Saratoga Springs, NY, September 16, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2019.
For the fiscal year ended June 30, 2019, the Company reported net sales of $36,477,851 compared with $32,517,883 for the fiscal year ended June 30, 2018. Net income decreased to $2,342,694, $0.98 per diluted share for the year, compared with net income of $3,075,797, $1.31 per diluted share, for the fiscal year ended June 30, 2018. At June 30, 2019, the sales order backlog was $45.6 million, compared to last year’s backlog of $48.1 million at June 30, 2018.
For the fourth quarter ended June 30, 2019, net sales increased to $11,619,202 compared with last year’s fourth quarter net sales of $7,827,194. The net income for the fourth quarter ended June 30, 2019 was $1,140,809, $0.47 per diluted share, compared with net income of $700,398, $0.29 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2019 were $33.9 million compared with the $37.5 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
Guidance throughout the fiscal year indicated strong fourth quarter performance during a back-loaded year. Net sales of $11.6 million were balanced against nearly $12 million in new orders, resulting in a robust backlog consistent with our projections. Earnings per share, although down from last year, were strong enough for us to deliver $1/share dividend over fiscal year 2019 to our shareholders. Overall I am pleased with our performance as we are focused on remaining profitable as we grow.
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 (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.