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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
September 12, 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 September 12, 2024,
EVI Industries, Inc. issued a press release announcing its financial results for the three and twelve months ended June 30, 2024. 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. |
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: September 12, 2024 |
By: |
/s/ Robert H. Lazar |
|
|
Robert H. Lazar |
|
|
Chief Financial Officer |
Exhibit 99.1
EVI Industries Reports Fourth Quarter and Fiscal
Year Results, Including Record $33M in Operating Cash Flows
Achieved an 8.0% Compounded Annual Organic Revenue
Growth Rate, Strengthened Balance Sheet, Executed Three Acquisitions, Increased Investments Across Key Initiatives, and Increased Special
Cash Dividend 10%
Miami, Florida – September 12, 2024 –
EVI Industries, Inc. (NYSE American: EVI) announced its operating results for the three- and twelve-month periods ended June 30, 2024,
including record gross profit, record gross margin, and record operating cash flows for fiscal 2024, and record gross margin and record
operating cash flows for the three-month period ended June 30, 2024. The Company also provided commentary on its results of operations,
cash flow and financial position, and investments in furtherance of its technology initiatives. Click here to listen to the Company’s
recorded earnings call.
Since 2016, EVI has established itself as a leader
in the highly fragmented North American commercial laundry distribution and service industry by thoughtfully executing the Company’s
long-term growth strategy, which has resulted in a compounded annual growth rate in revenue, net income, and adjusted EBITDA of 33%, 16%,
and 30%, respectively.
Henry M. Nahmad, EVI’s Chairman and CEO,
commented: “We are a long-term focused company with ambitious growth plans. Our confidence is derived from early successes combined
with financial strength and wherewithal, our reputation as a knowledgeable and high-quality buyer and successful builder of businesses,
the expected future impact of promising technologies, and a heavily invested leadership team to guide the Company into the future.”
Company Achievements for the Fiscal Year Ended June 30, 2024
| § | Record operating cash flows
of $33 million for fiscal 2024, a $32 million increase over the prior year |
| § | Net debt declined 71% to $8.3
million as of June 30, 2024 |
| § | New confirmed customer sales
order contracts exceeded the value of those fulfilled during the year |
| § | Implemented the Company’s
field service technology at certain regional service operations |
| § | Completed two acquisitions
adding sales and service expertise to the Company’s Northeast and Central regions |
| § | Executed a third purchase
agreement to acquire a business located in Florida, which was closed on July 1, 2024 |
| § | Paid a $4.1 million dividend,
the largest dividend in the Company’s history at that time |
Fiscal Year 2024 Results
| § | Revenue was $353.6 million
compared to $354.2 million |
| § | Gross profit increased 2%
to a record $105.3 million |
| § | Gross margin increased 50
basis-points to a record 29.8% compared to 29.3% |
| § | Operating income was $11.6
million compared to $16.5 million |
| § | Net income was $5.6 million,
or 1.6%, compared to $9.7 million, or 2.7% |
| § | Adjusted EBITDA was $22.6
million, or 6.4%, compared to $25.6 million, or 7.2% |
Fourth Quarter Results
| § | Revenue decreased 4% to $90.1
million |
| § | Gross profit decreased 2%
to $27.4 million |
| § | Gross margin increased to
a record 30.4% compared to 29.5% |
| § | Operating income was $3.7
million compared to $4.0 million |
| § | Net income increased 10.5%
to $2.1 million, or 2.3%, compared to $1.9 million, or 2.0% |
| § | Adjusted EBITDA was $6.2 million,
or 6.8%, compared to $6.4 million, or 6.8% |
Operating Results
Fiscal 2024 revenue was $354 million and flat compared
to revenue for fiscal 2023, during which the Company achieved record results in key financial metrics, including a 32% increase in revenue
over fiscal 2022. Given the nature of the commercial laundry industry, the Company measures organic revenue growth by evaluating revenue
over a multiyear period. The three-year compounded annual revenue growth rate for businesses the Company has owned for at least four years
is 8.0%.
