Consolidated revenues for the quarter ended October 31, 2022 were $117.9 million, which represented a decrease of $6.6 million, or 5.3%, from consolidated revenues of $124.5 million reported for the three months ended October 31, 2021. Consolidated revenues of our power industry services segment decreased by $8.9 million as the quarterly construction activities associated with the Guernsey Power Station project and the Equinix data center project have passed peak levels. The reduction in revenues between the quarters was partially offset by increasing revenues at several projects including the Kilroot Power Station, the ESB FlexGen peaker plants and the Maple Hill Solar energy facility. The Company’s consolidated project backlog was approximately $839 million as of October 31, 2022.
For the quarter ended October 31, 2022, we reported a consolidated gross profit of approximately $22.2 million which represented a gross profit percentage of approximately 18.8% of corresponding consolidated revenues. The gross profit percentages of corresponding revenues for the power industry services, industrial services and the telecommunications infrastructure segments were 19.8%, 15.4% and 16.8%, respectively, for the current quarter.
Selling, general and administrative expenses for the three months ended October 31, 2022 and 2021, were $12.7 million and $11.6 million, respectively, representing an increase of $1.1 million between the quarters, or 9.3%, which was due primarily to the accrual of costs associated with the retirement of the Company’s former chief executive officer in August 2022.
For the three months ended October 31, 2022, net income was $7.8 million, or $0.56 per diluted share. For the three months ended October 31, 2021, we reported net income in the amount of $12.4 million, or $0.78 per diluted share. EBITDA for the quarter ended October 31, 2022 decreased to $11.3 million from $16.7 million for the prior year quarter. The Company paid its regular quarterly cash dividend of $0.25 per share in October 2022.
For the nine months ended October 31, 2022, we reported net income in the amount of $19.5 million, or $1.36 per diluted share, compared to $36.0 million of net income, or $2.25 per diluted share, in the prior year period. EBITDA for the nine months ended October 31, 2022 decreased to $36.9 million from $50.5 million for the prior year period.
As of October 31, 2022, cash, cash equivalents and short-term investments totaled $287 million and net liquidity was $230 million; furthermore, the Company had no debt. The $154 million reduction in cash, cash equivalents and short-term investments from January 31, 2022 reflected the expected cash flow cycle of two significant projects, the payment of dividends and the repurchase of shares. During the three months ended October 31, 2022, the Company repurchased 308,423 shares of common stock at a cost of $10 million. Since last November, the Company has repurchased 2,248,767 shares of common stock, or approximately 14% of its outstanding shares, at a cost of approximately $84 million under the now $100 million share repurchase program authorization.
About Argan
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
