MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports having generated record revenue and gross profit during the first quarter of its fiscal year ended June 30.
EVI trades publicly on the New York Stock Exchange. Through a buy-and-build growth strategy and entrepreneurial culture, the company has, since 2016, completed 25 acquisitions, expanded into new geographies, broadened its OEM representations, and implemented advanced operating technologies, among other things.
As a result, EVI’s revenue, net income and Adjusted EBITDA have grown at compounded annual growth rates (CAGR) of 37%, 24% and 35%, respectively.
“EVI delivered record revenue and gross profit during the quarter,” says Henry M. Nahmad, chairman and CEO. “Our results are a testament to the dedication of our team and their thoughtful execution of various initiatives they have undertaken to drive growth, modernize operations, and improve profitability.”
Given the success of these initiatives, Nahmad says his company will continue investing in people capable of driving growth while also investing in and deploying technologies that enhance the customer experience.
“This approach has served us well and has been the catalyst to generating incrementally greater operating leverage over the last few years.”
Nahmad noted that EVI’s first-quarter results include a one-time expense related to “the acceleration of stock compensation in connection with the achievement of specific financial goals.”
For the first quarter ended June 30, compared to the same period in fiscal 2023, EVI saw increases in revenue (6% to a first-quarter record $88.1 million) and gross profit (5% to a first-quarter record $25.7 million). Gross margin was 29.2% compared to 29.4%. Operating income was $2.6 million compared to $4.4 million. Net income was $1.3 million, or approximately 1.5%, compared to $2.8 million. Adjusted ABITDA was $6.0 million, or approximately 7%, compared to $6.5 million.
About EVI’s buy-and-build growth strategy, Nahmad says, “Each acquisition is integral to achieving our long-term goal to build North America’s largest value-added distributor of commercial laundry and related products and the most dynamic network of commercial laundry technicians. Our company is excited about the benefits already delivered by these businesses and appreciate the value each provides to our growing organization.”
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