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EVI Industries Inc. (EVI-0.36%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $92,711,000 from $91,364,000 in the same quarter the previous year. The increase is attributed to price increases and revenues from recent acquisitions.
Gross profit for the quarter was $27,522,000, compared to $26,406,000 in the previous year, with gross margins increasing to 29.7% from 28.9%.
Selling, general, and administrative expenses increased to $25,132,000 from $23,455,000, primarily due to expenses from acquired businesses and increased selling costs.
Net income for the quarter was $1,129,000, down from $1,341,000 in the previous year. The decrease is attributed to increased operating expenses.
Cash provided by operating activities was $2,176,000, while cash used in investing and financing activities was $12,609,000 and $9,780,000, respectively.
EVI Industries had a working capital of $41,407,000 as of December 31, 2024. The company continues to focus on its 'buy-and-build' growth strategy, including recent acquisitions of Laundry Pro of Florida, Inc. and O'Dell Equipment & Supply, Inc.
The filing also details the company's credit agreement, which allows for borrowings up to $100 million, with a current outstanding balance of $28 million.
EVI Industries does not anticipate regular cash dividend payments to common stockholders in the near future, although a special dividend was declared in September 2024.
The company acknowledges its exposure to interest rate risk and foreign currency fluctuations, as well as potential impacts from inflation on its operations.
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 February 10, 2025. To report an error, please email earnings@qz.com.