DALLAS, TX / ACCESSWIRE / May 3, 2023 / Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), today reported financial results for its first quarter ended March 31, 2023. The Company posted record revenue for the March quarter of $48.4 million, and quarterly earnings per diluted share of $0.09.
Management Commentary
"We are thrilled to report our results for the first quarter, which exceeded expectations and set new records for our company," said John Loftus, Envela's Chairman and CEO. "This strong performance reflects the hard work and dedication of our team, as well as our focus on delivering value to our customers and shareholders. We are excited about the opportunities that lie ahead and look forward to continuing to grow and evolve as a company. Soon we will be opening retail locations in Phoenix, as we add the first for four new locations this year, that will allow us to expand our regional presence into a national footprint over the next few quarters."
"We are very pleased with our results which delivered record first quarter revenues and EBITDA, driven by a better mix of resale and recycling within the commercial segment, which may normalize in the second quarter of 2023 along with a reduction of SG&A expenses," said Bret Pedersen, Envela's CFO. "First Quarter 2023 EPS of $0.09 compares to $0.10 for 2022, which included a $0.02 tax benefit last year, as The Company inflects to paying cash taxes going forward."
About Envela
Envela is the North American re-commerce leader, enabling a better world through the circular economy. It empowers buyers and sellers to extend the useful lives of specialty and durable goods; and seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (direct-to-consumer portfolio) operates retail stores and online sites offering premium brands and luxury hard assets. ECHG (commercial-services portfolio) offers custom re-commerce solutions to meet the needs of diverse clients, including Fortune 500 companies.
At Envela, we Reuse, Recycle, and Reimagine. To learn more, visit Envela.com and follow our social media channels on Twitter, Instagram, Facebook, and LinkedIn.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding acquisitions, financial outlook, and the potential future 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:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com
Envela Corporation
Condensed Consolidated Statements of Operations
These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on May 3, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.
Envela Corporation
Condensed Consolidated Balance Sheets
These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on May 3, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.
Envela Corporation
Condensed Consolidated Statement of Cash Flows
These financials are to be viewed with Form 10-Q and accompanying notes filed with the Securities and Exchange Commission on May 3, 2023. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.
SOURCE: Envela Corporation
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