Press Releases
Espey Mfg. & Electronics Corp. Reports Changes in Senior Management
Saratoga Springs, NY, December 31, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) reports that after seven years of service, Patrick T. Enright, Jr. has resigned from his position as President and Chief Executive Officer, and the Board of Directors has accepted his resignation, effective on December 31, 2021. The Company also announces the appointments of David A. O’Neil as its new President and Chief Executive Officer and Katrina L. Sparano, as its new Treasurer and Chief Financial Officer, effective January 1, 2022.
Mr. Enright’s service as a member of the Company’s Board of Directors will also end on December 31, 2021. Mr. Enright has served as Espey’s President and Chief Executive Officer since February 1, 2015, and has led the Company in efforts to diversify its lines of business, product offerings and customer base.
Mr. O’Neil has been employed by the Company since January 4, 2000, serving as its Treasurer and Chief Financial Officer. During the period June 2, 2014 to January 31, 2015, he served as Interim President and Chief Executive Officer. Effective December 2, 2016, Mr. O’Neil also became the Company’s Executive Vice President.
Ms. Sparano, Espey’s Assistant Treasurer and Principal Accounting Officer, succeeds Mr. O’Neil as Treasurer and Chief Financial Officer. She served as Interim Principal Financial Officer from June 2, 2014 to January 31, 2015.
Paul Corr, the Chairman of the Audit Committee of the Board of Directors, commented, “On behalf of the Board of Directors of Espey Mfg. & Electronics Corp., I thank Pat Enright for his seven years of dedicated service to the Company. We wish him the best in his future endeavors and appreciate Pat’s willingness to support the Company and its new executive officers during the transitional period.
“Dave O’Neil’s many years with the Company as a senior officer, his intimate knowledge of the Company’s operations, and the broad respect he enjoys from employees, make him an ideal candidate to step into the role as the Company’s chief executive officer in order to lead Espey through the on-going work force and supply chain challenges brought by the pandemic and then to grow the Company’s business. Dave did a great job in serving as an interim chief executive officer seven years ago, and with the additional business acumen he has gained since then, the Board has confidence in his ability to do the job on a permanent basis. Similarly, Ms. Sparano demonstrated her capabilities in an interim capacity, has the confidence of Mr. O’Neil, and is prepared to assume her enlarged responsibilities.
“The Board looks forward to its continued association with Mr. O’Neil and Ms. Sparano in their new roles.”
Mr. Enright also commented,
“I am grateful for the opportunity to have served as Espey’s President and Chief Executive and, based upon my working relationship with David O’Neil, fully support the Board’s decision to promote him to his new position.”
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
Espey Mfg. & Electronics Corp. reports first quarter results
Saratoga Springs, NY, November 15, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2022.
Net sales for the first quarter of fiscal year 2022, July 1 to September 30, 2021, were $7,545,432, compared with last year’s first quarter net sales of $7,265,515. Net income for the quarter was $306,061, $0.13 per diluted share, as compared to net income of $189,824, $0.08 per diluted share for the same quarter last year.
The backlog for the Company was approximately $75.2 million at September 30, 2021, compared with last year’s backlog of $62 million at September 30, 2020. New orders in the first three months of fiscal year 2022 were approximately $17.1 million, compared with new orders in the first three months of fiscal year 2021 of $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
A strong start of $17 million in new orders during the first quarter of fiscal year 2022 provides the company with a stable base of over $75 million in backlog, with contracted delivery dates spanning the next few years. The slight uptick in net sales translated into a commensurate increase in net income as compared to the same period last fiscal year. These results indicate that although the effects of the COVID pandemic remain a key driver in revenue recognition moving into future quarters, the company and our supply base are working to stabilize operations in this challenging environment.
The company’s ability to turn work-in-process and inventory into revenue will continue to follow the ebbs and flows of the pandemic’s impact on our extended community. As an example, the surge attributed to the Delta variant of COVID 19 slowed the acceleration of improvement seen in the last month of fiscal year 2021 and the first month of this fiscal year. A similar surge as winter hits our region could further slow the improvement we are seeing in the performance of our suppliers as well as our in-house operations. Regardless of the impacts levied by the pandemic, the Espey team will continue to find innovative ways to execute on our backlog and strive to increase our sales revenue in the coming quarters. As always, I appreciate the continued support shown by all the stakeholders of Espey’s success.
Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results
For the fiscal year ended June 30, 2021, the Company reported net sales of $27,734,598 compared with $31,526,231 for the fiscal year ended June 30, 2020. Net loss for the year was $(181,543), $(0.08) per diluted share, compared with net income of $1,163,668, $0.49 per diluted share, for the fiscal year ended June 30, 2020. At June 30, 2021, the sales order backlog was $65.6 million, compared to last year’s backlog of $54.9 million at June 30, 2020.
For the fourth quarter ended June 30, 2021, net sales decreased to $9,301,950 compared with last year’s fourth quarter net sales of $12,124,438. The net income for the fourth quarter ended June 30, 2021 was $879,753, $0.36 per diluted share, compared with net income of $956,693, $0.40 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2021 were $38.5 million compared with the $40.9 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
In fiscal year 2021, impacts from the global pandemic challenged the Espey team in unprecedented ways. The effects of the global shortage of electronic components, the retraction of the commercial airline industry, and the continued decline in the transportation market we serve all contributed to our loss for the year. As reported in Q3, we had a pandemic-caused shutdown that deeply affected our team and our community. Our ability to retain valued employees and attract new personnel to support our growth faced challenges common to many businesses during the COVID era.
Looking forward it is apparent the challenges described above will continue to affect businesses worldwide. The focus of the entire Espey team, supported by our Board of Directors, is to deal with each challenge head-on and emerge from this period stronger than ever. Specifically, we will continue to work with our existing customers collaboratively to resolve issues and deliver product that supports their missions. Our increase in backlog of over $10 million in fiscal 2021 indicates our commitment to our customers is paying off. The fact that our loss for the year was just shy of $200,000, during a year in which we wrote down our commercial airline contract and absorbed cost growth from suppliers on a few major programs, demonstrates the continuing strength of other markets we serve and the more diverse lines of business we have achieved over the past few years.
Finally, the financial discipline demonstrated throughout fiscal 2021 resulted in a strong balance sheet and a conservation of cash that gives Espey the ability to weather the effects of the continuing pandemic, and positions us well to become profitable again and resume returns to shareholders we have historically achieved. As always, I appreciate the continued support of our investor community, our customers and most importantly our employees that remain dedicated to our mission and committed to our success.
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 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 Suspends Dividend
Saratoga Springs, NY; March 9, 2021 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has suspended its quarterly dividend.
The Board of Directors of Espey Mfg. & Electronics Corp. has determined to suspend payment of a cash dividend which, in accordance with practice, would have been declared and paid prior to the end of this month. In making the determination, the Board balanced the objective of maintaining Espey’s strong position to address the business challenges caused by the global pandemic which continue to confront the industries the Company services, against the historical payment of consistent dividends to shareholders.
Patrick Enright, Espey’s President and CEO, explained the Board’s decision. “The continued decline of the rail industry, the virtual collapse of the commercial airline market, the global shortage of electronic
components and the erosion of on-time performance throughout the entire supply chain, will continue to contribute to delays in deliveries of product by the Company and put pressure on our earnings. We believe that conservative stewardship of our strong cash position will enable us to weather the current headwinds and to make timely and strategic investments in personnel and new programs. The Company has a robust backlog of orders and the Board determined that this approach will enable Espey to come through the pandemic in a strong position to deliver existing orders effectively and efficiently.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports second quarter results
Espey Mfg. & Electronics Corp. reports second quarter results
Saratoga Springs, NY, February 16, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2021.
Net sales for the second quarter of fiscal year 2021, October 1 to December 31, 2020, were $6,962,065, compared with last year’s second quarter net sales of $7,286,674. Net loss for the quarter was $(181,006), $(0.08) per diluted share, as compared to net income of $228,964, $0.10 per diluted share for the same quarter last year.
For the first six months of fiscal year 2021, July 1 to December 31, 2020, net sales were $14.2 million, compared with $13.2 million for the first six months of fiscal year 2020. Net income for the period was $8,817, $0.00 per diluted share, compared with net income of $310,740, $0.13 per diluted share, for the same period last year.
