News

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.

Saratoga Springs, NY, May 16, 2022 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first nine months of fiscal year 2022.

Net sales for the third quarter of fiscal year 2022, January 1 to March 31, 2022, were $8,620,049 compared with last year’s third quarter net sales of $4,205,068. Net income for the quarter was $661,359, $0.27 per diluted share, as compared to net loss of $(1,070,114), $(0.44) per diluted share for the same quarter last year.

For the first nine months of fiscal year 2022, July 1 to March 31, 2022, net sales were $23.6 million, compared with $18.4 million for the first nine months of fiscal year 2021. Net income for the period was $988,621, $0.41 per diluted share, compared with net loss of $(1,061,297), $(0.44) per diluted share, for the same period last year.

The backlog for the Company was approximately $76.2 million at March 31, 2022, compared with last year’s backlog of approximately $67.3 million at March 31, 2021. New orders in the first nine months of fiscal year 2022 were $34.1 million, compared with new orders in the first nine months of fiscal year 2021 of approximately $30.8 million.

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

“We had an excellent quarter. The employees at Espey continue to work very hard in a difficult and frustrating business environment. Their hard work and determination delivered solid financial results for the third quarter of fiscal 2022. New orders remained strong and earnings are much improved over the prior year results.

Material lead times and inflation became worse and continue to provide significant headwinds to the business as we move forward. We will continue to manage our way through this environment and will work with our customers and suppliers to improve the long term financial performance of the Company.”

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 14, 2022 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2022.

Net sales for the second quarter of fiscal year 2022, October 1 to December 31, 2021, were $7,458,050 compared with last year’s second quarter net sales of $6,962,065. Net income for the quarter was $21,201, $.01 per diluted share, as compared to net loss of $(181,006), $(0.08) per diluted share for the same quarter last year.

For the first six months of fiscal year 2022, July 1 to December 31, 2021, net sales were $15 million, compared with $14.2 million for the first six months of fiscal year 2021.  Net income for the period was $327,262, $0.14 per diluted share, compared with net income of $8,817, $0.00 per diluted share, for the same period last year.

The backlog for the Company was approximately $70.1 million at December 31, 2021, compared with last year’s backlog of approximately $60.1 million at December 31, 2020. New orders in the first six months of fiscal year 2022 were approximately $19.5 million, compared with new orders in the first six months of fiscal year 2021 of $19.4 million.

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

Returning to consistent profitability is our primary objective as we close out fiscal 2022 and move into fiscal 2023.  The financial results for the quarter were significantly affected by one-time costs associated with senior management restructuring and related legal fees.  Nonetheless, we remain profitable through two quarters and continue to focus on increasing the profitability of the Company.

 Our business still encounters headwinds due to COVID-19, including delays in the receipt of materials and lost working days both at our suppliers and in our internal operations.  We continue to support our customers and suppliers as we work together through this difficult environment.

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, December 31, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) reports that after seven years of service, Patrick T. Enright, Jr. has resigned from his position as President and Chief Executive Officer, and the Board of Directors has accepted his resignation, effective on December 31, 2021.  The Company also announces the appointments of David A. O’Neil as its new President and Chief Executive Officer and Katrina L. Sparano, as its new Treasurer and Chief Financial Officer, effective January 1, 2022.

Mr. Enright’s service as a member of the Company’s Board of Directors will also end on December 31, 2021. Mr. Enright has served as Espey’s President and Chief Executive Officer since February 1, 2015, and has led the Company in efforts to diversify its lines of business, product offerings and customer base.

Mr. O’Neil has been employed by the Company since January 4, 2000, serving as its Treasurer and Chief Financial Officer.  During the period June 2, 2014 to January 31, 2015, he served as Interim President and Chief Executive Officer.  Effective December 2, 2016, Mr. O’Neil also became the Company’s Executive Vice President.

Ms. Sparano, Espey’s Assistant Treasurer and Principal Accounting Officer, succeeds Mr. O’Neil as Treasurer and Chief Financial Officer.  She served as Interim Principal Financial Officer from June 2, 2014 to January 31, 2015.

Paul Corr, the Chairman of the Audit Committee of the Board of Directors, commented, “On behalf of the Board of Directors of Espey Mfg. & Electronics Corp., I thank Pat Enright for his seven years of dedicated service to the Company.  We wish him the best in his future endeavors and appreciate Pat’s willingness to support the Company and its new executive officers during the transitional period. 

“Dave O’Neil’s many years with the Company as a senior officer, his intimate knowledge of the Company’s operations, and the broad respect he enjoys from employees, make him an ideal candidate to step into the role as the Company’s chief executive officer in order to lead Espey through the on-going work force and supply chain challenges brought by the pandemic and then to grow the Company’s business.  Dave did a great job in serving as an interim chief executive officer seven years ago, and with the additional business acumen he has gained since then, the Board has confidence in his ability to do the job on a permanent basis.  Similarly, Ms. Sparano demonstrated her capabilities in an interim capacity, has the confidence of Mr. O’Neil, and is prepared to assume her enlarged responsibilities. 

“The Board looks forward to its continued association with Mr. O’Neil and Ms. Sparano in their new roles.” 

Mr. Enright also commented,

“I am grateful for the opportunity to have served as Espey’s President and Chief Executive and, based upon my working relationship with David O’Neil, fully support the Board’s decision to promote him to his new position.” 

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.

Espey Mfg. & Electronics Corp. reports first quarter results

Saratoga Springs, NY, November 15, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2022.

Net sales for the first quarter of fiscal year 2022, July 1 to September 30, 2021, were $7,545,432, compared with last year’s first quarter net sales of $7,265,515. Net income for the quarter was $306,061, $0.13 per diluted share, as compared to net income of $189,824, $0.08 per diluted share for the same quarter last year.

The backlog for the Company was approximately $75.2 million at September 30, 2021, compared with last year’s backlog of $62 million at September 30, 2020. New orders in the first three months of fiscal year 2022 were approximately $17.1 million, compared with new orders in the first three months of fiscal year 2021 of $14.3 million.

Mr. Patrick Enright, President and CEO, commented,

A strong start of $17 million in new orders during the first quarter of fiscal year 2022 provides the company with a stable base of over $75 million in backlog, with contracted delivery dates spanning the next few years.  The slight uptick in net sales translated into a commensurate increase in net income as compared to the same period last fiscal year.  These results indicate that although the effects of the COVID pandemic remain a key driver in revenue recognition moving into future quarters, the company and our supply base are working to stabilize operations in this challenging environment.

The company’s ability to turn work-in-process and inventory into revenue will continue to follow the ebbs and flows of the pandemic’s impact on our extended community.  As an example, the surge attributed to the Delta variant of COVID 19 slowed the acceleration of improvement seen in the last month of fiscal year 2021 and the first month of this fiscal year.  A similar surge as winter hits our region could further slow the improvement we are seeing in the performance of our suppliers as well as our in-house operations. Regardless of the impacts levied by the pandemic, the Espey team will continue to find innovative ways to execute on our backlog and strive to increase our sales revenue in the coming quarters.  As always, I appreciate the continued support shown by all the stakeholders of Espey’s success.