EVI Industries Inc. has announced its results for the three- and nine-month periods ended March 31, 2022, as well as updates related to its long-term buy-and-build growth strategy.
Some highlights of the company’s three-month financial results, compared to the three months ended March 31, 2021, include:
- Revenue decreased 4 percent to $60 million.
- Gross profit increased 8 percent to a record $17 million.
- Gross margin increased 320 basis points to a record 28.4 percent.
- Net income decreased from $0.63 million to $0.04 million.
- Adjusted EBITDA decreased 18 percent from $2.6 million to $2.1 million, or approximately 3.6 percent.
In addition, highlights of EVI’s nine-month results, compared to the nine months ended March 31, 2021, are as follows:
- Revenue increased 4 percent to a record $184 million.
- Gross profit increased 18 percent to a record $52 million.
- Gross margin increased 340 basis points to a record 27.9 percent.
- Net income increased 61 percent from $1.6 million to $2.6 million.
- Adjusted EBITDA increased 30 percent from $7.4 million to a record $9.6 million, or approximately 5.2 percent.
“Like other companies in our industry, and almost all industries, during the third fiscal quarter, we continued to deal with and navigate through certain adverse economic conditions, including continued supply chain constraints, unpredictable lead times, inflation and labor shortages,” said Henry M. Nahmad, EVI chairman and CEO. “Notwithstanding the challenges and their impact on our results, we were able to successfully complete multiple acquisitions since the start of calendar year 2022, and we have more than 20 percent growth in our backlog of confirmed customer sales contracts.”
The company has continued to deploy capital in connection with several acquisitions during and following the completion of the third fiscal quarter, which confirms its confidence in the commercial laundry industry, as well as its own long-term growth objectives.
“Our long-term confidence is based on our achievements during and following the completion of the third fiscal quarter,” Nahmad added. “These include the fact that we acquired three additional businesses and have a definitive agreement to acquire a fourth additional business. We also have a backlog worth nearly $150 million, set records for gross profit and gross margin, sustained a healthy balance sheet, and secured ample and well-priced liquidity for an additional five years. Additionally, we continued to further modernize our business, and we attracted and retained talented professionals to support our growth and profitability objectives.”