The essential nature of the products and services
the Company provides to thousands of commercial laundry customers offers a consistent base of revenue opportunities in the light industrial,
on-premise, and vended laundry categories. It is important to remember that while the Company also generates revenue from larger industrial
projects, the timing of revenue related to larger industrial projects is subject to longer sales cycles and complex installations that
from time to time are uneven as compared to revenue derived from other commercial laundry categories. Excluding the impact of larger industrial
customer sales order contracts, during fiscal 2024, equipment revenue was flat, while parts revenue increased 6.6% and service revenue
increased 7.8%. This reflects continued increases in the installed base of light-industrial, on-premise, and vended laundry products the
Company represents and the benefit the Company derives from supporting customers with a wide range of parts, accessories, and services
throughout the useful life of such laundry products. During fiscal 2024, the Company set another fiscal year record for gross profit at
$105 million and another fiscal year record for gross margin at 30%. These gains reflect in part a slight shift in mix to higher margin
parts and services, as well as the benefit derived from solution selling, which as an example, has resulted in new sales of machinery
aimed to lower the operating costs of a commercial laundry by automating historically labor-intensive tasks and new sales in consumables.
Given steady demand for the products and services
the Company provides, a strong backlog of confirmed customer sales orders, and an acquisition pipeline that has consistently delivered
new growth opportunities, the Company increased investments across areas critical to drive growth and scale its operations. The Company
grew its sales team by 6% to over 190 professionals and increased its service team by 5% to approximately 400 technicians, and it implemented
new field service technologies in certain regional service operations. Additions to the Company’s sales team aim to support the
Company’s OEM representations, increase penetration in existing distribution territories, expand into new distribution territories,
and ensure sales continuity. The addition of service technicians aims to capture growing demand for the Company’s installation and
maintenance capabilities across its growing installed base. The implementation of the Company’s field service technologies is designed
to improve the efficiency of the Company’s service operations and deliver consistent customer satisfaction. While the expenses incurred
in connection with these investments adversely impacted the Company’s fiscal 2024 operating profits, the Company expects that these
investments will yield positive returns in the forthcoming periods.
Cash Flow, Financial Strength, and Special
Cash Dividend
During fiscal 2024, the Company generated a record
$33 million in operating cash flow, a $32 million increase over prior year, and a record $12 million in operating cash flow during the
fourth quarter of fiscal 2024, a $4.8 million increase compared to the same period of the prior fiscal year. The significant increase
in cash flow reflects continued profitability and a decline in working capital resulting from active inventory management. EVI’s
strong cash flow continues to solidify its financial strength, with net debt reduced to $8.3 million at June 30, 204, a 71% decrease compared
to June 30, 2023.
EVI's strong financial position and access to capital
provides a competitive advantage that has enabled simultaneous investments in acquisitions, organic growth, working capital, and technological
innovations. Given the Company’s growth and profitability prospects, solid cash flows, and strong balance sheet with over $100 million
of available liquidity, on September 11, 2024, the Company’s Board of Directors declared a special cash dividend on the Company’s
common stock of $0.31 per share, a 10% increase over the special cash dividend declared in October 2023. The special cash dividend is
payable on October 7, 2024, to stockholders of record at the close of business on September 26, 2024.
Acquisitions
During fiscal 2024, the Company completed
the acquisition of two commercial laundry distributors and service providers, one in Pennsylvania and the other in Texas. The Company
also executed a definitive purchase agreement to acquire a third distributor and service provider in Florida, which was completed on July
1, 2024, immediately following the completion of fiscal 2024. In each case, the Company added similar distribution and service businesses
comprised of experienced sales and service professionals with a loyal customer base in geographic areas where the Company believes there
are market share gain opportunities.
Buy-and-Build Success Story
The following is one of EVI’s many buy-and-build
success stories: A little over four years ago, the Company purchased a commercial laundry business it underwrote at approximately $5.6
million in revenue. During the diligence period, the Company collaborated with the owner and management team to create a strategic plan
that included revenue and profitability growth goals. The Company reported that over the last three years, this EVI business unit increased
revenue by over 160% organically, increased operating income by over 280%, and increased operating margin by 440 basis points to 14%.
