Core Insights - EVI Industries, Inc. reported record financial results for the first fiscal quarter ending September 30, 2024, with net earnings per share increasing to 21 cents from 9 cents year-over-year, and revenues rising 6% to $93.6 million [2][3] Financial Performance - Gross profit reached a record $28.9 million, up 12% from the previous year, with gross margin improving to 30.8% from 29.2% [3] - Operating income surged 92% to $5 million, while net income more than doubled to $3.2 million, representing 3.5% of revenue compared to 1.5% the previous year [3] - Adjusted EBITDA also set a record at $7.6 million, reflecting a 27% increase from last year's $6 million [3] Business Metrics - EVI secured new customer contracts exceeding the volume of fulfilled orders, indicating strong demand and potential future revenue streams [5] - The company achieved notable gains in gross and operating margins due to operational efficiencies [5] Management Commentary - CEO Henry M. Nahmad attributed the record performance to the workforce and emphasized the company's strategic focus on acquisition-driven expansion, operational efficiencies, and technological investments [6] Factors Influencing Performance - EVI's performance was supported by steady order fulfillment, strategic investments in operational efficiencies, and enhancements to technology infrastructure [7] - The focus on advanced field service technology and enterprise resource planning contributed to improved operational metrics [7] Financial Position - Cash flow from operating activities decreased to $0.2 million from $1.5 million a year earlier, primarily due to working capital changes [8] - Net debt increased from $8.3 million to $15.5 million, largely due to acquisition-related expenses [8] Other Developments - EVI completed the acquisition of Laundry Pro of Florida and expanded further with the acquisition of O'Dell Equipment and Supply [8] - The company declared a special cash dividend of 31 cents per share, the largest in its history, reinforcing its commitment to shareholder returns [8]

Financial Performance - Revenue increased 6% to a record $93.6 million compared to the first quarter of fiscal 2024[3] - Gross profit increased 12% to a record $28.9 million, with gross margin rising to 30.8% from 29.2%[3] - Operating income reached a record $5.0 million, up from $2.6 million, reflecting a 92% increase[3] - Net income surged 152% to a record $3.2 million, or 3.5% of revenue, compared to $1.3 million, or 1.5%[3] - Adjusted EBITDA was a record $7.6 million, representing 8.1% of revenue, up from $6.0 million, or 6.8%[3] - Revenues for the three months ended September 30, 2024, were $93,625,000, an increase of 6.4% compared to $88,074,000 for the same period in 2023[17] - Gross profit for the same period was $28,855,000, up from $25,692,000, reflecting a gross margin increase[17] - Operating income rose significantly to $4,989,000, compared to $2,617,000 in the prior year, marking an increase of 90.4%[17] - Net income for the quarter was $3,231,000, a substantial increase from $1,282,000, representing a growth of 152.5%[17] - Adjusted EBITDA for the three months ended 09/30/24 was $7,606,000, up from $6,019,000 in the prior year, reflecting a 26.4% growth[21] Dividends and Shareholder Returns - A special cash dividend of $4.6 million was declared, marking the largest dividend in the company's history[3] Acquisitions and Growth Strategy - The company completed one acquisition during the quarter, enhancing its Southeast Group's sales and service expertise[4] - The company is actively pursuing additional acquisition opportunities to enhance its growth strategy[5] - Common stock issued for acquisitions amounted to $4,593,000, compared to $229,000 in the previous year[20] - The company continues to focus on strategic acquisitions and enhancing its product offerings to drive future growth[21] Debt and Cash Flow - The company’s net debt increased from $8.3 million to $15.5 million, primarily due to cash paid for acquisitions[10] - Cash at the end of the period was $4,373,000, a slight decrease from $4,558,000 at the beginning of the period[19] - Net cash provided by operating activities was $207,000, down from $1,540,000 in the same quarter last year[19] - The company incurred $5,885,000 in cash paid for acquisitions during the quarter, compared to $987,000 in the prior year[19] - Cash paid for interest during the period decreased to $413,000 from $767,000 year-over-year, a reduction of 46.2%[20] - Cash paid for income taxes was $0 for the three months ended 09/30/24, compared to $3,171,000 in the same period last year[20] Tax and Expenses - Provision for income taxes increased to $1,276,000 from $565,000, indicating a 126.5% rise[21] - Interest expense, net, decreased to $482,000 from $770,000, a decline of 37.4%[21] - Depreciation and amortization remained relatively stable at $1,550,000 compared to $1,546,000 in the prior year[21] - Amortization of share-based compensation decreased to $1,067,000 from $1,856,000, a drop of 42.5%[21] Long-term Growth - Since 2016, the company has achieved a compounded annual growth rate in revenue, net income, and adjusted EBITDA of 32%, 20%, and 30%, respectively[2] - Total assets as of September 30, 2024, were $245,528,000, up from $230,659,000 as of June 30, 2024[18] - Current liabilities increased to $77,831,000 from $69,803,000, indicating a rise in short-term obligations[18] - Basic earnings per share increased to $0.22 from $0.09, while diluted earnings per share rose to $0.21 from $0.09[17]

