Page 1

May 10 , 2021 evi INDUSTRIES EVI Industries Reports 43 % Increase in Adjusted EBITDA and Sets Revenue , Gross Profit , and Adjusted EBITDA Records MIAMI -- ( BUSINESS WIRE ) -- EVI Industries , Inc. ( NYSE American : EVI ) reported record fiscal third quarter operating results , establishing new fiscal third quarter records for revenue , gross profit , and adjusted EBITDA . Click here for a pre - recorded earnings conference call https://ir.evi-ind.com/message-from-the-ceo . Highlights to EVI's Financial Results Three - Month Results ■ Revenue increased 6 % to a record $ 62 million , ■ Gross profit increased 14 % to a record $ 15.8 million , Gross margin increased 180 basis points to 25 % , ■ Gross margin , net of longer - term contracts , increased from 24 % to 25 % , Net income increased 53 % to $ 0.6 million , including a bargain purchase gain , and Adjusted EBITDA increased 43 % from $ 2.1 million to a record $ 3.0 million , or approximately 5 % of revenue . Nine - Month Results Revenue decreased 2 % to $ 177 million , Gross profit increased 4 % to a record $ 43.5 million , ■ Gross margin increased 150 basis points to 24 % , Gross margin , net of longer - term contracts , increased from 24 % to 26 % , Net income increased 93 % from $ 0.8 million to $ 1.6 million , including a bargain purchase gain , and Adjusted EBITDA increased 13 % from $ 6.9 million to $ 7.7 million , and Henry M. Nahmad , EVI's Chairman and CEO commented : " EVI is a long - term growth focused company . Just over four years ago , our business was comprised of one distributor with a single facility in Miami , Florida , $ 30 million in annual revenue , and 32 employees . Today , our operations include seventeen businesses operating from a total of 25 distribution locations 14 states , with significantly higher revenue , and over 500 employees . We have allocated over $ 120 million of capital in