Laundry equipment distributer, EnviroStar, Inc. (EVI), Monday announced a lower profit for its full year, as the rise in revenues was more than offset by an increase in expenses that surged due to reorganization of the sales and support staff.
Net income for the second quarter was $511,789 or $0.07 per share, down from $603,773 or $0.09 per share in the prior year.
During the quarter, the company's net revenues rose to $22.46 million, up 5.3% from $21.33 million in the year ago period.
Shares of EnviroStar are currently trading at $1.40, down 3 cents or 2.24% on the NYSE.
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