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Espey
Reports Third Quarter and Nine Month Results;
Earnings Per Share Increases 56 Percent, Backlog Increases,
Sales Decline.
Saratoga
Springs, NY; May 14, 2008- Espey Mfg. & Electronics Corp., (AMEX:ESP),
announces results for its third quarter and the nine months of
fiscal 2008 ended March 31, 2008.
Net sales
for the third quarter of fiscal 2008, January 1 to March 31,
2008, decreased by $1.6 million to $6.5 million as compared
with last fiscal year's third quarter net sales of $8.1
million. Net income for the period increased by approximately
54 percent, from $714,030 to $1,099,205, or by approximately
56 percent on a per diluted share basis, from $ .34 to $ .53.
For the
first nine months of fiscal 2008, July 1 to March 31, 2008,
net sales decreased by $.7
million to $19.5 million, as compared with $20.2 million for
the first nine months of fiscal 2007. Net income for the nine
months increased by approximately 43 percent from $1,736,991
to $2,487,874, or by approximately 40 percent on a per diluted
share basis from $ .84 to $ 1.18.
Mr. Howard
Pinsley, President & CEO, commented "Our improved net income
is the result of higher profit margins attributable to certain
programs moving from the engineering phase into the production
phase. These programs, while in the engineering phase, had a
negative impact on earnings."
Furthermore, the total sales order backlog for the Company at
March 31, 2008 increased by $.9 million to $33 million,
compared with $32.1million at March 31, 2007. New sales orders
for the nine-month period totaled approximately $16.3 million,
an increase of approximately $1.6 million as compared with
$14.7 million for the first nine months of fiscal 2007.
The
Company's backlog is $41.8 million at May 12, 2008.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For
further information, contact Mr. David O'Neil or Mr. Howard
Pinsley at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in the
forward-looking statements. The Company wishes to caution
readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Espey Mfg. & Electronics Corp. comparative unaudited three-month and
nine-month figures for the periods ended March 31, 2008 and
2007.
Three Months
Nine Months
2008 2007
2008 2007
Sales:
$6,479,020 $8,059,695 $19,512,950
$20,250,921
Net Income: 1,099,205
714,030 2,487,874
1,736,991
Income per share:
Basic
.53
.35
1.20
.85
Diluted
.53
.34
1.18
.84
Weighted
average number of Shares outstanding:
Basic 2,083,659
2,053,545 2,074,743 2,044,839
Diluted 2,098,596
2,077,994 2,101,177
2,069,730
#################################
Espey Announces Special Dividend
and Increases Regular Quarterly Dividend...
Saratoga Springs, NY; February 25, 2008-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has declared a special cash dividend of $1.50 per share and
increased the regular quarterly dividend from $0.175 per
quarter, to $0.20 per quarter. The dividends will be payable
on March 20, 2008, to all shareholders of record on March 6,
2008.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For further information, contact Mr. Howard Pinsley or Mr.
David O'Neil at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in the
forward-looking statements. The Company wishes to caution
readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
#################################
Espey Reports Second Quarter and
Six Month Results; Revenues and Profits Increase.
Saratoga
Springs, NY; February 14, 2008 -
Espey Mfg. & Electronics Corp., (AMEX:ESP), announces
results for the second quarter and the six months of fiscal
year 2008 ended December 31, 2007.
Net sales
for the second quarter of fiscal 2008, October 1 to December
31, 2007, increased by $.6 million to $6.7 million as compared
with last year's second quarter net sales of $6.1 million. Net
income for the period increased approximately 66 percent to
$797,086, or 61 percent to $ .37 per diluted share as compared
with net income of $479,911, $ .23 per diluted share for the
corresponding period last fiscal year.
For the
first six months of fiscal 2008, July 1 to December 31, 2007,
net sales rose by $.8 million to $13.0 million, as compared
with $12.2 million for the first six months of fiscal 2007.
This represents a new Company record net sales amount for the
six-month period as compared to prior years. Net income for
the six months increased approximately 36 percent to
$1,388,669, or 33 percent to $ .65 per diluted share, as
compared with net income of $1,022,961, $ .49 per diluted
share, for the corresponding period last fiscal year.
