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EVI Industries Reports Record First Quarter Results

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EVI Industries reported record first quarter results for fiscal 2025, with revenue increasing 6% to $93.6 million and net income surging 152% to $3.2 million. The company achieved record figures across key metrics, including gross profit up 12% to $28.9 million and operating income at $5.0 million. Gross margin improved to 30.8% from 29.2%. During the quarter, EVI completed the acquisition of Laundry Pro of Florida and declared a special cash dividend of $0.31 per share. The company maintains a strong balance sheet with over $100 million in available liquidity, despite net debt increasing to $15.5 million.

EVI Industries ha riportato risultati record per il primo trimestre dell'esercizio 2025, con un aumento del fatturato del 6% a 93,6 milioni di dollari e un balzo dell'152% dell'utile netto a 3,2 milioni di dollari. L'azienda ha raggiunto cifre record in vari indicatori chiave, inclusi il profitto lordo in aumento del 12% a 28,9 milioni di dollari e l'utile operativo a 5,0 milioni di dollari. Il margine lordo è migliorato al 30,8% rispetto al 29,2%. Durante il trimestre, EVI ha completato l'acquisizione di Laundry Pro in Florida e ha dichiarato un dividendo speciale in contante di 0,31 dollari per azione. L'azienda mantiene un bilancio solido con oltre 100 milioni di dollari di liquidità disponibile, nonostante il debito netto sia aumentato a 15,5 milioni di dollari.

EVI Industries reportó resultados récord en el primer trimestre del año fiscal 2025, con ingresos que aumentaron un 6% a 93.6 millones de dólares y un incremento del 152% en las ganancias netas a 3.2 millones de dólares. La compañía logró cifras récord en métricas clave, incluyendo un aumento del 12% en las ganancias brutas a 28.9 millones de dólares y un ingreso operativo de 5.0 millones de dólares. El margen bruto mejoró al 30.8% desde el 29.2%. Durante el trimestre, EVI completó la adquisición de Laundry Pro en Florida y declaró un dividendo en efectivo especial de 0.31 dólares por acción. La empresa mantiene un balance sólido con más de 100 millones de dólares en liquidez disponible, a pesar de que la deuda neta aumentó a 15.5 millones de dólares.

EVI Industries는 2025 회계연도 첫 분기 결과를 보고하며, 수익이 6% 증가한 9360만 달러로, 순이익은 152% 급증한 320만 달러에 달했다고 전했습니다. 이 회사는 총 이익이 12% 증가한 2890만 달러, 운영 수익이 500만 달러로 주요 지표에서 기록적인 수치를 달성했습니다. 총 마진은 29.2%에서 30.8%로 향상되었습니다. 또한 이 분기 동안 EVI는 플로리다의 Laundry Pro 인수를 완료하고 주당 0.31달러의 특별 현금 배당금을 선언했습니다. 이 회사는 순부채가 1550만 달러로 증가했음에도 불구하고 1억 달러 이상의 유동성을 유지하는 견고한 대차대조표를 보유하고 있습니다.

EVI Industries a annoncé des résultats record pour le premier trimestre de l'exercice 2025, avec un chiffre d'affaires en hausse de 6 % à 93,6 millions de dollars et un bénéfice net en forte hausse de 152 % à 3,2 millions de dollars. L'entreprise a réalisé des chiffres record dans des indicateurs clés, y compris un bénéfice brut en hausse de 12 % à 28,9 millions de dollars et un revenu d'exploitation de 5,0 millions de dollars. La marge brute s'est améliorée à 30,8 % contre 29,2 %. Au cours du trimestre, EVI a finalisé l'acquisition de Laundry Pro en Floride et a déclaré un dividende en espèces spécial de 0,31 dollar par action. L'entreprise maintient un bilan solide avec plus de 100 millions de dollars de liquidités disponibles, malgré une augmentation de la dette nette à 15,5 millions de dollars.

