US Market News
2週前
EVI Industries to Present at the Baird Global Consumer, Technology & Services ConferenceMay 26, 2026 2:58 PM
Business Wire EVI Industries, Inc. (NYSE American: EVI) announced today that Henry M. Nahmad, Chairman and CEO, will present at the Baird Global Consumer, Technology & Services Conference being held at InterContinental New York Barclay on Wednesday, June 3, 2026. Mr. Nahmad is also scheduled to host one-on-one meetings with registered investors on that date. For more information on the conference and to schedule a one-on-one meeting, please contact Baird Conferences at bairdconferences@rwbaird.com. EVI is the largest value-added distributor of commercial laundry products and provider of related technical installation and maintenance services in North America. Since 2016, EVI has, among other things, completed thirty-one acquisitions, expanded into new geographies, retained and invested in additional sales and service personnel, broadened its OEM representations, and implemented advanced operating technologies. EVI maintains a founder-led management team with CEO, Henry M. Nahmad, and other executives and regional leaders that principally include founders of its acquired businesses, who collectively own more than 60% of the Company. EVI believes that its ownership and leadership structure allow management to operate with the necessary autonomy to maintain its focus on long-term value creation, including through industry consolidation, organic growth, and technological modernization. Since 2016, EVI has delivered a compounded annual growth rate in revenue, net income, and adjusted EBITDA of 29%, 15%, and 26%, respectively, while maintaining a low-leverage balance sheet that has positioned the Company to execute on strategic transactions. 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 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. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, the risks related to EVI’s business, results, financial condition, prospects, and growth strategy and plans, including risks associated with EVI’s ability to successfully execute its buy-and-build growth strategy and organic growth initiatives, and other economic, competitive, governmental, technological and other risks and factors, including those discussed in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the “Risk Factors” section of EVI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC on September 11, 2025. Many of these risks and factors are beyond EVI’s control. In addition, past performance of EVI and its acquired businesses 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. Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to net income, the most comparable GAAP financial measure, see the Company’s earnings press release for the three- and nine-month periods ended March 31, 2026, which was issued on May 11, 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526070931/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 Original: EVI Industries to Present at the Baird Global Consumer, Technology & Services Conference
US Market News
4週前
EVI Industries Reports Record Third Quarter ResultsMay 11, 2026 4:17 PM
Business Wire Record revenue and gross profit reflect continued enterprise growth and progress in operational optimization, customer engagement, and long-term scalability initiatives. EVI Industries, Inc. (NYSE American: EVI) announced today its operating results for the third quarter of the fiscal year ending June 30, 2026. The Company also provided updates on its long-term growth strategy and ongoing operational optimization, process improvement, and enterprise-wide coordination initiatives intended to improve scalability, efficiency, customer experience, and long-term operating performance. Since commencing the execution of its long-term growth strategy in 2016, EVI has evolved from a single-location business in Florida with 32 employees into a leading North American commercial laundry distribution and service enterprise encompassing 32 businesses and approximately 900 associates, including more than 200 sales professionals and over 425 service personnel. Through disciplined acquisitions, operational investment, and the continued expansion of its service and infrastructure capabilities, EVI has generated compounded annual growth rates of approximately 29% in revenue, 15% in net income, and 26% in adjusted EBITDA over such ten-year period. During this period, the Company has also focused on improving the quality and profitability of its revenue base, contributing to gross margin expansion from approximately 23% in fiscal 2019 to 32.5% and 31.5% for the three and nine-month periods ended March 31, 2026, respectively. As EVI’s enterprise has expanded, management’s focus has increasingly shifted toward operational optimization across the enterprise. The Company has substantially completed the deployment of its ERP system, field service platform, and business intelligence capabilities, which management believes provide the operational visibility and data-driven insight necessary to support a new phase focused on process improvement, operational coordination, and enterprise-wide efficiency initiatives. Management aims to improve coordination both upstream with manufacturers and supply chain partners and downstream with customers in an effort to reduce operational redundancies, increase labor utilization, enhance customer responsiveness, improve inventory efficiency, and create additional opportunities to expand market share and repeat customer purchasing activity over time. Management believes these initiatives position EVI to improve operating leverage, profitability, and long-term cash flow generation as the enterprise continues to mature. While revenues for the third fiscal quarter were adversely affected by disruptions associated with severe weather conditions and delays in customer facility readiness, delivery, and installation schedules, EVI nonetheless delivered record revenues for both the three and nine-month periods ended March 31, 2026, reflecting the Company’s expanded operating enterprise, contributions from acquired businesses, and continued market share gains. During the quarter, the Company also continued advancing operational modernization and process improvement initiatives focused on customer experience, coordination, working capital efficiency, and scalable infrastructure. Management believes these initiatives are strengthening EVI’s operating foundation and positioning the enterprise to improve long-term operating leverage, repeat customer revenue generation, and profitability. Third Fiscal Quarter Performance Compared to the three months ended March 31, 2025 Revenue increased 8% to a record $101.1 million, Gross Profit increased 17% to a record $32.8 million, representing a record gross margin of 32.5%, Operating Income remained flat at $2.3 million, Net Income was $0.8 million compared to $1.0 million, and Adjusted EBITDA increased 11% to $5.6 million, or 5.5% of revenue. Nine-Months Performance Compared to the nine months ended March 31, 2025 Revenue increased 16% to a record $324.7 million, Gross Profit increased 21% to a record $102.2 million, representing a record gross margin of 31.5%, Operating Income increased 4% to $10.1 million, Net Income was $5.0 million compared to $5.4 million, and Adjusted EBITDA increased 12% to a record $20.0 million, or 6.2% of revenue. Revenue for the third fiscal quarter and nine-month period reached record levels, driven primarily by contributions from acquired businesses and supported by ongoing initiatives to expand market share, strengthen customer relationships, and enhance service capabilities across the enterprise. Selling, general and administrative expenses decreased approximately $0.7 million compared to the second fiscal quarter, all of which was the result of a decrease in general and administrative expenses, notwithstanding the inclusion of one month of expenses associated with the acquisition of Belenky, Inc. Management believes these improvements reflect increasing operating discipline, process improvements, facility consolidation efforts, and technology-enabled coordination initiatives designed to improve scalability, efficiency, and long-term operating leverage across the enterprise. Henry Nahmad, Chairman and Chief Executive Officer, commented: “Over the past decade, EVI has built a significantly larger and more capable enterprise through disciplined acquisitions, operational investment, and a long-term commitment to customer service. As our enterprise continues to mature, we believe we are entering a new