Press Release Archive
Espey Mfg. & Electronics Corp. reports third quarter results
Espey Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 17, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)
announces results for the first nine months of fiscal year 2021.
Net sales for the third quarter of fiscal year 2021, January 1 to March 31, 2021, were $4,205,068, compared with last year’s third quarter net sales of $6,191,300. Net loss for the quarter was $(1,070,114), $(0.44) per diluted share, as compared to net loss of $(103,765), $(0.04) per diluted share for the same quarter last year.
For the first nine months of fiscal year 2021, July 1 to March 31, 2021, net sales were $18.4 million, compared with $19.4 million for the first nine months of fiscal year 2020. Net loss for the period was $(1,061,297), $(0.44) per diluted share, compared with net income of $206,975, $0.09 per diluted share, for the same period last year.
The backlog for the Company was approximately $67.3 million at March 31, 2021, compared with last year’s backlog of $59.8 million at March 31, 2020. New orders in the first nine months of fiscal year 2021 were $30.8 million, compared with new orders in the first nine months of fiscal year 2020 of $33.6 million.
Mr. Patrick Enright, President and CEO, commented,
The current quarter results reflect continuing issues associated with the pandemic’s impact on the industries we service. Direct impacts include the write-off of inventory under a commercial airline industry contract partially written down last quarter. We also incurred additional, unplanned investment in a new development program for submarines. A major subcontractor increased its cost to supply a critical component for the first production deliveries. This one-time increase was absorbed by Espey in order to remain a supplier for the submarine class over the coming decade. In addition, supply of electronic components, which were already in short supply prior to the pandemic, now have lead times stretching out to over a year, which moves revenue recognition into future quarters.
Unfortunately the pandemic also hit closer to home for us. Nearly a year into the pandemic, Espey suffered a COVID 19 outbreak in our facility. Following governmental guidelines, Espey closed the facility for ten days to allow the outbreak to run its course, but the impacts to our production line are still being felt more than a month later.
Based on the direct and indirect impacts the pandemic had on Espey in Q3, we currently believe annual sales will be lower than prior year sales and earnings-per share will be lower than the prior year, each reflecting a decrease from the original plan. However, new order bookings are expected to exceed $40 million for the current fiscal year and our backlog remains strong at over $67 million as of March 31, 2021.
Our customers, suppliers and the end users of our defense products are coming together in a collaborative environment to identify and address the common issues we are all facing. The challenges encountered over this fiscal year are not unique to Espey. The diversity of our offerings, and the relationships built over the last few years continue to allow our backlog to grow to record levels. We are positioned well for the coming fiscal years with stable programs and dedicated customers. We recognize and appreciate the continued support we have from our investors, and we are preparing to emerge from the challenges of the pandemic stronger than we have ever been.
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; June 8, 2020 – 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 25, 2020 to all shareholders of record on June 19, 2020.
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
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; December 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 December 30, 2019 to all shareholders of record on December 23, 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; 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 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 Reports Fourth Quarter and Year-end Results
Saratoga Springs, NY, September 24, 2015- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP)announces results for its fiscal year and fourth quarter, both ended June 30, 2015….
Espey Announces 1st Quarter Dividend
Saratoga Springs, NY; September 14, 2015 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the first quarter of fiscal year ending June 30, 2016. The dividend will b…
Espey Announces 4th Quarter Dividend
Saratoga Springs, NY; June 15, 2015 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the fourth quarter of fiscal year ending June 30, 2015. The dividend wil…
Espey Mfg. & Electronics Corp. Reports Third Quarter and Nine Month Results
Saratoga Springs, NY, May 14, 2015 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports the results for the third quarter and the first nine months of fiscal year 2015, ended March 31, 2015. Net sales for the third quarter of fiscal year 2015, …