EVI Industries, Inc. Files Quarterly Report on Form 10-Q

TL;DR

<b>EVI Industries, Inc. has filed its quarterly report for the period ending March 31, 2024, confirming its compliance with SEC filing requirements.</b>

AI Summary

EVI INDUSTRIES, INC. (EVI) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. EVI Industries, Inc. filed a Form 10-Q for the quarterly period ended March 31, 2024. The company is registered in Delaware with IRS number 112014231. Its principal executive offices are located at 4500 Biscayne Blvd., Suite 340, Miami, FL 33137. EVI Industries, Inc. has common stock registered under the trading symbol EVI on NYSE American. The company has been subject to filing requirements for the past 90 days and has submitted all required reports for the preceding 12 months.

Why It Matters

For investors and stakeholders tracking EVI INDUSTRIES, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the most recent quarter. Investors and analysts can use this report to assess the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — EVI INDUSTRIES, INC. shows low risk based on this filing. The filing is a routine quarterly report and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for financial performance trends and strategic updates from EVI Industries, Inc.

Key Numbers

• 001-14757 — Commission file number (EVI Industries, Inc.)
• 20240331 — Quarterly period ended (Form 10-Q)
• 20240509 — Filed as of date (Form 10-Q)

Key Players & Entities

• EVI INDUSTRIES, INC. (company) — Filer name
• 0000065312 (company) — Central Index Key
• Delaware (company) — State of incorporation
• 11-2014231 (company) — IRS Number
• 4500 Biscayne Boulevard, Suite 340, Miami, FL 33137 (company) — Business address
• EVI (company) — Trading Symbol
• NYSE American (company) — Exchange
• 20240331 (date) — Quarterly period ended

FAQ

Industry Context

EVI Industries, Inc. operates within the services sector, specifically personal services, as indicated by its SIC code 7200.

Regulatory Implications

The filing is a standard quarterly report (Form 10-Q) required by the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze revenue, expenses, and cash flow for the quarter ended March 31, 2024.
3. Compare current quarter performance to previous periods and industry benchmarks.

Year-Over-Year Comparison

This is the Form 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing is not detailed in this header information.

Filing Documents

• evi-20240331.htm (10-Q) — 539KB
• ex31-01.htm (EX-31.01) — 9KB
• ex31-02.htm (EX-31.02) — 9KB
• ex32-01.htm (EX-32.01) — 4KB
• ex32-02.htm (EX-32.02) — 4KB
• 0001174947-24-000726.txt (&nbsp;) — 3547KB
• evi-20240331_cal.xml (EX-101.CAL) — 39KB
• evi-20240331_def.xml (EX-101.DEF) — 163KB
• evi-20240331_lab.xml (EX-101.LAB) — 330KB
• evi-20240331_pre.xml (EX-101.PRE) — 161KB
• evi-20240331.xsd (EX-101.SCH) — 38KB
• evi-20240331_htm.xml (XML) — 307KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations (Unaudited) for the nine and three months ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and June 30, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the nine and three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended March 31, 2024 and 2023 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 5. Other Information 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 nine months ended March 31, For the three months ended March 31, 2024 2023 2024 2023 Revenues $ 263,417 $ 260,132 $ 83,979 $ 94,066 Cost of sales 185,533 184,237 58,193 67,488 Gross profit 77,884 75,895 25,786 26,578 Selling, general and administrative expenses 69,908 63,403 23,378 22,113 Operating income 7,976 12,492 2,408 4,465 Interest expense, net 2,268 1,719 675 717 Income before income taxes 5,708 10,773 1,733 3,748 Provision for income taxes 2,129 2,952 777 998 Net income $ 3,579 $ 7,821 $ 956 $ 2,750 Net earnings per share – basic $ 0.25 $ 0.55 $ 0.07 $ 0.19 Net earnings per share – diluted $ 0.24 $ 0.54 $ 0.06 $ 0.19 See Notes to Condensed Consolidated Financial Statements 3 EVI Industries, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except as otherwise noted) ASSETS March 31, 2024 (Unaudited) June 30, 2023 Current assets Cash $ 3,304 $ 5,921 Accounts receivable, net of allowance for doubtful accounts of $ 2.0 million and $ 2.1 million, respectively 44,848 48,391 Inventories, net 52,870 59,167 Vendor deposits 2,186 2,291 Contract assets 998 1,181 Other current assets 6,228 8,547 Total current assets 110,434 125,498 Equipment and improvements, net 13,699 12,953 Operating lease assets 8,886 8,714 Intangible assets, net 22,548 24,128 Goodwill 74,156 73,388 Other assets 9,586 9,166 Total assets $ 239,309 $ 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 March 31, 2024 (Unaudited) June 30, 2023 Current liabilities Accounts pa

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