The backlog for the Company was $60.1 million at December 31, 2020, compared with last year’s backlog of $58.4 million at December 31, 2019. New orders in the first six months of fiscal year 2021 were $19.4 million, compared with new orders in the first six months of fiscal year 2020 of $26 million.
Mr. Patrick Enright, President and CEO, commented,
The current quarter was a challenge with reduced sales and a product mix that netted overall lower margins, which were further exacerbated by a pandemic-related contract cancellation which resulted in us recognizing a loss for the quarter. Specific to the cancellation, we recognized an inventory write-off equivalent to fifty percent of the contract’s capitalized inventory value. Product under this engineering design and production contract was intended to be used in the commercial airline industry, which continues to be significantly impacted by the Coronavirus. As we work with our customer on the terms of the contract cancellation, we will look for alternate uses for this technology. Looking ahead, we currently believe annual sales will likely be in-line with the prior year sales but earnings-per share will be lower than prior year, a decrease from the original plan. However, new order bookings are expected to remain on target to reach $40 million for the current fiscal year and our backlog remains strong at $60.1 million as of December 31, 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 (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 16, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2021.
Net sales for the first quarter of fiscal year 2021, July 1 to September 30, 2020, were $7,265,515, compared with last year’s first quarter net sales of $5,923,819. Net income for the quarter increased to $189,824, $0.08 per diluted share, as compared to net income of $81,776, $0.03 per diluted share for the same quarter last year.
The backlog for the Company was $62 million at September 30, 2020, compared with last year’s backlog of $46.6 million at September 30, 2019. New orders in the first three months of fiscal year 2021 were $14.3 million, compared with new orders in the first three months of fiscal year 2020 of approximately $7.0 million.
Mr. Patrick Enright, President and CEO, commented,
Earnings for the quarter are up as we started to see the initial impact of targeted cost reductions which we put in place to offset the anticipated impact from necessary investments in new programs. An increase in sales, bolstered by strong build to print shipments and robust new sales order bookings, rounded out the quarter.
While the future of defense spending budgets remain uncertain due to both the administration transition in Washington D.C., and the likely re-assessment of Federal budget appropriations resulting from the effects of the continuing global pandemic, we remain cautiously optimistic that any impact to our anticipated new order bookings for the current fiscal year will be minimal. The growth strategy we have put in place by investing in new programs and diversifying our customer base, along with introducing targeted cost reductions, should put us in a good position as we navigate through these uncertain times. In the meantime, our primary focus continues to be on improving liquidity by the turning of inventory into sales.
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 Fourth Quarter and Year-end results as well as Announces Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY, September 21, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2020. For the fiscal year ended June 30, 2020, the Company reported net sales of $31,526,231 compared with $36,477,851 for the fiscal year ended June 30, 2019. Net income decreased to $1,163,668, $0.49 per diluted share for the year, compared with net income of $2,342,694, $0.98 per diluted share, for the fiscal year ended June 30, 2019. At June 30, 2020, the sales order backlog was $54.9 million, compared to last year’s backlog of $45.6 million at June 30, 2019.
For the fourth quarter ended June 30, 2020, net sales increased to $12,124,438 compared with last year’s fourth quarter net sales of $11,619,202. The net income for the fourth quarter ended June 30, 2020 was
$956,693, $0.40 per diluted share, compared with net income of $1,140,809, $0.47 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2020 were $40.9 million compared with the $33.9 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
While we are disappointed that we fell short of our projections for fiscal year 2020, Espey remained profitable. The strength and mix of our backlog as well as our balance sheet provides us with confidence that we will be profitable, notwithstanding the challenges we face. Management remains committed to improving operating efficiencies, through targeted cost-cutting, and converting our backlog into more profitable sales in fiscal 2021.
Espey is continuing to make progress towards full qualification of our newly designed transformers and power supplies. Our customers are responding positively to our efforts, as demonstrated by new orders during fiscal year 2020 of in excess of $40 million, a $7 million increase over fiscal year 2019. Our $55 million backlog includes repeat business with higher profit margins, providing a strong foundation to offset continued challenges we have encountered in the qualification of our newly designed products.
