EVI Industries Inc. reports that it has achieved record revenue, gross profit, gross margin, operating profit, net income and adjusted EBITDA for the three months ended September 30, 2021 – the first quarter of the company’s fiscal year, ending June 30, 2022.
The record operating results reflect continued strong demand for the company’s products and services, growth from continuing operations and from recent acquisitions, and the realization of certain benefits in connection with the company’s optimization while continuing the recovery from the COVID-19 pandemic, according to EVI.
Here are some highlights of EVI’s first quarter operating results, compared to the first quarter of Fiscal 2021:
- Revenue increased 10 percent to a record $64 million.
- Gross profit increased 32 percent to a record $18 million.
- Gross margin increased by 470 basis-points to a record 27.7 percent.
- Net income increased from $.52 million to a record $2 million.
- Adjusted EBITDA increased 78 percent from $2.5 million to a record $4.4 million.
“Our record operating results for the first quarter of Fiscal 2022 reflect continued recovery across our end-customer categories and the success of our efforts to overcome product shortages, shipping challenges and rapidly rising product costs to take advantage of the solid demand for commercial laundry products and services,” said Henry M. Nahmad, EVI’s chairman and CEO. “Our company continues to execute at a high level and leverage our market leadership position and significant commercial and operational capabilities to gain market share. With ongoing positive market trends, steady improvement in our capabilities, and acquisition and strategic transaction opportunities, we are confident in our ability to continue to build our business and deliver superior results during Fiscal 2022 and beyond.
“Our operating performance reflects the continued recovery from the COVID-19 pandemic, the benefits of a thoughtful acquisition program, and the effectiveness of the strategic investments we are making in optimizing our operations. Given our success, we continue to pursue acquisition and other strategic opportunities in the commercial laundry industry and across other product and service categories that meet our financial and strategic criteria – which takes time, patience and thoughtful execution. While we are pleased with our operating performance, we remain steadfast in our pursuit of significant growth and the execution of our long-term buy and build growth strategy.”
Headquartered in Miami, EVI Industries is a distributor of commercial laundry and drycleaning equipment and industrial boilers, as well as related parts, supplies and technical services.
