Saratoga Springs, NY, May 14, 2018 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2018, ended March 31, 2018.
Net sales for the third quarter of fiscal year 2018, January 1 to March 31, 2018, were $5,663,161, compared with last year’s third quarter net sales of $5,324,104. Net income for the period was $317,764, $0.14 per diluted share, compared with $279,173, $0.12 per diluted share for the same period last year.
For the first nine months of fiscal year 2018, July 1, 2017 to March 31, 2018, net sales were $24,690,689, compared with $17,060,411 for the first nine months of fiscal year 2017. Net income for the period was $2,375,399, $1.02 per diluted share, compared with net income of $944,076, $0.41 per diluted share, for the same period last year.
The sales order backlog for the Company was $47.0 million at March 31, 2018, compared with last year’s sales order backlog of $38.7 million at March 31, 2017. New orders in the first nine months of fiscal year 2018 were approximately $28.6 million, compared with new orders in the first nine months of fiscal year 2017 of approximately $16.8 million.
Mr. Patrick Enright, President and CEO, commented,
We are making progress executing our long-term strategy and while there is more work to be done, strong financial performance continued during Q3 with improvement in all areas as compared to the same period in FY17. Successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts. We have experienced some technical delays and issues with our major development programs which are being resolved as they arise. The facility refit, which will enable us to build and test our newest transformers, is well underway with completion scheduled for FY19 Q1. With successful completion of our current engineering programs and completion of the factory refit, we will be well positioned for the future.
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.