EVI Industries meldete für das erste Quartal des Geschäftsjahres 2025 Rekordzahlen, mit einem Umsatzanstieg von 6% auf 93,6 Millionen US-Dollar und einem Anstieg des Nettogewinns um 152% auf 3,2 Millionen US-Dollar. Das Unternehmen erreichte Rekordwerte bei wichtigen Kennzahlen, darunter ein Bruttogewinn, der um 12% auf 28,9 Millionen US-Dollar stieg, sowie ein Betriebsergebnis von 5,0 Millionen US-Dollar. Die Bruttomarge verbesserte sich von 29,2% auf 30,8%. Im Laufe des Quartals schloss EVI die Übernahme von Laundry Pro in Florida ab und erklärte eine Sonderdividende in bar von 0,31 US-Dollar pro Aktie. Das Unternehmen weist trotz eines Anstiegs der Nettoverschuldung auf 15,5 Millionen US-Dollar eine starke Bilanz mit über 100 Millionen US-Dollar an verfügbaren liquiden Mitteln auf.

Positive
  • Revenue growth of 6% to record $93.6 million
  • Net income increased 152% to record $3.2 million
  • Gross profit up 12% to record $28.9 million
  • Operating income nearly doubled to $5.0 million from $2.6 million
  • Gross margin improved to 30.8% from 29.2%
  • Strong liquidity position with over $100 million available
Negative
  • Net debt increased from $8.3 million to $15.5 million
  • Operating cash flow decreased to $0.2 million from $1.5 million

Insights

The Q1 FY2025 results demonstrate robust financial performance with several notable achievements. Revenue grew 6% to $93.6 million, while gross profit surged 12% to $28.9 million. Most impressively, net income soared 152% to $3.2 million, representing a significant improvement in profitability.

The company's strategic acquisitions and technology investments are yielding positive results, evidenced by the record 30.8% gross margin. The strong balance sheet with over $100 million in available liquidity supports future growth initiatives while maintaining financial flexibility. The special dividend of $0.31 per share reflects management's confidence in sustainable cash flow generation.

The increase in net debt to $15.5 million is manageable given the company's growth trajectory and acquisition strategy. The focus on operational efficiency is particularly evident in the 92% increase in operating income, suggesting successful execution of cost management initiatives.

EVI's transformation from a single-location business to a network of 29 businesses with 800 associates represents successful execution of its consolidation strategy in the fragmented commercial laundry industry. The 32% compound annual growth rate in revenue since 2016 demonstrates the effectiveness of their buy-and-build approach.

The company's technology investments, while impacting near-term profits, position it well for future market leadership. The expansion of their service network to over 400 technicians creates significant competitive advantages and recurring revenue opportunities. The successful integration of acquired businesses and preservation of local entrepreneurial cultures has created a scalable growth model.

The strong order backlog and increasing contract values suggest healthy market demand and pricing power. The emphasis on modernization through e-commerce and field service technology indicates a forward-thinking approach to market evolution.

Achieved Records for Revenue, Gross Profit, Operating Profit, and Net Income. Completed One Acquisition, Invested Across Long-Term Growth and Efficiency Initiatives, Declared Special Cash Dividend, and Sustained a Strong Balance Sheet

MIAMI--(BUSINESS WIRE)-- EVI Industries, Inc. (NYSE American: EVI) announced its operating results for the first quarter of its fiscal year ending June 30, 2025. First quarter records were achieved in revenue, gross profit, gross margin, operating profit, net income, and adjusted EBITDA. The Company also completed another acquisition under its buy-and-build growth strategy during the quarter. The Company commented on its results of operations, cash flow, financial position, and investments in furtherance of its long-term growth and profitability initiatives. Click here to listen to the Company’s recorded commentary.

In 2016, EVI commenced the execution of a long-term growth strategy to build the undisputed leader in and around the commercial laundry industry. Since 2016, the Company has grown from one business operating from a single location in the state of Florida with thirty-one employees, including ten sales professionals and four service technicians, to today encompassing twenty-nine businesses employing nearly 800 associates, including over 190 sales professionals and over 400 service personnel. The thoughtful execution of the Company’s long-term growth strategy has resulted in a compounded annual growth rate in revenue, net income, and adjusted EBITDA of 32%, 20%, and 30%, respectively, and has earned the Company a reputation as the leader in the North American commercial laundry distribution and service industry.

Henry M. Nahmad, EVI’s Chairman and CEO, commented: “Record operating performance in all key financial metrics is a testament to the well-synchronized efforts of our over 750 associates dedicated to serving our customers while executing on a series of initiatives in pursuit of our long-term performance goals. Our confidence in the long-term possibilities for our Company and our ability to achieve our performance goals is derived from early successes combined with financial strength and wherewithal, our reputation as a knowledgeable and high-quality buyer and builder of businesses, the expected future impact of promising technologies, and leadership team invested in guiding the Company into the future.”