The Company believes these exceptional results were achieved as a result of three key factors: One, under the owner’s leadership,
the business unit expanded into new geographies, added OEM representations, and enhanced its product offerings to include other products
all while maintaining business continuity. Two, the business unit effectively utilized EVI’s financial and functional resources
in support of its growing operations. Three, the owner and management team embraced EVI’s growth culture and accessed the wealth
of knowledge and experience provided by other members of the EVI family.
Mr. Nahmad commented: “Our acquisitions
have been internally sourced, negotiated, evaluated, executed, and integrated by our team that has been working together in Miami, Florida
for seven years. Our team has a profound appreciation for the sensitive process a family undertakes when contemplating the divestiture
of a family-owned business. We exercise flexibility and consideration throughout the buying process and have a tremendous reputation in
our industry given our record of successful acquisitions. Considering our growth record and reputation, we continue to actively pursue
many acquisitions and strategic transactions in the commercial laundry industry and related industries.”
Technology Investments
In 2020, the Company commenced a comprehensive technology
initiative to transform EVI into a modern, data-driven company. Since that time, EVI’s technology group has grown significantly,
various third-party technology professionals have been retained, and multiple technology initiatives were undertaken with a goal to accelerate
sales and profit growth, increase the speed, convenience and efficiency in serving customers, extend our reach into new geographies and
sales channels, and create scalable operating processes.
During fiscal 2024, the Company’s technology
team successfully led efforts to consolidate business units into end-state enterprise resource planning systems, implemented EVI’s
field service technology at certain regional service operations, and launched the configuration and implementation of our planned e-commerce
site. While the costs and expenses associated with these and other modernization initiatives has adversely impacted EVI’s financial
performance in the near-term, the Company believes these technological capabilities will be a catalyst to achieving its long-term growth
and profitability goals.
Important Fundamentals and Growth Drivers
The Company believes
that 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 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. 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 profitability and capture more 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 |
Earnings 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 fiscal 2024, please see the Company’s Annual Report on Form 10-K for the fiscal year ended
June 30, 2024, 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 adjusted EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization
of share-based compensation. Adjusted 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 adjusted EBITDA to be an important indicator of
its operating performance. Adjusted 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. Adjusted 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. Words such as “may,” “should,” “could,” “seek,” “believe,”
“expect,” “anticipate,” “estimate,” “project,” “intend,” “strategy”
and similar expressions are intended to identify forward looking statements. 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 or other strategic transactions (or for other purposes), 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 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; competition, including the Company’s ability to compete effectively and the impact that competition may have on the Company
and its results, including the prices which the Company may charge for its products and services and on the Company’s profit margins,
and competition for qualified employees; to the extent applicable, risks relating to the Company’s ability to enter into and compete