Financial Performance - Revenues for the three-month period ended September 30, 2024 increased by $5.6 million, or 6%, compared to the same period of the prior fiscal year[82]. - Gross profit for the three-month period ended September 30, 2024 increased by $3.2 million, or 12%, with gross margins rising from 29.2% to 30.8%[83]. - Net income for the three months ended September 30, 2024 was $3.2 million, an increase from $1.3 million in the same period of the prior fiscal year[86]. - Interest expense decreased to $482,000 for the three-month period ended September 30, 2024, down from $770,000 in the same period of the prior fiscal year[85]. - The effective tax rate decreased to 28.3% for the three-month period ended September 30, 2024, compared to 30.6% for the same period of the prior fiscal year[85]. Expenses and Liabilities - Operating expenses increased by $0.8 million, or 3%, primarily due to operating expenses of acquired businesses and increases in selling costs[84]. - Total liabilities rose from $94.1 million at June 30, 2024 to $109.5 million at September 30, 2024, mainly due to increased accounts payable and long-term debt[87]. Acquisitions and Growth Strategy - The Company acquired Laundry Pro of Florida, Inc. for $5.9 million in cash on July 1, 2024, and O'Dell Equipment & Supply, Inc. for $4.6 million in cash on November 1, 2024[76]. - The "buy-and-build" growth strategy includes pursuing acquisitions and implementing a growth culture at acquired businesses[76][77]. - The Company aims to increase market share through various strategies, which may lead to lower gross margins but strengthen customer relationships[78]. Assets and Working Capital - Total assets increased from $230.7 million at June 30, 2024 to $245.5 million at September 30, 2024, primarily due to increases in current assets and goodwill from the acquisition of Laundry Pro of Florida[87]. - Working capital increased from $32.1 million at June 30, 2024 to $34.5 million at September 30, 2024, reflecting increases in accounts receivable and inventory[89]. Cash Flow and Financing - Cash provided by operating activities was $0.2 million for the three months ended September 30, 2024, down from $1.5 million in the same period of 2023, a decrease of $1.3 million[92]. - Investing activities used cash of $7.1 million for the three months ended September 30, 2024, compared to $2.0 million in the same period of 2023, an increase of $5.1 million primarily due to business acquisitions[93]. - Financing activities provided cash of $6.7 million for the three months ended September 30, 2024, compared to cash used of $1.3 million in the same period of 2023, an increase of $8.0 million[94]. - As of September 30, 2024, the Company had approximately $20 million of outstanding borrowings under its Credit Agreement with a weighted average interest rate of 6.40%[106]. Dividends and Future Outlook - The Company declared a special cash dividend of $0.31 per share, totaling $4.6 million, on September 11, 2024, payable on October 7, 2024[87]. - The Company believes existing cash and anticipated cash from operations will be sufficient to fund operations and capital expenditures for at least the next twelve months[99]. Inflation Impact - Inflation did not significantly affect the Company's results, but there are risks related to the current inflationary trend impacting product pricing[100].

Core Insights - EVI Industries, Inc. reported a 7.7% increase in earnings per share (EPS) to 14 cents in Q4 fiscal 2024, despite a 4% decline in revenues to $90.1 million [1][2] - The company demonstrated resilience in its core commercial laundry services, even as larger industrial project sales weakened [1][2] Financial Performance - Gross profit for Q4 was $27.4 million, slightly down from $27.8 million, but gross margin improved to 30.4%, the highest in company history [3] - Net income increased by 10.5% year over year to $2.1 million, aided by lower interest expenses and improved operating efficiencies [4] - Adjusted EBITDA was $6.2 million, down from $6.4 million, with an EBITDA margin of 6.8% [4] Balance Sheet and Cash Flow - As of June 30, 2024, EVI had $4.6 million in cash, total assets of $230.7 million, and long-term debt reduced to $12.9 million from $34.9 million [5] - The company generated record operating cash flows of $33 million for fiscal 2024, leading to a 71% reduction in net debt to $8.3 million [6] Annual Overview - For the full fiscal year, EPS declined to 37 cents from 67 cents, with revenues relatively flat at $353.6 million [7] - Gross profit for the year was $105.3 million, a 2% increase, while operating income fell to $11.6 million from $16.5 million [7] Strategic Developments - EVI completed two acquisitions in fiscal 2024 and executed a third purchase agreement for a Florida-based commercial laundry distributor, aligning with its buy-and-build strategy [7] - The company declared a special cash dividend of 31 cents per share, a 10% increase from the previous year, reflecting strong cash flow generation [8] Technological Advancements - EVI expanded its use of field service technology and began implementing an e-commerce platform, which is expected to contribute to long-term growth despite short-term cost increases [9]

