Miami, FL November 9, 2018
EnviroStar, Inc. (NYSE American: EVI) (EVI or the Company) reported record results for the first quarter of its fiscal year ending June 30, 2019. The record results reflect the Companys consistent execution of its buy-and-build growth strategy.
Q1 of Fiscal 2019 Highlights (compared to EVIs results for the first quarter of the fiscal year ended June 30, 2018):
– Revenue increased 65% to a record $43.4 million
– Gross margin dollars increased 58% to a record $9.7 million
– Gross margin, as a percentage of revenue, was lower by 1.0% due to product mix,
– Operating income increased 46% to a record $1.4 million
– Net income increased 41% to a record $0.8 million, and;
– Adjusted EBITDA increased 53% to a record $2.4 million.
The improvement in the Companys performance during the first quarter of fiscal 2019 compared to the first quarter of fiscal 2018 is due primarily to the results of Tri-State Technical Services, Inc. (Tri-State), which was acquired by EVI during the second quarter of fiscal 2018, and AAdvantage Laundry Systems, Inc. (AAdvantage) and Sky-Rent LP (Sky- Rent), which were acquired by EVI during the third quarter of fiscal 2018. In addition, as described in further detail below, EVI acquired two additional companies, Industrial Laundry Services, Inc. and Scott Equipment, Inc., during September 2018, and EVIs results for the first quarter of fiscal 2019 include less than a month of results of those companies. EVI also acquired Washington Automated, Inc. following the completion of the first quarter of fiscal 2019.The increases in revenue and gross margin dollars during the first quarter of fiscal 2019 were partially offset by increases in SG&A, which primarily reflect increases to corporate level expenses in connection with EVIs growth and in support of the execution …
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Source: US SEC
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