effectively in new industries, as well as risks and trends related to those industries; the risk that the Company or any one or more of
its business units 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, including that amounts available for borrowing under the Company’s credit facility
are subject to the terms and conditions of the facility and, accordingly, the amount of liquidity available to the Company may be less
than the amount set forth herein; 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); the risk that dividends may not be paid
in the future; risks of cybersecurity threats or incidents, including the potential misappropriation or use of assets or confidential
information, corruption of data or operational disruptions; 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, 2024. 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 | |
| |
12-Months Ended | | |
12-Months Ended | | |
3-Months Ended | | |
3-Months Ended | |
| |
06/30/24 | | |
06/30/23 | | |
06/30/24 | | |
06/30/23 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 353,563 | | |
$ | 354,173 | | |
$ | 90,146 | | |
$ | 94,041 | |
Cost of Sales | |
| 248,310 | | |
| 250,490 | | |
| 62,777 | | |
| 66,253 | |
Gross Profit | |
| 105,253 | | |
| 103,683 | | |
| 27,369 | | |
| 27,788 | |
SG&A | |
| 93,625 | | |
| 87,177 | | |
| 23,717 | | |
| 23,774 | |
Operating Income | |
| 11,628 | | |
| 16,506 | | |
| 3,652 | | |
| 4,014 | |
Interest Expense, net | |
| 2,744 | | |
| 2,507 | | |
| 476 | | |
| 788 | |
Income before Income Taxes | |
| 8,884 | | |
| 13,999 | | |
| 3,176 | | |
| 3,226 | |
Provision for Income Taxes | |
| 3,238 | | |
| 4,280 | | |
| 1,109 | | |
| 1,328 | |
Net Income | |
$ | 5,646 | | |
$ | 9,719 | | |
$ | 2,067 | | |
$ | 1,898 | |
| |
| | | |
| | | |
| | | |
| | |
Net Earnings per Share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.39 | | |
$ | 0.68 | | |
$ | 0.14 | | |
$ | 0.13 | |
Diluted | |
$ | 0.37 | | |
$ | 0.67 | | |
$ | 0.14 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 12,650 | | |
| 12,553 | | |
| 12,681 | | |
| 12,575 | |
Diluted | |
| 13,218 | | |
| 12,804 | | |
| 13,127 | | |
| 12,959 | |
| |
| | | |
| | | |
| | | |
| | |
EVI Industries, Inc. |
Condensed Consolidated Balance Sheets (in thousands, except per share data) |
| |
| | |
| |
| |
06/30/24 | | |
06/30/23 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 4,558 | | |
$ | 5,921 | |
Accounts receivable, net | |
| 40,932 | | |
| 48,391 | |
Inventories, net | |
| 47,901 | | |
| 59,167 | |
Vendor deposits | |
| 1,657 | | |
| 2,291 | |
Contract assets | |
| 1,222 | | |
| 1,181 | |
Other current assets | |
| 5,671 | | |
| 8,547 | |
Total current assets | |
| 101,941 | | |
| 125,498 | |
Equipment and improvements, net | |
| 13,950 | | |
| 12,953 | |
Operating lease assets | |
| 8,078 | | |
| 8,714 | |
Intangible assets, net | |
| 22,022 | | |
| 24,128 | |
Goodwill | |
| 75,102 | | |
| 73,388 | |
Other assets | |
| 9,566 | | |
| 9,166 | |
Total assets | |
$ | 230,659 | | |
$ | 253,847 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 30,904 | | |
$ | 38,730 | |
Accrued employee expenses | |
| 11,370 | | |
| 10,724 | |
Customer deposits | |
| 24,419 | | |
| 23,296 | |
Contract liabilities | |
| — | | |
| 668 | |
Current portion of operating lease liabilities | |
| 3,110 | | |
| 3,027 | |
Total current liabilities | |
| 69,803 | | |
| 76,445 | |
Deferred income taxes, net | |
| 5,498 | | |
| 5,023 | |
Long-term operating lease liabilities | |
| 5,849 | | |
| 6,554 | |
Long-term debt, net | |
| 12,903 | | |
| 34,869 | |
Total liabilities | |
| 94,053 | | |
| 122,891 | |
| |
| | | |
| | |
Shareholders' equity | |
| | | |
| | |
Preferred stock, $1.00 par value | |
| — | | |
| — | |
Common stock, $.025 par value | |
| 322 | | |
| 318 | |
Additional paid-in capital | |
| 106,540 | | |
| 101,225 | |
Treasury stock | |
| (4,439 | ) | |
| (3,195 | ) |
Retained earnings | |
| 34,183 | | |
| 32,608 | |
Total shareholders' equity | |
| 136,606 | | |
| 130,956 | |
Total liabilities and shareholders' equity | |
$ | 230,659 | | |
$ | 253,847 | |
| |
| | | |
| | |
EVI Industries, Inc. |
