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EVI Industries, Inc. reports news on its commercial laundry distribution and service business in North America. The company sells, leases, installs, maintains and repairs commercial laundry equipment used in washing, drying, finishing, material handling, water heating, power generation and water reuse applications.
Recurring updates cover operating results, its buy-and-build acquisition strategy, completed acquisitions such as Belenky and ASN Laundry Group, technology and operating-system investments, OEM representation, balance-sheet and dividend actions, and investor conference participation. News also describes how acquired distributors continue to operate within EVI’s commercial laundry service network.
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EVI Industries, Inc. (NYSE American: EVI) announced that its Chairman and CEO, Henry M. Nahmad, will participate in the Sidoti March Small-Cap Virtual Conference on March 22 and 23, 2023. The company has executed a buy-and-build strategy, acquiring 23 commercial laundry distributors over seven years. EVI operates from over 30 locations across 19 states, exporting to Latin America and the Caribbean. The company offers a range of services including planning, design, and maintenance for commercial laundry operations. EVI emphasizes long-term growth and shareholder value creation.
EVI Industries announced record results for the three and six months ended December 31, 2022, driven by a robust buy-and-build growth strategy. Comparatively, revenue soared 36% to $82.6 million in Q2, with net income surging 321% to $2.2 million. Over six months, revenue reached $166.1 million, a 33% increase, while diluted EPS rose to $0.35. The acquisition of Wholesale Commercial Laundry Equipment SE bolstered geographical presence and customer base. Despite a slight increase in net debt to $32.5 million, EVI maintains a strong financial position, positioning itself for continued growth and enhanced operational efficiencies.