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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
_________________________________
Date of Report
February 9, 2024
(Date of earliest event reported)
EVI Industries, Inc.
(Exact name of registrant as specified in its
charter)
|
Delaware
(State or other jurisdiction of
incorporation
or organization) |
|
001-14757
(Commission File Number) |
|
11-2014231
(IRS Employer Identification No.)
|
| |
|
|
|
|
|
4500 Biscayne Blvd., Suite 340
Miami, Florida
(Address of principal executive offices) |
|
|
|
33137
(Zip Code) |
(305) 402-9300
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Securities registered pursuant to Section
12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock, $.025 par value |
EVI |
NYSE American |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
Item 2.02 |
Results of Operations and Financial Condition. |
On February 9, 2024, EVI
Industries, Inc. issued a press release announcing its financial results for the quarter ended December 31, 2023. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this
Current Report on Form 8-K, including Exhibit 99.1 hereto, is furnished pursuant to Item 2.02 and shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act.
|
Item 9.01 |
Financial Statements and Exhibits. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
EVI INDUSTRIES, INC. |
| |
|
|
| |
|
|
| |
|
|
| Dated: February 9, 2024 |
By: |
/s/ Robert H. Lazar |
| |
|
Robert H. Lazar |
| |
|
Chief Financial Officer |
Exhibit 99.1
EVI Industries Reports Record Second Quarter Results
Record Revenue and Gross Profits, and Improved Sales
Processes Drove a $16M Increase in Operating Cash Flows; Sustained a Strong Balance Sheet Amid Continued Investments in Sales and Service
Personnel, and the Development and Deployment of Advanced Technologies
Miami, Florida – February 9, 2024 – 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-term buy-and-build
growth strategy and a thriving entrepreneurial culture, EVI has established itself as a leader in the highly fragmented North American
commercial laundry distribution and services market. Since 2016, EVI has, among other achievements, completed twenty-five acquisitions,
expanded into new geographies, retained and invested in additional sales and service personnel, broadened its OEM representations, and
implemented advanced operating technologies. Today, the Company employs 750 people including 185 and 400 sales and service personnel,
respectively, and the Company represents the broadest product portfolio in the industry. As a result, since 2016, EVI’s revenue,
net income, and Adjusted EBITDA have grown at compounded annual growth rates (CAGRs) of 36%, 21%, and 33%, respectively. As a result of
the Company’s success, management’s confidence in the Company’s business outlook, and consistent with the Company’s
philosophy to reward those who are invested in its long-term strategy, during the quarter ended December 31, 2023, the Company paid a
special cash dividend on its common stock of $0.28 per share, marking the fifth special cash dividend paid since the implementation of
the buy-and-build growth strategy in 2016.
Results of
Operations
EVI’s strong performance in the three- and six-month
periods ended December 31, 2023 comes against the backdrop of record-breaking performance in the comparable periods of the prior fiscal
year. Specifically, during the six months ended December 31, 2022, revenue, net income, and Adjusted EBITDA increased by 33%, 99%, and
67%, respectively, compared to the six-month period ended December 31, 2021, and revenue, net income, and Adjusted EBITDA grew 36%, 321%,
and 94%, respectively, during the three months ended December 31, 2022 compared to the three months ended December 31, 2021. Last fiscal
year’s performance was driven by pent-up demand, increased OEM pricing, and strength across each end-market of the commercial laundry
industry. In contrast, OEM pricing actions in fiscal 2024 have been more moderate, end-market demand continues to be strong, and leads
times have been shorter resulting in improved speed to the customer sales order fulfillment process. Results for the three and six-month
periods ended December 31, 2023 also reflect heavy investment in efforts to grow the Company’s sales and service operations, new
and additional facilities required to support the Company’s growth plans, and the development and deployment of advanced technologies.
These investments aim to drive organic growth and improve productivity and efficiency in the future.
