In conclusion, we’re still in the early innings of our growth opportunity. Fiscal 2023 was a bridge year between the pent-up post-pandemic demand during fiscal 2022 and growth for new products, new markets, and refresh upgrade cycles in fiscal 2024 and beyond. With that, I thank you, and I’ll turn the call back over to Brian.
Brian Siegel: Thanks, Joe and thank you, everyone, for attending our earnings call. I’m going to spend a little time reviewing our model, and then I’ll take you through the quarter, followed by Q&A. Currently, FF&E projects are the key driver for our business, making up roughly 60% to 65% of revenue. We serve as a project manager procuring and reselling FF&E and services for refurbishing and upgrading or building new theaters. Since much of the makeup of our projects are passed through costs, with a small margin added in, project margins are in the mid-teens. That said, we have several routes to improve these margins, demonstrated by our fiscal year 2024 results. Some of the ways that we improve on these margins are to upsell installation services, use our proprietary manufactured products, through the resale of higher margin technology projects, including projectors and servers, and more recently sound system products through our relationship with LEA Professional.
As Joe and Phil mentioned, FF&E projects are more cyclical and can also often see start date to pushed out. The second half of fiscal year 2023, we saw over $3.4 million pushed out into the future, which negatively impacted our revenue growth rate and loss per share for the full year. While this business is not lost, the timing is uncertain, although at the present time, we expect most to all of it will hit fiscal year 2024. Next, we sell our higher margin proprietary manufactured offerings, à la carte, which have margins ranging from 35% to 55% include our Caddy and ADA products. As we continue to increase the number of proprietary manufactured products that we sell, we expect our mix to shift and more favorably impact gross margin going forward.
In FY 2023, we saw the early impact of this as gross margins expanded by 200 basis points versus fiscal year 2022. Going forward, as an emerging products like the MiTranslator, CineQC, and eCaddy, start to ramp and scale, we expect our mix to shift more significantly away from FF&E as we expect these products will have 50% plus gross margins. Now, moving to the results. Fourth quarter revenue of $5.8 million was up 3% versus $5.6 million last year. Push outs I mentioned earlier negatively impacted revenue by about $1.7 million in the quarter. For the full year, revenue was up 10.1%. Q4 gross profit decreased 5% to $1.4 million and gross margin was down 200 basis points to 24.2% in the quarter, resulting from mix as we sold more higher dollar, lower-margin projectors during the quarter.
The full year gross profit increased 19% and gross margin increased 200 basis points to 26.3%. Q4 GAAP operating expenses were $2.8 million versus $1.9 million last year. This year’s GAAP operating expenses included about $1 million in non-cash accounting write-downs. As we went through the audit, we conducted our annual impairment assessment and determined that the carrying value of the Caddy goodwill and customer relationships intangible assets had declined. Accordingly, we impaired goodwill and intangible assets related to this. Keep in mind that the traditional Caddy business is tied to new stadium and arena builds, which have not materialized post-COVID. This is what we’re writing down and has nothing to do with potential of our eCaddy product that is still in development.
