Thu, Sep 12, 9:08 PM (100 days ago)
EVI Industries, Inc. reported a slight revenue decrease of less than 1% for fiscal 2024, totaling $353,563,000, attributed to timing issues in product delivery and significant prior-year industrial contracts. Net income dropped 42% to $5,646,000, primarily due to increased selling, general, and administrative expenses, which rose to 26.5% of revenues. The company executed several acquisitions as part of its "buy-and-build" strategy, including ALVF, Inc. and Signature Services Corporation, contributing to future growth. Total assets decreased from $253,847,000 in 2023 to $230,659,000 in 2024, while total liabilities fell significantly from $122,891,000 to $94,053,000, largely due to a reduction in debt. The company's cash position decreased to $4,558,000, impacted by debt repayments and acquisition costs. A special dividend of $0.31 per share was declared for October 2024, following a prior dividend of $0.28. The company remains focused on its growth strategy amid competitive market conditions and potential economic uncertainties.