Attached files
| file | filename |
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| 8-K - FORM 8-K - EVI INDUSTRIES, INC. | f8k02122010.htm |
Exhibit
99.1
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From:
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EnviroStar,
Inc.
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290
NE 68 Street
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Miami,
FL 33138
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Michael
Steiner (305) 754-4551
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Venerando
Indelicato (813)
814-0722
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FOR
RELEASE: Friday, February 12, 2010 at 12:30PM
EnviroStar,
Inc. (Formerly Named DRYCLEAN USA, Inc.) Announces Second Quarter
Results
Miami, FL
– February 12, 2010, – EnviroStar, Inc., formerly named DRYCLEAN USA, Inc. (NYSE
Amex: EVI), today reported revenues and earnings for the six and three month
periods ended December 31, 2009. For the first six months of fiscal
2010, revenues decreased by 24.8% to $9,749,931 from a record $12,964,465 for
the same period of fiscal 2009. Net earnings decreased by 65.4% to
$150,273 or $.02 per share compared to net earnings of $434,691 or $.06 per
share for the same period of fiscal 2009.
For the
second quarter of fiscal 2010, revenues decreased by 1.5% to $6,121,661 from
$6,213,648 in the comparable period of fiscal 2009. Net earnings for the period
decreased by 2.0% to $221,171 or $.03 per share compared to $225,690 or $.03 per
share for the second quarter of fiscal 2009.
Venerando
J. Indelicato, Chief Financial Officer of EnviroStar Inc., stated, “We are
pleased by the rebound of both, revenues and earnings in the second quarter
compared to the disappointing first quarter of fiscal 2010. However,
the economy is still affecting the Company’s operations as shipments outpaced
incoming orders.” Mr. Indelicato also indicated that the Company was financially
strong and well able to withstand temporary adverse conditions.
EnviroStar,
Inc. through its subsidiaries is one of the nation’s leading distributors of
industrial laundry, dry cleaning equipment and steam boilers. Its subsidiary,
DRYCLEAN USA License Corp, is one of the largest franchise and license
operations in the dry cleaning industry in the United States, the Caribbean and
Latin America.
This
press release contains certain information that is subject to a number of known
and unknown risks and uncertainties that may cause actual results and trends to
differ materially from those expressed or implied by the forward-looking
statements. Information concerning those factors are discussed in
Company reports filed with the Securities
and Exchange Commission.
4
EnviroStar,
Inc. and Subsidiaries
EnviroStar, Inc. and
Subsidiaries (NYSE Amex:EVI)
Summary Unaudited Consolidated Statements of
Income
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Six
months ended
December
31,
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Three
months ended
December
31,
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|||||||||||||||
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2009
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2008
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2009
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2008
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Revenues
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$ | 9,749,931 | $ | 12,964,465 | $ | 6,121,661 | $ | 6,213,648 | ||||||||
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Earnings
before income
taxes |
243,181 | 701,039 | 356,614 | 371,053 | ||||||||||||
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Provision
for income taxes
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92,908 | 266,348 | 135,443 | 145,363 | ||||||||||||
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Net
earnings
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$ | 150,273 | $ | 434,691 | $ | 221,171 | $ | 225,690 | ||||||||
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Basic
and diluted
earnings
per share
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$ | .02 | $ | .06 | $ | .03 | $ | .03 | ||||||||
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Weighted
average shares
outstanding:
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||||||||||||||||
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Basic
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7,033,732 | 7,033,875 | 7,033,732 | 7,033,875 | ||||||||||||
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Diluted
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7,033,732 | 7,033,875 | 7,033,732 | 7,033,875 | ||||||||||||
5