The total
sales order backlog for the Company at December 31, 2007
decreased by $2.3 million to $31.4 million, compared with
$33.7 million at December 31, 2006. New sales orders for the
six-month period totaled approximately $8.2 million, identical
to last year.
The
Company has received a preliminary agreement to commence
performance on a contract for military power supplies expected
to be in the approximate amount of $6 million. A definitive
agreement is expected by April 30, 2008. Excluding the above
preliminary contract, the Company's backlog is $34.5 million
at February 12, 2008.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For
further information, contact Mr. David O'Neil or Mr. Howard
Pinsley at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in the
forward-looking statements. The Company wishes to caution
readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Espey Mfg. &
Electronics Corp. comparative unaudited three-month and
six-month figures for the periods ended December 31, 2007 and
2006.
Three Months
Six Months
2007
2006
2007
2006
Sales:
$6,732,144 $6,119,320 $13,033,930 $12,191,226
Net Income:
797,086
479,911 1,388,669 1,022,961
Income per share:
Basic
.38
.23 .67
.50
Diluted
.37
.23 .65
.49
Weighted average number of
Shares outstanding:
Basic 2,074,789 2,047,803
2,070,334 2,040,909
Diluted 2,109,650 2,071,693
2,125,632 2,066,015
#################################
Espey Announces 2nd Quarter
Dividend ...
Saratoga Springs, NY; December 3, 2007-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has declared a cash dividend of $.175 per share for the second
quarter of the fiscal year ending June 30, 2008. The dividend
will be payable on December 21, 2007, to all shareholders of
record as at December 12, 2007.
Also, the Board of Directors increased to $2 million an
existing authorization which allows management to periodically
repurchase Company stock.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For further information, contact Mr. Howard Pinsley or Mr.
David O'Neil at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in the
forward-looking statements. The Company wishes to caution
readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
#################################
Espey
Mfg. & Electronics Corp. reports first quarter results.
Saratoga
Springs, NY, November 12, 2007 -
Espey Mfg. & Electronics Corp. (AMEX:ESP) reports results
for the first three months of fiscal year 2008.
Net sales
for the first quarter of fiscal 2008, July 1 to September 30,
2007, increased over 3.8% to $6,301,786, compared with last
year's first quarter net sales of $6,071,906. Net income for
the period rose nearly 9% to $591,583, $.28 per diluted share,
as compared with net income of $543,050, $.26 per diluted
share for the same period last year.
New sales
orders in the first quarter of fiscal 2008 were approximately
$4.2 million, compared with $3.9 million in the first quarter
of fiscal 2007. The sales order backlog for the Company was
$34.1 million on September 30, 2007, down $1.5 million,
compared with last year's sales backlog of $35.6 million on
September 30, 2006.
The sales
order backlog has been over $30 million for 10 quarters in a
row and expectations are this trend will continue.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For
further information, contact Mr. David O'Neil or Mr. Howard
Pinsley at (518) 245-4400.
This press
release may contain certain statements that are
"forward-looking statements" and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject
to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in the
forward-looking statements. The Company wishes to caution
readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Espey Mfg. &
Electronics Corp. comparative unaudited three-month periods ended
September 30, 2007 and
2006.
Three Months
2007
2006
Sales:
$6,301,786 $6,071,906
Net Income:
591,583
543,050
Income per share:
Basic
.29
.27
Diluted
.28
.26
Weighted average number of
Shares outstanding:
Basic
2,065,879 2,034,014
Diluted
2,103,746 2,060,338
#################################
Espey
Mfg. & Electronics Corp.'s revenues climb to record levels for
the fiscal year ended June 30th 2007. Company
announces an increased dividend.
Saratoga
Springs, NY, August 20, 2007 -
Espey Mfg. & Electronics Corp. (AMEX:ESP) announces results
for its fiscal year and fourth quarter, both ended June 30,
2007.
For the
fiscal year ended June 30, 2007, the Company reported record
net sales of $27.6 million, compared with $20.8 million for
the prior fiscal year. Net income increased more than
63% to $2,544,720, $1.23 per diluted share for the year,
compared with net income of $1,558,016, $.76 per diluted
share, for the fiscal year ended June 30, 2006. At June 30,
2007, the sales order backlog was $36.3 million, compared with
last year's $37.7 million on June 30, 2006.
