MIAMI — Dryclean USA Inc.’s shareholders approved a proposal to change the name of the company to EnviroStar Inc. The company’s stock will begin trading under the new symbol “EVI” starting Dec. 1, when the new name takes effect.
The company also reported a 45.7% drop in revenues for the first fiscal quarter of 2010, ending Sept. 30, 2009.
For the first three months of fiscal 2010, revenues fell to $3,663,272 from $6,750,817 in the same period of 2009, for a loss of $70,898, or $.01 per share for the quarter, compared to net earnings of $209,001, or $.03 per share, for the same period in fiscal 2009.
“The loss in the first quarter was disappointing, but understandable, given the state of the current economy,” says Venerando J. Indelicato, chief financial officer of Dryclean USA. “However, the company is financially strong and is well-positioned to withstand temporary adverse conditions.”
The company is changing its name to EnviroStar Inc. to emphasize its environmentally safe products, Indelicato adds.