EnviroStar Inc., (formerly DRYCLEAN USA, Inc.) Announces Third Quarter Results

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MIAMI-- EnviroStar Inc. (NYSE Amex:EVI) today reported revenues and earnings for the nine and three month periods ended March 31, 2010.

For the nine month period of fiscal 2010, revenues were $13,844,574, a decrease of 23.6% from a record $18,127,294 for the same period of fiscal 2009. Net earnings were $216,372 or $.03 per share, a decrease of 58.2% from net earnings of $518,069 or $.07 per share for the same period of fiscal 2009.

For the third quarter of fiscal 2010, revenues were $4,094,643, a decrease of 20.7% from $5,162,829 in the comparable period of fiscal 2010. Net earnings for the period were $66,179 or $.01 per share, a decrease of 20.6% from $83,378 or $.01 per share for the third quarter of fiscal 2009.

Venerando J. Indelicato, Chief Financial Officer of EnviroStar Inc., stated, "Although laundry equipment orders are still well below prior year levels, mostly due to the economy, we are pleased that sales in all other product categories have stabilized and, in fact, increased during both the nine and three month periods of fiscal 2010." He further noted that third quarter results included substantial commission income. Mr. Indelicato also indicated that management expects the Company to end the year profitably despite the challenging conditions.

EnviroStar, Inc. through its subsidiaries is one of the nation's leading distributors of industrial laundry, dry cleaning machines 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. 


EnviroStar, Inc. and Subsidiaries (NYSE Amex:EVI)

Summary Unaudited Consolidated Statements of Income

                            Nine months ended           Three months ended

                            March 31,                   March 31,

                            2010          2009          2010         2009

Revenues                    $ 13,844,574  $ 18,127,294  $ 4,094,643  $ 5,162,829

Earnings before income        349,920       836,767       106,740      135,728
taxes

Provision for income taxes    133,548       318,698       40,561       52,350

Net earnings                $ 216,372     $ 518,069     $ 66,179     $ 83,378

Basic and diluted earnings  $ .03         $ .07         $ .01        $ .01
per share

Weighted average shares
outstanding:

Basic                         7,033,732     7,033,847     7,033,732    7,033,791

Diluted                       7,033,732     7,033,847     7,033,732    7,033,791






    Source: EnviroStar, Inc.

Released May 14, 2010