Summary of the Company’s Achievements
for the Three- and Six-Month Periods Ended December 31, 2023
| § | Record second quarter and
six-month revenues |
| § | Record second quarter and
six-month gross profit |
| § | Record operating cash flows
of $11 million for the six-month period, a $16 million increase over prior year |
| § | Sustained a strong balance
sheet with $26.6 million of net debt as of December 31, 2023 |
| § | New customer sales order contracts
during the second fiscal quarter met the value of those fulfilled during period |
| § | Completed one acquisition
adding sales and service expertise to the Company’s Northeast Region |
| § | Paid a $4.1 million dividend,
the largest dividend since the inception of the Company’s buy-and-build strategy |
Three-Month Results
(compared to the three months ended December 31, 2022)
| § | Revenue increased 11% to a
second quarter record of $91.4 million |
| § | Gross profit increased 6%
to a second quarter record of $26.4 million |
| § | Gross margin was 29% compared
to 30% |
| § | Operating income was $3.0
million compared to $3.6 million |
| § | Net income was $1.3 million,
or 1.5% of revenue, compared to $2.2 million |
| § | Adjusted EBITDA was $5.5
million, or 6% of revenue, compared to $5.9 million |
Six-Month Results
(compared to the six months ended December 31, 2022)
| § | Revenue increased 8% to a
record $179.4 million |
| § | Gross profit increased 6%
to a record $52.1 million |
| § | Gross margin was 29.0% compared
to 29.7% |
| § | Operating income was $5.6
million compared to $8.0 million |
| § | Net income was $2.6 million,
or 1.5% of revenue, compared to $5.1 million |
| § | Adjusted EBITDA was
$11.5 million, or 6.4% of revenue, compared to $12.4 million |
Financial Strength,
Operating Cash Flow, and Liquidity
During the fiscal year ended June 30, 2023, the Company
invested much of its cash flow into working capital, primarily in inventory required to support short-term customer equipment and parts
needs, and to fulfill confirmed customer sales order contracts. During the second quarter of fiscal 2024, the Company continued to monetize
a portion of its inventory investment resulting in $11 million of operating cash flows for the six months ended December 31, 2023, reflecting
a $16 million increase in operating cash flows as compared to the same period of the prior fiscal year. This record level of operating
cash flows follows the payment of a special cash dividend on the Company’s common stock of $0.28 per share, or $4.1 million in the
aggregate, paid during the second fiscal quarter. Given the Company’s financial strength, record operating cash flows, and growth
prospects, net debt was reduced by 8.3% to $26.6 million as of December 31, 2023.
Mr. Nahmad commented: “We have been steadfast
in our approach to capital allocations in connection with the buy-and-build components of our long-term growth strategy. We believe the
merit to our approach has been demonstrated through a consistently growing company with low leverage, a strong balance sheet, and an attractive
equity currency, and that the combination of these factors provides our Company with the financial wherewithal to invest across continuing
operations and execute on strategic transactions of various size at any time. Further, notwithstanding current capital market conditions,
our financial position yields us a significantly lower cost of capital over industry participants.”
Acquisitions
During the six months ended December 31,
2023, the Company completed the acquisition of ALCO Washer Center, a commercial laundry distributor and service provider. The acquisition
strengthens EVI’s leading market share position in the northeast region of the United States.
Mr. Nahmad commented: “We continue to
pursue acquisition and other strategic opportunities in the commercial laundry industry and across those product and service categories
that meet our financial and strategic criteria. Ultimately, we believe that the combination of our value proposition, which is derived
from the investments being made to expand our distribution and service network, including the expansion of our product offerings, makes
us the provider of choice for industrial, on premise, vended, and multifamily laundry customers and the most attractive partner for domestic
and global companies seeking growth in the North American commercial laundry industry.”
Investments in
Organic Growth and Operations Optimization
In connection with the Company’s
long-term growth and profitability objectives, the Company increased investments in the following key areas during the three and six-month
periods ended December 31, 2023.