For the
fourth quarter ended June 30, 2007, net sales increased by
nearly 13%, $848,333, to $7.4 million, compared with last
year's fourth quarter net sales of $6.5 million. Net income
for the fourth quarter ended June 30, 2007 was $807,729, $.39
per diluted share, compared with net income of $700,955, $.34
per diluted share, for the corresponding period last year.
Mr. Howard
Pinsley, President & CEO, commented
"We are very pleased with
our success for the recently concluded fiscal year, resulting
in strong increases in both revenues and net income. Our sales
order backlog of $36.3 million reflects that our Company is
well positioned for the future."
Furthermore, the Espey Board of Directors has declared an
increased cash dividend. The regular first quarter
dividend for the fiscal year ending June 30, 2008 will be
increased from $.15 to $.175, per share. The dividend
will be payable on September 21, 2007, to all shareholders of
record at September 4, 2007.
Espey's
primary business is the development, design, and production of
specialized military and industrial power
supplies/transformers. The Company can be found on the
Internet at www.espey.com.
For further information, contact Mr. David O'Neil or Howard
Pinsley at (518) 245-4400.
This
press release may contain certain statements that are
"forward-looking statements" and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements represent
the Company's current expectations or beliefs concerning
future events. The matters covered by these statements
are subject to certain risks and uncertainties that could
cause actual results to differ materially from those set forth
in the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Espey Mfg. &
Electronics Corp. comparative unaudited three-month and
twelve-month figures for the periods ended June 30, 2007 and
2006.
Three Months
Twelve Months
2007
2006
2007
2006
Sales:
$7,405,438 $6,557,105 $27,656,359 $20,851,571
Net Income:
807,729
700,955 2,544,720 1,558,016
Income per share:
Basic
.39
.35
1.24
.77
Diluted
.39
.34 1.23
.76
Weighted average number of
Shares outstanding:
Basic 2,060,028 2,019,330
2,048,626 2,012,761
Diluted 2,101,553 2,053,770
2,077,664 2,049,455
#################################
Espey Announces 4th Quarter
Dividend ...
Saratoga Springs, NY; May 18, 2007-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has declared a cash dividend of $.15 per share for the fourth
quarter of the fiscal year ending June 30, 2007. The
dividend will be payable on June 22, 2007, to all shareholders
of record as of June 1, 2007.
The Board
of Directors also increased to $2 million an existing
authorization allowing management to repurchase Company stock
periodically.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For further information, contact Mr. Howard Pinsley or Mr.
David O'Neil at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
#################################
Espey Reports Third Quarter and
Record Nine Month Results; Sales and Profits Increase
Sharply...
Saratoga Springs, NY; May 10, 2007
-
Espey Mfg. & Electronics Corp., (AMEX:ESP), announces results
for its third quarter and the nine months of fiscal 2007 ended
March 31, 2007.
Net sales
for the third quarter of fiscal 2007, January 1 to March 31,
2007, increased by $3.4 million to $8.1 million, 72% greater
than fiscal 2006 third quarter net sales of $4.7 million. Net
income for the period nearly doubled to $714,030, $ .34 per
diluted share as compared with net income of $365,057, $ .18
per diluted share for the corresponding period last fiscal
year.
Net sales
for the first nine months of fiscal 2007, July 1 to March 31,
2007, increased nearly $6.0 million to $20.3 million, as
compared with $14.3 million for the first nine months of
fiscal 2006. This represents a new Company record for net
sales for the nine-month period. Net income for the nine
months increased more than 100% to $1,736,991, $ .84 per
diluted share, as compared with net income of $857,061, $ .42
per diluted share, for the corresponding period last fiscal
year.
The total
sales order backlog for the Company at March 31, 2007 is $32.1
million, compared with $41.2 million at March 31, 2006. New
sales orders for the nine-month period totaled $14.7 million.
Although the sales backlog is lower than at the same point in
fiscal 2006, many new orders are in the late stage of
negotiations with customers and the Company expects to book
several in the final quarter of this fiscal year. Such
projected new orders could represent in excess of $20 million
and would substantially increase the backlog by June 30, 2007.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For
further information, contact Mr. David O'Neil or Mr. Howard
Pinsley at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Espey Mfg. &
Electronics Corp. comparative unaudited three-month and
nine-month figures for the periods ended March 31, 2007 and
2006.
