revenues for the fiscal year and fourth quarter ended September 30, 2022, respectively. In the fiscal fourth quarter of 2023, the company’s SG&A included $700,000 in legal and corporate expenses related to negotiations with shareholder activists and associated compliance matters. Excluding the effect of these SG&A expenses, the ratio of SG&A expenses to revenue would have been 30.9% and 30.7% for the fiscal year and fourth quarter ended September 30, 2023, respectively. In late February and March 2023 you will recall, the company implemented certain cost reductions with an estimated annual savings of approximately $4 million.
Despite the significant declines in revenues in 2023, these cost reductions have helped achieve lower SG&A and total operating expense ratios in fiscal 2023 versus fiscal 2022, again, despite lower revenues. The company monitors operating costs, including the impacts of inflation with a view towards identifying and taking advantage of possible cost reductions on a routine basis. We achieved net income for the fiscal 2023 of $9.4 million or $0.08 per diluted share as compared with net income of $19.6 million or $0.17 per diluted share in fiscal 2022. Adjusted net income, which is a non-GAAP financial measure, for the fiscal year and fourth quarter ended September 30, 2023 was $11.1 million or $0.10 per diluted share and $1.1 million or $0.01 per diluted share respectively as compared to $7.7 million or $0.07 per diluted share and $400,000 loss or just under breakeven per diluted share for the fiscal year and fourth quarter ended September 30, 2022, respectively.
The company recognized a net deferred tax benefit of $7.2 million for the fiscal year ended September 30, 2023, which accounted for approximately $0.06 of this period’s earnings per diluted share. The elimination of our former longstanding 100% deferred tax asset valuation allowance that resulted in this large net deferred tax benefit has been another positive achievement for our company. Adjusted EBITDA, which is a non-GAAP financial measure, for the fiscal year and fourth quarter ended September 30, 2023 was $7 million and $1.2 million as compared with $12.5 million and $1 million respectively for the comparable fiscal 2022 periods. Several factors we’ve covered, including notably the decrease in fiscal 2023 revenues from fiscal 2022’s record highs, as well as economic headwinds, inflationary pressures and rising interest rates present this year account for these declines.
As I mentioned a moment ago, we continue to monitor operating costs for possible cost reductions on a routine basis and also will take other definitive actions in order to improve our margins and profitability. Our current or working capital ratio at September 30, 2023 was a strong 3.7:1, up 100 basis points from 2.7:1 as of September 30, 2022. Free cash flow, a non-GAAP financial measure for the fiscal year ended September 30, 2023 was $5.8 million as compared with $9.1 million for fiscal 2022. Our liquidity position remains strong. We have no outstanding debt. Our net book value per share and our net tangible book value per share were $0.98 and $0.36 respectively as of September 30, 2023. Net book value per share is up $0.10 and net tangible book value per share is up $0.11 compared with $0.88 and $0.25 respectively as of September 30, 2022.
To conclude, as Derek said, we remain cautiously optimistic in our outlook for fiscal 2024 with appropriate consideration of macroeconomic and labor market related uncertainties and unknowns that exist in our operating environment. Before I turn it back over to Derek, please note, again, that reconciliations of GEE Group’s non-GAAP financial measures discussed today and in our earnings release with their GAAP counterparts can be found in supplemental schedules included in our earnings press release. Now, I’ll turn the call back over to Derek. Derek?
Derek Dewan: Thank you, Kim. The fiscal 2023 fourth quarter marked our ninth consecutive quarter of strong operating performance since deleveraging the company. Having consistently achieved higher margins and free cash flow over the years, we continue to build a positive track record, as well as positive momentum for the future. As of September 30, 2023, company had no debt and approximately $22.5 million in cash with $11.3 million in availability under its bank ABL credit facility. GEE Group’s prospects today for future profitable growth continue to expand and improve. Despite macroeconomic headwinds, staffing industry specific challenges and unforeseen events, we will continue to work hard for the benefit of our shareholders and we expect to deliver solid results for the upcoming fiscal 2024 year and beyond and significantly increase shareholder value.
