News
Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results
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.
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; September 9, 2019 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on September 27, 2019 to all shareholders of record on September 20, 2019.
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 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.
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; June 10, 2019 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 27, 2019 to all shareholders of record on June 19, 2019.
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 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.
Espey Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 15, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its third quarter and first nine months of fiscal year 2019, ended March 31, 2019. Net sales for the third quarter of fiscal year 2019, January 1 to March 31, 2019, were $9.2 million, compared with last year’s third quarter net sales of $5.7 million. Net income for the period was $922,456, $0.39 per diluted share, compared with $317,764, $0.14 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2019, July 1 to March 31, 2019, net sales were $24.9 million, compared with $24.7 million for the first nine months of fiscal year 2018. Net income for the period was $1,201,886, $0.50 per diluted share, compared with net income of $2,375,399, $1.02 per diluted share, for the same period last year.
The backlog for the Company was $45.4 million at March 31, 2019, compared with last year’s backlog of $47.0 million at March 31, 2018. New orders in the first nine months of fiscal year 2019 were approximately $22.2 million, compared with new orders in the first nine months of fiscal year 2018 of approximately $28.6 million.
Mr. Patrick Enright, President and CEO, commented,
Our third quarter performance is indicative of where we stand on our major magnetics development programs, along with solid performance on our repeat production orders. One design has completed qualification, and had both test and production units delivered to our customers. The other two designs are complete, with units delivered to US Navy test facilities after extensive in-house testing. Qualification on these two designs will start in Q4, with the first production deliveries of our new 3.8 MW transformer planned before the end of fiscal year 2019.
We anticipated that fiscal year 2019 would be back-end loaded, with strong revenues and new sales orders anticipated during the final quarter of the year. We believe that the majority of new orders in the fourth quarter will come from our new products as they transition to low-rate initial production, consistent with our growth strategy implemented over the past several years. The new orders, if realized, will enable us to start Fiscal Year 2020 with a robust backlog.
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 Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 4, 2019 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on March 28, 2019 to all shareholders of record on March 19, 2019.
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 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.
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 5, 2018 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on March 29, 2018 to all shareholders of record on March 19, 2018.
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 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.
Espey Mfg. & Electronics Corp. reports second quarter results
Espey Mfg. & Electronics Corp. reports second quarter results
Saratoga Springs, NY, February 13, 2018 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first six months of fiscal year 2018, ended December 31, 2017.
Net sales for the second quarter of fiscal year 2018, October 1 to December 31, 2017, were $11.5 million, compared with last year’s second quarter net sales of $5.7 million. The net income for the period was $1,614,871, $0.69 per diluted share, compared with $244,079, $0.11 per diluted share for the same quarter last year.
For the first six months of fiscal year 2018, July 1 to December 31, 2017, net sales were $19.0 million, compared with $11.7 million for the first six months of fiscal year 2017. Net income for the period was $2,057,635, $0.88 per diluted share, compared with net income of $664,904, $0.29 per diluted share, for the same period last year.
The backlog for the Company was $38.4 million at December 31, 2017, compared with last year’s backlog of $38.2 million at December 31, 2016. New orders in the first half of fiscal year 2018 were approximately $14.3 million, compared with new orders in the first half of fiscal year 2017 of approximately $10.9 million.
Mr. Patrick Enright, President and CEO, commented,
Fiscal year 2018 continues to be strong in all areas. Revenue, income and new orders exceed same-period numbers for fiscal year 2017 significantly. We have been executing well to our strategy. Our manufacturing facility and engineering resources are fully engaged in executing on our current backlog of business. We continue to have important milestones to meet on large engineering development contracts and are making good progress on those efforts. The Plant improvements are going well and we continue to balance investments for future growth with our desire to maintain and increase return to our shareholders. All things considered we had a very good quarter.
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 Declares Regular Quarterly Dividend of $.25 Per Share
Espey Declares Regular Quarterly Dividend of $.25 Per Share
Saratoga Springs, NY; December 4, 2017 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on December 28, 2017 to all shareholders of record on December 18, 2017.
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 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.
