EVI Industries, Inc. Reports Strong Financial Results for Fiscal Year 2023
Net Income Surges to $9.7 Million, Revenue Hits $354.2 Million
EVI Industries, Inc. (EVI), a leading provider of comm ercial laundry, dry cleaning, and material handling equipment and services, has released its condensed consolidated results of operations for the twelve months ended June 30, 2023. The company continues to demonstrate its financial strength, reporting a net income of $9.7 million for the fiscal year, compared to $4.1 million for the same period last year. Additionally, the company achieved record revenues of $354.2 million, representing a substantial increase from the previous fiscal year's revenue of $267.3 million.
Net Income Soars
EVI Industries, Inc. has reported a significant increase in net income, with a robust performance for the twelve months ended June 30, 2023. The company's net income for this period amounted to $9.7 million, marking a substantial rise compared to the previous year's figure of $4.1 million. This impressive growth in net income underscores the company's ability to drive profitability and create value for its shareholders.
Revenue Reaches New Heights
EVI Industries, Inc. also achieved remarkable success in terms of revenue generation. The company's revenues for the twelve months ended June 30, 2023, stood at an impressive $354.2 million, up from $267.3 million for the same period last year. This revenue growth reflects the company's strong market position, strategic initiatives, and the increasing demand for its products and services.
Consolidated Balance Sheets
Asset Expansion
EVI Industries, Inc. reported total assets of $253.8 million as of June 30, 2023, compared to $230.8 million in the prior fiscal year. The company's current assets, including cash and cash equivalents, accounts receivable, and inventories, saw significant growth, highlighting its commitment to supporting its operations and investments.
Shareholders' Equity
The company's shareholders' equity reached $130.9 million as of June 30, 2023, compared to $117.7 million in the previous fiscal year. This increase is attributed to the company's positive financial performance and strategic decisions aimed at enhancing shareholder value.
Cash Flow Highlights
EVI Industries, Inc. maintained strong cash flow during the fiscal year, emphasizing its financial stability and growth prospects. The company reported net cash provided by operating activities of $940,000, reflecting its ability to efficiently manage its working capital. Moreover, EVI Industries, Inc. engaged in investing activities, including capital expenditures and acquisitions, and financing activities, such as borrowings and debt repayments, to further support its growth and expansion initiatives.
EVI Industries, Inc. remains committed to delivering strong financial results and creating value for its stakeholders. With a solid foundation, a track record of growth, and a dynamic market presence, the company is well-positioned for continued success in the years ahead.