Three Months
Nine Months
2007
2006
2007
2006
Sales:
$8,059,695 $4,677,808 $20,250,921 $14,294,465
Net Income:
714,030
365,057 1,736,991
857,061
Income per share:
Basic
.35
.18
.85
.43
Diluted
.34
.18
.84
.42
Weighted average number of
Shares outstanding:
Basic
2,053,545 2,010,173
2,044,839 2,010,580
Diluted
2,077,994 2,041,443
2,069,730 2,048,022
#################################
Espey
Increases 3rd Quarter Dividend ...
Saratoga Springs, NY; February 19, 2007-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has raised the Company's quarterly cash dividend by 15 percent
to $.15 from $.13 per share for the third quarter of the
fiscal year ending June 30, 2007. The dividend will be
payable on March 23, 2007, to all shareholders of record as of
March 2, 2007.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For further information, contact Mr. Howard Pinsley or Mr.
David O'Neil at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
#################################
Espey Reports Second Quarter and
Six Month Results; Revenues and Profits Increase.
Saratoga Springs, NY; February
12, 2007-
Espey Mfg. & Electronics
Corp., (AMEX:ESP), announces results for the second quarter
and the six months of fiscal year 2007 ended December 31,
2006.
Net sales for the second
quarter of fiscal 2007, October 1 to December 31, 2006,
increased by $1.0 million to $6.1 million as compared with
last year's second quarter net sales of $5.1 million. Net
income for the period also increased almost 75 percent to
$479,911, $ .23 per diluted share as compared with net income
of $274,260, $ .13 per diluted share for the corresponding
period last fiscal year.
For the first six months of
fiscal 2007, July 1 to December 31, 2006, net sales rose by
$2.6 million to $12.2 million, as compared with $9.6 million
for the first six months of fiscal 2006. This represents a
Company record net sales amount for the six-month period as
compared to prior years. Net income for the six months more
than doubled to $1,022,961, $ .49 per diluted share, as
compared with net income of $492,004, $ .24 per diluted share,
for the corresponding period last fiscal year.
The total sales order backlog
for the Company at December 31, 2006 decreased by $9.0 million
to $33.7 million, compared with $42.7 million at December 31,
2005. New sales orders for the six-month period totaled
approximately $8.2 million.
Espey's primary business is
the development, design, and production of specialized
military and industrial power supplies/electronic equipment.
The Company's web site can be found on the Internet at
www.espey.com.
For further information,
contact Mr. David O'Neil or Mr. Howard Pinsley at (518)
245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Three Months
Six Months
2006
2005
2006
2005
Sales: $6,119,320 $5,056,083 $12,191,226 $9,616,657
Net Income:
479,911
274,260 1,022,961
492,004
Income per share:
Basic
.23
.14
.50
.24
Diluted
.23
.13
.49
.24
Weighted average number of
Shares outstanding:
Basic
2,047,803 2,010,791
2,040,909 2,010,779
Diluted
2,071,693 2,049,020
2,066,015 2,050,590
############################
Espey Announces 2nd Quarter
Dividend ...
Saratoga Springs, NY; November 21, 2006-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has declared a cash dividend of $.13 per share for the second
quarter of the fiscal year ending June 30, 2007. The
dividend will be payable on December 22, 2006, to all
shareholders of record as of December 1, 2006.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For
further information, contact Mr. Howard Pinsley or Mr. David
O'Neil at (518) 245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
############################
Espey Reports First Quarter Results
Saratoga Springs, NY; November
13, 2006- Espey Mfg. & Electronics Corp., ( AMEX:ESP)
reports results for the first three months of fiscal year
2007.
Net sales for the first
quarter of fiscal 2007, July 1 to September 30, 2006,
increased over 33% to $6,071,906, compared with last year's
first quarter net sales of $4,560,574. Net income for the
period rose nearly 150% to $543,050, $.26 per diluted share,
as compared with net income of $217,744, $.11 per diluted
share for the same period last year.
New sales orders in the first
quarter of fiscal 2007 were approximately $3.9 million,
compared with $18.1 million in the first quarter of fiscal
2006. Additional orders are expected to be received in the
next several months and new orders for fiscal 2007 are
expected to be equivalent to or exceed the value of orders
received in fiscal 2006 of approximately $26.8 million. The
sales order backlog for the Company was $35.6 million on
September 30, 2006, down $9.7 million, compared with last
year's sales backlog of $45.3 million on September 30, 2005.
