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Press Releases

Espey Mfg. & Electronics Corp. reports second quarter results

Saratoga Springs, NY, February 12, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2024.

Net sales for the second quarter of fiscal year 2024, October 1 to December 31, 2023, were $10,302,541 compared with last year’s second quarter net sales of $8,804,109. Net income for the quarter was $1,795,370, $0.72 per diluted share, as compared to net income of $1,146,042, $0.47 per diluted share for the same quarter last year.

For the first six months of fiscal year 2024, July 1 to December 31, 2023, net sales were approximately $18.9 million, compared with $17.4 million for the first six months of fiscal year 2023. Net income for the period was $2,889,914, $1.16 per diluted share, compared with net income of $1,914,308, $0.78 per diluted share, for the same period last year.

The backlog for the Company was approximately $84.8 million at December 31, 2023, compared with last year’s backlog of $78.3 million at December 31, 2022. New orders in the first six months of fiscal year 2024 were approximately $20.1 million, compared with new orders in the first six months of fiscal year 2023 of approximately $19 million.

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

The financial results for this quarter are exceptional. The team has done an outstanding job. In addition to an overall improvement in operational efficiency, the increase in quarterly sales was augmented with two one-time shipments that were significant contributors to the quarter’s results, boosting the bottom line above normal operating margins. The results of this quarter position us well for another solid year. We continue to believe that a portfolio balanced between new design, follow-on production orders and build to print contracts is a positive strategy for bottom-line growth in ensuing years. Our backlog remains strong as we continue to look for new opportunities to grow our business.

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.

BAE Systems’ Combat Mission Systems business awards Espey Manufacturing ‘Partner2Win’ gold medallion at its fifth annual ‘Partner2Win’ supplier symposium

Saratoga Springs, NY, January 23, 2024 – Espey Manufacturing received a BAE Systems Partner2Win gold medallion on November 14, 2023, for its exceptional performance and commitment to operational excellence. Espey’s contributions to supply chain success helped BAE Systems ensure quality deliveries to customers.

The Partner2Win program recognizes suppliers for their success in the areas of operations, quality and procurement. As part of the program, BAE Systems maintains a close relationship with suppliers and creates an environment to share best practices, learnings and innovative solutions to problems. According to BAE, all suppliers awarded this year went above and beyond the call of duty to create the highest quality products for service men and women.

“Through our supply base, we are able to continue delivering the combat capability that is essential in both current and future environments,” said Marc Casseres, Vice President of Operations for BAE Systems’ Combat Mission Systems business. “Our suppliers’ commitment to delivering quality materials to our ground and amphibious vehicle and maritime systems production lines across the U.S. supports our mission to enable reunions between service members and their loved ones.”

Learn more about BAE Systems Partner2Win Supplier Symposium here.

About BAE Systems:

BAE Systems, Inc. and its 34,000 people are part of a global defense, aerospace, and security company with 89,600 employees worldwide. We deliver products and services for air, land, sea and space, as well as advanced electronics, intelligence, security, and IT solutions and support services. Our dedication shows in everything we design, produce and deliver— to protect those who protect us in a high-performance, innovative culture. We push the limits of possibility to provide a critical advantage to our customers where it counts.

About Espey Manufacturing:

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.

 

AESA Radar System being integrated in Modern Fighter Aircraft with Espey participating in multiple production programs

AESA radars are generally considered to be the most innovative and technologically-advanced type of tactical radar system and have become almost a necessity for modern fighter aircraft. 

Saratoga Springs, NY, December 20, 2023 – In the realm of modern air combat, the integration of Active Electronically Scanned Array (AESA) radar has become an industry standard for all new generation fighters. Notably, many older fighter aircraft are undergoing retrofitting to incorporate AESA radars. At its core, air combat revolves around a fundamental principle – eliminating the enemy without falling victim to their retaliation, a concept Lockheed Martin aptly describes as “first-look, first-shot, first-kill capability.” This entails the ability to detect an enemy aircraft before they detect you, fire a missile, and neutralize the target without giving the opposing pilot a chance to respond.

Numerous factors contribute to achieving this capability, including an aircraft’s radar cross-section, missile range, and rules of engagement. However, radar technology plays a pivotal role in the crucial “first-look” aspect. A radar system must accurately pinpoint enemy aircraft in three-dimensional space to facilitate engagement, offering what experts refer to as a “weapons quality track.” It is widely acknowledged that AESA radars excel in achieving this more effectively than conventional mechanically scanned arrays.

Espey is actively engaged in several AESA radar programs, providing essential power systems and magnetic products to support these cutting-edge radar systems.

David O’Neil, Espey’s Chief Executive Officer, expressed, “As AESA Radar systems continue to advance and integrate into multiple flight platforms, Espey stands alongside its customers, supporting their power system requirements. We take great pride in our role as a key participant in advancing this groundbreaking technology and the essential power enhancements that accompany it.”

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.

 

Espey Declares Regular Quarterly Dividend of $0.15 Per Share

Saratoga Springs, NY; December 4, 2023The 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.

 

Espey Mfg. & Electronics Corp. reports first quarter results

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.

 

Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results

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.

 

Espey Declares Regular Quarterly Dividend of $0.10 Per Share

Saratoga Springs, NY; June 12, 2023The 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.

 

Espey Mfg. & Electronics Corp. reports third quarter results

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.

 

Espey Reinstates Dividend and Declares Regular Quarterly Dividend of $0.10 Per Share

Saratoga Springs, NY; March 13, 2023The 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.

Espey Mfg. & Electronics Corp. reports second quarter results

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.