Financial Performance - Revenue for fiscal 2024 was $353.6 million, flat compared to $354.2 million in fiscal 2023[3] - Gross profit increased 2% to a record $105.3 million, with a gross margin of 29.8%, up from 29.3%[3] - Adjusted EBITDA for fiscal 2024 was $22.6 million, or 6.4%, compared to $25.6 million, or 7.2% in the previous year[3] - Operating income decreased to $11,628 thousand for the 12 months ended June 30, 2024, down from $16,506 thousand in 2023, indicating a decline of 29.6%[18] - Net income for the 12 months ended June 30, 2024, was $5,646 thousand, a decrease of 41.5% from $9,719 thousand in 2023[18] - Basic net earnings per share for the 12 months ended June 30, 2024, were $0.39, down from $0.68 in the previous year[18] - Adjusted EBITDA for the twelve months ended 06/30/24 was $22,585,000, down 11.7% from $25,592,000 in the previous year[24] Cash Flow and Liquidity - Record operating cash flows of $33 million for fiscal 2024, a $32 million increase over the prior year[2] - Net cash provided by operating activities increased significantly to $32,652,000 from $940,000 year-over-year[21] - Cash at the end of the period decreased to $4,558,000 from $5,921,000, a decline of 23.0%[21] - Cash paid for interest increased to $2,783,000 from $2,469,000, reflecting a rise of 12.7%[22] - Cash paid for income taxes rose to $4,575,000, compared to $3,099,000, marking an increase of 47.7%[22] Debt and Equity - Net debt declined 71% to $8.3 million as of June 30, 2024[2] - Long-term debt decreased significantly to $12,903 thousand as of June 30, 2024, from $34,869 thousand in the previous year, a decrease of 63.0%[20] - Shareholders' equity increased to $136,606 thousand as of June 30, 2024, compared to $130,956 thousand in 2023, reflecting a growth of 4.3%[20] Assets and Liabilities - Total assets decreased to $230,659 thousand as of June 30, 2024, from $253,847 thousand a year earlier, representing a decline of 9.1%[20] - Current liabilities decreased to $69,803 thousand as of June 30, 2024, compared to $76,445 thousand in 2023, a reduction of 8.5%[20] Operational Developments - The company executed three acquisitions during fiscal 2024, enhancing its sales and service expertise[2] - The company increased its sales team by 6% to over 190 professionals and its service team by 5% to approximately 400 technicians[5] - The company implemented new field service technologies aimed at improving service operations efficiency[5] Revenue Breakdown - Equipment revenue was flat, while parts revenue increased 6.6% and service revenue increased 7.8% during fiscal 2024[4] Dividends and Stock Compensation - A special cash dividend of $0.31 per share was declared, a 10% increase over the previous special cash dividend[7] - The company paid dividends totaling $4,071,000 during the period, with no dividends paid in the previous year[21] - Stock compensation expenses increased to $4,974,000 from $3,062,000, reflecting a rise of 62.3%[21] Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to $7,028,000 from a decrease of $5,664,000 in the prior year[21]

Zacks Investment Research has recently initiated coverage of EVI Industries, Inc. (EVI) with a Neutral recommendation. This coverage highlights the company's strategic positioning in the expanding dry-cleaning and laundry services market, balanced against several notable challenges. EVI Industries, headquartered in Miami, is a value-added distributor of a wide range of commercial laundry equipment and services. The company has leveraged a "buy-and-build" strategy since 2015, making significant acquisitions ...

Exhibit 99.1 EVI Industries Reports Third Quarter Results Including Record Cash Flows Achieved Record Revenue and Gross Profits, and a Record $20M in Operating Cash Flows for the Nine-Month Period, Further Strengthened its Balance Sheet, and Increased Investments Across Key Technology Initiatives Miami, Florida – May 9, 2024 – EVI Industries, Inc. (NYSE American: EVI) announced its operating results for the three- and nine- month periods ended March 31, 2024, including record revenue, gross profit, and oper ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-14757 EVI Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 11-2014231 (State or other jurisdiction of (I.R. ...

MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: EVI) announced today that its Chairman and CEO, Henry M. Nahmad, will participate in the Sidoti March Small-Cap Virtual Conference. Mr. Nahmad is scheduled to host one-on-one meetings with registered investors on March 13 and 14, 2024. To schedule a one-on-one meeting, please contact the Sidoti Marketing & Events team at conference@sidoti.com. EVI executes a buy-and-build strategy focused on long-term growth and shareholder value creation. During ...

MIAMI--(BUSINESS WIRE)--EVI Industries, Inc. (NYSE American: EVI) (“EVI” or the “Company”) announced today results for the three- and six-month periods ended December 31, 2023, including record revenue, gross profit, and operating cash flows. The Company also provided commentary on its results of operations, financial strength, growth initiatives, and the status of its technology investments. Click here to listen to the Company’s recorded earnings conference call. Through disciplined execution of its long- ...