EVI Industries Declares Special Cash Dividend

Rhea-AI Summary

EVI Industries (NYSE American: EVI) has announced a special cash dividend of $0.31 per share on its common stock, representing a 10% increase from the October 2023 special dividend. The dividend is payable on October 7, 2024 to stockholders of record as of September 26, 2024. CEO Henry M. Nahmad attributed this decision to strong cash flows in fiscal 2024 and positive growth prospects. The company aims to reward long-term investors while maintaining a conservative financial position. EVI's Board of Directors will consider future dividends based on various factors, including investment opportunities, economic conditions, and the company's financial status.

Positive

• 10% increase in special cash dividend compared to October 2023
• Strong cash flows reported for fiscal 2024
• Positive growth prospects indicated by management
• Maintaining a strong balance sheet while rewarding shareholders

Negative

• None.

MIAMI--(BUSINESS WIRE)-- EVI Industries, Inc. (NYSE American: EVI) announced today that its Board of Directors approved a special cash dividend of $0.31 per share on EVI’s common stock, a 10% increase over the amount of the special cash dividend paid by EVI in October 2023. The dividend is payable on October 7, 2024 to stockholders of record at the close of business on September 26, 2024.

Henry M. Nahmad, EVI’s Chairman and CEO, commented: “Our strong cash flows during fiscal 2024 and growth prospects allow us the opportunity to reward those who are invested in our long-term strategy, and it reflects the confidence we have in our business outlook, which is supported by our strong balance sheet.”

The Company has considered, and expects to continue to consider, the payment of dividends to share cash flow through dividends while maintaining a conservative financial position with continued capacity to build its distribution and service network. Future dividends will be considered by the Company’s Board of Directors in light of investment opportunities and other liquidity needs, general economic conditions, the Company’s financial condition, including cash position, and other factors deemed relevant by the Board.

About EVI Industries

EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems as well as the purchase of the Company’s installation, maintenance, and repair services.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of the words “may,” “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “could,” “would,” “should” or similar expressions or statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. Forward-looking statements are based largely on the expectations, beliefs and assumptions of EVI’s management and on the information currently available to it and are subject to a number of risks and uncertainties, including, without limitation, the risk that dividends may not be declared in the future, including that the payment of dividends may be restricted by the terms of EVI’s indebtedness, risks associated with the Company future plans, operations, business, strategies, prospects, operating results and financial condition, and other economic, competitive, governmental, technological and other risks and factors, including those described in the “Risk Factors” section of EVI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 or elsewhere in EVI’s filings with the Securities and Exchange Commission. Many of these risks and factors are beyond EVI’s control. Further, past performance and perceived trends may not be indicative of future results. EVI cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. EVI does not undertake to, and specifically disclaims any obligation to, update or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240912963026/en/

EVI Industries, Inc.

4500 Biscayne Blvd., Suite 340

Miami, Florida 33137

(305) 402-9300

Henry M. Nahmad

Chairman and CEO

(305) 402-9300

Craig Ettelman

Director of Finance and Investor Relations

(305) 402-9300

info@evi-ind.com

Source: EVI Industries, Inc.

FAQ

What is the amount of EVI Industries' special cash dividend for 2024?

EVI Industries has declared a special cash dividend of $0.31 per share for 2024.

When will EVI Industries (EVI) pay its 2024 special dividend?

EVI Industries will pay the special dividend on October 7, 2024 to stockholders of record as of September 26, 2024.

How does EVI's 2024 special dividend compare to its previous dividend?

The 2024 special dividend of $0.31 per share represents a 10% increase over the special cash dividend paid by EVI in October 2023.

What factors will EVI consider for future dividend payments?

EVI will consider investment opportunities, liquidity needs, economic conditions, the company's financial condition, and other relevant factors deemed by the Board for future dividend payments.