Saratoga Springs, NY, November 10, 2022 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2023.
Net sales for the first quarter of fiscal year 2023, July 1 to September 30, 2022, were $8,635,795, compared with last year’s first quarter net sales of $7,545,432. Net income for the quarter was $768,266, $0.31 per diluted share, as compared to net income of $306,061, $0.13 per diluted share for the same quarter last year.
The backlog for the Company was approximately $81.2 million at September 30, 2022, compared with last year’s backlog of $75.2 million at September 30, 2021. New orders in the first three months of fiscal year 2023 were approximately $13.1 million, compared with new orders in the first three months of fiscal year 2022 of $17.1 million.
Mr. David O’Neil, President and CEO, commented,
The team delivered a solid first quarter with higher sales and higher net income when compared to the same period last year. These results reflect our focus on returning to profitability and turning our prior investments into long term profitable programs. Workforce turnover has stabilized as we continue to do an excellent job managing supply chain uncertainties. The total backlog of $81.2 million provides the company with a stable base with contracted delivery dates spanning the next several years.
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 Ms. Katrina Sparano (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.