MIAMI — Commercial laundry equipment distributor EVI Industries Inc. recently reported record financial results for the three months ended Sept. 30, including records in revenue, gross profit, gross margin and adjusted EBITDA. Its operating performance for the quarter reflects the results of its “buy-and-build growth strategy,” it adds.
Compared to the same period of the prior fiscal year, 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 adjust ed EBITDA (earnings before interest, taxes, depreciation and amortization) increased 7% to a record $2.5 million.
In August, EVI 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 EVI’s geographic footprint and increases its market share in the Northeast.
EVI also owns Washington Automated, Skyline Equipment, Worldwide Laundry, Industrial Laundry Services, Scott Equipment, Aadvantage Laundry Systems, Tri-State Technical Services, Martin-Ray Laundry Systems and Western State Design, all distributor acquisitions made in the last three years.
“We are pleased to report a strong start to fiscal 2020 and continued momentum following a record growth year in fiscal 2019,” says EVI Chairman and CEO Henry M. Nahmad. “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.”
Nahmad says EVI continues 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.”