phase focused on operational optimization, process improvement, and enterprise-wide coordination initiatives intended to improve scalability, efficiency, customer experience, and long-term operating performance.” Mr. Nahmad continued, “While certain factors affected the pace at which revenue was fulfilled during the quarter, we continued to make encouraging progress strengthening the quality and economics of the enterprise. We believe our investments in technology, field service operations, business intelligence capabilities, inventory management, and operational coordination are positioning EVI to improve operating leverage, enhance customer engagement, expand repeat purchasing activity across our installed customer base, and generate increasing long-term value over time.” Customer Experience, Field Service Technology and Modernization Initiatives The Company continues to invest in operational modernization initiatives intended to improve the customer experience and strengthen operational coordination across the enterprise and the Company’s supply chain. As these technologies become more broadly deployed and utilized across the organization, management is increasingly focused on process improvement and operational execution intended to enhance efficiency, scalability, and customer engagement. During the quarter, the Company continued expanding the use of its field service technologies and integrated analytics capabilities, which management believes are contributing to measurable operational improvements and stronger customer engagement. Total service appointments supported by the field service platform increased approximately 9% compared to the second fiscal quarter to more than 27,500 appointments across more than 10,600 customers, while technician productivity, measured by jobs completed per technician per day, improved 3%. Management believes EVI’s recurring customer relationships are an important component of the Company’s long-term growth opportunity. Over 75% of customers that purchased parts during the quarter had purchased from EVI within the last three years, which management believes demonstrates the recurring nature of many customer relationships, the importance of EVI’s service organization, and the value of the Company’s installed equipment knowledge. Organic Growth and Recurring Revenue Opportunities The Company continues to identify opportunities to create repeat customer revenue opportunities across its growing customer base. One example is Premier Chemical Solutions; a division developed within one of the Company’s 32 business units to serve customer demand for chemicals and detergents used in commercial laundry operations. Consistent with EVI’s entrepreneurial culture, local leadership identified the opportunity and organized dedicated management, sales, and service resources to support its growth. For the nine months ended March 31, 2026, Premier Chemical Solutions increased chemical and detergent sales revenue by 49% compared to the same period of the prior fiscal year. The division has added approximately 12 new customer accounts per month during the fiscal year, while maintaining customer attrition below 1.0%. Management believes these results demonstrate EVI’s ability to leverage its customer relationships, installed equipment knowledge, service organization, and local market presence to expand higher-margin repeat purchasing activity with relatively limited incremental customer acquisition costs and capital investment. Importantly, Premier Chemical Solutions currently operates within only one of EVI’s 32 business units, and management believes broader cross-selling opportunities may exist across the Company’s broader installed customer base. Working Capital and Financial Strength Inventory balances increased during the quarter, reflecting higher working capital investment associated with confirmed customer sales order contracts, including certain larger industrial projects anticipated to be delivered during the fourth fiscal quarter. Inventory balances also increased due in part to manufacturer price increases associated with rising costs and tariffs, as well as the Company’s decision to purchase certain equipment inventory in advance of anticipated pricing actions and customer delivery requirements. Across the Company’s four operating regions, excluding the Company’s master distributor operations, approximately 65% of equipment inventory is currently allocated to confirmed customer sales order contracts, which management believes demonstrates that a substantial portion of inventory is tied to identified customer demand and future revenue fulfillment. As part of the Company’s broader operational optimization efforts, management continues to focus on improving demand planning, inventory visibility, and coordination with OEM and supply chain partners in an effort to enhance procurement and fulfillment efficiency, improve working capital management, and support more consistent long-term operating cash flow generation. EVI continues to operate from a position of financial strength and flexibility, with a balance sheet and liquidity profile that management believes supports continued investment in technology, service capabilities, organic growth opportunities, working capital, and acquisition activity. Buy-and-Build Growth Strategy During the quarter, EVI completed the acquisition of Belenky, Inc., an Akron, Ohio-based distributor of commercial laundry products and provider of related installation and maintenance services. Belenky represents the 32nd commercial laundry business to join the EVI family and further expands the Company’s presence in Ohio. Consistent with EVI’s entrepreneurial operating model, acquired businesses generally operate with local leadership and decision-making authority while benefiting from the Company’s capital resources, technology investments, operating infrastructure, and strategic support. EVI believes preserving the relationships, culture, and market expertise of acquired businesses is an important component of long-term value creation. The Company continues to evaluate acquisition and investment opportunities in and around the commercial laundry industry. Management believes EVI’s reputation, long-term approach to enterprise building, operational experience, and credibility as a disciplined and trusted acquirer position the Company to continue pursuing attractive growth opportunities. 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 March 31, 2026, please see the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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 stock-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of stock-based compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Stock-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 or suppliers are located; economic uncertainty, including as it relates to governmental measures such as tariffs, including legislation and judicial decisions with respect thereto, and their effect on the pricing and demand for, and availability of, the Company’s products, global trading markets, credit markets, industry conditions, economic conditions generally or otherwise on the Company and its business and results; currency exchange fluctuations, including that a weakening of the U.S. dollar would result in increased costs, which in turn would negatively affect the Company’s operating results; 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 services to its customers on a timely basis; risks relating to inflation and other price increases (including due to the imposition of tariffs), and their impact on the Company’s costs and results (including that, if desired, the Company may not be able to successfully increase the price of its products and services to offset such costs, in whole or in part, and that price increases may result in reduced demand for the Company’s products and services); risks related to interest rate increases, 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 associated with international relations and international hostilities, including any escalation or worsening thereof, and their impact on economic conditions; the Company’s ability to implement its business and growth strategies and plans, including changes thereto; 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 acquisitions or other strategic transactions, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions and other strategic transactions, 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, results, 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 that initiatives and investments, including, without