Espey Mfg. & Electronics Corp. reports first quarter results
Saratoga Springs, NY, November 15, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2022.
Net sales for the first quarter of fiscal year 2022, July 1 to September 30, 2021, were $7,545,432, compared with last year’s first quarter net sales of $7,265,515. Net income for the quarter was $306,061, $0.13 per diluted share, as compared to net income of $189,824, $0.08 per diluted share for the same quarter last year.
The backlog for the Company was approximately $75.2 million at September 30, 2021, compared with last year’s backlog of $62 million at September 30, 2020. New orders in the first three months of fiscal year 2022 were approximately $17.1 million, compared with new orders in the first three months of fiscal year 2021 of $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
A strong start of $17 million in new orders during the first quarter of fiscal year 2022 provides the company with a stable base of over $75 million in backlog, with contracted delivery dates spanning the next few years. The slight uptick in net sales translated into a commensurate increase in net income as compared to the same period last fiscal year. These results indicate that although the effects of the COVID pandemic remain a key driver in revenue recognition moving into future quarters, the company and our supply base are working to stabilize operations in this challenging environment.
The company’s ability to turn work-in-process and inventory into revenue will continue to follow the ebbs and flows of the pandemic’s impact on our extended community. As an example, the surge attributed to the Delta variant of COVID 19 slowed the acceleration of improvement seen in the last month of fiscal year 2021 and the first month of this fiscal year. A similar surge as winter hits our region could further slow the improvement we are seeing in the performance of our suppliers as well as our in-house operations. Regardless of the impacts levied by the pandemic, the Espey team will continue to find innovative ways to execute on our backlog and strive to increase our sales revenue in the coming quarters. As always, I appreciate the continued support shown by all the stakeholders of Espey’s success.