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
May 11, 2016
(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 May 11, 2016, EnviroStar, Inc. issued a press release announcing its financial results for the three and nine months ended March 31, 2016. 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 May 11, 2016 |
2
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.
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Dated: May 11, 2016 | By: | /s/ Venerando J. Indelicato | |
Venerando J. Indelicato | |||
Chief Financial Officer | |||
EXHIBIT INDEX
Exhibit | Description |
99.1 | Press Release dated May 11, 2016 |
Exhibit 99.1
From: | EnviroStar, Inc. |
290 NE 68 Street | |
Miami, FL 33138 | |
Henry M. Nahmad (305) 754-4551 | |
Venerando Indelicato (813) 814-0722 |
FOR RELEASE: at 4:30 PM, Wednesday, May 11, 2016
EnviroStar, Inc. Announces Third Quarter Results
Miami, FL – May 11, 2016 – EnviroStar, Inc. (NYSE MKT: EVI) today reported revenues and earnings for the nine and three-month periods ended March 31, 2016.
For the first nine months of fiscal 2016, revenues increased by 20.1% to approximately $27.6 million from approximately $23.0 million for the same period of fiscal 2015. For the first nine months of fiscal 2016, EnviroStar generated net earnings of approximately $1.3 million, or $0.19 per share, compared to net earnings of approximately $1.4 million, or $0.20 per share, for the same period of fiscal 2015.
For the third quarter of fiscal 2016, revenues increased by 82.6% to approximately $12.8 million from approximately $7.0 million in the comparable period of fiscal 2015. Net earnings for the third quarter of fiscal 2016 were approximately $774,000, or $0.11 per share, compared to net earnings of approximately $432,000, or $0.06 per share, for the third quarter of fiscal 2015.
Henry M. Nahmad, Chairman and Chief Executive Officer of EnviroStar, stated,
“Shipments from our record backlog resulted in increases to revenue and net earnings during the third quarter of fiscal 2016. As such, we are pleased with the performance of our Company through the third quarter of fiscal 2016, which is in line with historical performance. In addition to our efforts to build existing operations, we remain focused on adding businesses to the EnviroStar family.”
EnviroStar, Inc., through its subsidiaries, is one of the nation’s leading distributors of laundry and dry cleaning products, and industrial boilers.
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 EnviroStar, 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, risks related to EnviroStar’s results for fiscal 2016, including compared to historical results, that EnviroStar may not be successful in its efforts to build existing operations, and risks related to EnviroStar’s pursuit of acquisition opportunities and other strategic transactions, including risks related to EnviroStar’s ability to identify and consummate acquisitions or other strategic transactions and the risk that any acquisitions which are consummated may not positively impact EnviroStar’s business, operating results and/or financial condition. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EnviroStar’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended June 30, 2015. Many of these risks and factors are beyond EnviroStar’s control. In addition, past performance and perceived trends may not be indicative of future results. EnviroStar cautions that the foregoing factors are not exclusive.
EnviroStar, Inc. and Subsidiaries (NYSE MKT: EVI)
Summary Unaudited Consolidated Statements of Income
Nine months ended | Three months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | $ | 27,622,654 | $ | 22,998,307 | $ | 12,759,553 | $ | 6,989,468 | ||||||||
Earnings before income | ||||||||||||||||
taxes | 2,102,225 | 2,214,813 | 1,241,318 | 692,862 | ||||||||||||
Provision for income taxes | 792,267 | 834,479 | 467,565 | 260,901 | ||||||||||||
Net earnings | $ | 1,309,958 | $ | 1,380,334 | $ | 773,753 | $ | 431,961 | ||||||||
Basic and diluted | ||||||||||||||||
earnings per share | $ | .19 | $ | .20 | $ | .11 | $ | .06 | ||||||||
Weighted average shares | ||||||||||||||||
outstanding: | ||||||||||||||||
Basic and diluted | 7,033,732 | 7,033,732 | 7,033,732 | 7,033,732 |