Fiscal First Quarter Highlights (compared to the first quarter of fiscal 2024)

  • Revenue increased 6% to record $93.6 million
  • Gross profit increased 12% to a record $28.9 million
  • Gross margin increased to a record 30.8% compared to 29.2%
  • Operating income was a record $5.0 million compared to $2.6 million
  • Net income increased 152% to a record $3.2 million, or 3.5%, compared to $1.3 million, or 1.5%
  • Adjusted EBITDA was a record $7.6 million, or a record 8.1%, compared to $6.0 million, or 6.8%

Achievements During the Three-Month Period Ended September 30, 2024

  • Completed one acquisition adding sales and service expertise to the Company’s Southeast Group
  • New confirmed customer sales order contracts exceeded the value of those fulfilled during the quarter
  • Implemented the Company’s field service technology at additional business units in two regional groups
  • Declared a $4.6 million special cash dividend, the largest dividend in EVI’s history
  • Sustained a strong balance sheet despite the dividend and investments in working capital and technologies

Acquisitions

During the first fiscal quarter, the Company completed the acquisition of Lakeland, Florida based Laundry Pro of Florida, a distributor of commercial laundry products and a provider of related installation and maintenance services. In addition, following the completion of the first fiscal quarter, on November 1, 2024, the Company completed the acquisition of Jeffersonville, Indiana based O’Dell Equipment and Supply, another distributor of commercial laundry products and a provider of related installation and maintenance services. The Company believes that the acquired businesses and their customers will benefit from various resources available to drive growth, profitability, and improve the customer value proposition.

Mr. Nahmad commented: “A cornerstone of our long-term growth strategy is the acquisition of long-standing, often family-owned, businesses. Since 2016, we have acquired twenty-eight businesses. Our strategy includes the preservation of the people, unique culture and legacies of the acquired businesses, with a goal of forming the single largest, most cohesive, and entrepreneurial organization in the North American commercial laundry distribution and service industry. Given our success, we believe that our entrepreneurial culture, growing technology advantage, strong financial position and other unique factors provide an attractive home for great businesses, and we are actively pursuing opportunities that meet our financial, strategic, and cultural criteria.”

Technology Investments

In 2020, the Company commenced a comprehensive technology initiative to transform EVI into a modern, data-driven company. Since that time, EVI’s technology group has grown significantly, various third-party technology professionals have been retained, and multiple technology initiatives were undertaken with a goal to accelerate sales and profit growth, increase the speed, convenience and efficiency in serving customers, extend our reach into new geographies and sales channels, and create scalable operating processes.

During the first fiscal quarter, the Company’s technology team successfully led efforts to consolidate business units into end-state enterprise resource planning systems, implemented EVI’s field service technology at business units in certain regional groups, and launched the configuration and implementation of our planned e-commerce site. While the costs and expenses associated with these and other modernization initiatives adversely impacted EVI’s financial performance in the near-term, the Company believes that these technological capabilities will be a catalyst to achieving its long-term growth and profitability goals.

Operating Results

First quarter revenue performance reflects steady fulfillment of customer sales orders from the Company’s backlog and appropriately stocked inventory, installations in connection with equipment sales, the sale of parts and accessories, and the performance of maintenance and repair services. These factors contributed to a 6% increase in revenue as compared to the same period of the prior fiscal year. In connection with such growth, gross profit increased 12% to a record $29 million and gross margin increased to a record 30.8%. Additionally, the Company benefited from initiatives undertaken to improve operating efficiencies, which resulted in a 92% increase in operating income from $2.6 million to a record $5.0 million, a 152% increase in net income from $1.3 million to a record $3.2 million, or 3.5% of revenue, and a 27% increase in adjusted EBITDA from $6.0 million to a record $7.6 million, or a record 8.1% of revenue.

Mr. Nahmad commented: “We have undertaken various initiatives to drive growth and profitability, and to transform the technological infrastructure and capabilities of our Company. As a result of these initiatives, we are realizing steady growth in key operating performance metrics, including a greater level of operating leverage. As we continue our efforts to grow, implement best operating practices, and deploy advanced technologies, we expect to continue to achieve a greater level of operating performance.”