Condensed Consolidated Statements of Cash Flows (in thousands) |
| |
For the twelve months ended | |
| |
06/30/24 | | |
06/30/23 | |
Operating activities: | |
| | | |
| | |
Net income | |
$ | 5,646 | | |
$ | 9,719 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 5,983 | | |
| 6,024 | |
Amortization of debt discount | |
| 34 | | |
| 29 | |
Provision for bad debt expense | |
| 688 | | |
| 710 | |
Non-cash lease expense | |
| 14 | | |
| 93 | |
Stock compensation | |
| 4,974 | | |
| 3,062 | |
Inventory reserve | |
| 54 | | |
| (178 | ) |
Provision for deferred income taxes | |
| 475 | | |
| 357 | |
Other | |
| 25 | | |
| (103 | ) |
(Increase) decrease in operating assets: | |
| | | |
| | |
Accounts receivable | |
| 7,028 | | |
| (5,664 | ) |
Inventories | |
| 11,901 | | |
| (8,302 | ) |
Vendor deposits | |
| 634 | | |
| (527 | ) |
Contract assets | |
| (41 | ) | |
| 338 | |
Other assets | |
| 2,476 | | |
| (4,296 | ) |
(Decrease) increase in operating liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
| (8,234 | ) | |
| (4,164 | ) |
Accrued employee expenses | |
| 646 | | |
| 2,114 | |
Customer deposits | |
| 1,017 | | |
| 1,567 | |
Contract liabilities | |
| (668 | ) | |
| 161 | |
Net cash provided by operating activities | |
| 32,652 | | |
| 940 | |
| |
| | | |
| | |
Investing activities: | |
| | | |
| | |
Capital expenditures | |
| (4,867 | ) | |
| (3,708 | ) |
Cash paid for acquisitions, net of cash acquired | |
| (1,949 | ) | |
| (2,278 | ) |
Net cash used by investing activities | |
| (6,816 | ) | |
| (5,986 | ) |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Dividends paid | |
| (4,071 | ) | |
| — | |
Proceeds from borrowings | |
| 62,500 | | |
| 77,000 | |
Debt repayments | |
| (84,500 | ) | |
| (70,000 | ) |
Repurchases of common stock in satisfaction of employee tax withholding obligations | |
| (1,244 | ) | |
| (125 | ) |
Issuances of common stock under employee stock purchase plan | |
| 116 | | |
| 118 | |
Net cash (used) provided by financing activities | |
| (27,199 | ) | |
| 6,993 | |
Net (decrease) increase in cash | |
| (1,363 | ) | |
| 1,947 | |
Cash at beginning of period | |
| 5,921 | | |
| 3,974 | |
Cash at end of period | |
$ | 4,558 | | |
$ | 5,921 | |
| |
| | | |
| | |
EVI Industries, Inc. | |
| | |
| |
Condensed Consolidated Statements of Cash Flows (in thousands) | |
| | |
| |
| |
For the twelve months ended | |
| |
06/30/24 | | |
06/30/23 | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | 2,783 | | |
$ | 2,469 | |
Cash paid for income taxes | |
$ | 4,575 | | |
$ | 3,099 | |
| |
| | | |
| | |
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 Adjusted EBITDA.
EVI Industries, Inc. |
Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Share-based Compensation (in thousands) |
| |
| | |
| | |
| | |
| |
| |
| | |
| | |
Unaudited | | |
Unaudited | |
| |
12-Months
Ended | | |
12-Months
Ended | | |
3-Months
Ended | | |
3-Months
Ended | |
| |
06/30/24 | | |
06/30/23 | | |
06/30/24 | | |
06/30/23 | |
| |
| | |
| | |
| | |
| |
Net Income | |
$ | 5,646 | | |
$ | 9,719 | | |
$ | 2,067 | | |
$ | 1,898 | |
Provision for Income Taxes | |
| 3,238 | | |
| 4,280 | | |
| 1,109 | | |
| 1,328 | |
Interest Expense, Net | |
| 2,744 | | |
| 2,507 | | |
| 476 | | |
| 788 | |
Depreciation and Amortization | |
| 5,983 | | |
| 6,024 | | |
| 1,491 | | |
| 1,615 | |
Amortization of Share-based Compensation | |
| 4,974 | | |
| 3,062 | | |
| 1,018 | | |
| 795 | |
Adjusted EBITDA | |
$ | 22,585 | | |
$ | 25,592 | | |
$ | 6,161 | | |
$ | 6,424 | |
| |
| | | |
| | | |
| | | |
| | |
EVI Industries, Inc.
4500 Biscayne Blvd., Suite 340
Miami, Florida 33137
(305) 402-9300
Henry M. Nahmad
Chairman and CEO
(305) 402-9300
Craig Ettelman
Director of Finance and Investor Relations
(305) 402-9300
info@evi-ind.com
v3.24.2.u1
Cover
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Sep. 12, 2024 |
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EVI Industries, Inc.
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Grafico Azioni EVI Industries (AMEX:EVI)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni EVI Industries (AMEX:EVI)
Storico
Da Gen 2024 a Gen 2025