Sales Professionals: A core
component of the Company’s organic growth strategy includes the deployment of additional sales professionals into geographies that
represent market share growth opportunities. Accordingly, results of the Company’s operations for the six-month period ended December
31, 2023 include 18 more sales professionals, representing a 13% increase in sales professionals over the prior year period. The Company
expects future returns on its investment in additional sales personnel in the form of new customer relationships, additional product sales,
and installation revenues, followed by recurring parts and routine service revenues.
Service Technicians: Another core
component of the Company’s organic growth strategy includes the deployment of additional installation and service technicians in
support of sales activities and service opportunities industry wide. In connection with these efforts, the Company actively develops the
next generation of technicians to address service opportunities across all four segments of the commercial laundry industry. Accordingly,
results of operation for the six-month period ended December 31, 2023 include 28 more service technicians, representing a 9% increase
in service technicians over the prior year period.
Field Service Management Platform:
During the second fiscal quarter, the Company commenced the configuration and implementation of its Field Service Management (“FSM”)
Platform aimed to transform the customer experience. The Company’s future FSM Platform will provide its field service technicians
with real-time access to critical information designed to maximize technician utilization and efficiency, including real-time access to
time-sensitive product detail, technical support, parts pricing and inventory availability, warranty management and route optimization.
The Company believes that this advanced technology will not only improve the efficiency of service operations, but also drive future product
sales growth through an improved customer experience.
Enterprise Resource Planning Systems:
Over the last four years, the Company has consistently made significant investments to modernize and optimize its operations, including
successful efforts to regionalize operations and implement new technologies at legacy business units. The Company’s new enterprise
resource planning (“ERP”) system provides previously unavailable analytics that management now uses to make strategic growth
decisions and to make decisions aimed to fine tune continuing operations. At this point, the initiatives in connection with legacy business
units are nearing completion as approximately 85% of these business units are transacting on the end state system.
Important Fundamentals
and Growth Drivers
The essential nature
of commercial laundry products and continuous demand and growth across all end customer markets of the commercial laundry industry are
catalysts for a growing installed base of commercial laundry systems across North America. These systems require advanced planning, thoughtful
design, knowledgeable installation, and continuous post-installation services, including the replacement of equipment, parts, and accessories
and the performance of maintenance and repair services. EVI’s large and growing sales and service network represents and services
a broad range of products sourced from various domestic and international suppliers to support industrial, on-premise, vended, and multi-family
customers serving a wide array of end-user categories. As such, the Company believes its fundamentals, financial strength, market strategy,
entrepreneurial culture, technology initiatives, and strong supplier relations are important competitive advantages that support the Company’s
ability to grow and capture more profitable market share going forward.
EVI’s
Core Principles
EVI upholds specific core values and principles for
its business, including:
| § | Invest and manage with a long-term
perspective |
| § | Uphold financial discipline
with a view towards ensuring financial strength and flexibility |
| § | Respect the entrepreneurs
and management teams that join the EVI family |
| § | Operate each business as a
local business and empower its leaders to make local decisions |
| § | Promote an entrepreneurial
culture |
| § | Instill a growth mindset and
culture of continuous improvement |
| § | Incentivize and reward performance
with equity participation |
| § | Establish strong relationships
with our OEM partners |
Mr. Nahmad further added: “Consistent
with our core principles, our strategy is long-term focused and takes time, patience, and thoughtful execution. We continue to pursue
acquisitions and other strategic opportunities in the commercial laundry industry and across other product and service categories that
meet our financial and strategic criteria. While we are pleased with our operating performance, we continue steadfast in our pursuit of
growth through the execution of our long-term buy-and-build growth strategy.”
Earnings Conference Call and Additional Information
The Company has provided a pre-recorded earnings conference
call, including a business update, which can be accessed under “Financial Info” in the “Investors” section of
the Company’s website at www.evi-ind.com or by visiting https://ir.evi-ind.com/message-from-the-ceo. For additional information
regarding the Company’s results for the three and six months ended December 31, 2023, please see the Company’s Quarterly Report
on Form 10-Q for the quarter ended December 31, 2023, as filed with the Securities and Exchange Commission on or about the date hereof.
