ACCESS Newswire
12 May 2022, 01:43 GMT+10
Quarterly Net Income Up 32% Year-over-Year to $2.65 Million
DALLAS, TX / ACCESSWIRE / May 11, 2022 / Envela Corporation (NYSE American:ELA) ('Envela' or the 'Company'), the North American re-commerce leader, today reported financial results for its first quarter ended March 31, 2022.
Management Commentary
'The Company's robust first-quarter performance affirms our strategic decision to expand and diversify within the re-commerce space. The momentum we saw throughout 2021 continued to build in the first quarter of 2022, with both revenue and bottom line exceeding our expectations,' said John Loftus, Chairman and CEO of Envela. 'Against this backdrop, we plan to proceed with our proven approach-investing in our businesses and employees to build sustainable long-term value.'
First Quarter 2021 Financial Results
Total revenue for the first quarter of 2022 was $47.4 million compared to $25.5 million in the same year-ago period.
Revenue related to continuing operations of the Company's DGSE subsidiary for the first quarter of 2021 was $35.8 million (75.5% of total revenue), compared to $18.9 million in the same year-ago period. DGSE's resale revenue, including bullion, jewelry, watches, and rare coins, was $33.7 million (94% of DGSE total sales), compared to $17.3 million (92% of DGSE total sales) in the same year-ago period. DGSE's recycled-material sales were $2.1 million (6% of DGSE total sales), compared to $1.6 million (8% of DGSE total sales) in the same year-ago period.
Revenue related to the Company's ECHG subsidiary for the first quarter of 2021 was $11.6 million (24.5% of total revenue), compared to $6.6 million in the same year-ago period. ECHG's resale revenue was $9.6 million (82% of ECHG total sales), compared to $4.7 million (72% of ECHG total sales) in the same year-ago period. ECHG's recycled-material sales were $2.1 million (18% of ECHG total sales), compared to $1.9 million (28% of ECHG total sales) in the same year-ago period.
Consolidated gross profit for the first quarter of 2022 was $9.7 million, compared to $6.3 million in the same year-ago period.
Net income for the first quarter of 2022 was $2.65 million, or $0.10 per basic and diluted share, compared to $2.0 million, or $0.07 per basic and diluted share, in the same year-ago period.
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 to seizes 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 (Envela's B2C portfolio) operates retail stores and online sites offering luxury hard assets and precious metals, including gold, silver, and diamonds. ECHG (Envela's B2B portfolio) re-commercializes consumer electronics and IT equipment, and also provides end-of-life recycling services for products in a variety of industries. Envela conducts its re-commerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores, and online. Holdings in all of Envela's business units have recognized multiple years of growth.
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 acquisitions, 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
[email protected]
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 11, 2022. 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 11, 2022. 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 11, 2022. The accompanying notes to Form 10-Q are an integral part of these consolidated financial statements.
SOURCE: Envela Corporation
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationOTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
(Photo credit: David Butler II-Imagn Images) Brayan Bello pitched a complete game and struck out 10 to help the Boston Red Sox extend...
(Photo credit: Wendell Cruz-Imagn Images) Washington and Kelly Olynyk barely got to know one another, as the Wizards dealt the newly...
(Photo credit: Kiyoshi Mio-Imagn Images) Washington Nationals catcher Keibert Ruiz returned to the seven-day concussion list Tuesday...
(Photo credit: Jesse Johnson-Imagn Images) Caitlin Clark and Napheesa Collier were encouraged to negotiate some trades immediately...
(Photo credit: Darren Yamashita-Imagn Images) Caitlin Clark plans to play for the Indiana Fever for the first time in more than two...