Cash Flow, Financial Strength, and Special Cash Dividend

During the first fiscal quarter, operating activities provided cash of $0.2 million compared to $1.5 million of cash provided by operating activities during the three months ended September 30, 2023. This $1.3 million decrease in cash provided by operating activities was primarily attributable to changes in working capital, partially offset by an increase in net income. As a result, the Company’s increase in net debt from $8.3 million at June 30, 2024 to $15.5 million at September 30, 2024 was primarily attributable to cash paid in connection with business acquisition consummated during the quarter, as described above.

Given the Company’s growth and profitability prospects, historically solid cash flows, and strong balance sheet with over $100 million of available liquidity, on September 11, 2024, the Company’s Board of Directors declared a special cash dividend on the Company’s common stock of $0.31 per share. The special cash dividend was paid on October 7, 2024 to stockholders of record at the close of business on September 26, 2024. During October 2023, the Company paid a special cash dividend of $0.28 per share. EVI aims to uphold its philosophy of sharing cash flow through dividends while maintaining a conservative financial position. Future dividends, if any, will be at the discretion of the Company’s Board of Directors and considered in light of certain factors, including investment opportunities, cash flow, general economic conditions and the Company’s overall financial condition.

EVI’s Core Principles

EVI upholds specific core values and principles for its business, including:

  • Invest and manage with a long-term perspective
  • Uphold financial discipline with a view towards ensuring financial strength and flexibility
  • Respect the entrepreneurs and management teams that join the EVI family
  • Operate each business as a local business and empower its leaders to make local decisions
  • Promote an entrepreneurial culture
  • Instill a growth mindset and culture of continuous improvement
  • Incentivize and reward performance with equity participation
  • Establish strong relationships with our OEM partners

Earnings Call and Additional Information

The Company has provided a pre-recorded earnings conference call, including a business update, which can be accessed under “Financial Info” in the “Investors” section of the Company’s website at www.evi-ind.com or by visiting https://ir.evi-ind.com/message-from-the-ceo. For additional information regarding the Company’s results for the quarter ended September 30, 2024, please see the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on or about the date hereof.

Use of Non-GAAP Financial Information

In this press release, EVI discloses the non-GAAP financial measure of adjusted EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization of share-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of share-based compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation. EVI considers adjusted EBITDA to be an important indicator of its operating performance. Adjusted EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels and credit ratings, and the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to any other method of analyzing EVI’s results as reported under GAAP.

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.

Safe Harbor Statement

Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “could,” “seek,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “strategy” and similar expressions are intended to identify forward looking statements. Forward looking statements may relate to, among other things, events, conditions, and trends that may affect the future plans, operations, business, strategies, operating results, financial position and prospects of the Company. Forward looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of the Company, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward looking statements. These risks and uncertainties include, among others, those associated with: general economic and business conditions in the United States and other countries where the Company operates or where the Company’s customers and suppliers are located; industry conditions and trends; credit market volatility; risks related to supply chain delays and disruptions and their impact on the Company’s business and results, including the Company’s ability to deliver products and provide services to its customers on a timely basis; risks relating to inflation, including the current inflationary trend, and the impact of inflation on the Company’s costs and its ability to increase the price of its products and services to offset such costs, and on the market for the Company’s products and services; risks related to labor shortages and increases in the costs of labor, and the impact thereof on the Company, including its ability to deliver products, provide services or otherwise meet customers’ expectations; risks associated with international relations and international hostilities and the impact thereof on economic conditions, including supply chain constraints and inflationary trends; risks relating to rising interest rates, including the impact thereof on the cost of the Company’s indebtedness and the Company’s ability to raise capital if deemed necessary or advisable; risks related to the Company’s ability to implement its business and growth strategies and plans, including changes thereto, and the risk that the Company may not be successful in achieving its goals; risks and uncertainties associated with the Company’s ”buy-and-build” growth strategy, including, without limitation, that the Company may not be successful in identifying or consummating, or have the liquidity to or otherwise be financially positioned or able to consummate, acquisitions or other strategic transactions, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions, dilution experienced by the Company’s existing stockholders as a result of the issuance of shares of the Company’s common stock in connection with acquisitions or other strategic transactions (or for other purposes), risks related to the business, operations and prospects of acquired businesses, risks that suppliers of the acquired business may not consent to the transaction or otherwise continue its relationship with the acquired business following the transaction and the impact that the loss of any such supplier may have on the results of the Company and the acquired business, risks that the Company’s goals or expectations with respect to acquisitions and other strategic transactions may not be met, and risks related to the accounting for acquisitions; risks related to organic growth initiatives, including that they may not result in the benefits anticipated; risks that the Company’s investments, including in sales and service personnel, technology investments and other modernization and optimization initiatives, and investments in acquired businesses or otherwise in support of growth, and initiatives in furtherance thereof may not result in the benefits anticipated and may result in disruptions to the Company’s operations, expenses in connection with these investments and initiatives may be more costly than anticipated and the implementation of these initiatives may not be completed when expected; technology changes; competition, including the Company’s ability to compete effectively and the impact that competition may have on the Company and its results, including the prices which the Company may charge for its products and services and on the Company’s profit margins, and competition for qualified employees; to the extent applicable, risks relating to the Company’s ability to enter into and compete effectively in new industries, as well as risks and trends related to those industries; risks related to the Company’s planned e-commerce business; risks relating to the Company’s relationships with its principal suppliers and customers, including concentration risks and the impact of the loss of any such relationship; risks related to the Company’s indebtedness, including that amounts available for borrowing under the Company’s credit facility are subject to the terms and conditions of the facility and, accordingly, the amount of liquidity available to the Company may be less than the amount set forth herein; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; the availability and cost of inventory purchased by the Company, , and the risk that inventory management initiatives may not be successful; risks relating to the recognition of revenue, including the amount and timing thereof (including potential delays resulting from, among other circumstances, delays in installation); the risk that dividends may not be paid in the future; risks of cybersecurity threats or incidents, including the potential misappropriation or use of assets or confidential information, corruption of data or operational disruptions; and other economic, competitive, governmental, technological and other risks and factors discussed elsewhere in the Company’s filings with the SEC, including, without limitation, in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024. Many of these risks and factors are beyond the Company’s control. Further, past performance and perceived trends may not be indicative of future results. The Company 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. The Company does not undertake to, and specifically disclaims any obligation to, update, revise 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.

