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Envela Corporation (NYSE American: ELA) is a leading provider of re-commerce services in the United States, operating primarily through its two key segments: Consumer and Commercial. The company's diversified business activities focus on the purchase, sale, and recycling of luxury hard assets and electronics, aligning with the principles of the circular economy.
Within its Consumer Division, Envela buys and sells a broad array of jewelry and bullion products, including bridal and fashion jewelry, custom-made pieces, diamonds, gemstones, watches, and jewelry components. The company also deals in various forms of precious metals such as gold, silver, platinum, and palladium, offering items like government coins, private mint medallions, art bars, and trade unit bars. The division includes the recently acquired Steven Kretchmer, Inc., a renowned jewelry manufacturer, enhancing Envela's product offerings and market presence.
The Commercial Division provides specialized asset disposition services, including end-of-life electronics recycling, IT asset disposition, and solutions for corporations upgrading their IT infrastructure or moving to cloud services. This division caters to a diverse client base, including government agencies, middle-market firms, Fortune 500 companies, and other organizations.
Envela’s strong financial performance is reflected in its recent financial reports, showing steady revenue and strategic acquisitions that bolster its market position. For the third quarter of 2023, Envela reported a revenue of $36.3 million. The company’s strategic focus includes expanding its retail footprint, with plans to double its store count to 14 by the end of 2024, and introducing new concepts like Bijoux Exchange, which offers a premium buying experience for pre-owned luxury items within its stores.
Committed to sustainability, Envela emphasizes reusing, recycling, and reimagining products, contributing to environmental stewardship. The company’s efforts in extending product lifecycles not only support sustainability but also meet the growing consumer demand for environmentally responsible practices.
Envela Corporation (ELA) has announced a share repurchase program authorized by its Board of Directors for up to 1 million shares of its outstanding common stock. This initiative reflects the confidence of the Board and executive management in Envela's cash generation capabilities while continuing to invest in growth opportunities. CEO John Loftus emphasized the commitment to strategically deploy capital for long-term shareholder value. The share buybacks will occur in the open market, influenced by market conditions, and the program may be amended or suspended at the company's discretion.
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.
Envela Corporation (NYSE American: ELA) is set to ring the New York Stock Exchange's closing bell on February 6, 2023, after a rescheduling due to winter weather in Dallas. CEO John Loftus highlighted the company's commitment to sustainability and its circular business model, which promotes extending the useful lives of products and reducing landfill waste. This model not only boosts re-commerce growth but also allows consumers to positively impact the environment. Envela operates through various segments, including DGSE and ECHG, focusing on retail and recycling of durable goods and electronics.
Envela Corporation has officially postponed its NYSE bell ringing event due to severe weather affecting travel in Texas and the U.S. The new date for this event will be announced once finalized. Envela, known for its leadership in the North American re-commerce sector, aims to promote a circular economy and encourages participation in the re-commerce revolution.
Envela operates through two main segments: DGSE, which focuses on retail sales of luxury hard assets, and ECHG, which specializes in re-commerce of consumer electronics and IT equipment. The company emphasizes sustainability and the financial benefits of re-commerce for both consumers and manufacturers.
Envela Corporation (NYSE American: ELA) announced it will ring the Closing Bell at the New York Stock Exchange on February 2, 2023, highlighting its commitment to sustainability via a circular-business model. This model extends the useful lives of luxurious and electronic goods, reducing landfill waste and creating environmental benefits. The company operates through two segments: DGSE for retail sales and ECHG for B2B re-commercialization of electronics. Envela’s focus on re-commerce aligns with growing consumer awareness regarding ecological impacts, supporting its mission for a sustainable future.
Envela Corporation (NYSE American: ELA) reported strong financial results for Q3 2022, achieving record revenue of $45.2 million, a 20% increase year-over-year. The company posted earnings per share of $0.12, consistent with the prior year. Revenue from continuing operations at DGSE reached $30.4 million, while ECHG contributed $14.8 million. Gross profit improved to $11.9 million from $8.1 million in Q3 2021. The net income stood at $3.32 million. Management expressed confidence in ongoing growth and strategic investments despite a challenging macroeconomic environment.
Envela Corporation (NYSE American: ELA) announced plans to release its third quarter 2022 financial results on November 3, 2022, after market close. As a leader in the re-commerce sector, Envela operates through its two primary segments: DGSE, focusing on luxury assets and precious metals, and ECHG, specializing in consumer electronics re-commercialization and recycling. The company emphasizes sustainable practices and the circular economy, benefiting both consumers and manufacturers.
Envela Corporation (NYSE American: ELA) announced it will present at the LD Micro Main Event XV on October 26, 2022, in Los Angeles. Recognized as a leader in the re-commerce sector, Envela focuses on extending the life of durable goods and enhancing retail, recycling, and reverse-logistics opportunities. Its operations span two main segments: DGSE and ECHG, targeting both B2C and B2B markets. Envela aims to contribute to a sustainable circular economy, benefiting consumers and manufacturers alike.
Envela Corporation (NYSE American: ELA) was recognized as the 23rd fastest-growing company in North Texas by the Dallas Business Journal's Middle Market 50 list. This achievement highlights the company's robust revenue growth over the last three years, specifically among firms with annual revenues between $10 million and $1 billion. Allison DeStefano, Executive Vice President, emphasized the honor as a reflection of Envela's positive workplace culture and commitment to sustainable re-commerce.
Envela Corporation (NYSE American: ELA), a leader in the re-commerce sector, will participate in Lake Street Capital Markets' 6th Annual Best Ideas Growth (BIG6) Conference on September 14, 2022. CEO John Loftus will represent the company at this exclusive event held at The Yale Club in New York City. Investors can schedule meetings with management during the conference. Envela operates two main segments: DGSE for luxury goods and ECHG for IT equipment. The company emphasizes sustainability through a circular economy, benefiting both consumers and manufacturers.
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