Press Releases

Saratoga Springs, NY, February 13, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first six months of fiscal year 2019, ended December 31, 2018.

Net sales for the second quarter of fiscal year 2019, October 1 to December 31, 2018, were $7.3 million, compared with last year’s second quarter net sales of $11.5 million. Net income for the period was
$217,758, $0.09 per diluted share, compared with $1,614,871, $0.69 per diluted share for the same quarter last year.

For the first six months of fiscal year 2019, July 1 to December 31, 2018, net sales were $15.6 million, compared with $19.0 million for the first six months of fiscal year 2018. Net income for the period was $279,430, $0.12 per diluted share, compared with net income of $2,057,635, $0.88 per diluted share, for the same period last year.

The backlog for the Company was $45.8 million at December 31, 2018, compared with last year’s backlog of $38.4 million at December 31, 2017. New orders in the first half of fiscal year 2019 were approximately $13.4 million, compared with new orders in the first half of fiscal year 2018 of approximately $14.3 million.

Mr. Patrick Enright, President and CEO, commented,
Although our mid-fiscal year financial results fall short when compared to the results over the same period of fiscal year 2018, we maintain our view that the full year’s net sales will exceed those of fiscal year 2018, consistent with our growth strategy. During the second quarter we continued to resolve technical issues associated with two of our development programs, resulting in delays to first-unit deliveries. Deliveries on the programs will commence during the second half of fiscal year 2019, converting inventory to revenue and cash prior to year-end. As discussed previously, these challenging development programs have multi-year production “tails” that will provide steady work to our manufacturing floor, the ultimate goal of our strategy.

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

For further information, contact Mr. David O’Neil (518)245-4400.

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

Espey Mfg. & Electronics Corp. reports first quarter results Saratoga Springs, NY, November 13, 2018 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)announces results for its first three months of fiscal year 2019.

Net sales for the first quarter of fiscal year 2019, July 1 to September 30, 2018, were $8,337,399, as compared to last year’s first quarter net sales of $7,496,423. Net income for the quarter decreased to $61,671, $0.03 per diluted share, as compared to net income of $442,764, $0.19 per diluted share for the same quarter last year.

The backlog for the Company was $46.7 million on September 30, 2018, an increase of $4.1 million from last year’s backlog of $42.6 million on September 30, 2017. New orders in the first quarter of fiscal year 2019 and 2018 were approximately $6.9 million.

Mr. Patrick Enright, President and CEO, commented,

“Sales were strong for the quarter and new orders received remained robust. Our net income declined as compared to the first quarter last year due to investment spending required on one of our engineering development contracts. This contract is in the critical design and build stage and has experienced unexpected issues in the build process. Moving forward we believe that the unanticipated development costs have been absorbed and that we are in a good position to complete this contract at the current projected cost. We remain optimistic that net sales and earnings for the current fiscal year will exceed our performance in fiscal year 2018.”

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

For further information, contact Patrick Enright or 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 Reports Fourth Quarter and Year-end Results as well as Announces Special Cash Dividend of $1.00 Per Share; plus $0.25 Per Share Regular Quarterly Dividend

Saratoga Springs, NY, September 12, 2018– Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2018.

For the fiscal year ended June 30, 2018, the Company reported net sales of $32,517,883 compared with $22,521,012 for the fiscal year ended June 30, 2017.  Net income increased to $3,075,797, $1.31 per diluted share for the year, compared with net income of $1,135,736, $0.49 per diluted share, for the fiscal year ended June 30, 2017.  At June 30, 2018, the sales order backlog was $48.1 million, compared to last year’s backlog of $43.1 million at June 30, 2017.

For the fourth quarter ended June 30, 2018, net sales increased to $7,827,194 compared with last year’s fourth quarter net sales of $5,460,600.  The net income for the fourth quarter ended June 30, 2018 was $700,398, $0.29 per diluted share, compared with net income of $191,659, $0.08 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2018 were $37.5 million compared with $26.7 million for the corresponding period last year.