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Results of Operations (in thousands, except per share data)

 

 

 

 

 

Unaudited

Unaudited

 

 

 

3-Months Ended

3-Months Ended

 

 

09/30/24

09/30/23

 

 

Revenues

 

 

$ 93,625

$ 88,074

Cost of Sales

 

 

64,770

62,382

Gross Profit

 

 

28,855

25,692

SG&A

 

 

23,866

23,075

Operating Income

 

 

4,989

2,617

Interest Expense, net

 

 

482

770

Income before Income Taxes

 

 

4,507

1,847

Provision for Income Taxes

 

 

1,276

565

Net Income

 

 

$ 3,231

$ 1,282

 

 

Net Earnings per Share

 

 

Basic

 

 

$ 0.22

$ 0.09

Diluted

 

 

$ 0.21

$ 0.09

 

 

 

Weighted Average Shares Outstanding

 

 

 

Basic

 

 

12,685

12,581

Diluted

 

 

13,047

13,205

 

 

 

 

 

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Balance Sheets (in thousands, except per share data)

 

 

Unaudited

 

 

 

 

09/30/24

06/30/24

Assets

 

 

Current assets

 

 

 

 

Cash

 

 

$ 4,373

$ 4,558

Accounts receivable, net

 

 

45,446

40,932

Inventories, net

 

 

50,860

47,901

Vendor deposits

 

 

2,148

1,657

Contract assets

 

 

362

1,222

Other current assets

 

 

9,152

5,671

Total current assets

 

 

112,341

101,941

Equipment and improvements, net

 

 

14,582

13,950

Operating lease assets

 

 

8,622

8,078

Intangible assets, net

 

 

22,943

22,022

Goodwill

 

 

77,597

75,102

Other assets

 

 

9,443

9,566

Total assets

 

 

$ 245,528

$ 230,659

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

 

$ 39,946

$ 30,904

Accrued employee expenses

 

 

11,504

11,370

Customer deposits

 

 

22,828

24,419

Contract liabilities

 

 

223

-

Current portion of operating lease liabilities

 

 

3,330

3,110

Total current liabilities

 

 

77,831

69,803

Deferred income taxes, net

 

 

5,533

5,498

Long-term operating lease liabilities

 

 

6,195

5,849

Long-term debt, net

 

 

19,912

12,903

Total liabilities

 

 

109,471

94,053

 

 

 

 

