We’re tightly managing expenses, inventory and our cash. Selling expenses declined $3.4 million, an improvement of 9.6% versus the prior year. G&A expenses declined $1.3 million, an improvement of 2.4%, and engineering and technical support expenses declined by approximately $600,000, an improvement of 2.5%. We had restructuring costs of approximately $2.2 million, related to our restructuring and manufacturing relocation programs in fiscal 2024 year-to-date. This compares to approximately $500,000 of restructuring costs and $100,000 of acquisition costs in fiscal 2023 nine month period. We reported an operating loss of $17.7 million compared to an operating loss of $14.3 million, principally due to lower sales volume. Net loss attributable to VOXX was $19.9 million compared to a net loss of $9.3 million.
EBITDA for fiscal 2024 nine month period was a loss of $6.5 million, and adjusted EBITDA was $3 million. This compares to an EBITDA loss in comparable fiscal 2023 nine month period of $3.2 million and an adjusted EBITDA of 5.6%. Moving on to the balance sheet. As of November 30, we had cash and cash equivalents of $10.4 million, which compares to $6.1 million as of our fiscal 2023 year-end on February 28. Cash and cash equivalents stood at $5.9 million at the end of our fiscal 2024 second quarter ended August 31. Our accounts receivable increased by $8.9 million as we’re in the higher volume holiday season. Our inventory declined by $28.9 million for the nine months as we are moving through all the product lines. We still have inventory on hand to move through, and we’re focused on that given the launches underway and upcoming, especially in our Consumer segment.
As I noted during our last quarterly call, we expect inventories to continue to decline as we move through the fourth and first quarters. Total debt stood at $48.6 million as compared to $39.2 million as of February 28. The increase of $9.4 million relates to $10 million increase in our borrowings associated with our domestic credit line, partially offset by a $400,000 decline to Florida mortgage and a $200,000 decline in the amount owed on the shareholder loan, payable to Sharp as part of our joint venture. Total long-term debt, net of debt issuance costs was $47.1 million as it compared to $37.5 million as of February 28. As noted, the increase in total debt relates to the increase in our borrowings. This is typical during the third quarter as our sales and receivables increased — than normally collected during the fourth quarter.
This will be the case. During the fourth quarter, we’ll be using our credit facility to support the final arbitration settlement, which was announced earlier this month. As reported, we entered into a settlement agreement and mutual release with Seaguard with an effective date of today, January 10. We have agreed to pay Seaguard $42 million in total, of which a payment of $10 million was already on December 27 and the final payment of $32 million will be made today. While we’re not happy with the rules (ph), we feel it is our best interest as well as our shareholders to move forward and focus on our business and stop accruing interest and legal fees, which continue to mount. With the banking relationships in place, and the cash availability we have, the payment will be made, and we have sufficient working capital to fund our business moving forward.
Of course, we’re hopeful that market conditions improve sooner rather than later, and we can get back to cash flow generation and profitability. Operator, we’re now ready to open the call for questions.
Glenn Wiener: Thank you, Mike.
Operator:
Patrick Lavelle: Okay. Thank you. I want to thank you for taking the time to join us this morning. I look forward to 2024 with enthusiasm as new product has always been the lifeline and the key to our growth, and we have a lot of new products scheduled for next year. So with that, thank you, and have a great day.
Operator: Ladies and gentlemen, that’s all for our conference for today. Thank you for your participation. You may now disconnect.
