Fri, Sep 13, 7:36 PM (99 days ago)
EVI Industries, Inc.'s 10-K/A amendment for the fiscal year ending June 30, 2024, primarily corrects a typographical error in the date of the Independent Registered Public Accounting Firm's report. No financial data or operational changes were made in this amendment. For FY 2024, EVI reported a slight revenue decrease of less than 1% to approximately $353.6 million, attributed to product delivery delays and the completion of significant contracts in FY 2023. Net income fell 42% to $5.6 million, primarily due to increased operating expenses, which rose 7% to $93.6 million, driven by costs related to acquired businesses and higher salaries. The operating income was $11.6 million, down from $16.5 million in FY 2023. The company’s total assets decreased from $253.8 million to $230.7 million, while total liabilities fell from $122.9 million to $94.1 million, indicating improved financial condition. EVI continues to pursue its "buy-and-build" strategy, acquiring several businesses to enhance market position, with significant acquisitions completed in both FY 2023 and FY 2024. The company declared special cash dividends totaling approximately $4.1 million in FY 2024. Future risks include supply chain disruptions, labor shortages, and inflationary pressures impacting costs and pricing strategies.