Use of Non-GAAP Financial Information
In this press release, EVI discloses the non-GAAP
financial measure of EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization of share-based
compensation. EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of share-based
compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation,
Amortization, and Amortization of Share-based Compensation. EVI considers EBITDA to be an important indicator of its operating performance.
EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different
industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure,
debt levels and credit ratings, and the tax positions of companies can vary because of their differing abilities to take advantage of
tax benefits and because of the tax policies of the jurisdictions in which they operate. EBITDA should not be considered as an alternative
to net income or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to
any other method of analyzing EVI’s results as reported under GAAP.
About EVI Industries
EVI Industries, Inc., through its wholly owned subsidiaries,
is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, the Company provides
its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or
leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power
generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories.
Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation,
maintenance, and repair services. The Company’s customers include retail, commercial, industrial, institutional, and government
customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems
as well as the purchase of the Company’s installation, maintenance, and repair services.
Safe Harbor Statement
Except for the historical matters contained herein,
statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward looking statements may relate to, among other things, events, conditions, and trends that may affect the future
plans, operations, business, strategies, operating results, financial position and prospects of the Company. Forward looking statements
are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements
of the Company, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed
or implied by such forward looking statements. These risks and uncertainties include, among others, those associated with: general economic
and business conditions in the United States and other countries where the Company operates or where the Company’s customers and
suppliers are located; industry conditions and trends; credit market volatility; risks related to supply chain delays and disruptions
and their impact on the Company’s business and results, including the Company’s ability to deliver products and provide services
to its customers on a timely basis; risks relating to inflation, including the current inflationary trend, and the impact of inflation
on the Company’s costs and its ability to increase the price of its products and services to offset such costs, and on the market
for the Company’s products and services; risks related to labor shortages and increases in the costs of labor, and the impact thereof
on the Company, including its ability to deliver products, provide services or otherwise meet customers’ expectations; risks associated
with international relations and international hostilities and the impact thereof on economic conditions, including supply chain constraints
and inflationary trends; risks relating to rising interest rates, including the impact thereof on the cost of the Company’s indebtedness
and the Company’s ability to raise capital if deemed necessary or advisable; risks related to the Company’s ability to implement
its business and growth strategies and plans, including changes thereto, and the risk that the Company may not be successful in achieving
its goals; risks and uncertainties associated with the Company’s ”buy-and-build” growth strategy, including, without
limitation, that the Company may not be successful in identifying or consummating, or have the liquidity to or otherwise be financially
positioned or able to consummate, acquisitions or other strategic transactions, integration risks, risks related to indebtedness incurred
by the Company in connection with the financing of acquisitions, dilution experienced by the Company’s existing stockholders as
a result of the issuance of shares of the Company’s common stock in connection with acquisitions, risks related to the business,
operations and prospects of acquired businesses, risks that suppliers of the acquired business may not consent to the transaction or otherwise
continue its relationship with the acquired business following the transaction and the impact that the loss of any such supplier may have
on the results of the Company and the acquired business, risks that the Company’s goals or expectations with respect to acquisitions
and other strategic transactions may not be met, and risks related to the accounting for acquisitions; risks related to organic growth
initiatives, including that they may not result in the benefits anticipated; risks that the Company’s investments, including in
sales and service personnel, technology investments, including in respect of the enterprise resource planning system and field service
platform, and investments, in acquired businesses or otherwise in support of growth, and initiatives in furtherance thereof may not result
in the benefits anticipated and may result in disruptions to the Company’s operations, expenses in connection with these investments
and initiatives may be more costly than anticipated and the implementation of these initiatives may not be completed when expected; technology
changes; the risk that the Company may not achieve growth consistent with historical levels, at the level expected, or at all; risks relating
to the Company’s relationships with its principal suppliers and customers, including concentration risks and the impact of the loss
of any such relationship; risks related to the Company’s indebtedness; the availability, terms and deployment of debt and equity
capital if needed for expansion or otherwise; the availability and cost of inventory purchased by the Company, and the risk that the sales
of inventory subject to purchase orders may not be completed as or when expected, or at all; risks relating to the recognition of revenue,
including the amount and timing thereof (including potential delays resulting from, among other circumstances, delays in installation);
risks related to the material weakness in the Company’s internal control over financial reporting, the Company’s ability to
remediate such weakness in the anticipated timeframe, and the costs incurred in connection therewith; the risk that dividends may not
be paid in the future; and other economic, competitive, governmental, technological and other risks and factors discussed elsewhere in
the Company’s filings with the SEC, including, without limitation, in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2023. Many of these risks and factors are beyond the Company’s control.
