Gross profit decreased slightly by $1.0 million, or 1%, for the first fiscal quarter compared to the prior year period. The main factor behind this change was a $42.3 million decrease in revenue, which was partially offset by a decrease of $41.2 million in cost of product as compared to the prior year period. Our wholesale sales price per gallon partially correlates to the change in the wholesale market price of propane. The wholesale market price at our two major supply points averaged 28.6% and 30.6% less in the first fiscal quarter of 2024 compared to the prior year period. These decreases impacted both the revenue and cost of product changes for the period. As expected, propane market cost reduction and stabilization impacted our current period gross profit. Margin per gallon was flat at $1.20 per gallon for both periods.
We recognized a net loss attributable to Ferrellgas Partners, L.P. of $17.5 million and $4.5 million in the first fiscal quarter of fiscal 2024 and 2023, respectively. Operating expense as a percentage of total revenue increased 26% for the first fiscal quarter compared to the prior year period. Operating expense – personnel, vehicle, plant and office increased $14.9 million, or 11%, primarily due to an increase of $5.0 million from the Company increasing personnel for growth projects (including increased acquisitions and the expansion by Blue Rhino into both self-service vending) and new customer growth, in addition to $3.0 million related to the timing of benefit payments. The remainder of the increase in operating expense was primarily driven by a $3.9 million increase in vehicle costs as trucks were refurbished to support new customer growth in Blue Rhino. Lower legal costs compared to the prior year period drove the majority of the $2.0 million decrease in General and administrative expense.
Adjusted EBITDA, a non-GAAP financial measure, decreased by $16.8 million, or 34%, to $32.9 million in the first fiscal quarter compared to $49.7 million in the prior year quarter. The change was primarily due to the $13.0 million increase in net loss attributable to Ferrellgas Partners, L.P., as noted above, and a $3.8 million EBITDA adjustment for legal fees related to a non-core business.
The Company announced its continued partnership with Operation Warm, a national nonprofit organization that provides new coats and shoes for children in need across the country. “Giving a child a new coat can be a transformative experience,” said Ms. Zertuche. “It truly makes a difference for so many children, and it’s one more way we can Fuel Life Simply for them and their families. As a company that supplies the propane that heats millions of American homes, supporting Operation Warm is a natural fit for us. Every child deserves to feel warm, safe, and loved.” The Company participated in two coat distribution events this year.
Blue Rhino celebrated Labor Day with a new, limited edition tank sleeve honoring our partnership with Operation BBQ Relief, a nonprofit organization that has served more than ten million meals to those impacted by natural disasters. The Company is proud to support such an important cause by providing the fuel needed to cook the meals served.
The Company had 188 nominations for Ferrellgas Flame awards during the first fiscal quarter, including 33 in Safety, 65 in Customer Service, 29 in Innovation, and 61 in Leadership. This employee recognition program is yet another way Ferrellgas shows appreciation to its most valuable resource, its employee-owners. In addition to performance recognition, Ferrellgas believes in education and continuous improvement. The Golden Rhino Award program recognizes a Blue Rhino employee or group each quarter from production, operations and corporate for their accomplishments.
On Friday, December 8, 2023, the Company will conduct a teleconference at https://edge.media-server.com/mmc/p/mymf73a9 to discuss the results of operations for the first fiscal quarter ended October 31, 2023. The webcast of the teleconference will begin at 8:30 a.m. Central Time (9:30 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com.