Espey's
primary business is the development, design, and production of
specialized military and industrial power supplies/electronic
equipment. The Company's web site can be found on the
Internet at www.espey.com.
For further information,
contact Mr. David O'Neil or Mr. Howard Pinsley at (518)
245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Three Months
FY 2007
FY 2006
Sales:
$6,071,906
$4,560,574
Net Income:
543,050 217,744
Income per share:
Basic
.27
.11
Diluted
.26
.11
Weighted average number of
Shares outstanding:
Basic
2,034,014
2,017,164
Diluted
2,060,338
2,054,942
############################
Espey reports year-end results and announces dividend...
Revenues and backlog both increase; profits increase 60%.
Saratoga Springs, NY, August
24, 2006-
Espey Mfg. & Electronics Corp.
(AMEX:ESP) announces year-end results for its fiscal
twelve-months and fourth quarter, both ended June 30, 2006.
For the fiscal year ended June
30, 2006, the Company reported net sales of $20.8 million,
compared with $18.8 million for the prior fiscal year.
Net income increased nearly 60% to $1,558,016, $.76 per
diluted share for the year, compared with net income of
$978,920, $.48 per diluted share, for the fiscal year ended
June 30, 2005. At June 30, 2006, the sales order backlog had
grown by 19% or $5.9 million, to $37.7 million, compared with
last year's $31.8 million on June 30, 2005.
For the fourth quarter ended
June 30, 2006, net sales increased by 32%, $1.6 million,
to $6.6 million, compared with last year's fourth quarter net
sales of $5.0 million. Net income for the fourth quarter ended
June 30, 2006 was $700,955, $.34 per diluted share, compared
with net income of $639,317, $.31 per diluted share, for the
corresponding period last year.
Mr. Howard Pinsley, President
& CEO, commented
"We are pleased with our performance for the recently
concluded fiscal year, resulting in solid increases for both
revenues and net income. Equally as important, our strong
sales order backlog of $37.7 million is a clear and positive
indicator that our Company is well positioned to continue
strengthening its financial performance."
Furthermore, the Espey Board
of Directors has declared a cash dividend of $.13 per share
for the first quarter of the fiscal year ending June 30, 2007.
The dividend will be payable on September 22, 2006, to all
shareholders of record as of September 1, 2006.
Espey's primary business is
the development, design, and production of specialized
military and industrial power supplies/transformers. The
Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O'Neil or Howard
Pinsley at (518) 245-4400.
This press
release may contain certain statements that are
"forward-looking statements" and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements represent
the Company's current expectations or beliefs concerning
future events. The matters covered by these statements
are subject to certain risks and uncertainties that could
cause actual results to differ materially from those set forth
in the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Three Months
Twelve Months
2006
2005
2006
2005
Net Sales: $6,557,105 $4,981,771
$20,851,570 $18,828,700
Net Income:
700,955
639,317 1,558,016
978,920
Income per share:
Basic
.34
.31
.77
.48
Diluted
.34
.31
.76
.48
Weighted average number of
Shares outstanding:
Basic 2,019,330 2,014,442
2,012,761 2,021,234
Diluted 2,053,770 2,040,664
2,049,455 2,043,208
*Please note
that on December 30, 2005, the Company effected a one-for-one
stock split in the form of a dividend of one share of common
stock for each share of common stock issued. All per share and
share amounts have been adjusted to reflect this dividend.
################################
Espey Announces 4th Quarter Dividend...
Saratoga
Springs, NY, May 22, 2006
-
The Board of Directors of Espey Mfg. & Electronics Corp., (AMEX:ESP)
has declared a cash dividend of $.09 per share for the fourth
quarter of the fiscal year ending June 30, 2006. The
dividend will be payable on June 23, 2006 to all shareholders
of record at June 5, 2006. The amount of the cash
dividend per share has been adjusted to reflect the Company's
two for one stock split in the form of a stock dividend of one
share for each issued share that was distributed on December
30, 2005.
