Core Insights - EVI Industries, Inc. reported record financial results for the first fiscal quarter ending September 30, 2024, with net earnings per share increasing to 21 cents from 9 cents year-over-year, and revenues rising 6% to 28.9 million, up 12% from the previous year, with gross margin improving to 30.8% from 29.2% [3] - Operating income surged 92% to 3.2 million, representing 3.5% of revenue compared to 1.5% the previous year [3] - Adjusted EBITDA also set a record at 6 million [3] Business Metrics - EVI secured new customer contracts exceeding the volume of fulfilled orders, indicating strong demand and potential future revenue streams [5] - The company achieved notable gains in gross and operating margins due to operational efficiencies [5] Management Commentary - CEO Henry M. Nahmad attributed the record performance to the workforce and emphasized the company's strategic focus on acquisition-driven expansion, operational efficiencies, and technological investments [6] Factors Influencing Performance - EVI's performance was supported by steady order fulfillment, strategic investments in operational efficiencies, and enhancements to technology infrastructure [7] - The focus on advanced field service technology and enterprise resource planning contributed to improved operational metrics [7] Financial Position - Cash flow from operating activities decreased to 1.5 million a year earlier, primarily due to working capital changes [8] - Net debt increased from 15.5 million, largely due to acquisition-related expenses [8] Other Developments - EVI completed the acquisition of Laundry Pro of Florida and expanded further with the acquisition of O'Dell Equipment and Supply [8] - The company declared a special cash dividend of 31 cents per share, the largest in its history, reinforcing its commitment to shareholder returns [8]
EVI Industries' Q1 Earnings Up Y/Y on Tech Upgrades, Shares Down 10%