Further, past performance and perceived trends may not be indicative of future results. The Company cautions that the foregoing factors
are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
The Company does not undertake to, and specifically disclaims any obligation to, update, revise or supplement any forward-looking statement,
whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.
| EVI Industries, Inc. |
| Condensed Consolidated Results of Operations (in thousands, except per share data) |
| | |
| | |
| | |
| | |
| |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | | |
Unaudited | |
| | |
6-Months
Ended | | |
6-Months
Ended | | |
3-Months
Ended | | |
3-Months
Ended | |
| | |
12/31/23 | | |
12/31/22 | | |
12/31/23 | | |
12/31/22 | |
| | |
| | |
| | |
| | |
| |
| Revenues | |
$ | 179,438 | | |
$ | 166,066 | | |
$ | 91,364 | | |
$ | 82,638 | |
| Cost of Sales | |
| 127,340 | | |
| 116,749 | | |
| 64,958 | | |
| 57,826 | |
| Gross Profit | |
| 52,098 | | |
| 49,317 | | |
| 26,406 | | |
| 24,812 | |
| SG&A | |
| 46,530 | | |
| 41,290 | | |
| 23,455 | | |
| 21,168 | |
| Operating Income | |
| 5,568 | | |
| 8,027 | | |
| 2,951 | | |
| 3,644 | |
| Interest Expense, net | |
| 1,593 | | |
| 1,002 | | |
| 823 | | |
| 625 | |
| Income before Income Taxes | |
| 3,975 | | |
| 7,025 | | |
| 2,128 | | |
| 3,019 | |
| Provision for Income Taxes | |
| 1,352 | | |
| 1,954 | | |
| 787 | | |
| 795 | |
| Net Income | |
$ | 2,623 | | |
$ | 5,071 | | |
$ | 1,341 | | |
$ | 2,224 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Earnings per Share | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.18 | | |
$ | 0.35 | | |
$ | 0.09 | | |
$ | 0.16 | |
| Diluted | |
$ | 0.17 | | |
$ | 0.35 | | |
$ | 0.09 | | |
$ | 0.15 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted Average Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 12,621 | | |
| 12,545 | | |
| 12,659 | | |
| 12,534 | |
| Diluted | |
| 13,245 | | |
| 12,782 | | |
| 13,273 | | |
| 12,654 | |
| | |
| | | |
| | | |
| | | |
| | |
| EVI Industries, Inc. |
| Condensed Consolidated Balance Sheets (in thousands, except per share data) |
| | |
Unaudited | | |
| |
| | |
12/31/23 | | |
06/30/23 | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 4,264 | | |
$ | 5,921 | |
| Accounts receivable, net | |
| 44,255 | | |
| 48,391 | |
| Inventories, net | |
| 56,172 | | |
| 59,167 | |
| Vendor deposits | |
| 1,729 | | |
| 2,291 | |
| Contract assets | |
| 3,569 | | |
| 1,181 | |
| Other current assets | |
| 6,882 | | |
| 8,547 | |
| Total current assets | |
| 116,871 | | |
| 125,498 | |
| Equipment and improvements, net | |
| 13,386 | | |
| 12,953 | |
| Operating lease assets | |
| 9,966 | | |
| 8,714 | |
| Intangible assets, net | |
| 23,075 | | |
| 24,128 | |
| Goodwill | |
| 74,156 | | |
| 73,388 | |
| Other assets | |
| 9,562 | | |
| 9,166 | |
| Total assets | |
$ | 247,016 | | |
$ | 253,847 | |
| | |
| | | |
| | |
| Liabilities and Shareholders’ Equity | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and accrued expenses | |
