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EVI INDUSTRIES, INC. [EVI], a leading provider of laundry and dry cleaning products and services, has released its financial report for the fiscal year ended June 30, 2023. The company reported a net income of $9.7 million, showcasing a substantial growth compared to $4.1 million in the previous year. The annual revenue for the year also witnessed a significant increase, reaching $354.2 million.
The company's strong financial performance is highlighted by its gross profit of $103.7 million, which shows a growth of 40% compared to the previous year. Despite a rise in cost of sales to $250.5 million, the company managed to maintain a healthy gross profit margin. Operating income for the year stood at $16.5 million, reflecting a commendable improvement compared to $6.4 million in the previous year's report.
EVI INDUSTRIES, INC. experienced remarkable revenue growth during the fiscal year, with a 32% increase compared to the previous year. This growth can be attributed to the company's strategic focus on expanding its customer base and enhancing its product offerings. The company's efforts to increase its market share have resulted in a substantial boost in revenue across all its business segments.
With a total of $253.8 million in assets, EVI INDUSTRIES, INC. showcases a solid financial stability. The company's current assets, including cash and cash equivalents, accounts receivable, inventories, and other current assets, amount to $125.5 million. The company also holds a significant amount of long-term assets, including equipment and improvements, operating lease assets, intangible assets, and goodwill.
Earnings per share for the fiscal year 2023 stood at $0.68 on a basic level and $0.67 on a diluted level. This reflects an impressive growth compared to $0.30 and $0.29 in the previous year, respectively. The increase in earnings per share indicates the company's successful profitability and value creation for its shareholders.
Looking ahead, EVI INDUSTRIES, INC. aims to continue its growth trajectory by capitalizing on market opportunities and expanding its customer base. The company plans to invest in new technologies and innovative solutions to drive operational efficiency and improve customer satisfaction. By focusing on strategic acquisitions and organic growth, EVI INDUSTRIES, INC. aims to strengthen its position as a market leader in the laundry and dry cleaning industry.
In conclusion, EVI INDUSTRIES, INC. has achieved remarkable financial performance in the fiscal year 2023, reporting a net income of $9.7 million and annual revenue of $354.2 million. The company's strong profitability, notable earnings per share growth, and solid financial stability position it for continued success in the future.