EVI Industries, Inc. - EVI STOCK NEWS

EVI Industries, Inc. (NYSE American: EVI) announced that its Chairman and CEO, Henry M. Nahmad, will participate in the Sidoti March Small-Cap Virtual Conference on March 22 and 23, 2023. The company has executed a buy-and-build strategy, acquiring 23 commercial laundry distributors over seven years. EVI operates from over 30 locations across 19 states, exporting to Latin America and the Caribbean. The company offers a range of services including planning, design, and maintenance for commercial laundry operations. EVI emphasizes long-term growth and shareholder value creation.

EVI Industries announced record results for the three and six months ended December 31, 2022, driven by a robust buy-and-build growth strategy. Comparatively, revenue soared 36% to $82.6 million in Q2, with net income surging 321% to $2.2 million. Over six months, revenue reached $166.1 million, a 33% increase, while diluted EPS rose to $0.35. The acquisition of Wholesale Commercial Laundry Equipment SE bolstered geographical presence and customer base. Despite a slight increase in net debt to $32.5 million, EVI maintains a strong financial position, positioning itself for continued growth and enhanced operational efficiencies.

EVI Industries (NYSE: EVI) reported robust financial results for Q1 fiscal 2023, with revenue increasing by 31% to $83.4 million. Gross profit reached a record $24.5 million, a 39% increase, while gross margin improved to 29.4%. Operating income surged 64% to $4.4 million, and net income rose 41% to $2.8 million, leading to diluted EPS of $0.20. EVI completed two acquisitions, enhancing market share, and maintained a strong balance sheet with $32.1 million in net debt, supported by a $140 million credit facility.

EVI Industries, Inc. (EVI) has completed the acquisition of Wholesale Commercial Laundry Equipment (WCL) based in Southside, Alabama. This strategic acquisition enhances EVI’s distribution and service capabilities in the southeastern U.S. and is part of its buy-and-build strategy, which has successfully led to 23 acquisitions in the commercial laundry sector. EVI aims to foster growth and innovation through retaining WCL’s leadership and culture, with ongoing plans for further investment in quality businesses. This acquisition may not guarantee immediate positive impacts on earnings, highlighting potential integration risks.

EVI Industries, Inc. (NYSE American: EVI) will be represented by CEO Henry M. Nahmad at the Baird Global Industrial Conference in Chicago on November 8, 2022. He will also hold one-on-one meetings with investors from November 8-10, 2022. EVI has successfully executed a buy-and-build strategy, acquiring 22 commercial laundry service providers in North America over the past six years. The company operates over 30 distribution locations across 15 states and exports to Latin America and the Caribbean, focusing on long-term growth and shareholder value.

EVI Industries, Inc. (NYSE American: EVI) announced its agreement to acquire Wholesale Commercial Laundry Equipment SE (WCL) based in Southside, Alabama. This acquisition strengthens EVI's market position in the southeastern U.S. by adding WCL’s experienced sales and service teams, enhancing customer relationships and service offerings. EVI aims to leverage WCL’s expertise to expand its customer base and drive growth. The transaction is expected to close in the second fiscal quarter, pending customary conditions.

EVI Industries reported record financial results for both the fourth quarter and fiscal year ended June 30, 2022. Q4 revenue surged 28% to $83 million, while gross profit rose 36% to $22 million. Gross margins improved to 27%. Operating income increased 131% to $2.6 million, though net income declined to $1.5 million due to a prior year PPP loan gain. For the fiscal year, revenue grew 10% to $267 million and adjusted EBITDA reached $14.2 million. EVI completed four acquisitions in FY 2022 and continues to enhance its market position despite supply chain constraints.