Furthermore, 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 October 14, 2020
to all shareholders of record on October 5, 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 (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 Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 14, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)
announces results for the first nine months of fiscal year 2020.
Net sales for the third quarter of fiscal year 2020, January 1 to March 31, 2020, were $6,191,300, compared
with last year’s third quarter net sales of $9,218,141. Net loss for the quarter was $(103,765), $(0.04) per
diluted share, as compared to net income of $922,456, $0.39 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2020, July 1 to March 31, 2020, net sales were $19.4 million, compared
with $24.9 million for the first nine months of fiscal year 2019. Net income for the period was $206,975
$0.09 per diluted share, compared with net income of $1,201,886, $0.50 per diluted share, for the same period
last year.
The sales order backlog for the Company was $59.8 million at March 31, 2020, compared with last year’s
sales order backlog of $45.4 million at March 31, 2019. New orders in the first nine months of fiscal year
2020 were $33.6 million, compared with new orders in the first nine months of fiscal year 2019 of $22.2
million.
Mr. Patrick Enright, President and CEO, commented,
This quarter was very challenging. We did not reach our net sales goal which, in turn, negatively
impacted earnings. We experienced cost overruns on two new build to print orders, primarily due
to higher than expected supplier costs, and experienced engineering design complications on
certain development and repeat production orders. Collectively, these factors caused a net loss for
the three months ended March 31, 2020. We are continuing to work with our vendor base, our
customers and with our internal production team to improve our end-to-end efficiency as we
address the issues confronting first-time build and qualification of the products that comprise our
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 Mfg. & Electronics Corp. Reports Changes in Senior Management
Saratoga Springs, NY, December 31, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) reports that after seven years of service, Patrick T. Enright, Jr. has resigned from his position as President and Chief Executive Officer, and the Board of Directors has accepted his resignation, effective on December 31, 2021. The Company also announces the appointments of David A. O’Neil as its new President and Chief Executive Officer and Katrina L. Sparano, as its new Treasurer and Chief Financial Officer, effective January 1, 2022.
Mr. Enright’s service as a member of the Company’s Board of Directors will also end on December 31, 2021. Mr. Enright has served as Espey’s President and Chief Executive Officer since February 1, 2015, and has led the Company in efforts to diversify its lines of business, product offerings and customer base.
Mr. O’Neil has been employed by the Company since January 4, 2000, serving as its Treasurer and Chief Financial Officer. During the period June 2, 2014 to January 31, 2015, he served as Interim President and Chief Executive Officer. Effective December 2, 2016, Mr. O’Neil also became the Company’s Executive Vice President.
Ms. Sparano, Espey’s Assistant Treasurer and Principal Accounting Officer, succeeds Mr. O’Neil as Treasurer and Chief Financial Officer. She served as Interim Principal Financial Officer from June 2, 2014 to January 31, 2015.
Paul Corr, the Chairman of the Audit Committee of the Board of Directors, commented, “On behalf of the Board of Directors of Espey Mfg. & Electronics Corp., I thank Pat Enright for his seven years of dedicated service to the Company. We wish him the best in his future endeavors and appreciate Pat’s willingness to support the Company and its new executive officers during the transitional period.
“Dave O’Neil’s many years with the Company as a senior officer, his intimate knowledge of the Company’s operations, and the broad respect he enjoys from employees, make him an ideal candidate to step into the role as the Company’s chief executive officer in order to lead Espey through the on-going work force and supply chain challenges brought by the pandemic and then to grow the Company’s business. Dave did a great job in serving as an interim chief executive officer seven years ago, and with the additional business acumen he has gained since then, the Board has confidence in his ability to do the job on a permanent basis. Similarly, Ms. Sparano demonstrated her capabilities in an interim capacity, has the confidence of Mr. O’Neil, and is prepared to assume her enlarged responsibilities.
“The Board looks forward to its continued association with Mr. O’Neil and Ms. Sparano in their new roles.”
Mr. Enright also commented,
“I am grateful for the opportunity to have served as Espey’s President and Chief Executive and, based upon my working relationship with David O’Neil, fully support the Board’s decision to promote him to his new position.”