limitation, investments in acquired businesses and technology and modernization initiatives (including customer service, process improvement, working capital optimization and other initiatives and investments described in this press release), may not result in the benefits anticipated; sales contracts, including for parts and equipment held in inventory, and projects may not be completed when expected; the Company’s sales of chemicals and detergents may not expand as anticipated or at all, and may not be indicative of other potential value creation opportunities; the impact of measures which the Company may take from time to time in connection with its expansion efforts and pursuit of market share growth, including that they may not be successful and may adversely impact the Company’s gross margin and other financial results; 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; risks relating to the Company’s relationships with its principal suppliers and customers, including the impact of the loss of any such relationship; risks related to the Company’s indebtedness; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; and risks of cybersecurity threats or incidents, including the potential misappropriation or use of assets or confidential information, corruption of data or operational disruptions. Reference is also made to the other economic, competitive, governmental, technological and other risks and factors discussed 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, 2025. 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 Unaudited Unaudited 9-Months 9-Months 3-Months 3-Months Ended Ended Ended Ended 3/31/2026 3/31/2025 3/31/2026 3/31/2025 Revenues $ 324,697 $ 279,874 $ 101,134 $ 93,538 Cost of Sales 222,454 195,442 68,313 65,483 Gross Profit 102,243 84,432 32,821 28,055 SG&A 92,173 74,778 30,562 25,780 Operating Income 10,070 9,654 2,259 2,275 Interest Expense, net 2,958 1,717 959 565 Income before Income Taxes 7,112 7,937 1,300 1,710 Provision for Income Taxes 2,142 2,536 547 669 Net Income $ 4,970 $ 5,401 $ 753 $ 1,041 Net Earnings per Share Basic $ 0.33 $ 0.36 $ 0.05 $ 0.07 Diluted $ 0.31 $ 0.35 $ 0.05 $ 0.07 Weighted Average Shares Outstanding Basic 12,826 12,726 12,864 12,756 Diluted 13,650 13,138 13,542 13,135 EVI Industries, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) Unaudited 3/31/2026 6/30/2025 Assets Current assets Cash $ 4,316 $ 8,852 Accounts receivable, net 56,022 60,494 Inventories, net 80,209 66,059 Vendor deposits 1,635 1,396 Contract assets 4 289 Other current assets 11,002 8,346 Total current assets 153,188 145,436 Equipment and improvements, net 19,532 17,772 Operating lease assets 11,572 10,751 Intangible assets, net 29,660 30,875 Goodwill 93,931 91,667 Other assets 10,348 10,527 Total assets $ 318,231 $ 307,028 Liabilities and Shareholders’ Equity Current liabilities Accounts payable and accrued expenses $ 52,004 $ 50,963 Accrued employee expenses 15,293 15,398 Customer deposits 21,221 24,316 Contract liabilities 3,028 408 Current portion of operating lease liabilities 3,925 3,778 Total current liabilities 95,471 94,863 Deferred income taxes, net 7,683 7,691 Long-term operating lease liabilities 9,080 7,997 Long-term debt, net 60,000 53,000 Total liabilities 172,234 163,551 Shareholders' equity Preferred stock, $1.00 par value - — Common stock, $.025 par value 328 325 Additional paid-in capital 115,264 111,219 Treasury stock (6,670 ) (5,155 ) Retained earnings 37,075 37,088 Total shareholders' equity 145,997 143,477 Total liabilities and shareholders' equity $ 318,231 $ 307,028 EVI Industries, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) For the nine months ended 3/31/2026 3/31/2025 Operating activities: Net income $ 4,970 $ 5,401 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,990 4,734 Amortization of debt discount — 54 Provision for expected credit losses 873 733 Non-cash lease expense (41 ) 75 Stock compensation 3,963 3,428 Inventory reserve 492 864 (Benefit) provision for deferred income taxes (8) 57 Other 24 (105) (Increase) decrease in operating assets: Accounts receivable 4,084 (8,549) Inventories (14,380) 941 Vendor deposits (230) (1,100) Contract assets 285 1,089 Other assets (1,047) (1,189) Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 2,967 4,172 Accrued employee expenses (105) 463 Customer deposits (3,211) 257 Contract liabilities 2,620 — Net cash provided by operating activities 7,246 11,325 Investing activities: Capital expenditures (5,267) (3,162) Cash paid for acquisitions, net of cash acquired (7,102) (12,580) Net cash used by investing activities (12,369) (15,742) Financing activities: Dividends paid (4,983) (4,593) Proceeds from borrowings 73,000 54,000 Debt repayments (66,000) (43,000) Repurchases of common stock in satisfaction of employee tax withholding obligations (1,515) (691) Issuances of common stock under employee stock purchase plan 85 56 Net cash provided by financing activities 587 5,772 Net (decrease) increase in cash (4,536) 1,355 Cash at beginning of period 8,852 4,558 Cash at end of period $ 4,316 $ 5,913 EVI Industries, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) For the nine months ended 3/31/2026 3/31/2025 Supplemental disclosures of cash flow information: Cash paid during the period for interest $ 2,961 $ 1,677 Cash paid during the period for income taxes $ 3,526 $ 2,674 Supplemental disclosures of non-cash investing information: Amounts owed to sellers in connection with acquisitions $ 756 $ - 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 Stock-based Compensation (in thousands) Unaudited Unaudited Unaudited Unaudited 9-Months 9-Months 3-Months 3-Months Ended Ended Ended Ended 3/31/2026 3/31/2025 3/31/2026 3/31/2025 Net Income $ 4,970 $ 5,401 $ 753 $ 1,041 Provision for Income Taxes 2,142 2,536 547 669 Interest Expense, Net 2,958 1,717 959 565 Depreciation and Amortization 5,990 4,734 2,028 1,627 Amortization of Stock-based Compensation 3,963 3,428 1,320 1,165 Adjusted EBITDA $ 20,023 $ 17,816 $ 5,607 $ 5,067 View source version on businesswire.com: https://www.businesswire.com/news/home/20260511944629/en/ EVI Industries, Inc.
Henry M. Nahmad
Chairman and CEO
(305) 402-9300 Craig Ettelman
Director of Finance and Investor Relations
(305) 402-9300
info@evi-ind.com Original: EVI Industries Reports Record Third Quarter Results
US Market News
4月前
EVI Industries Reports Record Second Quarter ResultsFebruary 9, 2026 4:02 PM
Business Wire
Revenue increased 24% resulting in record revenue, gross profit, and operating profit, surpassed $425M in revenues for the twelve months ended December 31, 2025, and continued investments in modernization and optimization initiatives.
EVI Industries, Inc. (NYSE American: EVI) announced today its operating results for the second quarter of the fiscal year ending June 30, 2026. The Company also provided updates related to its buy-and-build growth strategy, growth opportunities, and continued investments in technology, modernization, and operational optimization initiatives.
Since commencing execution of its long-term growth strategy in 2016, EVI has transformed from a single-location business in Florida with 31 employees into a leading North American commercial laundry distribution and service enterprise encompassing 31 businesses and employing over 900 associates, including more than 200 sales professionals and over 425 service personnel. The disciplined execution of this strategy has driven compounded annual growth rates of approximately 30% in revenue, 16% in net income, and 27% in adjusted EBITDA over such ten-year period, and has established EVI as a leader in the highly fragmented commercial laundry industry.
A core strength of EVI’s growing enterprise is the depth of its customer relationships, supported by the largest sales and services organizations in the industry. To fully leverage this reach, the Company is making significant investments in people, processes, and technology aimed at building a more scalable, integrated, and efficient organization. These investments are expected to further enhance EVI’s ability to deliver best-in-class laundry solutions, expand complementary product and service offerings, respond more rapidly to technical service needs, and execute more coordinated and efficient equipment installations. EVI also believes that its customer interactions serve as a significant source of insight which, when combined with the Company’s highly entrepreneurial culture, disciplined financial management, strong supplier relationships, and commitment to innovation, enable EVI to identify and pursue new growth opportunities and support long-term value creation.