 

Shareholders' equity

 

 

 

 

Preferred stock, $1.00 par value

 

 

-

-

Common stock, $.025 par value

 

 

323

322

Additional paid-in capital

 

 

107,606

106,540

Treasury stock

 

 

(4,693)

(4,439)

Retained earnings

 

 

32,821

34,183

Total shareholders' equity

 

 

136,057

136,606

Total liabilities and shareholders' equity

 

 

$ 245,528

$ 230,659

 

 

 

 

 

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

 

 

For the three months ended

 

 

 

09/30/24

09/30/23

Operating activities:

 

 

Net income

 

 

$ 3,231

$ 1,282

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

1,550

1,546

Amortization of debt discount

 

 

9

9

Provision for bad debt expense

 

 

352

124

Non-cash lease expense

 

 

22

(16)

Stock compensation

 

 

1,067

1,856

Inventory reserve

 

 

251

174

Provision (benefit) for deferred income taxes

 

 

35

(30)

Other

 

 

(105)

25

(Increase) decrease in operating assets:

 

 

 

 

Accounts receivable

 

 

(4,894)

500

Inventories

 

 

(1,538)

1,772

Vendor deposits

 

 

(491)

(170)

Contract assets

 

 

860

(898)

Other assets

 

 

(3,213)

969

(Decrease) increase in operating liabilities:

 

 

 

 

Accounts payable and accrued expenses

 

 

4,461

(7,191)

Accrued employee expenses

 

 

134

734

Customer deposits

 

 

(1,747)

977

Contract liabilities

 

 

223

(123)

Net cash provided by operating activities

 

 

207

1,540

 

 

 

 

 

Investing activities:

 

 

 

 

Capital expenditures

 

 

(1,253)

(971)

Cash paid for acquisitions, net of cash acquired

 

 

(5,885)

(987)

Net cash used by investing activities

 

 

(7,138)

(1,958)

 

 

 

 

 

Financing activities:

 

 

 

 

Proceeds from borrowings

 

 

19,000

19,000

Debt repayments

 

 

(12,000)

(20,000)

Repurchases of common stock in satisfaction of employee tax withholding obligations

 

 

(254)

(314)

Net cash provided (used) by financing activities

 

 

6,746

(1,314)

Net decrease in cash

 

 

(185)

(1,732)

Cash at beginning of period

 

 

4,558

5,921

Cash at end of period

 

 

$ 4,373

$ 4,189

 

 

 

EVI Industries, Inc.

 

 

 

 

Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

 

 

 

For the three months ended

 

 

 

09/30/24

09/30/23

Supplemental disclosures of cash flow information:

 

 

 

 

Cash paid during the period for interest

 

 

$ 413

$ 767

Cash paid during the period for income taxes

 

 

-

$ 3,171

 

 

 

 

 

Supplemental disclosures of non-cash financing activities:

 

 

 

 

Common stock issued for acquisitions

 

 

-

$ 229

Dividends Payables

 

 

$ 4,593

-

 

 

The following table reconciles net income, the most comparable GAAP financial measure, to Adjusted EBITDA.

EVI Industries, Inc.

 

 

Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation (in thousands)

 

 

 

 

 

Unaudited

Unaudited

 

 

 

3-Months Ended

3-Months Ended

 

 

09/30/24

09/30/23

 

 

Net Income

 

 

$ 3,231

$ 1,282

Provision for Income Taxes

 

 

1,276

565

Interest Expense, Net

 

 

482

770

Depreciation and Amortization

 

 

1,550

1,546

Amortization of Share-based Compensation

 

 

1,067

1,856

Adjusted EBITDA

 

 

$ 7,606

$ 6,019

 

 

 

 

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 was EVI Industries' revenue growth in Q1 2025?

EVI Industries (EVI) reported a 6% revenue increase to $93.6 million in Q1 fiscal 2025.

How much did EVI's net income increase in Q1 2025?

EVI's net income increased 152% to $3.2 million in Q1 fiscal 2025, compared to $1.3 million in the same period last year.

What was EVI's special dividend amount in Q1 2025?

EVI declared a special cash dividend of $0.31 per share, paid on October 7, 2024.

What acquisition did EVI complete in Q1 2025?

EVI completed the acquisition of Laundry Pro of Florida, a commercial laundry products distributor based in Lakeland, Florida.

EVI Industries, Inc.

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