$ | 34,614 | | |
$ | 38,730 | |
| Accrued employee expenses | |
| 10,828 | | |
| 10,724 | |
| Customer deposits | |
| 23,001 | | |
| 23,296 | |
| Contract liabilities | |
| 221 | | |
| 668 | |
| Current portion of operating lease liabilities | |
| 3,495 | | |
| 3,027 | |
| Total current liabilities | |
| 72,159 | | |
| 76,445 | |
| Deferred income taxes, net | |
| 5,004 | | |
| 5,023 | |
| Long-term operating lease liabilities | |
| 7,387 | | |
| 6,554 | |
| Long-term debt, net | |
| 30,886 | | |
| 34,869 | |
| Total liabilities | |
| 115,436 | | |
| 122,891 | |
| | |
| | | |
| | |
| Shareholders' equity | |
| | | |
| | |
| Preferred stock, $1.00 par value | |
| — | | |
| — | |
| Common stock, $.025 par value | |
| 321 | | |
| 318 | |
| Additional paid-in capital | |
| 104,438 | | |
| 101,225 | |
| Treasury stock | |
| (4,339 | ) | |
| (3,195 | ) |
| Retained earnings | |
| 31,160 | | |
| 32,608 | |
| Total shareholders' equity | |
| 131,580 | | |
| 130,956 | |
| Total liabilities and shareholders' equity | |
$ | 247,016 | | |
$ | 253,847 | |
| | |
| | | |
| | |
| EVI Industries, Inc. |
| Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
| | |
For the six months ended | |
| | |
12/31/23 | | |
12/31/22 | |
| Operating activities: | |
| | | |
| | |
| Net income | |
$ | 2,623 | | |
$ | 5,071 | |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 3,000 | | |
| 2,912 | |
| Amortization of debt discount | |
| 17 | | |
| 12 | |
| Provision for bad debt expense | |
| 283 | | |
| 263 | |
| Non-cash lease expense | |
| 49 | | |
| (30 | ) |
| Stock compensation | |
| 2,924 | | |
| 1,482 | |
| Inventory reserve | |
| 274 | | |
| (250 | ) |
| (Benefit) provision for deferred income taxes | |
| (19 | ) | |
| 178 | |
| Other | |
| 25 | | |
| (183 | ) |
| (Increase) decrease in operating assets: | |
| | | |
| | |
| Accounts receivable | |
| 3,910 | | |
| 4,501 | |
| Inventories | |
| 3,193 | | |
| (9,166 | ) |
| Vendor deposits | |
| 562 | | |
| (480 | ) |
| Contract assets | |
| (2,388 | ) | |
| (7,261 | ) |
| Other assets | |
| 1,269 | | |
| (1,328 | ) |
| (Decrease) increase in operating liabilities: | |
| | | |
| | |
| Accounts payable and accrued expenses | |
| (4,172 | ) | |
| (519 | ) |
| Accrued employee expenses | |
| 104 | | |
| (290 | ) |
| Customer deposits | |
| (349 | ) | |
| 723 | |
| Contract liabilities | |
| (447 | ) | |
| (507 | ) |
| Net cash provided (used) by operating activities | |
| 10,858 | | |
| (4,872 | ) |
| | |
| | | |
| | |
| Investing activities: | |
| | | |
| | |
| Capital expenditures | |
| (2,376 | ) | |
| (1,838 | ) |
| Cash paid for acquisitions, net of cash acquired | |
| (987 | ) | |
| (1,874 | ) |
| Net cash used by investing activities | |
| (3,363 | ) | |
| (3,712 | ) |
| | |
| | | |
| | |
| Financing activities: | |
| | | |
| | |
| Dividends paid | |
| (4,071 | ) | |
| — | |
| Proceeds from borrowings | |
| 35,500 | | |
| 32,000 | |
| Debt repayments | |
| (39,500 | ) | |
| (23,000 | ) |