Mr. Patrick Enright, President and CEO, commented, 

Our strong financial performance continued during fiscal year 2018 with improvement in all areas as compared to fiscal year 2017.  As I commented last quarter, successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts.  The investments we have made in talented people and infrastructure are contributing to our successes; however there will always be areas for improvement.  We are nearing the successful completion of our facility refit, which will provide us enhanced capabilities to drive future growth.  We are looking forward to a successful fiscal year 2019.

Furthermore, the Espey Board of Directors has declared a special cash dividend of $1.00 per share. This special dividend is in addition to a regular dividend of $0.25 per share for the first quarter of the fiscal year ending June 30, 2019.  The dividends will be payable on October 1, 2018 to all shareholders of record at September 24, 2018.

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

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (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 Increases Number of Authorized Directors and Declares Regular Quarterly Dividend

Saratoga Springs, NY, June 5, 2018 – Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) announces that it has increased the number of authorized directors from seven to nine and that Roger N. Sexauer and David O’Neil have been appointed by its Board of Directors to fill the two vacancies.

Mr. Sexauer recently retired from DRS Technologies, Inc. where he served in various senior executive positions, most recently holding the position Executive Vice President of Corporate Business Development. He had also served as President of DRS’s $1.2 billion in annual sales Maritime and Combat Support Systems Group. Prior to his employment with DRS, Mr. Sexauer held senior positions with several other companies in the defense industry and served as a qualified nuclear officer in the United States Navy.

Mr. O’Neil is the company’s Executive Vice President, Treasurer and Chief Financial Officer and has been employed by Espey since January 4, 2000. He served as the company’s interim President and Chief Executive Officer during the period June 2, 2014 to January 31, 2015.

Mr. Patrick Enright, President and CEO, commented,

The appointments of Mr. Sexauer and Mr. O’Neil are consistent with our focus on the future. Mr. Sexauer brings tremendous market knowledge and relevant points of contact that will further strengthen our strategic growth strategy. Mr. Sexauer also brings decades of tactical execution experience related to running businesses in the defense and aerospace markets. Mr. O’Neil is the steward of our financial stability, which enables us to invest in personnel and facility improvements that prepare us for tomorrow’s execution challenges. Roger and Dave will complement our existing Board’s experience, providing insightful counsel that will aid in all aspects of our business, ultimately resulting in increased shareholder value.

Both Messrs. Sexauer and O’Neil will stand for election to the Board at the Company’s annual meeting of shareholders in early December.

Espey also has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 26, 2018 to all shareholders of record on June 15, 2018.

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

For further information, contact Mr. Patrick Enright at (518) 245-4400. 

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

Saratoga Springs, NY, May 14, 2018 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2018, ended March 31, 2018.

Net sales for the third quarter of fiscal year 2018, January 1 to March 31, 2018, were $5,663,161, compared with last year’s third quarter net sales of $5,324,104. Net income for the period was $317,764, $0.14 per diluted share, compared with $279,173, $0.12 per diluted share for the same period last year.

For the first nine months of fiscal year 2018, July 1, 2017 to March 31, 2018, net sales were $24,690,689, compared with $17,060,411 for the first nine months of fiscal year 2017. Net income for the period was $2,375,399, $1.02 per diluted share, compared with net income of $944,076, $0.41 per diluted share, for the same period last year.

The sales order backlog for the Company was $47.0 million at March 31, 2018, compared with last year’s sales order backlog of $38.7 million at March 31, 2017. New orders in the first nine months of fiscal year 2018 were approximately $28.6 million, compared with new orders in the first nine months of fiscal year 2017 of approximately $16.8 million.

Mr. Patrick Enright, President and CEO, commented,

We are making progress executing our long-term strategy and while there is more work to be done, strong financial performance continued during Q3 with improvement in all areas as compared to the same period in FY17.  Successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts.  We have experienced some technical delays and issues with our major development programs which are being resolved as they arise.  The facility refit, which will enable us to build and test our newest transformers, is well underway with completion scheduled for FY19 Q1. With successful completion of our current engineering programs and completion of the factory refit, we will be well positioned for the 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 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.

