Net income from continuing operations for the third quarter of 2023 was $3.1 million or $0.49 per diluted share, compared to $4.5 million or $0.72 per diluted share for the comparable period in 2022. Adjusted EBITDA from continuing operations, a non-GAAP measure for the third quarter of 2023 was $7 million, compared to $7.7 million for the third quarter of 2022. During the first nine months of 2023, we increased our cash flow from operations by $19.6 million when compared to the same period in 2022. The improvement reflects a reduction in cash used to support working capital, primarily a $4 million decrease inventory. By comparison, last year cash was used to ensure the availability of inventory to meet customer demand in light of the supply chain constraints.
With this cash flow, we paid down more than $5 million of debt during the third quarter and year-to-date more than $15 million, a record level of debt paydown for Eastern. At the end of the third quarter, our senior net leverage ratio was 1.85:1, down from 1.95 at the end of the second quarter. In addition, we invested $4.7 million in capital expenditures paid dividends of $2.1 million in the first nine months of 2023. For the third quarter, cash flow from operating activities was $5.7 million, compared to $2.2 million for last year’s third quarter. As a result, inventory turnover improved to 3.5 compared to 3.2 for last year’s period. That completes my financial review. I will now turn the call back to Mark.
Mark Hernandez: Thanks, Nick. There are a few more points I’d like to bring to everyone up-to-date on our business. First, as I have mentioned on earlier calls this year to become more efficient and optimize performance, we have been taking a close look at every aspect of our operations of our three divisions. Where needed, we have also been making tough decisions and taking action steps. For example, we recently brought in new managers to lead Big 3 Precision products. The division — new division President and its new General Manager, have the right mix of experience in driving manufacturing performance and efficiencies to strengthen Big 3’s existing business and take fuller advantage of opportunities in custom returnable packaging and blow mold tools.
Second, the integration of Sureflex, a manufacturer of tractor-trailer, electric cable, fixing cables and assemblies. We put — we have proceeded smoothly — has proceeded smoothly since we acquired the assets in the company last June. As a reminder, we acquired these assets to vertically integrate our trailer hose business and expand Velvac’s production capabilities. We are now positioned to achieve cost efficiencies by producing additional products in house. Although by itself, the Sureflex acquisition was not big enough to move the needle, it’s a good indicator of our future strategy and approach. One additional point of information before we open the floor to questions, as I mentioned in our Q2 call, we have started to expand our Investor Relations activities.
Next week, we will participating in the Sidoti Conference, which is focused specifically on small and micro-cap companies and the institutions that invest in their securities. We will issue an advisory announcement soon about the conference, so you can look for the details on our IR website in just a day or two. I hope you are listening to our webcast at the conference on Wednesday, November 15th. We will also hold virtual one-on-one meetings with buy-side, so we can inform them of our new business strategy and improved financial results Eastern is generating. Now let’s proceed to questions. Operator, can you please give the instructions to the investors who have joined via the conference call on how to enter a question.
Operator: Certainly. [Operator Instructions]
Mark Hernandez: Thank you. We will now address the questions via the web first and then return to the telephone questions.
Ernie Hawkins: First question from the web, your debt paydown has certainly been strong this year. Do you expect that to continue going forward and at approximately what rate?
