MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports it achieved record results in key financial metrics for the fourth quarter and fiscal year ended June 30 on 32% revenue growth.
EVI trades publicly on the New York Stock Exchange and has gained notoriety for its many acquisitions of commercial laundry businesses over the last several years.
Since 2016, EVI has, among other things, completed 25 company acquisitions, expanded into new geographies, retained and invested in additional sales and service personnel, broadened its OEM representations, and implemented advanced operating technologies.
“Our achievements to date are the product of our entrepreneurial leadership team that is thoughtful, collaborative and committed in the pursuit of our goals,” says Chairman and CEO Henry M. Nahmad.
“While we are still early in our long-term growth plans, the strength of our team and their successes as demonstrated by our company’s consistent growth, performance, and financial strength, provide great confidence in our ability to achieve our long-term growth and profitability goals.”
For the fourth quarter ended June 30, compared to the same period in 2022, EVI saw increases in revenue (14% to a record $94.0 million), gross profit (25% to a record $27.8 million), gross margin (increased 270 basis points to a record 29.5%), operating income (57% to a record $4.0 million), net income (26% to $1.9 million) and adjusted EBITDA (39% to a record $6.4 million).
For fiscal year 2023, compared to fiscal 2022, EVI saw increases in revenue (32% to a record $354.2 million), gross profit (41% to a record $103.7 million), gross margin (improved 170 basis points to a record 29.3%), operating income (158% to a record $16.5 million), net income (137% to a record $9.7 million) and adjusted EBITDA (80% to a record $25.6 million).
The distributor reports its record $354.2 million in revenue for the fiscal year reflects the performance of acquired businesses and organic growth at legacy businesses, a more consistent fulfillment of confirmed customer sales order contracts from the company’s backlog, the completion of on-demand sales fulfilled from a larger available base inventory, and recurring demand for replacement parts and accessories.
Earlier this month, EVI’s Board of Directors declared a special cash dividend on the company’s common stock of 28 cents per share to be paid on Oct. 26 to stockholders of record at the close of business today, Oct. 16.
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