Webco Industries, Inc. (OTC: WEBC) today reported results for our first quarter of fiscal year 2024, which ended October 31, 2023.
For our first quarter of fiscal year 2024, we had a net income of $5.1 million, or $6.25 per diluted share, while in our first quarter of fiscal year 2023, we had net income of $8.4 million, or $10.54 per diluted share. Net sales for the first quarter of fiscal 2024 were $157.8 million, a 16.3 percent decrease from the $188.5 million of sales in the first quarter of fiscal year 2023.
Dana S. Weber, Chief Executive Officer and Board Chair, stated, "There are so many factors affecting the global and industrial economies today that it is hard to know how they will affect any given market, let alone the broader go-forward economy. There is little consensus on what we should expect in the near term. As such, we continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $102.7 million at October 31, 2023, which we believe to be a competitive advantage."
In the first quarter of fiscal year 2024, we had income from operations of $8.0 million after depreciation of $3.7 million. The first fiscal quarter of the prior year generated income from operations of $12.4 million after depreciation of $3.2 million. Gross profit for the first quarter of fiscal 2024 was $21.6 million, or 13.7 percent of net sales, compared to $26.0 million, or 13.8 percent of net sales, for the first quarter of fiscal year 2023.
Selling, general and administrative expenses were $13.6 million in the first quarter of fiscal 2024 and $13.6 million in the first quarter of fiscal 2023. SG&A expenses reflect a decrease in costs associated with lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses.
Interest expense was $1.3 million in the first quarter of fiscal year 2024 and $1.5 million in the same quarter of fiscal year 2023. The impact of increases in the variable rate component on our senior credit facility resulting from Fed funds rate increases by the Federal Reserve have been offset by a significant reduction in average debt balances.
Capital expenditures incurred amounted to $10.1 million in the first quarter of fiscal year 2024. Included in our capital spending is ongoing construction of our F. William Weber Leadership Campus, which will house our Tech Center, Webco University and corporate headquarters. The Tech Center will be the tip of the spear leading Webco's trusted and technical brand throughout our industry and Webco University is the mechanism through which we educate and engage our trusted teammates.
As of October 31, 2023, we had $21.8 million in cash and short-term investments, in addition to $80.9 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $63.2 million drawn at October 31, 2023, was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity.
Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023, the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31, 2026. We did not purchase any of our stock during the first quarter of fiscal year 2024. The number of shares repurchased in the prior fiscal year totaled approximately 4,000 shares. Webco purchased over 144,000 shares over the course of the four prior fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion.
Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma, Illinois, Michigan, Pennsylvania and Texas, serving customers globally.