 

Espey Mfg. & Electronics Corp. reports second quarter results

Saratoga Springs, NY, February 12, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2024.

Net sales for the second quarter of fiscal year 2024, October 1 to December 31, 2023, were $10,302,541 compared with last year’s second quarter net sales of $8,804,109. Net income for the quarter was $1,795,370, $0.72 per diluted share, as compared to net income of $1,146,042, $0.47 per diluted share for the same quarter last year.

For the first six months of fiscal year 2024, July 1 to December 31, 2023, net sales were approximately $18.9 million, compared with $17.4 million for the first six months of fiscal year 2023. Net income for the period was $2,889,914, $1.16 per diluted share, compared with net income of $1,914,308, $0.78 per diluted share, for the same period last year.

The backlog for the Company was approximately $84.8 million at December 31, 2023, compared with last year’s backlog of $78.3 million at December 31, 2022. New orders in the first six months of fiscal year 2024 were approximately $20.1 million, compared with new orders in the first six months of fiscal year 2023 of approximately $19 million.

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

The financial results for this quarter are exceptional. The team has done an outstanding job. In addition to an overall improvement in operational efficiency, the increase in quarterly sales was augmented with two one-time shipments that were significant contributors to the quarter’s results, boosting the bottom line above normal operating margins. The results of this quarter position us well for another solid year. We continue to believe that a portfolio balanced between new design, follow-on production orders and build to print contracts is a positive strategy for bottom-line growth in ensuing years. Our backlog remains strong as we continue to look for new opportunities to grow our business.

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.

BAE Systems’ Combat Mission Systems business awards Espey Manufacturing ‘Partner2Win’ gold medallion at its fifth annual ‘Partner2Win’ supplier symposium

Saratoga Springs, NY, January 23, 2024 – Espey Manufacturing received a BAE Systems Partner2Win gold medallion on November 14, 2023, for its exceptional performance and commitment to operational excellence. Espey’s contributions to supply chain success helped BAE Systems ensure quality deliveries to customers.

The Partner2Win program recognizes suppliers for their success in the areas of operations, quality and procurement. As part of the program, BAE Systems maintains a close relationship with suppliers and creates an environment to share best practices, learnings and innovative solutions to problems. According to BAE, all suppliers awarded this year went above and beyond the call of duty to create the highest quality products for service men and women.

“Through our supply base, we are able to continue delivering the combat capability that is essential in both current and future environments,” said Marc Casseres, Vice President of Operations for BAE Systems’ Combat Mission Systems business. “Our suppliers’ commitment to delivering quality materials to our ground and amphibious vehicle and maritime systems production lines across the U.S. supports our mission to enable reunions between service members and their loved ones.”

Learn more about BAE Systems Partner2Win Supplier Symposium here.

About BAE Systems:

BAE Systems, Inc. and its 34,000 people are part of a global defense, aerospace, and security company with 89,600 employees worldwide. We deliver products and services for air, land, sea and space, as well as advanced electronics, intelligence, security, and IT solutions and support services. Our dedication shows in everything we design, produce and deliver— to protect those who protect us in a high-performance, innovative culture. We push the limits of possibility to provide a critical advantage to our customers where it counts.

About Espey Manufacturing:

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.

 

AESA Radar System being integrated in Modern Fighter Aircraft with Espey participating in multiple production programs

AESA radars are generally considered to be the most innovative and technologically-advanced type of tactical radar system and have become almost a necessity for modern fighter aircraft. 

Saratoga Springs, NY, December 20, 2023 – In the realm of modern air combat, the integration of Active Electronically Scanned Array (AESA) radar has become an industry standard for all new generation fighters. Notably, many older fighter aircraft are undergoing retrofitting to incorporate AESA radars. At its core, air combat revolves around a fundamental principle – eliminating the enemy without falling victim to their retaliation, a concept Lockheed Martin aptly describes as “first-look, first-shot, first-kill capability.” This entails the ability to detect an enemy aircraft before they detect you, fire a missile, and neutralize the target without giving the opposing pilot a chance to respond.

Numerous factors contribute to achieving this capability, including an aircraft’s radar cross-section, missile range, and rules of engagement. However, radar technology plays a pivotal role in the crucial “first-look” aspect. A radar system must accurately pinpoint enemy aircraft in three-dimensional space to facilitate engagement, offering what experts refer to as a “weapons quality track.” It is widely acknowledged that AESA radars excel in achieving this more effectively than conventional mechanically scanned arrays.

Espey is actively engaged in several AESA radar programs, providing essential power systems and magnetic products to support these cutting-edge radar systems.

David O’Neil, Espey’s Chief Executive Officer, expressed, “As AESA Radar systems continue to advance and integrate into multiple flight platforms, Espey stands alongside its customers, supporting their power system requirements. We take great pride in our role as a key participant in advancing this groundbreaking technology and the essential power enhancements that accompany it.”

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.

 

Espey Declares Regular Quarterly Dividend of $0.15 Per Share

Saratoga Springs, NY; December 4, 2023The 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.

 

Espey Mfg. & Electronics Corp. reports first quarter results

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.

 

Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results

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.

 

Espey Declares Regular Quarterly Dividend of $0.10 Per Share

Saratoga Springs, NY; June 12, 2023The 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.

 

Espey Mfg. & Electronics Corp. reports third quarter results

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.

 

Espey Reinstates Dividend and Declares Regular Quarterly Dividend of $0.10 Per Share

Saratoga Springs, NY; March 13, 2023The 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.

Espey Mfg. & Electronics Corp. reports second quarter results

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.