The Board of Directors is pleased to
announce the appointment of James Clemens, 56, as a corporate
officer of the Company. Mr. Clemens has been the Vice
President of Sales & Marketing for the past two years and will
retain that title. Prior to joining Espey, he was President &
CEO of Ling Electronics, Inc., formerly owned by Mechanical
Technologies Incorporated.
Espey's primary business is the
development, design, and production of specialized military
and industrial power supplies/electronic equipment. The
Company's web site can be found on the Internet at
www.espey.com.
For further information, contact Mr.
Howard Pinsley or Mr. David O'Neil at (518) 245-4400.
This press release may contain certain
statements that are "forward-looking statements" and are made
pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements represent the Company's current
expectations or beliefs concerning future events. The
matters covered by these statements are subject to certain
risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward-looking
statements. The Company wishes to caution readers not to
place undue reliance on any such forward-looking statements,
which speak only as of the date made.
############################### #
Espey
Reports 3rd Quarter and Nine-Month Results:
Increases in sales and income...
Saratoga Springs, NY; May 9,
2006-
Espey Mfg. & Electronics
Corp., (AMEX:ESP) announces results for its third quarter and
the nine months of fiscal 2006 ended March 31, 2006.
Net sales for the third
quarter of fiscal 2006, January 1 to March 31, 2006, increased
10.9% to $4.7 million as compared with fiscal 2005 third
quarter net sales of $4.2 million. Net income for the period
went up $253,070 to $365,057, $.18 per diluted share as
compared with net income of $111,987, $.05 per diluted
share for the corresponding period last year.
Net sales for the first nine
months of fiscal 2006 increased to $14.3 million as compared
with $13.8 million for the first nine months of fiscal 2005.
Net income for the nine-month period went up $517,458 to
$857,061, $.42 per diluted share, as compared with net
income of $339,603, $.17 per diluted share for the
corresponding period last year. New orders received in the
first nine months of fiscal 2006 were approximately $23.7
million, almost doubling the approximately $12.7 million in
the first nine months of fiscal 2005.
Espey's primary business is
the development, design, and production of specialized
military and industrial power supplies/electronic equipment.
The Company's web site can be found on the Internet at
www.espey.com.
For further information,
contact Mr. David O'Neil or Mr. Howard Pinsley at (518)
245-4400.
Certain
statements in this press release are "forward-looking
statements" and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements represent the
Company's current expectations or beliefs concerning future
events. The matters covered by these statements are
subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in
the forward-looking statements. The Company wishes to
caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date
made.
Three Months
Nine Months
2006
2005
2006
2005
Sales:
$4,677,808 $4,219,861
$14,294,465 $13,846,929
Net Income: 365,057 111,987
857,061 339,603
Diluted
Income per share:
.18
.05
.42
.17
Weighted average number of
Shares outstanding:
Basic 2,010,173 2,021,342
2,010,580 2,023,488
Diluted 2,041,443 2,046,606
2,048,022 2,045,116
############################
Espey Announces 3rd Quarter
Dividend...
Saratoga
Springs, NY, February 21, 2006
- The Board of Directors of Espey Mfg. &
Electronics Corp., (AMEX:ESP) has declared a cash dividend of
$.09 per share for the third quarter of the fiscal year ending
June 30, 2006. The dividend will be payable on March 24,
2006 to all shareholders of record at March 3, 2006. The
amount of the cash dividend per share has been adjusted to
reflect the Company's two for one stock split in the form of a
stock dividend of one share for each issued share that was
distributed on December 30, 2005.
Espey's primary business is the
development, design, and production of specialized military
and industrial power supplies/electronic equipment. The
Company's web site can be found on the Internet at
www.espey.com.
For further information, contact Mr.
Howard Pinsley or Mr. David O'Neil at (518) 245-4400.
############################
Espey
Reports 2nd Quarter and 6-Month Results
Saratoga Springs, NY; February
13, 2006-
Espey Mfg. & Electronics
Corp., (AMEX:ESP), announces results for the second quarter
and the six months of fiscal year 2006 ended December 31,
2005.
Net sales for the second
quarter of fiscal 2006, October 1 to December 31, 2005,
increased to $5.1 million as compared with last year's second
quarter net sales of $4.9 million. Net income for the period
also increased to $274, 260, $ .13 per diluted share as
compared with net income of $167,032, $ .08 per diluted share
for the corresponding period last fiscal year.
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