Espey Mfg & Electronics Corp. Introduces the MAC-500-Series Power Inverter
The MAC-500 is a versatile power inverter with the capability to convert 24/28V DC input to 120V AC with 60Hz True Sine Wave output. The convenience outlet is typically used for laptops, IPODS, Cell Phone or any device needing 120V AC input.
The MAC-500 can be modified for any type installation and configured with any type input or output connector which makes it one of the world’s most adaptable 24/28V DC to 120V AC power inverter. The MAC-500 has been designed for rugged and harsh conditions; it is both water resistant and dust proof. Suitable applications are Transit Rail, Off Highway Vehicles, Construction Vehicles, Service Vehicles, Military Ground Vehicles and Marine applications. Although designed with these punishing environments in mind the MAC-500 can be used for any application requiring 120V AC power with a 24/28 V DC input. For more information please go to MAC-500.
Top-secret Work at Saratoga Springs Electronics Company Mostly for Military
SARATOGA SPRINGS – One hundred and seventy people are busy at work inside the gated compound on Ballston Avenue where secret work has been going on for the past 50 years.
Espey’s a very big kept secret. To many people, it’s a great mystery, said Mark St. Pierre, president and CEO of Espey Manufacturing & Electronics Corp. That’s not by design; it’s just the way it happened.
Espey is an electronics manufacturer specializing in power-related devices. But about 80 percent of the company’s nearly $30 million in annual contracting work is conducted for the military.
We’re much more than that big gray building on the corner in a resort town, St. Pierre said. We’re doing defense work and valuable work for the nation. Our devices end up in radars and radios and all kinds of communication gear.
We’re the people behind the scenes from a power point-of-view, St. Pierre said. We deliver power solutions enabling all these fancy technologies to work.
Inside the 150,000+-square-foot facility, the company conducts work on systems that will be used by the military on land, on sea and in the air. The systems are installed on everything from nuclear submarines to surface ships, including fixed-wing aircraft, helicopters and wheeled vehicles.
These things have been around, but they become digitized, or made electronic. That’s where we come in. We can take an old howitzer and make it extremely accurate by putting a digital fire control system on it. It’s a system that electronically tells the gunner, or the forward spotter: This is the weather. This is the air density. This is the altitude. This is the angle and azimuth you should use. You can drop that shell in the living room of an insurgent hiding in Afghanistan, he said.
Testing such technology is not cheap. St. Pierre estimated it costs the plant about $250,000 a year in electricity bills alone.
And from a contractor’s standpoint, St. Pierre said he believes Espey is somewhat protected from proposed Defense Department budget cuts because of the type of work the firm does.
You always have to be concerned, but we’re positioned well. I really think we’re going to be immune to those kind of cuts, said St. Pierre, who was named Espey’s president last year.
Things that are in communications and radar generally don’t get cut very often. Ground vehicles, which are essential to the Army’s modernization program” as well as the upgrading and modernization of existing ships ”we’re on those, which I think immunizes us against wholesale cuts, he said. More power consumption means more opportunity for companies like Espey.
U.S. Rep. Scott Murphy, D-Glens Falls, toured the facility in May and called Espey an important small business in upstate New York.
I’ve been proud to work with them as they’ve helped to make our local economy strong and our country safe, Murphy said.
Compared with places like GlobalFoundries, which is expected to create specialized computer chip manufacturing jobs after it opens in 2012 in Malta’s Luther Forest Technology Campus, St. Pierre said the 170 workers he employs range from high school graduates who are taught to assemble electronic components to employees who have earned doctorates.
St. Pierre said 20 percent of the work at Espey involves high-end commercial work, such as making the equipment that can manage power systems for locomotives. The bulk of the company’s work, however, continues to be for the military.
About 80 percent of what we do is military, most of which comes from federal funding, one way or another, St. Pierre said.
Although we sell a little bit directly to governments” including the U.S. government and foreign governments, under license” most of what we sell is as a subcontractor, and that number is ultimately funded, indirectly, by the federal government, he said.It might go through companies like Lockheed-Martin, or Raytheon, or General Dynamics, but the contracts are typically government contracts paid for by the taxpayer.