Henry M. Nahmad, Chairman and Chief Executive Officer of the Company, commented: “EVI has built a differentiated enterprise with deep customer relationships, expansive sales and service reach, and a strategy to become the undisputed leader in our industry. The investments we are making today in people, technology, and operational capabilities are grounded in the strength of our underlying business. We believe these actions are expanding our competitive advantages, strengthening our foundation, and positioning EVI to deliver sustained growth, improved efficiency, customer satisfaction, and long-term value for our shareholders.”
Second Fiscal Quarter Performance
Compared to the three months ended December 31, 2024
Revenue increased 24% to a record $115.3 million,
Gross Profit increased 29% to a record $35.5 million, representing a record gross margin of 30.8%,
Operating Income increased 78% to a record of $4.2 million,
Net Income increased 110% to a record of $2.4 million, and
Adjusted EBITDA increased 49% to a record $7.7 million, or 6.6% of revenue.
Six-Months Performance
Compared to the six months ended December 31, 2024
Revenue increased 20% to a record $223.6 million,
Gross Profit increased 23% to a record $69.4 million, representing a gross margin of 31.1%,
Operating Income increased 6% to $7.8 million,
Net Income was $4.2 million compared to $4.4 million, and
Adjusted EBITDA increased 13% to a record $14.4 million, or 6.4% of revenue.
The Company delivered strong year-over-year revenue growth during the quarter, driven primarily by contributions from acquired businesses, while legacy operations also contributed to the increased revenues. Gross margin increased to a record 30.8% for the quarter and 31.1% for the six months ended December 31, 2025, reflecting favorable product mix, pricing discipline, and the continued benefits of strategic acquisitions, including Continental (formerly Girbau North America), which the Company acquired during the fiscal year ended June 30, 2025. During the second quarter, net income increased to 2.1% of revenue and adjusted EBITDA increased to 6.6% of revenue, reflecting strong underlying operating performance and continued execution across the business. Underlying operating margins increased compared to the prior-year periods, demonstrating improved efficiency within the Company’s core operations. Consolidated operating margin expansion was impacted by capital deployed in connection with modernization and optimization initiatives, integration efforts, and other investments to expand the Company’s organizational capabilities. As previously stated, management believes these investments are well supported by the Company’s operating performance and essential to building a more scalable, efficient, and resilient enterprise capable of delivering sustainable growth, margin expansion, and improved profitability over time.
Technology and Modernization Initiatives
EVI continued to advance the deployment of data-driven operational systems during the second quarter designed to improve service execution, decision support, and scalability. Investments in field service technology strengthened scheduling and service responsiveness, resulting in an approximate 13% improvement in average response time over the past twelve months. Adoption of the field service platform supported an average of just under 9,000 service appointments during the second quarter, consistent with normal seasonal service patterns.
During the second quarter, the Company expanded technician utilization analytics and operational dashboards to improve visibility into technician productivity, utilization, and monetization, supporting more effective staffing, scheduling, pricing, and margin management. Field service capabilities were further enhanced through real-time remote technical support and standardized maintenance workflows, reducing unnecessary site visits, improving service consistency, and lowering administrative effort. While these initiatives were recently commenced and take time to fully realize their potential, management has seen that they have contributed to a meaningful improvement in service margins, demonstrating the financial impact of technology-enabled service optimization as adoption scales.
EVI has also continued to invest in analytics-driven inventory and procurement tools across more than 15,000 SKUs sold over the twelve months ended December 31, 2025. These systems are being deployed in an effort to strengthen inventory controls, support integrated demand planning, and improve visibility across the full order continuum. By enabling tighter cross functional orchestration from sales order capture through purchase order execution and service delivery, these tools are intended to reduce latency, improve forecast accuracy, and minimize process variance. Management believes these initiatives will be critical to improving operating efficiency, working capital management, and long-term margin potential as the enterprise continues to grow.
Buy and Build Growth Strategy
As a highly regarded acquirer in the commercial laundry industry with a strong entrepreneurial culture, the Company continues to evaluate a robust pipeline of acquisition opportunities. In parallel, EVI is pursuing select strategic transactions intended to expand Continental’s product portfolio through partnerships with OEMs seeking accelerated and consistent access to a broad network of distributors, sales professionals, and end customers across North America.
The Company is also assessing differentiated growth initiatives in and around the laundry ecosystem. Management believes that EVI’s reputation as a trusted partner, combined with its expanded footprint and flexible operating platform, positions the Company to pursue a broad range of opportunities that can be supported by existing operations and capabilities.
Mr. Nahmad commented: “Our strategy remains grounded in disciplined execution and thoughtful capital deployment. As we continue to build on our reputation as a trusted acquirer and partner in the commercial laundry industry, we are also taking a more expansive view of growth—evaluating opportunities that leverage our relationships, operating capabilities, and distribution reach. We believe this balanced approach positions us well to drive sustainable long-term value while maintaining the financial flexibility that has been central to our success.”
Capital Strength and Cash Flow
EVI continues to operate from a position of balance sheet strength and financial flexibility. The Company generated positive operating cash flow during both the three- and six-month periods ended December 31, 2025; however, operating cash flow for the periods was adversely impacted by a planned buildup of inventory associated with confirmed customer sales order contracts in backlog. Inventory increased by approximately $12 million during the six-month period ended December 31, 2025 in support of these sales orders. Cash flows during the periods were also impacted by other strategic uses of cash, including the payment of an approximately $5 million cash dividend and the final payment of the purchase price related to the Continental acquisition. Despite these uses of cash, EVI maintains solid liquidity, strong working capital, and access to low-cost capital, supporting continued investment, disciplined growth initiatives, and acquisition activity.
