Press Releases

Saratoga Springs, NY, November 13, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2025.

Net sales for the first quarter of fiscal year 2025, July 1 to September 30, 2024, were $10,443,218, compared with last year’s first quarter net sales of $8,568,214. Net income for the quarter was $1,598,317, $0.61 per diluted share, as compared to net income of $1,094,544, $0.44 per diluted share for the same quarter last year.

The backlog for the Company was approximately $94.6 million at September 30, 2024, compared with last year’s backlog of approximately $87.1 million at September 30, 2023. New orders in the first three months of fiscal year 2025 were approximately $7.8 million, compared with new orders in the first three months of fiscal year 2024 of $12.1 million.

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

The financial results for this quarter were excellent and on par with our expectations. Sales were higher when compared to the prior year, a direct result of the large backlog and the overall strength of new sales order bookings over the last several years. Earnings per share for the quarter were solid, the increase a direct result of the higher sales and product mix. To date, we have made significant progress in turning around open positions faster, allowing us to maintain consistency in our ongoing operations. New orders were lower for the quarter, comparatively, however we are continuing to work to close on several larger contracts in the near-term and expect total annual new orders to post higher than last 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 [email protected].

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 27, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2024.

For the fiscal year ended June 30, 2024, the Company reported net sales of $38,736,319 compared with $35,592,323 for the fiscal year ended June 30, 2023. Net income for the year was $5,815,140, $2.29 per diluted share, compared with net income of $3,677,131, $1.49 per diluted share, for the fiscal year ended June 30, 2023. At June 30, 2024, the sales order backlog was $97.2 million, compared to last year’s backlog of $83.6 million at June 30, 2023.

For the fourth quarter ended June 30, 2024, net sales were $11,610,911 compared with last year’s fourth quarter net sales of $8,342,803. The net income for the fourth quarter ended June 30, 2024 was $1,893,296, $0.73 per diluted share, compared with net income of $895,535, $0.36 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2024 were approximately $52.4 million compared with the $42.4 million for the corresponding period last year.

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

We delivered a solid fourth quarter, executing on both top-line and bottom-line results. Fiscal year 2024 annual results for sales, new order bookings and the backlog represent new records for the Company. These achievements were made possible by the hard work, dedication, and execution of our employees and our customers who choose Espey for their design and production needs. Our fiscal year 2024 earnings per share improved significantly. In turn, we believe earnings, coupled with a strong balance sheet, will foster our ability to continue to grow the Company, including investing in new programs to provide for longer-term production tails in the ensuing 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 9, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share, a 25% increase over the prior dividend. The dividend will be payable on September 27, 2024 to all shareholders of record on September 20, 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 at [email protected].

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; June 6, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.20 per share, a 14% increase over the prior dividend. The dividend will be payable on June 24, 2024 to all shareholders of record on June 17, 2024.

The Board of Directors is pleased to announce the signing of a new employment agreement between Espey Mfg. & Electronics Corp. and David O’Neil, President and Chief Executive Officer.

Furthermore, the Board of Directors appointed Ms. Jennifer Pickering to the position of Assistant Corporate Secretary. Jennifer joined the company as Chief HR Officer in April 2024 after previously holding human resource executive roles in the semiconductor and building materials manufacturing industries.

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 [email protected].

Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

Saratoga Springs, NY, May 13, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the third quarter and the first nine months of fiscal year 2024.

Net sales for the third quarter of fiscal year 2024, January 1 to March 31, 2024, were $8,254,653 compared with last year’s third quarter net sales of $9,809,616. Net income for the quarter was $1,031,930, $0.40 per diluted share, as compared to net income of $867,288, $0.35 per diluted share for the same quarter last year.

For the first nine months of fiscal year 2024, July 1 to March 31, 2024, net sales were $27.1 million, compared with $27.2 million for the first nine months of fiscal year 2023. Net income for the period was $3,921,844, $1.56 per diluted share, compared with net income of $2,781,596, $1.13 per diluted share, for the same period last year.

The backlog for the Company was $84.2 million at March 31, 2024, compared with last year’s backlog of $82.1 million at March 31, 2023. New orders in the first nine months of fiscal year 2024 were approximately $27.8 million, compared with new orders in the first nine months of fiscal year 2023 of $32.6 million.

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

With another quarter behind us, we are on track for an excellent year. Sales for the quarter proved a bit soft, comparative to last year, however on par with internal expectations. Gross profit, investment income, and control over fixed costs continued to deliver improvement to bottom-line results. Our larger engineering development programs remain financially healthy and in general our development programs have had less of a dilutive effect on gross profit reported when compared to prior years. New sales orders and our sales backlog remain strong. We are currently working on several large opportunities which could potentially become orders in the near future.

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com.

For further information, contact Ms. Katrina Sparano at [email protected].

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 11, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.175 per share, a 16% increase over the prior dividend. The dividend will be payable on March 28, 2024 to all shareholders of record on March 22, 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 at [email protected].

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 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 [email protected].

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 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 [email protected].

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

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers.  The Company can be found on the Internet at www.espey.com.  

For further information, contact Ms. Katrina Sparano at [email protected].

Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

Saratoga Springs, NY, November 13, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2025.

Net sales for the first quarter of fiscal year 2025, July 1 to September 30, 2024, were $10,443,218, compared with last year’s first quarter net sales of $8,568,214. Net income for the quarter was $1,598,317, $0.61 per diluted share, as compared to net income of $1,094,544, $0.44 per diluted share for the same quarter last year.

The backlog for the Company was approximately $94.6 million at September 30, 2024, compared with last year’s backlog of approximately $87.1 million at September 30, 2023. New orders in the first three months of fiscal year 2025 were approximately $7.8 million, compared with new orders in the first three months of fiscal year 2024 of $12.1 million.

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

The financial results for this quarter were excellent and on par with our expectations. Sales were higher when compared to the prior year, a direct result of the large backlog and the overall strength of new sales order bookings over the last several years. Earnings per share for the quarter were solid, the increase a direct result of the higher sales and product mix. To date, we have made significant progress in turning around open positions faster, allowing us to maintain consistency in our ongoing operations. New orders were lower for the quarter, comparatively, however we are continuing to work to close on several larger contracts in the near-term and expect total annual new orders to post higher than last 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 [email protected].

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 27, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2024.

For the fiscal year ended June 30, 2024, the Company reported net sales of $38,736,319 compared with $35,592,323 for the fiscal year ended June 30, 2023. Net income for the year was $5,815,140, $2.29 per diluted share, compared with net income of $3,677,131, $1.49 per diluted share, for the fiscal year ended June 30, 2023. At June 30, 2024, the sales order backlog was $97.2 million, compared to last year’s backlog of $83.6 million at June 30, 2023.

For the fourth quarter ended June 30, 2024, net sales were $11,610,911 compared with last year’s fourth quarter net sales of $8,342,803. The net income for the fourth quarter ended June 30, 2024 was $1,893,296, $0.73 per diluted share, compared with net income of $895,535, $0.36 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2024 were approximately $52.4 million compared with the $42.4 million for the corresponding period last year.

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

We delivered a solid fourth quarter, executing on both top-line and bottom-line results. Fiscal year 2024 annual results for sales, new order bookings and the backlog represent new records for the Company. These achievements were made possible by the hard work, dedication, and execution of our employees and our customers who choose Espey for their design and production needs. Our fiscal year 2024 earnings per share improved significantly. In turn, we believe earnings, coupled with a strong balance sheet, will foster our ability to continue to grow the Company, including investing in new programs to provide for longer-term production tails in the ensuing 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 9, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share, a 25% increase over the prior dividend. The dividend will be payable on September 27, 2024 to all shareholders of record on September 20, 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 at [email protected].

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; June 6, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.20 per share, a 14% increase over the prior dividend. The dividend will be payable on June 24, 2024 to all shareholders of record on June 17, 2024.

The Board of Directors is pleased to announce the signing of a new employment agreement between Espey Mfg. & Electronics Corp. and David O’Neil, President and Chief Executive Officer.

Furthermore, the Board of Directors appointed Ms. Jennifer Pickering to the position of Assistant Corporate Secretary. Jennifer joined the company as Chief HR Officer in April 2024 after previously holding human resource executive roles in the semiconductor and building materials manufacturing industries.

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 [email protected].

Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

Saratoga Springs, NY, May 13, 2024 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the third quarter and the first nine months of fiscal year 2024.

Net sales for the third quarter of fiscal year 2024, January 1 to March 31, 2024, were $8,254,653 compared with last year’s third quarter net sales of $9,809,616. Net income for the quarter was $1,031,930, $0.40 per diluted share, as compared to net income of $867,288, $0.35 per diluted share for the same quarter last year.

For the first nine months of fiscal year 2024, July 1 to March 31, 2024, net sales were $27.1 million, compared with $27.2 million for the first nine months of fiscal year 2023. Net income for the period was $3,921,844, $1.56 per diluted share, compared with net income of $2,781,596, $1.13 per diluted share, for the same period last year.

The backlog for the Company was $84.2 million at March 31, 2024, compared with last year’s backlog of $82.1 million at March 31, 2023. New orders in the first nine months of fiscal year 2024 were approximately $27.8 million, compared with new orders in the first nine months of fiscal year 2023 of $32.6 million.

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

With another quarter behind us, we are on track for an excellent year. Sales for the quarter proved a bit soft, comparative to last year, however on par with internal expectations. Gross profit, investment income, and control over fixed costs continued to deliver improvement to bottom-line results. Our larger engineering development programs remain financially healthy and in general our development programs have had less of a dilutive effect on gross profit reported when compared to prior years. New sales orders and our sales backlog remain strong. We are currently working on several large opportunities which could potentially become orders in the near future.

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com.

For further information, contact Ms. Katrina Sparano at [email protected].

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 11, 2024 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.175 per share, a 16% increase over the prior dividend. The dividend will be payable on March 28, 2024 to all shareholders of record on March 22, 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 at [email protected].

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 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 [email protected].

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 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 [email protected].

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

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers.  The Company can be found on the Internet at www.espey.com.  

For further information, contact Ms. Katrina Sparano at [email protected].

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.