Thu Sep 12 20:56:00 UTC 2024: ## EVI Industries Reports Record Revenue and Profits, Strengthens Balance Sheet with Acquisitions and Investments

**Miami, FL – September 12, 2024** – EVI Industries, Inc. (EVI) announced strong financial results for the fiscal year ended June 30, 2024, highlighted by record gross profit, gross margin, and operating cash flow. Despite a flat revenue performance compared to the previous year, EVI achieved a compounded annual organic revenue growth rate of 8.0% over the past three years.

The company attributed its positive performance to a strategic long-term growth plan, a strong demand for its essential laundry products and services, and continued investments in its sales, service, and technology teams. EVI also executed three strategic acquisitions during the fiscal year, further solidifying its position as a leader in the highly fragmented North American commercial laundry distribution and service industry.

**Key Highlights:**

* **Record Gross Profit and Margin:** Fiscal 2024 saw a record gross profit of $105 million and gross margin of 30%, driven by a shift towards higher-margin parts and services and the success of EVI’s solution-selling approach.
* **Strong Organic Growth:** EVI achieved an 8.0% compounded annual organic revenue growth rate over the past three years, demonstrating sustained growth in its core business.
* **Record Cash Flow:** The company generated a record $33 million in operating cash flow during fiscal 2024, a significant increase from the previous year, driven by profitability and efficient working capital management.
* **Strategic Acquisitions:** EVI completed the acquisition of two commercial laundry distributors and service providers and one additional acquisition post-fiscal year end, expanding its geographic reach and customer base.
* **Increased Investments:** The company increased its sales team by 6% and its service team by 5%, investing in personnel and technology to enhance efficiency and customer satisfaction.
* **Special Cash Dividend:** EVI’s strong financial position enabled the company to declare a special cash dividend of $0.31 per share, a 10% increase over the previous year.

**Looking Ahead:**

EVI remains confident in its future prospects, citing a strong backlog of customer orders, a robust acquisition pipeline, and its commitment to technological advancements as key drivers of growth. The company believes its comprehensive technology initiative will further enhance its operational efficiency, customer service, and market reach.

**Henry M. Nahmad, Chairman and CEO of EVI, commented:** “We are a long-term focused company with ambitious growth plans. Our confidence is derived from early successes, financial strength, reputation, promising technologies, and a dedicated leadership team.”

EVI Industries, Inc. is a leading distributor and provider of technical services for the North American commercial laundry industry. The company’s mission is to provide its customers with innovative solutions and expert support to optimize their laundry operations.

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