EVI Industries Inc. has reported record operating results for the fiscal fourth quarter and fiscal year, ended June 30, 2022.
The fourth quarter financial highlights include:
- Revenue increased 28 percent to a record $83 million.
- Gross profit increased 36 percent to a record $22 million.
- Gross margin improved 140 basis points to approximately 27 percent.
- Operating income increased 131 percent from $1.1 million to a record $2.6 million.
- Net income declined to $1.5 million from $6.8 million. (Net income in the fourth quarter of FY 2021 included a $7 million gain recognized in connection with the forgiveness of PPP loans.)
- Adjusted EBITDA increased 58 percent from $2.9 million to a record $4.6 million, or 5.6 percent of revenue.
The fiscal year 2022 financial highlights are:
- Revenue increased 10 percent to a record $267 million.
- Gross profit rose 23 percent to a record $74 million.
- Gross margin improved 290 basis points to approximately 28 percent.
- Operating income increased 97 percent from $3.2 million to $6.4 million.
- Net income declined to $4.1 million from $8.4 million. (Net income in FY 2021 included a $7 million gain recognized in connection with the forgiveness of PPP loans.)
- Adjusted EBITDA increased 38 percent from $10.3 million to a record $14.2 million, or 5.3 percent of revenue.
Among the fourth quarter and fiscal 2022 business and operational highlights:
- Completed four acquisitions during fiscal 2022.
- Expanded operations into new territories and increased market share in existing geographies.
- Added new product representations and enhanced service capabilities.
- New customer sales order contracts during the fiscal fourth quarter kept pace with the prior quarter.
- Utilized strong balance sheet to fund acquisitions, working capital and technology investments.
- Continued implementation of the new enterprise resource planning system and field service technology.
- Extended $140 million credit facility on favorable terms for an additional five years.
“Our performance in the fourth fiscal quarter and fiscal 2022, while challenged by the continuation of supply chain and labor constraints, reflects the commitment our employees make to providing exceptional customer service, and the benefits we derive from each successive business that joins the EVI family and makes valuable contributions in pursuit of our long-term growth goals,” said EVI Chairman and CEO Henry M. Nahmad.
During FY 2022, the company completed four acquisitions, including the acquisition of three commercial laundry distributors and one marketing firm specializing in the commercial laundry industry. In addition to those four acquisitions, following the fiscal year end, EVI completed the acquisition of two additional distributorships.
“We believe that each acquisition is integral to achieving our long-term growth 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 through which we may best support commercial laundry customers,” Nahmad stated. “Our company is excited about the benefits we will derive from the addition of these high-quality businesses. Looking forward, we expect to remain very active in our pursuit of businesses that we believe will benefit our company and help us achieve our goals.”
