EnviroStar, Inc. (NYSE MKT: EVI) today reported record results
for the nine and three-month periods ended March 31, 2017.
For the nine months ended March 31, 2017 compared to the same
period of 2016:
- Revenues increased 145% to $67.5
million from $27.6 million,
- Operating income increased 105% to $4.3
million from $2.1 million, and
- Net income increased 100% to $2.6
million from $1.3 million.
The results above only reflect approximately six months of
operating results for Western State Design, which EVI acquired on
October 10, 2016.
For the three months ended March 31, 2017 compared to the
same period of 2016:
- Revenues increased 93% to $24.7 million
from $12.8 million,
- Operating income increased 25% to $1.5
million from $1.2 million, and
- Net income increased 15% to $890,000
from $774,000.
Henry M. Nahmad, EVI’s Chairman and CEO, stated, “Our success
has generated significant interest and accelerated our momentum on
acquisition opportunities, which we believe will deliver revenue,
profit, and market share growth this calendar year.”
EVI continues to pursue its long-term growth strategy to buy and
build distributors of commercial laundry products in addition to
businesses management believes will complement EVI’s existing
product and service offerings.
It is important to note that the nature and timing of laundry
equipment sales are occasionally impacted by delays related to
installation schedules.
Additionally, today EVI announced that Rob Lazar, who has served
as EVI’s Chief Accounting Officer and Vice President of Finance
since January 3, 2017, has been appointed to serve as EVI’s Chief
Financial Officer. Mr. Lazar succeeds Venerando Indelicato as EVI’s
Chief Financial Officer, who after decades of service to EVI,
retired from his positions as an officer and director of EVI on May
12, 2017.
Mr. Nahmad added: “On behalf of all our devoted employees, I
want to thank Venerando Indelicato for his longstanding dedication
and distinguished service to EVI and we wish him well in his
retirement.”
About EnviroStar, Inc.
EnviroStar, Inc. is a leading distributor of commercial laundry
and industrial boiler equipment, along with related parts and
supplies. Through its subsidiaries, EVI sells its products to over
7,500 customers across the United States, the Caribbean, and Latin
America, including providing related technical services through its
vast network of service technicians.
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 are subject to a
number of known and unknown risks and uncertainties that may cause
actual results, trends, performance or achievements of EVI, or
industry trends and results, to differ from the future results,
trends, performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among others, the risks related to EVI’s business, results
(including future revenues and earnings), financial condition,
market share, growth strategy and prospects, risks related to EVI’s
ability to successfully build its existing operations, risks
related to organic growth initiatives and their impact on EVI’s
financial condition and results of operations, risks associated
with the EVI’s buy-and-build growth strategy, including that EVI
may not be successful in identifying or consummating acquisitions
or other strategic opportunities, that the potential benefits of
acquisitions or other growth initiatives may not be realized when
or to the extent anticipated or at all, integration risks, risks
related to indebtedness incurred in connection acquisitions,
dilution experienced by EVI’s stockholders as a result of shares
issued in connection with acquisitions and the financing of
acquisitions, and risks related to the business, operations and
prospects of acquired companies, and other economic, competitive,
governmental, technological and other risks and factors, including
those discussed in the Company’s filings with the Securities and
Exchange Commission, including, without limitation, the Company’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2016.
Many of these risks and factors are beyond EVI’s control. In
addition, past performance and perceived trends may not be
indicative of future results. EVI 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. EVI does not undertake to, and specifically
disclaims any obligation to, update 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.
EnviroStar, Inc.
Summary Consolidated Results of
Operations
(In Thousands, Except per Share Data)
(Unaudited)
Nine Months Ended Three Months Ended March 31, March 31,
2017 2016 2017 2016 Revenues
$67,523 $27,623 $24,653 $12,760 Operating Income 4,340 2,100
1,499 1,241 Income before Income Taxes 4,228 2,102 1,437
1,242 Provision for Income Taxes 1,658 792 547
468 Net Income 2,570 1,310 890 774 Less:
distributed and undistributed income allocated to non-vested
restricted common stock 107 - 37 - Net Income
Allocated to EnviroStar Shareholders 2,463 1,310 853
774 Earnings per Share Basic $0.27 $0.19 $0.08 $0.11
Diluted $0.27 $0.19 $0.08 $0.11 Weighted Average Shares
Outstanding Basic 9,140 7,034 10,369 7,034 Diluted 9,172 7,034
10,465 7,034
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EnviroStar, Inc.Rob Lazar, 305-754-8676
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