Saratoga Springs, NY, February 13, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first six months of fiscal year 2019, ended December 31, 2018.

Net sales for the second quarter of fiscal year 2019, October 1 to December 31, 2018, were $7.3 million, compared with last year’s second quarter net sales of $11.5 million. Net income for the period was
$217,758, $0.09 per diluted share, compared with $1,614,871, $0.69 per diluted share for the same quarter last year.

For the first six months of fiscal year 2019, July 1 to December 31, 2018, net sales were $15.6 million, compared with $19.0 million for the first six months of fiscal year 2018. Net income for the period was $279,430, $0.12 per diluted share, compared with net income of $2,057,635, $0.88 per diluted share, for the same period last year.

The backlog for the Company was $45.8 million at December 31, 2018, compared with last year’s backlog of $38.4 million at December 31, 2017. New orders in the first half of fiscal year 2019 were approximately $13.4 million, compared with new orders in the first half of fiscal year 2018 of approximately $14.3 million.

Mr. Patrick Enright, President and CEO, commented,
Although our mid-fiscal year financial results fall short when compared to the results over the same period of fiscal year 2018, we maintain our view that the full year’s net sales will exceed those of fiscal year 2018, consistent with our growth strategy. During the second quarter we continued to resolve technical issues associated with two of our development programs, resulting in delays to first-unit deliveries. Deliveries on the programs will commence during the second half of fiscal year 2019, converting inventory to revenue and cash prior to year-end. As discussed previously, these challenging development programs have multi-year production “tails” that will provide steady work to our manufacturing floor, the ultimate goal of our strategy.

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

For further information, contact Mr. David O’Neil (518)245-4400.

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

Espey Mfg. & Electronics Corp. reports first quarter results Saratoga Springs, NY, November 13, 2018 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)announces results for its first three months of fiscal year 2019.

Net sales for the first quarter of fiscal year 2019, July 1 to September 30, 2018, were $8,337,399, as compared to last year’s first quarter net sales of $7,496,423. Net income for the quarter decreased to $61,671, $0.03 per diluted share, as compared to net income of $442,764, $0.19 per diluted share for the same quarter last year.

The backlog for the Company was $46.7 million on September 30, 2018, an increase of $4.1 million from last year’s backlog of $42.6 million on September 30, 2017. New orders in the first quarter of fiscal year 2019 and 2018 were approximately $6.9 million.

Mr. Patrick Enright, President and CEO, commented,

“Sales were strong for the quarter and new orders received remained robust. Our net income declined as compared to the first quarter last year due to investment spending required on one of our engineering development contracts. This contract is in the critical design and build stage and has experienced unexpected issues in the build process. Moving forward we believe that the unanticipated development costs have been absorbed and that we are in a good position to complete this contract at the current projected cost. We remain optimistic that net sales and earnings for the current fiscal year will exceed our performance in fiscal year 2018.”

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

For further information, contact Patrick Enright or 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 Reports Fourth Quarter and Year-end Results as well as Announces Special Cash Dividend of $1.00 Per Share; plus $0.25 Per Share Regular Quarterly Dividend

Saratoga Springs, NY, September 12, 2018– Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2018.

For the fiscal year ended June 30, 2018, the Company reported net sales of $32,517,883 compared with $22,521,012 for the fiscal year ended June 30, 2017.  Net income increased to $3,075,797, $1.31 per diluted share for the year, compared with net income of $1,135,736, $0.49 per diluted share, for the fiscal year ended June 30, 2017.  At June 30, 2018, the sales order backlog was $48.1 million, compared to last year’s backlog of $43.1 million at June 30, 2017.

For the fourth quarter ended June 30, 2018, net sales increased to $7,827,194 compared with last year’s fourth quarter net sales of $5,460,600.  The net income for the fourth quarter ended June 30, 2018 was $700,398, $0.29 per diluted share, compared with net income of $191,659, $0.08 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2018 were $37.5 million compared with $26.7 million for the corresponding period last year.

