Envela Reports Fiscal Year 2022 Financial Results

Rhea-AI Summary

Envela Corporation (NYSE American: ELA) reported strong financial results for the fourth quarter and full-year 2022. Annual revenue reached $182.7 million, a remarkable 30% increase from the previous year, while earnings per diluted share rose by 57% to $0.58. Management expressed satisfaction with the record revenue and ongoing investments in sustainable re-commerce strategies. Although they foresee potential headwinds in 2023, Envela is optimistic about navigating challenges as successfully as they did in 2022.

Positive

• Annual revenue increased by 30% to $182.7 million.
• Earnings per diluted share rose by 57% to $0.58.
• Commitment to sustainable re-commerce strategy supports balanced growth.

Negative

• Potential significant headwinds anticipated in fiscal 2023.

DALLAS, TX / ACCESSWIRE / March 16, 2023 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), today reported financial results for its fourth quarter and full-year ended December 31, 2022. Annual revenue was $182.7 million, up 30 percent year over year, and annual earnings per diluted share were $0.58, up 57 percent year over year.

Management Commentary
"Fiscal year 2022 was another strong year and our teams delivered record results," said John Loftus, Envela's Chairman and CEO. "We continued to invest in our initiatives and grew profitably with record results. We remain deeply committed to our sustainable re-commerce strategy which has enabled us to produce balanced growth and create value."

"We are quite pleased with our record business results for 2022-setting an all-time revenue record of $182.7 million-as we continued to invest in our long-term growth plans," said Bret Pedersen, Envela's CFO. "As we look forward to fiscal 2023, we foresee another year of potentially significant headwinds, which we anticipate successfully navigating as we did last year."

About Envela
Envela is the North American re-commerce leader, enabling a better world through the circular economy. It empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (direct-to-consumer portfolio) operates retail stores and online sites offering premium brands and luxury hard assets. ECHG (commercial-services portfolio) offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.

At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.

Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding acquisitions, financial outlook, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.

Investor Relations Contact:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com

Envela Corporation
Condensed Consolidated Statements of Operations

These financials are to be viewed with Form 10-K and accompanying notes filed with the Securities and Exchange Commission on March 16, 2023. The accompanying notes to Form 10-K are an integral part of these consolidated financial statements.

Envela Corporation
Condensed Consolidated Balance Sheets

These financials are to be viewed with Form 10-K and accompanying notes filed with the Securities and Exchange Commission on March 16, 2023. The accompanying notes to Form 10-K are an integral part of these consolidated financial statements.

Envela Corporation
Condensed Consolidated Statement of Cash Flows

These financials are to be viewed with Form 10-K and accompanying notes filed with the Securities and Exchange Commission on March 16, 2023. The accompanying notes to Form 10-K are an integral part of these consolidated financial statements.

SOURCE: Envela Corporation

View source version on accesswire.com:
https://www.accesswire.com/744274/Envela-Reports-Fiscal-Year-2022-Financial-Results

FAQ

What were Envela's annual revenue and EPS for 2022?

Envela's annual revenue for 2022 was $182.7 million, with earnings per diluted share of $0.58.

How much did Envela's revenue increase year-over-year?

Envela's revenue increased by 30% year-over-year.

What challenges does Envela expect in 2023?

Envela anticipates potential significant headwinds in fiscal 2023.

What is Envela's re-commerce strategy?

Envela's re-commerce strategy focuses on sustainable practices to extend the useful life of specialty and durable goods.

What did Envela's CEO say about the 2022 financial results?

Envela's CEO highlighted 2022 as a strong year with record results, emphasizing ongoing investments in long-term growth plans.