EVI Industries, Inc. reported a strong performance for the three months ended September 30, 2024, with revenues reaching $93.6 million, a 6% increase from $88.1 million in the same period of 2023. This growth was attributed to price increases and contributions from recently acquired businesses. Gross profit also rose to $28.9 million, up 12% from $25.7 million, resulting in an improved gross margin of 30.8%, compared to 29.2% in the prior year.

Operating income significantly increased to $5.0 million, compared to $2.6 million in the previous year, while income before income taxes rose to $4.5 million from $1.8 million. Net income for the quarter was $3.2 million, a substantial increase from $1.3 million in the same period last year. Basic and diluted earnings per share improved to $0.22 and $0.21, respectively, compared to $0.09 in the prior year.

The company’s total assets increased from $230.7 million at June 30, 2024, to $245.5 million at September 30, 2024, while total liabilities rose from $94.1 million to $109.5 million. The increase in liabilities was primarily due to higher borrowings related to acquisitions. EVI Industries completed the acquisition of Laundry Pro of Florida, Inc. on July 1, 2024, for $5.9 million in cash, funded through its credit facility. Additionally, on November 1, 2024, the company acquired O’Dell Equipment & Supply, Inc. for $4.6 million in cash.

Cash flow from operating activities decreased to $207,000 from $1.5 million in the same quarter of 2023, primarily due to changes in working capital. Cash used in investing activities increased to $7.1 million, reflecting higher expenditures for business acquisitions. Conversely, cash provided by financing activities surged to $6.7 million, up from cash used of $1.3 million in the prior year, driven by increased net borrowings.

EVI Industries declared a special cash dividend of $0.31 per share, totaling $4.6 million, which was paid on October 7, 2024. The company continues to focus on its "buy-and-build" growth strategy, emphasizing acquisitions and operational enhancements to expand its market share in the commercial laundry sector. As of September 30, 2024, the company had $64.6 million available to borrow under its revolving credit facility, indicating strong liquidity to support ongoing operations and growth initiatives.