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 December 31, 2025, please see the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, 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 stock-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of stock-based compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Stock-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; economic uncertainty, including as it relates to governmental measures such as the imposition of tariffs and their effect on the pricing and demand for, and availability of, the Company’s products, global trading markets, credit markets, industry conditions, economic conditions generally or otherwise on the Company and its business and results; currency exchange fluctuations, including that a weakening of the U.S. dollar would result in increased costs, which in turn would negatively affect the Company’s operating results; 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 services to its customers on a timely basis; risks relating to inflation and other price increases (including due to the imposition of tariffs), and their impact on the Company’s costs and results (including that, if desired, the Company may not be able to successfully increase the price of its products and services to offset such costs, in whole or in part, and that price increases may result in reduced demand for the Company’s products and services); risks related to interest rate increases, 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; the Company’s ability to implement its business and growth strategies and plans, including changes thereto; 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 acquisitions or other strategic transactions, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions and other strategic transactions, 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, results, 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 that initiatives and investments, including, without limitation, investments in acquired businesses and technology and modernization initiatives (including in business intelligence tools, the Company’s field service software and other technology and modernization investments described in this press release), may not result in the benefits anticipated; the Company’s service operations and capabilities may not expand; the impact of measures which the Company may take from time to time in connection with its expansion efforts and pursuit of market share growth, including that they may not be successful and may adversely impact the Company’s gross margin and other financial results; 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; risks relating to the Company’s relationships with its principal suppliers and customers, including the impact of the loss of any such relationship; risks related to the Company’s indebtedness; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; risks of cybersecurity threats or incidents, including the potential misappropriation or use of assets or confidential information, corruption of data or operational disruptions; and that dividends may not be paid in the future. Reference is also made to the other economic, competitive, governmental, technological and other risks and factors discussed 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, 2025. 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
Unaudited
Unaudited
6-Months
6-Months
3-Months
3-Months
Ended
Ended
Ended
Ended
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Revenues
$
223,563
$
186,336
$
115,294
$
92,711
Cost of Sales
154,141
129,959
79,764
65,189
Gross Profit
69,422
56,377
35,530
27,522
SG&A
61,611
48,998
31,281
25,132
Operating Income
7,811
7,379
4,249
2,390
Interest Expense, net
1,999
1,152
1,083
670
Income before Income Taxes
5,812
6,227
3,166
1,720
Provision for Income Taxes
1,595
1,867
796
591
Net Income
$
4,217
$
4,360
$
2,370
$
1,129
Net Earnings per Share
Basic
$
0.28
$
0.29
$
0.16
$
0.08
Diluted
$
0.26
$
0.29
$
0.15
$
0.07
Weighted Average Shares Outstanding
Basic
12,807
12,712
12,845
12,739
Diluted
13,667
13,124
13,637
13,182
EVI Industries, Inc.
Condensed Consolidated Balance Sheets (in thousands, except per share data)
Unaudited
12/31/2025
6/30/2025
Assets
Current assets
Cash
$
4,250
$
8,852
Accounts receivable, net
56,839
60,494
Inventories, net
78,038
66,059
Vendor deposits
1,841
1,396
Contract assets
8
289
Other current assets
11,940
8,346
Total current assets
152,916
145,436
Equipment and improvements, net
18,995
17,772
Operating lease assets
11,768
10,751
Intangible assets, net
29,316
30,875
Goodwill
92,226
91,667
Other assets
10,413
10,527
Total assets
$
315,634
$
307,028
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable and accrued expenses
$
54,416
$
50,963
Accrued employee expenses
13,994
15,398
Customer deposits
21,456
24,316
Contract liabilities
3,028
408
Current portion of operating lease liabilities
3,889
3,778
Total current liabilities
96,783
94,863
Deferred income taxes, net
7,547
7,691
Long-term operating lease liabilities
9,335
7,997
Long-term debt, net
58,000
53,000
Total liabilities
171,665
163,551
Shareholders' equity
Preferred stock, $1.00 par value
—
—
Common stock, $.025 par value
328
325
Additional paid-in capital
113,944
111,219
Treasury stock
(6,625
)
(5,155
)
Retained earnings
36,322
37,088
Total shareholders' equity
143,969
143,477
Total liabilities and shareholders' equity
$
315,634
$
307,028
EVI Industries, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
For the six months ended
12/31/2025
12/31/2024
Operating activities:
Net income
$
4,217
$
4,360
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,962
3,107
Amortization of debt discount
—
17
Provision for expected credit losses
550
602
Non-cash lease expense
(28
)
(18
)
Stock compensation
2,643
2,263
Inventory reserve
600
647
(Benefit) provision for deferred income taxes
(144
)
39
Other
25
(104
)
(Increase) decrease in operating assets:
Accounts receivable
3,105
(5,952
)
Inventories
(12,572
)
(518
)
Vendor deposits
(436
)
(1,178
)
Contract assets
281
244
Other assets
(2,040
)
(2,100
)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses
6,542
(7
)
Accrued employee expenses
(1,404
)
(591
)
Customer deposits
(2,860
)
1,365
Contract liabilities
2,620
—
Net cash provided by operating activities
5,061
2,176
Investing activities:
Capital expenditures
(3,626
)
(2,124
)
Cash paid for acquisitions, net of cash acquired
(4,669
)
(10,485
)
Net cash used by investing activities
(8,295
)
(12,609
)
Financing activities:
Dividends paid
(4,983
)
(4,593
)
Proceeds from borrowings
52,000
45,000
Debt repayments
(47,000
)
(30,000
)
Repurchases of common stock in satisfaction of employee tax withholding obligations
(1,470
)
(683
)
Issuances of common stock under employee stock purchase plan
85
56
Net cash (used) provided by financing activities
(1,368
)
9,780
Net decrease in cash
(4,602
)
(653
)
Cash at beginning of period
8,852
4,558
Cash at end of period
$
4,250
$
3,905
EVI Industries, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
For the six months ended
12/31/2025
12/31/2024
Supplemental disclosures of cash flow information:
Cash paid during the period for interest
$
2,074
$
1,017
Cash paid during the period for income taxes
$
1,590
$
1,090
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 Stock-based Compensation (in thousands)
Unaudited
Unaudited
Unaudited
Unaudited
6-Months
6-Months
3-Months
3-Months
Ended
Ended
Ended
Ended
12/31/2025
12/31/2024
12/31/2025
12/31/2024
Net Income
$
4,217
$
4,360
$
2,370
$
1,129
Provision for Income Taxes
1,595
1,867
796
591
Interest Expense, Net
1,999
1,152
1,083
670
Depreciation and Amortization
3,962
3,107
2,013
1,557
Amortization of Stock-based Compensation
2,643
2,263
1,402
1,196
Adjusted EBITDA
$
14,416
$
12,749
$
7,664
$
5,143
View source version on businesswire.com: https://www.businesswire.com/news/home/20260209886748/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
Original: EVI Industries Reports Record Second Quarter Results
Goat_1
7年前
EVI Industries Sets Records for First Quarter of Fiscal 2020
EVI Industries (AMEX:EVI)
Intraday Stock Chart
Today : Wednesday 13 November 2019
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EVI Industries, Inc. (NYSE American: EVI) announced today record results for the three months ended September 30, 2019, including records in revenue, gross profit, gross margin, and adjusted EBITDA. Operating performance for three months ended September 30, 2019 reflects the results of the Company’s buy-and-build growth strategy.