Mr. Patrick Enright, President and CEO, commented, 

Our strong financial performance continued during fiscal year 2018 with improvement in all areas as compared to fiscal year 2017.  As I commented last quarter, successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts.  The investments we have made in talented people and infrastructure are contributing to our successes; however there will always be areas for improvement.  We are nearing the successful completion of our facility refit, which will provide us enhanced capabilities to drive future growth.  We are looking forward to a successful fiscal year 2019.

Furthermore, the Espey Board of Directors has declared a special cash dividend of $1.00 per share. This special dividend is in addition to a regular dividend of $0.25 per share for the first quarter of the fiscal year ending June 30, 2019.  The dividends will be payable on October 1, 2018 to all shareholders of record at September 24, 2018.

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

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (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 Increases Number of Authorized Directors and Declares Regular Quarterly Dividend

Saratoga Springs, NY, June 5, 2018 – Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) announces that it has increased the number of authorized directors from seven to nine and that Roger N. Sexauer and David O’Neil have been appointed by its Board of Directors to fill the two vacancies.

Mr. Sexauer recently retired from DRS Technologies, Inc. where he served in various senior executive positions, most recently holding the position Executive Vice President of Corporate Business Development. He had also served as President of DRS’s $1.2 billion in annual sales Maritime and Combat Support Systems Group. Prior to his employment with DRS, Mr. Sexauer held senior positions with several other companies in the defense industry and served as a qualified nuclear officer in the United States Navy.

Mr. O’Neil is the company’s Executive Vice President, Treasurer and Chief Financial Officer and has been employed by Espey since January 4, 2000. He served as the company’s interim President and Chief Executive Officer during the period June 2, 2014 to January 31, 2015.

Mr. Patrick Enright, President and CEO, commented,

The appointments of Mr. Sexauer and Mr. O’Neil are consistent with our focus on the future. Mr. Sexauer brings tremendous market knowledge and relevant points of contact that will further strengthen our strategic growth strategy. Mr. Sexauer also brings decades of tactical execution experience related to running businesses in the defense and aerospace markets. Mr. O’Neil is the steward of our financial stability, which enables us to invest in personnel and facility improvements that prepare us for tomorrow’s execution challenges. Roger and Dave will complement our existing Board’s experience, providing insightful counsel that will aid in all aspects of our business, ultimately resulting in increased shareholder value.

Both Messrs. Sexauer and O’Neil will stand for election to the Board at the Company’s annual meeting of shareholders in early December.

Espey also has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 26, 2018 to all shareholders of record on June 15, 2018.

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

For further information, contact Mr. Patrick Enright at (518) 245-4400. 

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

Saratoga Springs, NY, May 14, 2018 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2018, ended March 31, 2018.

Net sales for the third quarter of fiscal year 2018, January 1 to March 31, 2018, were $5,663,161, compared with last year’s third quarter net sales of $5,324,104. Net income for the period was $317,764, $0.14 per diluted share, compared with $279,173, $0.12 per diluted share for the same period last year.

For the first nine months of fiscal year 2018, July 1, 2017 to March 31, 2018, net sales were $24,690,689, compared with $17,060,411 for the first nine months of fiscal year 2017. Net income for the period was $2,375,399, $1.02 per diluted share, compared with net income of $944,076, $0.41 per diluted share, for the same period last year.

The sales order backlog for the Company was $47.0 million at March 31, 2018, compared with last year’s sales order backlog of $38.7 million at March 31, 2017. New orders in the first nine months of fiscal year 2018 were approximately $28.6 million, compared with new orders in the first nine months of fiscal year 2017 of approximately $16.8 million.

Mr. Patrick Enright, President and CEO, commented,

We are making progress executing our long-term strategy and while there is more work to be done, strong financial performance continued during Q3 with improvement in all areas as compared to the same period in FY17.  Successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts.  We have experienced some technical delays and issues with our major development programs which are being resolved as they arise.  The facility refit, which will enable us to build and test our newest transformers, is well underway with completion scheduled for FY19 Q1. With successful completion of our current engineering programs and completion of the factory refit, we will be well positioned for the 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 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.