DALLAS, TX / ACCESSWIRE / March 24, 2020 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company") today announced its financial results for the year ended December 31, 2019, which included $82.0 million in revenues; $2,780,713 net income; and $0.10 earnings per diluted share.
Financial Highlights for Fiscal 2019
- Total Revenue increased $28.0 million to $82.0 million, up 52% year over year.
- Gross Income increased to $16.3 million from $9.7 million, year over year.
- Net Profit more than quadrupled to $2.8 million.
Management Commentary
"We delivered another year of solid profits to Envela's bottom line in 2019. We're delighted with the momentum that we built throughout the Company in this record-breaking fiscal year," said John Loftus, Envela's Chairman and CEO. "And we believe that our disciplined expense management and ongoing investment in our subsidiaries provide a strong foundation for continued growth," added Loftus.
About Envela
Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include one of the nation's premier authenticated recommerce retailers of luxury hard assets; end-of-life asset recycling; data destruction and IT asset management; and providers of products, services and solutions to industrial and commercial companies.
Envela operates primarily via two business segments. Through DGSE, LLC, the Company will operate its Dallas Gold and Silver Exchange, Charleston Gold & Diamond Exchange, and Bullion Express brands. Under ECHG, LLC, it will operate Echo Environmental, ITAD USA and Teladvance. Envela is a Nevada corporation, headquartered in Dallas, Texas.
Additional information about Envela is available at its investor-relations site, Envela.com.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding the Company's potential future growth, and success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
David Vadala
Head of Investor Relations
Envela Corporation
13022 Preston Rd Dallas, TX 75240
972.587.4030
SOURCE: Envela Corporation
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