Earnings Conference Call
The Company has provided a pre-recorded earnings conference call and business update in the “Investors” section of the Company’s website at www.evi-ind.com or by clicking here https://ir.evi-ind.com/message-from-the-ceo.
Financial Performance
(compared to the same period of the prior fiscal year)
First Quarter Results
Revenue increased 28% to a record $56 million,
Gross profit increased 42% to a record $14 million,
Gross margin increased from 22% to a record 25%,
Operating income decreased 11% to $1.3 million,
Net income decreased 27% to $0.6 million, and
Adjusted EBITDA increased 7% to a record $2.5 million.
Highlights to Financial Performance
Acquisitions
On August 1, 2019, the Company acquired substantially all of the assets of New York-based Commercial Laundry Products, Inc., Professional Laundry Systems of PA, Inc., and Professional Laundry Systems West, Inc. (collectively, “PLS”). The addition of PLS expands the Company’s geographic footprint and increases its market share in the Northeast.
Henry M. Nahmad, Chairman and CEO commented: “We continue to identify and pursue many acquisitions and strategic transactions in the commercial laundry industry and across a wide-range of exciting and available opportunities in related industries. Given our Company’s reputation, growth record, financial resources, entrepreneurial culture, and long-term growth objectives, we believe it is an ideal time for quality independent distributors and service providers to join the EVI family and pursue additional growth with the full extent of our resources.”
Revenue
For the three months ended September 30, 2019, revenues increased 28% from $43 million to a record $56 million. The increase in revenue was primarily due to the results of operations of acquired businesses that were not consolidated into the Company’s financial statements for all or part of the prior year period.
Gross Profit and Gross Margin
For the three months ended September 30, 2019, gross profit increased 42% from $10 million to a record $14 million. For the three months ended September 30, 2019, gross margin increased 240-basis points from 22% to 25%. The increase in gross margin was primarily due to EVI’s engagement during the three months ended September 30, 2018 in a larger number of longer-term contracts, which generally result in a lower gross margin as compared to other equipment sales. In the absence of such longer-term contracts, gross margins nevertheless increased by 30 basis points to 25.3%.
Operating Income
Operating income decreased $0.2 million primarily due to continued investment in the Company’s businesses as part of its long-term growth strategy, including expenses related to recruiting, training, and deploying sales and service professionals, cultivating the future leaders of our businesses, and developing and establishing best operating practices through collaboration. The Company’s operating results also reflect increased investments aimed to modernize its businesses through the implementation of advanced technologies from which the Company may achieve operating efficiencies. Additionally, operating expenses have increased due to the Company’s growth, including increased public company and related expenses, and expenses incurred in connection with the pursuit of various acquisition and strategic opportunities. EVI believes these investments, initiatives and expenses will have a positive impact on the Company’s ability to achieve its long-term growth goals.
Henry M. Nahmad, Chairman and CEO commented: “We are pleased to report a strong start to fiscal 2020 and continued momentum following a record growth year in fiscal 2019. We continue to seek attractive investments across our businesses in the pursuit of future growth and do not believe that we have begun to reap the full benefits of our growing size. We intend for EVI to continue to thoughtfully build its commercial laundry business across North America and believe that our Company is well positioned to pursue buy and build opportunities in complementary product and service industries.”
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 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. In addition, EVI’s definition of Adjusted EBITDA may not be comparable to definitions of Adjusted EBITDA or other similarly titled measures used by other companies.
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 the Company’s vast sales organization, it provides its customers 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 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 installation, maintenance and repair services.
https://ih.advfn.com/stock-market/AMEX/evi-industries-EVI/stock-news/81127692/evi-industries-sets-records-for-first-quarter-of-f
Goat_1
7年前
EVI Industries Sets Records for Revenues and Gross Profit During the Second Quarter
EVI Industries, Inc. (NYSE American: EVI) announced today its results for the six and three-month periods ended December 31, 2018. The results, including record revenues, gross profit, and Adjusted EBITDA, reflect the Company’s consistent execution of its buy-and-build growth strategy.
Financial Performance
(compared to the comparable period of the prior fiscal year)
Three Month Results
Revenue increased 68% to a record $61 million,
Gross profit increased 66% to a record $14 million,
Gross margin was unchanged at 23%,
Operating income was lower by 5% to $2.1 million,
Net income was lower by 16% to $1.3 million, and
Adjusted EBITDA increased 10% to a record $3.2 million.
Six Month Results
Revenue increased 67% to a record $104 million,
Gross profit increased 65% to a record $23 million,
Gross margin was unchanged at 23%,
Operating income increased 11% to a record $3.5 million,
Net income was unchanged at $2.1 million, and
Adjusted EBITDA increased 25% to a record $5.6 million.
For the six and three-month periods ended December 31, 2018, the increases in revenue and gross profit were primarily due to the results of operations of acquired businesses, including Tri-State Technical Services (which the Company acquired on October 31, 2017), AAdvantage Laundry Systems (which the Company acquired on February 9, 2018), and Scott Equipment (which the Company acquired on September 12, 2018). Operating income for the six and three-month periods ended December 31. 2018 were impacted by increases in operating expenses due in large part to the consolidation of selling, general and administrative expenses of the Company’s acquired businesses and an increase in non-cash amortization expense specifically related to the intangible assets the Company acquired in connection with its acquisitions. Additionally, corporate operating expenses at the parent company level increased in support of the Company’s execution of its buy-and-build growth strategy and as a result of the growth in the Company’s market capitalization. As a result, during the six and three-month periods ended December 31, 2018, operating expenses as a percentage of revenues increased from 18% to 19% and from 17% to 19%, respectively, when compared to the same periods of the prior fiscal year.
Henry M. Nahmad, Chairman, Chief Executive Officer and President of EVI, commented: “We continue to invest in the infrastructure necessary to support our growth engine and we believe that over time, as revenues ramp up, operating expenses as a percentage of revenues will decrease.”
It is important to note that the timing of revenue recognition related to the sale and installation of commercial, industrial, and vended laundry products are occasionally impacted by delays related to installation schedules. Also, under the new accounting standards for revenue recognition adopted by the Company on July 1, 2018, gross profit on delivered, but uninstalled equipment sold under longer-termed contracts is deferred and recognized as installation is completed instead of upon the shipment of equipment.
Acquisition Record and Pipeline
During the six-month period ended December 31, 2018, EVI completed five acquisitions, three of which were completed during the three-month period ended December 31, 2018. EVI believes that it continues to appeal to owners of businesses in the spaces in which EVI operates due to, among other things, EVI’s entrepreneurial culture, decentralized operating model, and long-term growth plans. Further, given EVI’s track record of completing eleven acquisitions since the inception of its buy-and-build growth strategy in 2015, EVI has demonstrated the ability to effectively source, assess, and acquire high-quality businesses that meet its leadership, financial, and strategic criteria. Consequently, EVI believes that there exists a deep pipeline of acquisition and other strategic opportunities available to it.
