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EVI Stock Price Correlated With Envirostar Financials
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Income Statement
Cash Flow
Balance Sheet
EVI Income Statement
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EVI Cash Flow
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EVI Balance Sheet
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COMPANY PROFILE
1. Summary of Significant Accounting Policies Nature of Business EnviroStar, Inc. and its subsidiaries (collectively, the Company) sell commercial and industrial laundry and dry cleaning equipment, steam and hot water boilers manufactured by other, as well as replacement parts and accessories and provides maintenance services. The Company also sells individual and area franchises under the DRYCLEAN USA name and develops new turn-key dry cleaning establishments for resale to third parties. The Company primarily sells to customers located in the United States, the Caribbean and Latin America. Principles of Consolidation The accompanying consolidated financial statements include the accounts of EnviroStar, Inc. and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition Products are generally shipped Free
on Board (FOB) from the Companys warehouse or drop shipped from the Companys Vendor FOB, at which time
risk of loss and title passes to the purchaser. Revenue is recognized when there is persuasive evidence of the arrangement, shipment
or delivery has occurred, the price is fixed and determinable and collectability is reasonably assured. In some cases, the Company
collects non-income related taxes, including sales and use tax, from its customers and remits those taxes to governmental authorities.
The Company presents revenues net of these taxes. Shipping, delivery and handling fee income of approximately $1,028,000 and $867,000
for the years ended June 30, 2013 and 2012, respectively, are included in revenues in the consolidated financial statements. Shipping,
delivery and handling costs are included in cost of sales. Individual franchise arrangements include
a license and provide for payment of initial fees, as well as continuing royalties. Initial franchise fees are generally recorded
upon the opening of the franchised store, which is evidenced by a certificate from the franchisee, indicating that the store has
opened, and collectability is reasonably assured. Continuing royalties represent regular contractual payments received for the
use of the DRYCLEAN USA marks, which are recognized as revenue when earned, generally on a straight line basis. Royalty
fees recognized during the years ended June 30, 2013 and 2012 were approximately $192,000 and $210,000, respectively. Commissions and development fees are
recorded when earned, generally when the services are performed or the transaction is closed. Accounts and Trade Notes Receivable Accounts and trade notes receivable are customer obligations due under normal trade terms. The Company sells its products primarily to independent and franchise dry cleaning stores and chains, laundry plants, hotels, motels, cruise lines, hospitals, nursing homes, government institutions and distributors. The Company performs continuing credit evaluations of its customers financial condition and, depending on the terms of credit, the amount of the credit granted and managements history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Senior management reviews accounts and trade notes receivable on a regular basis to determine if any amounts will potentially be uncollectible. The Company includes any balances that are determined to be uncollectible, along with a general reserve, in its overall allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off. The Companys allowance for doubtful accounts was $155,000 at June 30, 2013 and 2012, respectively. However, actual write-offs might vary from the recorded allowance. Leases and Mortgages Receivable The Company sells products to certain customers under lease and mortgage arrangements for terms typically ranging
Free historical financial statements for Evi Industries Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 50 quarters since 2011. Compare with EVI stock chart to see long term trends.
Data imported from Evi Industries Inc SEC filings. Check original filings before making any investment decision.