News

Saratoga Springs, NY; December 4, 2023 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.15 per share. The dividend will be payable on December 22, 2023 to all shareholders of record on December 15, 2023.

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 at invest@espey.com.

Certain statements in this press release 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.

Saratoga Springs, NY, November 13, 2023 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2024.

Net sales for the first quarter of fiscal year 2024, July 1 to September 30, 2023, were $8,568,214, compared with last year’s first quarter net sales of $8,635,795. Net income for the quarter was $1,094,544, $0.44 per diluted share, as compared to net income of $768,266, $0.31 per diluted share for the same quarter last year.

The backlog for the Company was approximately $87.1 million at September 30, 2023, compared with last year’s backlog of $81.2 million at September 30, 2022. New orders in the first three months of fiscal year 2024 were approximately $12.1 million, compared with new orders in the first three months of fiscal year 2023 of $13.1 million.

Mr. David O’Neil, President and CEO, commented,

I am very pleased with our results highlighted by the significant improvement in operating margins as sales and new orders remained strong. Our sales backlog is at a record level and our continued financial performance over the last several quarters has enabled us to pay the most recent dividend which was a 50% increase over the prior dividend. We are well positioned for another successful year.

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 at invest@espey.com.

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.

Saratoga Springs, NY, September 21, 2023 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2023.

For the fiscal year ended June 30, 2023, the Company reported net sales of $35,592,323 compared with $32,104,774 for the fiscal year ended June 30, 2022. Net income for the year was $3,677,131, $1.49 per diluted share, compared with net income of $1,265,127, $0.52 per diluted share, for the fiscal year ended June 30, 2022. At June 30, 2023, the sales order backlog was approximately $83.6 million, compared to last year’s backlog of $76.8 million at June 30, 2022.

For the fourth quarter ended June 30, 2023, net sales were $8,342,803 compared with last year’s fourth quarter net sales of $8,481,243. The net income for the fourth quarter ended June 30, 2023 was $895,535, $0.36 per diluted share, compared with net income of $276,506, $0.11 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2023 were approximately $42.4 million compared with the $43.2 million for the corresponding period last year.

Mr. David O’Neil, President and CEO, commented,

The team wrapped up the fiscal year and delivered a respectable increase in sales while posting a significant improvement to net income when compared to the prior year. This improvement is a direct result from the team’s ongoing focus over the past eighteen months to clear program obstacles and improve upon prior labor and supply chain constraints. Our backlog is at a record level.

The team continues to focus on our core competencies to better position our success now and in the future in targeting those sales and product mix strategies which will maximize utilization in both the engineering department and on the production floor while furthering organic sales growth. These efforts are in support of delivering solid future financial results.

Furthermore, the Board of Directors of Espey Mfg. & Electronics Corp. (NYSE American: ESP) has declared a regular quarterly dividend of $0.15 per share, a 50% increase over the prior dividend. The dividend will be payable on October 10, 2023 to all shareholders of record on October 2, 2023.

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.

Saratoga Springs, NY; June 12, 2023 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.10 per share. The dividend will be payable on June 28, 2023 to all shareholders of record on June 23, 2023.

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 at (518) 245-4400. 

Certain statements in this press release 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.

Saratoga Springs, NY, May 15, 2023 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the third quarter and the first nine months of fiscal year 2023.

Net sales for the third quarter of fiscal year 2023, January 1 to March 31, 2023, were $9,809,616 compared with last year’s third quarter net sales of $8,620,049. Net income for the quarter was $867,288, $0.35 per diluted share, as compared to net income of $661,359, $0.27 per diluted share for the same quarter last year.

For the first nine months of fiscal year 2023, July 1 to March 31, 2023, net sales were $27.2 million, compared with $23.6 million for the first nine months of fiscal year 2022. Net income for the period was $2,781,596, $1.13 per diluted share, compared with net income of $988,621, $0.41 per diluted share, for the same period last year.

The backlog for the Company was approximately $82.1 million at March 31, 2023, compared with last year’s backlog of approximately $76.2 million at March 31, 2022. New orders in the first nine months of fiscal year 2023 were $32.6 million, compared with new orders in the first nine months of fiscal year 2022 of $34.1 million.

Mr. David O’Neil, President and CEO, commented,

I am very proud of the results our workforce has produced for the three and nine months ended March 31. Their hard work and dedication has been excellent in what continues to be a complicated business environment.

We continue to focus on completion of and cost mitigation efforts related to several engineering design program deliverables. Our focus on mitigating supply chain delays and lead times, which impact production goals and shipments in any given period, remains ongoing as well. Our objective is the clearing of recent business obstacles as we conclude the year and transition into the next fiscal year.

Our backlog is at a record level. New order sales bookings remain strong and our opportunities in the pipeline look promising.

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.

Saratoga Springs, NY; March 13, 2023 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has reinstated its quarterly dividend and has declared a regular quarterly dividend of $0.10 per share. The dividend will be payable on March 31, 2023 to all shareholders of record on March 24, 2023.

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 at (518) 245-4400. 

Certain statements in this press release 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.

Saratoga Springs, NY, February 13, 2023 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2023.

Net sales for the second quarter of fiscal year 2023, October 1 to December 31, 2022, were $8,804,109 compared with last year’s second quarter net sales of $7,458,050. Net income for the quarter was $1,146,042, $0.47 per diluted share, as compared to net income of $21,201, $0.01 per diluted share for the same quarter last year.

For the first six months of fiscal year 2023, July 1 to December 31, 2022, net sales were $17.4 million, compared with $15 million for the first six months of fiscal year 2022. Net income for the period was $1,914,308, $0.78 per diluted share, compared with net income of $327,262, $0.14 per diluted share, for the same period last year.

The backlog for the Company was $78.3 million at December 31, 2022, compared with last year’s backlog of $70.1 million at December 31, 2021. New orders in the first six months of fiscal year 2023 were $19 million, compared with new orders in the first six months of fiscal year 2022 of $19.5 million.

Mr. David O’Neil, President and CEO, commented,

We had another successful quarter. Production operations are smoothing out and our supply chain issues remain but are being managed well. We made good progress on our engineering design efforts during the quarter, however, we still have hurdles to clear in the coming months. We continue to work well with our customers to resolve any engineering related issues. With an increase in sales and income for the first six months of the year, we are positioned well to finish the full year with overall strong financial results.

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.

Saratoga Springs, NY, February 9, 2023 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces funding award for a facility expansion.

Espey has been awarded $7.4 million in funds in support of facility and capital equipment upgrades for testing and qualification for the United States Navy.  The funding is part of the Navy’s investment to improve and sustain the Surface Combatant Industrial Base.  The work will be conducted on Espey’s property in Saratoga Springs, NY, with completion slated for 2024.

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.

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.

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.