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EVI Industries, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $93,625,000 from $88,074,000 in the same quarter the previous year. The increase is attributed to price adjustments across product lines and contributions from recent acquisitions.
Gross profit for the quarter rose to $28,855,000, up from $25,692,000 in the previous year, with gross margins improving from 29.2% to 30.8%.
Selling, general, and administrative expenses increased slightly to $23,866,000 from $23,075,000, primarily due to expenses from acquired businesses and increased sales-related costs.
Net income for the quarter was $3,231,000, compared to $1,282,000 in the previous year, reflecting higher revenues and gross profit.
The company reported cash provided by operating activities of $207,000, while cash used in investing activities was $7,138,000, primarily due to acquisitions.
EVI Industries completed the acquisition of Laundry Pro of Florida, Inc. (EVI-2.47%) on July 1, 2024, for $5.9 million in cash, funded through borrowings.
The company also acquired O’Dell Equipment & Supply, Inc. on November 1, 2024, for $4.6 million in cash.
EVI Industries' total assets increased to $245,528,000 as of September 30, 2024, up from $230,659,000 at June 30, 2024, primarily due to increases in accounts receivable, inventory, and goodwill.
The company's total liabilities rose to $109,471,000 from $94,053,000, mainly due to increased accounts payable and long-term debt.
EVI Industries continues its 'buy-and-build' growth strategy, focusing on acquisitions and organic growth initiatives to expand its market presence.
The company maintains a revolving credit agreement with a borrowing capacity of up to $100 million, with $64.6 million available as of September 30, 2024.
EVI Industries' management believes that existing cash, anticipated cash from operations, and available credit will be sufficient to fund operations and capital expenditures for the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EVI Industries Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.