Generated $7.6 million in cash flow from operations during the fourth fiscal quarter.<\/li>\n<\/ul>\n\u201cOur achievements to date are the product of our entrepreneurial leadership team that is thoughtful, collaborative, and committed in the pursuit of our goals,\u201d said Henry M. Nahmad, EVI\u2019s chairman and CEO. \u201cWhile we are still early in our long-term growth plans, the strength of our team and their successes as demonstrated by our company\u2019s consistent growth, performance, and financial strength provide great confidence in our ability to achieve our long-term growth and profitability goals.\u201d<\/p>\n
For the fiscal fourth quarter, as compared to the fourth quarter of Fiscal 2022, EVI\u2019s revenue increased 14 percent to a record $94.0 million, gross profit increased 25 percent to a record $27.8 million, and gross margin increased 270 basis points to a record 29.5 percent.<\/p>\n
Moreover, for FY 2023, as compared to Fiscal 2022, revenue increased 32 percent to a record $354.2 million, gross profit increased 41 percent to a record $103.7 million, and gross margin improved 170 basis points to a record 29.3 percent.<\/p>\n
During Fiscal 2023, EVI also completed the acquisition of four commercial laundry distributors \u2013 K&B Laundry Service, Aldrich Clean-Tech Equipment, Wholesale Commercial Laundry Equipment, and Express Parts and Services. In each case, the company added experienced sales professionals and knowledgeable service technicians.<\/p>\n
\u201cWe continue to identify and pursue many acquisitions and strategic transactions in the commercial laundry industry and across a wide range of exciting and available opportunities in related industries,\u201d Nahmad added. \u201cWe believe that our expansion through acquisitions and other strategic transactions is integral to our ability to achieve our long-term growth goals.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
EVI Industries Inc. recently reported record results in key financial metrics for the fourth fiscal quarter and the fiscal year ended June 30, 2023. The company also announced that its board of directors has declared a special cash dividend on the company\u2019s common stock of 28 cents per share, which was paid on October 26 […]<\/p>\n","protected":false},"author":1230,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[56],"tags":[],"class_list":["post-13123","post","type-post","status-publish","format-standard","hentry","category-industry-news"],"_links":{"self":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/13123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/users\/1230"}],"replies":[{"embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/comments?post=13123"}],"version-history":[{"count":2,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/13123\/revisions"}],"predecessor-version":[{"id":13126,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/13123\/revisions\/13126"}],"wp:attachment":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/media?parent=13123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/categories?post=13123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/tags?post=13123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}