Saratoga Springs, NY, September 22, 2022 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2022.
For the fiscal year ended June 30, 2022, the Company reported net sales of $32,104,774 compared with $27,734,598 for the fiscal year ended June 30, 2021. Net income for the year was $1,265,127, $0.52 per diluted share, compared with a net loss of ($181,543), ($0.08) per diluted share, for the fiscal year ended June 30, 2021. At June 30, 2022, the sales order backlog was $76.8 million, compared to last year’s backlog of $65.6 million at June 30, 2021.
For the fourth quarter ended June 30, 2022, net sales decreased to $8,481,243 compared with last year’s fourth quarter net sales of $9,301,950. The net income for the fourth quarter ended June 30, 2022 was $276,506, $0.11 per diluted share, compared with net income of $879,753, $0.36 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2022 were $43.2 million compared with the $38.5 million for the corresponding period last year.
Mr. David O’Neil, President and CEO, commented,
“I am very proud of our team. Their efforts resulted in higher sales, higher net income and increases in new orders when compared to the prior year. We responded and delivered positive results in a difficult business environment. Good progress was made on outstanding issues on specific contracts which previously impeded our ability to ship or complete milestone deliverables in the prior year.
“Our labor challenges stabilized in the second half of the year. Filling vacancies and several changes to company leadership positions throughout the facility over the course of the year, has brought a renewed sense of team energy and collaboration. During the second half of the year, the team focused on strategies to improve bottom line results including controlling exposure to unfunded contract costs, as well as inflationary cost increases brought on by ongoing global events and supply chain disruptions. These disruptions are expected to continue including part shortages, increased lead times and unprecedented inflation.
“We will continue to work together as a team and with our customers and suppliers to resolve issues timely and deliver the best results possible.”
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.