Henry M. Nahmad, Chairman, Chief Executive Officer and President of EVI, commented: “The EVI family of businesses continues to grow and so do the number and size of quality opportunities we believe to be available to our Company. We have only scratched the surface of what is possible in terms of size, scale, and value creation. Our team continues to exercise patience, persistence, and thoughtful execution in the pursuit of our long-term growth goals and we are excited about our future.”
Other Highlights
Subsequent Acquisition
As previously disclosed, subsequent to the completion of the Company’s second fiscal quarter, the Company completed its acquisition of PAC Industries, Inc. The acquisition of PAC was completed on February 6, 2019 and represents the Company’s first acquisition in the northeast region, where the Company expects to continue to pursue opportunities under its buy-and-build growth strategy.
Special Cash Dividend
During the three-month period ended December 31. 2018, the Company’s Board of Directors approved a special cash dividend of $0.13 per share on EVI’s common stock, an 8.3% increase over EVI’s special cash dividend declared in December 2017. The dividend was paid on January 8, 2019 to stockholders of record at the close of business on December 26, 2018.
New Credit Facility
As previously disclosed, on November 5, 2018, the Company entered into a new five-year, $100 million syndicated revolving credit facility with Bank of America and US Bank as joint lead arrangers, which at EVI’s option, can expand commitments in the revolver to $140 million in the aggregate. The Company believes that its cash on hand and capital available under the new credit facility provides the Company with the necessary resources to execute on its growth opportunities and initiatives.
Name Change
During December 2018, the Company’s Board of Directors approved changing the Company’s corporate name from “EnviroStar, Inc.” to “EVI Industries, Inc.” The name change, which was effected on December 21, 2018, signifies the Company’s focus on executing its buy-and-build growth strategy in the commercial, industrial, and vended laundry industry and across a group of industries that meet its strategic criteria.
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 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. In addition, EVI’s definition of Adjusted EBITDA may not be comparable to definitions of Adjusted EBITDA or other similarly titled measures used by other companies.
About EVI Industries
EVI Industries, Inc., through its wholly-owned subsidiaries, is a distributor that generates revenues by selling, leasing or renting, through its extensive sales organization, commercial, industrial and vended laundry, dry-cleaning, and material handling equipment, steam and hot water boilers, water reuse and filtration systems, and related replacement parts and accessories. Additionally, the Company designs, plans, and installs turn-key laundry, dry cleaning, boiler, and water filtration systems and provides maintenance services through its robust technical service organization.
The Company’s customers include retail, commercial, industrial, institutional, and government customers. Purchases and orders by customers range from parts, accessories and maintenance services, to single or multiple units of equipment, to large complex systems.
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. 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 EVI, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, the risks related to EVI’s business, results (including revenues and operating expenses), financial condition, prospects, and growth strategy and plans, risks associated with EVI’s buy-and-build growth strategy, including that EVI may not be successful in identifying or consummating acquisitions or other strategic opportunities where or when expected, or at all, that acquisition and other strategic opportunities may not be available to EVI to the extent anticipated or at all, that the potential benefits of transactions completed or which may be consummated in the future may not be realized to the extent anticipated or at all, integration risks, risks related to indebtedness incurred in connection with transactions, dilution experienced by EVI’s stockholders as a result of shares issued in connection with transactions, risks related to the business, operations and prospects of acquired businesses, risks related to EVI’s and its acquired businesses’ relationships with principal suppliers and customers and the impact that the loss of any principal supplier or customer could have on EVI’s results and financial condition, risks relating to EVI’s ability to enter into and compete effectively in new industries, as well as risks and trends related to these industries and the costs and timing of EVI’s efforts with respect thereto, risks related to EVI’s ability to successfully build its existing operations, risks related to organic growth initiatives, risks related to EVI’s indebtedness, including increases in its debt position and the risk that funds available under EVI’s new credit facility, individually or together with cash on hand, may not be sufficient to support EVI’s operating, investment or other needs, risks relating to the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise, risks related to competition for the products and services which EVI provides as well as for employees and for acquisition and other strategic opportunities, and other economic, competitive, governmental, technological and other risks and factors, including those discussed in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018. Many of these risks and factors are beyond EVI’s control. In addition, dividends are subject to declaration by EVI’s Board of Directors based on factors deemed relevant by it from time to time, may be restricted by the terms of EVI’s indebtedness, and may not be paid in the future, whether with the frequency or in the amounts previously paid or at all. Further, past performance of EVI and its acquired businesses 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/20190212005457/en/
EVI Industries, Inc.
Henry M. Nahmad (305) 754-8676
Michael Steiner (305) 754-8676
Goat_1
7年前
EVI Industries, Inc. to Acquire PAC Industries, Inc.
EVI Industries, Inc. (NYSE American:EVI) announced today that it entered into a definitive stock purchase agreement to acquire all of the outstanding shares of common stock of PAC Industries, Inc. (“PAC”) for $12.85 million, of which $6.4 million will be paid in cash, $6.25 million in EVI common stock, and $0.2 million in an assumed subordinated note. Based in Harrisburg, Pennsylvania, PAC is a prominent distributor of commercial, industrial, and vended laundry products and a provider of related installation and maintenance services to the new and replacement markets of the laundry industry. For the twelve-months ended December 31, 2018, PAC generated approximately $22.0 million in revenue from the sale of equipment, parts, supplies, and related installation and maintenance services.
As a member of the EVI family, PAC will gain immediate access to the resources necessary to pursue its planned growth opportunities. Additionally, consistent with EVI’s operating philosophy, PAC will operate as a subsidiary of EVI from its present locations, under its existing leadership, and conduct business as it has historically. Frank Costabile, President of PAC, commented, “On behalf of all of the employees and owners of PAC, we are thrilled to join the EVI family and are anxious to begin working towards accomplishing our collective long-term goals.”
Since January 1, 2018, EVI has completed seven acquisitions in the commercial laundry industry. The acquisition of PAC will be EVI’s first in the northeast region, where EVI expects to aggressively continue executing its buy and build growth strategy. Given EVI’s entrepreneurial culture, focus on long-term growth, and autonomous operating model, it continues to represent the industry’s most compelling opportunity for owners of longstanding, high-quality businesses in and around the commercial laundry industry.
