In a market again on the defensive, EVI Industries Inc. (EVI) stands out with a gain of 5.78% to $33.15. The commercial laundry equipment specialist recently announced that its acquisition of Taunton, MA’s Eastern Laundry Systems was completed on January 15, 2021.
Eastern Laundry Systems distributes commercial and vending laundry products and offers installation and maintenance service for these products.
This purchase is associated with EVI’s long-term development strategy, which involves purchasing and developing quality companies through the inclusion of highly skilled sales specialists who can boost profitability and long-term sustainability along with a wider product range and better deployment and service capability.
Henry M. Nahmad, Chairman and CEO of EVI, welcomed David Cabral and his Eastern Laundry Systems team upon becoming the part of EVI Family. Another important step in creating a world-class delivery and support business in the commercial laundry market is this 16th addition to our increasing network.
Through its comprehensive distribution organization, commercial, industrial, and promoted washing, dry cleaning and material handling machinery, steam and hot water boilers, water reuse and filtration devices, chemical supplies and associated spare parts and accessories, EVI Industries, through its wholly-owned subsidiaries, operates as a distributor generating revenue through sales, lease or rental operating.
In its most recent reported quarter, the company posted record revenues and significant debt reduction amid the adversaries of the business situation arises from the Covid. The organization reported a record revenue of $58 million for the fiscal first quarter of 2021, representing a 4.0 percent rise over the same duration of the preceding financial year and an increase of nearly 6 percent in consecutive quarters.
The Company had $14.6 million in net debt at September 30, 2020. That illustrated a net debt repayment of $3.3 million, or 18 percent, comparative to June 30, 2020. For the quarter ended September 30, 2020, the improvement of the company’s balance sheet was driven by $4.3 million of operating cash flow.