EVI Industries, Inc. Files Quarterly Report on Form 10-Q for Period Ended December 31, 2023

TL;DR

<b>EVI Industries, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial status and corporate information.</b>

AI Summary

EVI INDUSTRIES, INC. (EVI) filed a Quarterly Report (10-Q) with the SEC on February 9, 2024. EVI Industries, Inc. filed a Form 10-Q for the quarterly period ended December 31, 2023. The company is incorporated in Delaware and has its principal executive offices in Miami, Florida. EVI Industries, Inc. was formerly known as EnviroStar, Inc., DRYCLEAN USA INC, and METRO TEL CORP. The company's common stock is registered and traded on the NYSE American under the ticker symbol EVI. EVI Industries, Inc. has been subject to filing requirements for the past 90 days and has submitted electronically all required Interactive Data Files.

Why It Matters

For investors and stakeholders tracking EVI INDUSTRIES, INC., this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and operational updates for EVI Industries, Inc. for the specified quarter. As an accelerated filer and smaller reporting company, EVI Industries, Inc.'s disclosures are crucial for understanding its current financial health and compliance status.

Risk Assessment

Risk Level: low — EVI INDUSTRIES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure process.

Analyst Insight

Monitor future filings for specific financial performance metrics and operational changes reported by EVI Industries, Inc.

Key Numbers

• 20231231 — Period End Date (Quarterly report period)
• 20240209 — Filing Date (Date the report was filed)
• 001-14757 — Commission File Number (SEC file number for the registrant)
• $.025 — Par Value (Par value of common stock)

Key Players & Entities

• EVI INDUSTRIES, INC. (company) — Filer name
• EVI (company) — Trading Symbol
• 20231231 (date) — Period of report
• 20240209 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• Miami, FL (location) — Principal executive offices
• NYSE American (company) — Exchange where common stock is registered
• EnviroStar, Inc. (company) — Former company name

Forward-Looking Statements

• EVI Industries will continue to maintain its compliance with SEC reporting requirements in future filings. (EVI Industries, Inc.) — high confidence, target: June 30, 2024

FAQ

Key Dates

• 2023-12-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-02-09: Filing Date — Date EVI Industries, Inc. submitted the 10-Q to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (This filing provides the latest quarterly financial information for EVI Industries, Inc.)

Accelerated filer

An filer that meets certain requirements regarding public float, filing history, and market capitalization. (Indicates EVI Industries, Inc. meets specific SEC filing criteria, suggesting a certain level of financial maturity.)

Smaller reporting company

A company that meets certain criteria related to public float and annual revenues, allowing for scaled disclosure requirements. (EVI Industries, Inc.'s classification as a smaller reporting company affects the level of detail required in its SEC filings.)

Filing Documents

• evi-20231231.htm (10-Q) — 545KB
• ex31-01.htm (EX-31.01) — 7KB
• ex31-02.htm (EX-31.02) — 7KB
• ex32-01.htm (EX-32.01) — 4KB
• ex32-02.htm (EX-32.02) — 4KB
• 0001174947-24-000199.txt (&nbsp;) — 3495KB
• evi-20231231.xsd (EX-101.SCH) — 39KB
• evi-20231231_cal.xml (EX-101.CAL) — 33KB
• evi-20231231_def.xml (EX-101.DEF) — 161KB
• evi-20231231_lab.xml (EX-101.LAB) — 334KB
• evi-20231231_pre.xml (EX-101.PRE) — 160KB
• evi-20231231_htm.xml (XML) — 309KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations (Unaudited) for the six and three months ended December 31, 2023 and 2022 3 Condensed Consolidated Balance Sheets at December 31, 2023 (Unaudited) and June 30, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the six and three months ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2023 and 2022 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 6. Exhibits 31

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. EVI Industries, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) For the six months ended December 31, For the three months ended December 31, 2023 2022 2023 2022 Revenues $ 179,438 $ 166,066 $ 91,364 $ 82,638 Cost of sales 127,340 116,749 64,958 57,826 Gross profit 52,098 49,317 26,406 24,812 Selling, general and administrative expenses 46,530 41,290 23,455 21,168 Operating income 5,568 8,027 2,951 3,644 Interest expense, net 1,593 1,002 823 625 Income before income taxes 3,975 7,025 2,128 3,019 Provision for income taxes 1,352 1,954 787 795 Net income $ 2,623 $ 5,071 $ 1,341 $ 2,224 Net earnings per share – basic $ 0.18 $ 0.35 $ 0.09 $ 0.16 Net earnings per share – diluted $ 0.17 $ 0.35 $ 0.09 $ 0.15 See Notes to Condensed Consolidated Financial Statements 3 EVI Industries, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except as otherwise noted) ASSETS December 31, 2023 (Unaudited) June 30, 2023 Current assets Cash $ 4,264 $ 5,921 Accounts receivable, net of allowance for doubtful accounts of $ 1.8 million and $ 2.1 million, respectively 44,255 48,391 Inventories, net 56,172 59,167 Vendor deposits 1,729 2,291 Contract assets 3,569 1,181 Other current assets 6,882 8,547 Total current assets 116,871 125,498 Equipment and improvements, net 13,386 12,953 Operating lease assets 9,966 8,714 Intangible assets, net 23,075 24,128 Goodwill 74,156 73,388 Other assets 9,562 9,166 Total assets $ 247,016 $ 253,847 See Notes to Condensed Consolidated Financial Statements 4 EVI Industries, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except share and per share data) LIABILITIES AND SHAREHOLDERS' EQUITY December 31, 2023 (Unaudited) June 30, 2023 Current liabilitie

financial statements upon adoption

financial statements upon adoption. Note (4) – Acquisitions: On September 1, 2023, the Company completed the acquisition of ALVF, Inc. (dba ALCO Washer Center) ("ALCO"), a Pennsylvania based distributor of commercial laundry products and a provider of related technical installation and maintenance services to the on-premise and vended laundry segments of the commercial laundry industry. The consideration paid by the Company in connection with the acquisition consisted of $ 987,000 in cash and 8,621 shares of the Company's common stock, with an acquisition date fair value of approximately $ 229,000 . Fees and expenses related to the acquisition, consisting primarily of legal and other professional fees, were not material and are classified as selling, general and administrative expenses in the Company's consolidated statement of operations for the six months ended December 31, 2023. The acquisition was treated for accounting purposes as a purchase of ALCO using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations ("ASC 805"), pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to goodwill. The Company allocated $ 793,000 to goodwill, which is expected to be amortized and deductible for tax purposes over 15 years. Goodwill is attributable primarily to the assembled workforce, as well as the expected benefits from the increased scale of the Company as a result of the acquisition. The financial position, including assets and liabilities, of ALCO is included in the Company's unaudited condensed consolidated balance sheet as of December 31, 2023 and the results of operations of ALCO since the September 1, 2023 closing date are included in the Compan

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