21 Annual Report 2013 ManageMent’s Discussion anD analysis Fourth Quarter Results Liquidity Revenues for the quarter were lower than the previous year due to the lower price of raw sugar. Fourth quarter volume increased by approximately 12,100 metric tonnes as compared to the same quarter of fiscal 2012.  Both industrial and liquid volumes were higher in the fourth quarter by approximately 10,700 and 6,000 metric tonnes,  respectively. Industrial volume was higher due to volume gains from new and existing customers. Liquid volume was higher  due to the recovery of an HFCS substitutable account in western Canada.This was partially offset with lower export sales  of approximately 3,900 metric tonnes and lower consumer volume of approximately 700 metric tonnes during the quarter. The decrease in export sales is due to the timing of delivery of volume against the annual U.S. quota and exports to Mexico.  The decrease in consumer volume was due mainly to timing in customer promotions. For the quarter, the adjusted gross margin rate was $100.53 per metric tonne as compared to $131.86 per metric tonne in  fiscal 2012. The decrease of $31.33 per metric tonne was due to higher costs of raw material in Taber, higher maintenance  costs in Vancouver due to an unusual breakdown, and poorer overall plant performances. In addition, the sales mix with  higher industrial and liquid volumes and lower consumer and export volumes also had a negative impact on the adjusted  gross margin rate for the quarter. Distribution expenses for the quarter were approximately $0.2 million lower than in fiscal 2012 due mainly to timing in  shipments to the U.S. under the Canada-specific quota. Administration and selling costs were lower by approximately $1.2 million compared to the same quarter in fiscal 2012 due mainly to lower legal, doubtful accounts and incentive provision expenses. Net finance costs for the quarter were $0.2 million higher than the comparable quarter of fiscal 2012, due to a swing of $0.3 million in the mark-to-market of the interest rate swap which had an income of $0.2 million in fiscal 2012 versus a loss  of $0.1 million in fiscal 2013.This was offset by a decrease of $0.1 million due to lower interest costs on the revolving credit  facility with the new five-year interest rate swap of 2.09%. The cash flow generated by Lantic is paid to Rogers by way of dividends and return of capital on the common shares and  by the payment of interest on the subordinated notes of Lantic held by Rogers, after having taken a reasonable reserve for  capital expenditures, debt reimbursement and working capital. The cash received by Rogers is used to pay administrative  expenses, interest on the convertible debentures, income taxes and dividends to its shareholders. Lantic had no restrictions  on distributions of cash arising from the compliance of financial covenants for the year. Cash flow from operations was $37.7 million in fiscal 2013, as opposed to $47.8 million in fiscal 2012. The decrease of $10.1 million was due mainly to lower adjusted net income of $13.2 million, offset by lower income taxes paid of  $2.2 million. Capital expenditures in fiscal 2013 were slightly lower by $0.1 million compared to the previous year. The cash flow requirements for the year were funded from available cash reserves while borrowings under the revolving  credit facility increased by $15.0 million in fiscal 2013.