UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
_________________________________
Date of Report
November 13, 2015
(Date of earliest event reported)
EnviroStar, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware (State or other jurisdiction of incorporation or organization) |
001-14757 (Commission File Number) |
11-2014231 (IRS Employer Identification No.)
| ||
|
290 N.E. 68 Street Miami, Florida (Address of principal executive offices) |
33138 (Zip Code) |
(305) 754-4551
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 2.02 | Results of Operations and Financial Condition. |
On November 13, 2015, EnviroStar, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibit 99.1 - Press Release dated November 13, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENVIROSTAR, INC. | ||
| Dated: November 13, 2015 | By: | /s/ Venerando J. Indelicato |
| Venerando J. Indelicato | ||
| Chief Financial Officer | ||
EXHIBIT INDEX
| Exhibit | Description |
| 99.1 | Press Release dated November 13, 2015 |
| From: | EnviroStar, Inc. |
290 NE 68 Street
Miami, FL 33138
Henry M. Nahmad (305) 754-4551
Venerando Indelicato (813) 814-0722
FOR RELEASE: at 9:00AM, Friday, November 13, 2015
EnviroStar, Inc. Reports First Quarter Results
Company Announces Record Backlog and Special Dividend
Miami, FL – November 13, 2015 – EnviroStar, Inc. (NYSE MKT: EVI) today reported revenue and earnings for the three-month period ended September 30, 2015.
Revenue for the first three months of fiscal 2016 decreased by 31.3% to $6,237,200 from $9,083,694 for the same period of fiscal 2015. Net earnings for the first three months of fiscal 2016 decreased by 66.2% to $157,032, or $.02 per share, compared to net earnings of $463,961, or $.07 per share, for the same period of fiscal 2015. A significant contributor to the decline in revenue and earnings was a customer’s construction setback, which caused a delay in the shipment of the customer’s large order. The customer’s order, however, was shipped in October 2015 and, accordingly, will contribute to our results for the second quarter of fiscal 2016.
The Company also announced that the Board of Directors declared a $.20 per share special dividend, payable on December 18, 2015 to stockholders of record on December 4, 2015.
Henry M. Nahmad, Chairman and Chief Executive Officer of EnviroStar stated, “Due to the nature of our business, operating performance for interim periods is not necessarily indicative of expected performance for a full fiscal year. While revenue and earnings were lower during the first quarter of fiscal 2016, the value of new incoming orders increased significantly, resulting in a record backlog scheduled for shipment during fiscal 2016. Additionally, we are continuing our pursuit of acquisition opportunities and other strategic transactions through the execution of our buy-and-build strategy, which we believe will lead to growth in revenue and profitability over the long term.”
About EnviroStar, Inc.
EnviroStar, Inc., through its subsidiaries, is one of the nation’s leading distributors of commercial and industrial laundry and dry cleaning equipment and steam boilers.
| EnviroStar, Inc. | ||||||||
| EnviroStar, Inc. (NYSE MKT: EVI) | ||||||||
| Three months ended September 30, | ||||||||
| 2015 | 2014 | |||||||
| Revenues | $ | 6,237,200 | $ | 9,083,694 | ||||
| Earnings before income taxes | 252,423 | 744,056 | ||||||
| Provision for income taxes | 95,391 | 280,095 | ||||||
| Net earnings | $ | 157,032 | $ | 463,961 | ||||
| Basic and diluted earnings per share | $ | 0.02 | $ | 0.07 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic and diluted | 7,033,732 | 7,033,732 | ||||||
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of the Company, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, those related to the Company’s backlog, the Company’s pursuit of acquisition opportunities and other strategic transactions, and the impact that each of them may have on the business, operating results and financial condition of the Company. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in the Company’s filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended June 30, 2015. Many of these risks and factors are beyond the Company’s control. In addition, past performance and perceived trends may not be indicative of future results. The Company cautions that the foregoing factors are not exclusive.