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented, “We welcome all of the valued employees and owners of PAC Industries to the EVI family. Our goal remains to be the best performing partner to each of our valued suppliers, to offer a comprehensive suite of products and world-class services to our customers, and to maintain an entrepreneurial culture that attracts the most talented entrepreneurs and professionals.”
The transaction is expected to close upon the satisfaction of all customary closing conditions. EVI expects the addition of PAC to be accretive to its fiscal year ended June 30, 2019.
About EVI Industries
EVI Industries, Inc., through its wholly-owned subsidiaries, is a distributor that sells, leases, and rents commercial, industrial, and vended laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, supplies related replacement parts and accessories, designs and plans turn-key laundry, dry cleaning, and boiler systems, and provides installation and maintenance services to thousands of customers, which include commercial, industrial, institutional, government, and retail customers. These activities are conducted in the United States, Canada, the Caribbean and Latin America.
Forward-Looking Statements
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. 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 EVI Industries, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that the proposed acquisition of PAC may not be accretive to EVI Industries earnings or otherwise have a positive impact on EVI Industries operating results or financial condition to the extent anticipated or at all, integration risks, risks related to the business, operations and prospects of PAC and EVI Industries plans with respect thereto, the risk that the conditions to closing the proposed acquisition may not be satisfied and that the proposed acquisition may not otherwise be consummated when expected, in accordance with the contemplated terms, or at all, and the risks related to EVI Industries operations, results, financial condition, financial resources, and growth strategy, including EVI Industries ability to find and complete other acquisition opportunities, and the impact of any such acquisitions on EVI Industries operations, results and financial condition. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EVI Industries filings with the Securities and Exchange Commission, including, without limitation, those disclosed in the “Risk Factors” section of EVI Industries Annual Report on Form 10-K for the fiscal year ended June 30, 2018, filed with the SEC on September 13, 2018. Many of these risks and factors are beyond EVI Industries control. In addition, past performance and perceived trends may not be indicative of future results. EVI Industries 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 Industries 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/20190122005517/en/
EVI Industries, Inc.
Henry M. Nahmad (305) 754-8676
Michael Steiner (305) 754-8676
https://ih.advfn.com/stock-market/AMEX/envirostar-inc-EVI/stock-news/79095188/evi-industries-inc-to-acquire-pac-industries-in
Goat_1
9年前
EnviroStar, Inc. to Acquire Tri-State Technical Services, Inc.
EnviroStar, Inc. (NYSE American: EVI) announced today that it has executed a definitive asset purchase agreement to acquire substantially all of the assets of Tri-State Technical Services, Inc., a leading distributor of commercial, industrial, and vended laundry products and a provider of installation and maintenance services to the new and replacement segments of the commercial, industrial, and vended laundry industry. The transaction is expected to close within the next 45 days, subject to customary due diligence and closing conditions. EVI expects the addition of Tri-State to be accretive to its current fiscal year ended June 30, 2018. The purchase price to be paid is $16,500,000, of which 50% will be paid in cash and 50% will be paid in EVI common stock.
Founded in 1995 by Matt Stephenson, the Georgia based distributor and service provider operates from four distribution facilities serving over 8,500 customers throughout Georgia, South Carolina, North Carolina, and southern Virginia, some of the fastest growing and most stable laundry markets in the nation. Tri-State has 66 employees, including 28 service personnel, and distributes a comprehensive line of laundry equipment and related parts and supplies, consisting of over 7,500 SKU’s that include Pellerin-Milnor, Chicago Dryer, Speed Queen, and Maytag branded products.
For over 22 years, Tri-State has operated under the continuous ownership and management of Matt Stephenson. Under his direction, Tri-State has increased its revenues, profitability, and market share, resulting in recognition as one of the leading distributors and service providers in the southeast. In addition to an experienced sales team with a record of consistent sales growth, Tri-State boasts a robust service organization that is the cornerstone of longstanding customer relationships leading to predictable revenues and profitability. For the twelve months ended June 30, 2017, Tri-State generated revenues of approximately $27 million, which were derived from the sale of equipment, parts, and supplies, the performance of installation and maintenance services, and from the rental of commercial and vended laundry equipment.
Consistent with EVI’s operating philosophy, Tri-State will operate as a subsidiary of EVI under its current name and from its present locations, and will continue to be led by Matt Stephenson and Tri-State’s existing employees. The addition of Tri-State provides EVI contiguous territory from Florida through the southern mid-Atlantic states, which will create new opportunities to deliver more products and technical services to EVI’s growing customer base in the region.
Matt Stephenson, President of Tri-State said: “On behalf of everyone at Tri-State, we are excited to be joining the growing group of outstanding commercial laundry distributors in the EVI family. I believe in the EVI vision and we are confident that with EVI, Tri-State will continue to expand and be a valuable contributor to EVI’s long-term growth objectives.”
Henry M. Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “EVI is a growing group of accomplished entrepreneurs with an unrelenting passion and commitment for growth. Our operating philosophy is a natural fit for these entrepreneurs who also seek to continue building their company as part of a broad family of businesses with the common goal of creating a North American enterprise. Matt Stephenson exemplifies the entrepreneurial vision and drive we pursue. Consequently, we are thrilled to welcome Matt and the Tri-State team to the EVI family and we look forward to their valuable contributions.”
About EnviroStar
EnviroStar, Inc. is a distributor of commercial, industrial, and vended laundry products and industrial boilers, including related parts and supplies. Through its subsidiaries, EVI sells its products and provides installation and maintenance services to thousands of customers across the United States, the Caribbean, and Latin America.
Forward-Looking Statements
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. 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 EnviroStar, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that the proposed acquisition of Tri-State may not be accretive to EnviroStar’s earnings or otherwise have a positive impact on EnviroStar’s operating results or financial condition to the extent anticipated or at all, integration risks, risks related to the business, operations and prospects of Tri-State and EnviroStar’s plans with respect thereto, the risk that the conditions to closing the proposed acquisition may not be satisfied and that the proposed acquisition may not otherwise be consummated when expected, in accordance with the contemplated terms, or at all, and the risks related to EnviroStar’s operations, results, financial condition, financial resources, and growth strategy, including EnviroStar’s ability to find and complete other acquisition opportunities, and the impact of any such acquisitions on EnviroStar’s operations, results and financial condition. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EnviroStar’s filings with the Securities and Exchange Commission, including, without limitation, those disclosed in the “Risk Factors” section of EnviroStar’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 filed with the SEC on September 20, 2016. Many of these risks and factors are beyond EnviroStar’s control. In addition, past performance and perceived trends may not be indicative of future results. EnviroStar 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. EnviroStar 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: http://www.businesswire.com/news/home/20170911005521/en/
EnviroStar, Inc.
Henry M. Nahmad, 305-754-8676
or
Rob Lazar, 305-754-8676
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