| Repurchases of common stock in satisfaction of employee tax withholding obligations | |
| (1,144 | ) | |
| (66 | ) |
| Issuances of common stock under employee stock purchase plan | |
| 63 | | |
| 59 | |
| Net cash (used) provided by financing activities | |
| (9,152 | ) | |
| 8,993 | |
| Net (decrease) increase in cash | |
| (1,657 | ) | |
| 409 | |
| Cash at beginning of period | |
| 5,921 | | |
| 3,974 | |
| Cash at end of period | |
$ | 4,264 | | |
$ | 4,383 | |
| | |
| | | |
| | |
| EVI Industries, Inc. |
| Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
| | |
For the six months ended | |
| | |
| 12/31/23 | | |
| 12/31/22 | |
| Supplemental disclosures of cash flow information: | |
| | | |
| | |
| Cash paid for interest | |
$ | 1,578 | | |
$ | 942 | |
| Cash paid for income taxes | |
$ | 3,631 | | |
$ | 888 | |
| | |
| | | |
| | |
| Supplemental disclosures of non-cash financing activities: | |
| | | |
| | |
| Common stock issued for acquisitions | |
$ | 229 | | |
$ | 503 | |
| | |
| | | |
| | |
The following table reconciles net income, the most comparable GAAP financial
measure, to EBITDA.
| EVI Industries, Inc. |
| Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation (in thousands) |
| | |
| | |
| | |
| | |
| |
| | |
Unaudited | | |
Unaudited | | |
Unaudited | | |
Unaudited | |
| | |
6-Months
Ended | | |
6-Months
Ended | | |
3-Months
Ended | | |
3-Months
Ended | |
| | |
12/31/23 | | |
12/31/22 | | |
12/31/23 | | |
12/31/22 | |
| | |
| | |
| | |
| | |
| |
| Net Income | |
$ | 2,623 | | |
$ | 5,071 | | |
$ | 1,341 | | |
$ | 2,224 | |
| Provision for Income Taxes | |
| 1,352 | | |
| 1,954 | | |
| 787 | | |
| 795 | |
| Interest Expense, Net | |
| 1,593 | | |
| 1,002 | | |
| 823 | | |
| 625 | |
| Depreciation and Amortization | |
| 3,000 | | |
| 2,912 | | |
| 1,454 | | |
| 1,466 | |
| Amortization of Share-based Compensation | |
| 2,924 | | |
| 1,482 | | |
| 1,068 | | |
| 802 | |
| Adjusted EBITDA | |
$ | 11,492 | | |
$ | 12,421 | | |
$ | 5,473 | | |
$ | 5,912 | |
| | |
| | | |
| | | |
| | | |
| | |
EVI Industries, Inc.
Henry M. Nahmad
Chairman and CEO
4500 Biscayne Blvd., Suite 340
Miami, Florida 33137
(305) 402-9300
Investor Relations
(305) 402-9300
info@evi-ind.com
v3.24.0.1
Cover
|
Feb. 09, 2024 |
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Feb. 09, 2024
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001-14757
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EVI Industries, Inc.
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0000065312
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11-2014231
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DE
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4500 Biscayne Blvd.
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Suite 340
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Miami
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Grafico Azioni EVI Industries (AMEX:EVI)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni EVI Industries (AMEX:EVI)
Storico
Da Nov 2023 a Nov 2024
