Despite these challenges in 2021 inclusive of Telephonics, we generated revenue of $2.5 billion, record segment adjusted EBITDA of $317 million and record adjusted earnings of $1.86 per share.
Revenue increased by 8% year-over-year and adjusted EBITDA increased 11%.
Our Clopay business saw a record revenue and EBITDA, which increased by 12% and 18%, respectively.
Excluding the contribution of the SEC -- SEG business, which we divested in the first quarter of 2021, Telephonics revenue in 2021 decreased by 15% year-over-year and EBITDA decreased by 15%.
Our record performance this year reduced our leverage to 2.8 times net debt to EBITDA, which is well below our stated target of 3.5 times and does not include the benefit from the Telephonics strategic process.
We increased our dividend to $0.09 per share, which marks the 41st consecutive quarterly dividend paid to shareholders.
Our dividend has grown at a 17% compound annual growth rate since our dividend program was started.
Our Board has also undertaken a commitment to further diversify with an objective that, by 2025, 40% of our independent directors will be women or persons of color.
Revenue increased by 3% to $570 million.
Segment adjusted EBITDA increased 6% to $67 million, with related margin increasing 30 basis points to 11.7%.
Gross profit on a GAAP basis for the quarter was $156 million, increasing 1% compared to the prior-year quarter.
Excluding restructuring-related charges, gross profit was $159 million, increasing 3% compared to the prior-year quarter, with gross margin decreasing 10 basis points to 27.9%.
Fourth quarter GAAP selling, general and administrative expenses were $123 million compared to $117 million in the prior-year quarter.
Excluding restructuring-related charges, selling, general and administrative expenses were $120 million or 21% of revenue compared to $116 million or 21% in the prior-year quarter, with the increased dollars primarily driven by distribution, transportation and incentive costs.
Fourth quarter GAAP net income, which includes Telephonics, was $16 million or $0.30 per share compared to the prior-year period of $20 million or $0.41 per share.
Excluding items that affect comparability from both periods, current quarter adjusted net income was $21 million or $0.40 per share compared to the prior year of $22 million or $0.44 per share.
Keep in mind, the impact of the August 2020 equity offering on adjusted earnings per share was approximately $0.04.
Fourth quarter GAAP income from continuing operations was $13 million or $0.23 per share compared to the prior-year period of $21 million or $0.43 per share.
Excluding items that affect comparability from both periods, current quarter adjusted net income was $18 million or $0.33 per share compared to the prior year of $17 million or $0.35 per share.
The impact of the August 2020 equity offering on adjusted earnings per share was approximately $0.03.
Corporate and unallocated expenses, excluding depreciation, were $13 million in the quarter compared to $12 million in the prior-year quarter, primarily due to incentive costs.
Our 2021 full-year effective tax rate, excluding items that affect comparability, was 31.7% compared to 33.7% in the prior year.
Capital spending was $12 million in the fourth quarter compared to $11 million in the prior-year quarter.
Depreciation and amortization totaled $13.3 million compared to $12.8 million in the prior-year quarter.
Regarding our balance sheet and liquidity, as of September 30, 2021, we had net debt of $797 million, with leverage of 2.8 times calculated based on our debt covenants.
This is a 0.6 of a turn reduction from our prior-year fourth quarter.
Our cash and equivalents were $249 million and debt outstanding was $1.05 billion.
Borrowing availability under the revolving credit facility was $371 million, subject to certain loan covenants.
On a continuing operating basis, excluding the contribution of Telephonics, we expect revenue of $2.5 billion and segment adjusted EBITDA of $300 million for fiscal '22.
Excluding both unallocated costs of $49 million and one-time charges of approximately $15 million related to the AMES initiative.
Total capital expenditures for fiscal '22 are expected to be $65 million, which includes $25 million supporting the AMES initiative.
Depreciation and amortization is expected to be $56 million, of which $9 million is amortization.
We expect net interest expense of approximately $63 million for fiscal '22.
Our expected normalized tax rate will be approximately 32%.
Our revenue, adjusted EBITDA and adjusted earnings per share have increased at a compound annual growth rate of 11%, 23% and 35%, respectively.
Over this period, we generated $224 million in free cash flow, while cutting our leverage in half to 2.8 times.

Summary:
Fourth quarter GAAP net income, which includes Telephonics, was $16 million or $0.30 per share compared to the prior-year period of $20 million or $0.41 per share.
Excluding items that affect comparability from both periods, current quarter adjusted net income was $21 million or $0.40 per share compared to the prior year of $22 million or $0.44 per share.
Fourth quarter GAAP income from continuing operations was $13 million or $0.23 per share compared to the prior-year period of $21 million or $0.43 per share.
Excluding items that affect comparability from both periods, current quarter adjusted net income was $18 million or $0.33 per share compared to the prior year of $17 million or $0.35 per share.