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
Espey Mfg. & Electronics Corp. reports first quarter results
Saratoga Springs, NY, November 15, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2022.
Net sales for the first quarter of fiscal year 2022, July 1 to September 30, 2021, were $7,545,432, compared with last year’s first quarter net sales of $7,265,515. Net income for the quarter was $306,061, $0.13 per diluted share, as compared to net income of $189,824, $0.08 per diluted share for the same quarter last year.
The backlog for the Company was approximately $75.2 million at September 30, 2021, compared with last year’s backlog of $62 million at September 30, 2020. New orders in the first three months of fiscal year 2022 were approximately $17.1 million, compared with new orders in the first three months of fiscal year 2021 of $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
A strong start of $17 million in new orders during the first quarter of fiscal year 2022 provides the company with a stable base of over $75 million in backlog, with contracted delivery dates spanning the next few years. The slight uptick in net sales translated into a commensurate increase in net income as compared to the same period last fiscal year. These results indicate that although the effects of the COVID pandemic remain a key driver in revenue recognition moving into future quarters, the company and our supply base are working to stabilize operations in this challenging environment.
The company’s ability to turn work-in-process and inventory into revenue will continue to follow the ebbs and flows of the pandemic’s impact on our extended community. As an example, the surge attributed to the Delta variant of COVID 19 slowed the acceleration of improvement seen in the last month of fiscal year 2021 and the first month of this fiscal year. A similar surge as winter hits our region could further slow the improvement we are seeing in the performance of our suppliers as well as our in-house operations. Regardless of the impacts levied by the pandemic, the Espey team will continue to find innovative ways to execute on our backlog and strive to increase our sales revenue in the coming quarters. As always, I appreciate the continued support shown by all the stakeholders of Espey’s success.
Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results
For the fiscal year ended June 30, 2021, the Company reported net sales of $27,734,598 compared with $31,526,231 for the fiscal year ended June 30, 2020. Net loss for the year was $(181,543), $(0.08) per diluted share, compared with net income of $1,163,668, $0.49 per diluted share, for the fiscal year ended June 30, 2020. At June 30, 2021, the sales order backlog was $65.6 million, compared to last year’s backlog of $54.9 million at June 30, 2020.
For the fourth quarter ended June 30, 2021, net sales decreased to $9,301,950 compared with last year’s fourth quarter net sales of $12,124,438. The net income for the fourth quarter ended June 30, 2021 was $879,753, $0.36 per diluted share, compared with net income of $956,693, $0.40 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2021 were $38.5 million compared with the $40.9 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
In fiscal year 2021, impacts from the global pandemic challenged the Espey team in unprecedented ways. The effects of the global shortage of electronic components, the retraction of the commercial airline industry, and the continued decline in the transportation market we serve all contributed to our loss for the year. As reported in Q3, we had a pandemic-caused shutdown that deeply affected our team and our community. Our ability to retain valued employees and attract new personnel to support our growth faced challenges common to many businesses during the COVID era.
Looking forward it is apparent the challenges described above will continue to affect businesses worldwide. The focus of the entire Espey team, supported by our Board of Directors, is to deal with each challenge head-on and emerge from this period stronger than ever. Specifically, we will continue to work with our existing customers collaboratively to resolve issues and deliver product that supports their missions. Our increase in backlog of over $10 million in fiscal 2021 indicates our commitment to our customers is paying off. The fact that our loss for the year was just shy of $200,000, during a year in which we wrote down our commercial airline contract and absorbed cost growth from suppliers on a few major programs, demonstrates the continuing strength of other markets we serve and the more diverse lines of business we have achieved over the past few years.
Finally, the financial discipline demonstrated throughout fiscal 2021 resulted in a strong balance sheet and a conservation of cash that gives Espey the ability to weather the effects of the continuing pandemic, and positions us well to become profitable again and resume returns to shareholders we have historically achieved. As always, I appreciate the continued support of our investor community, our customers and most importantly our employees that remain dedicated to our mission and committed to our success.
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 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 Suspends Dividend
Saratoga Springs, NY; March 9, 2021 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has suspended its quarterly dividend.
The Board of Directors of Espey Mfg. & Electronics Corp. has determined to suspend payment of a cash dividend which, in accordance with practice, would have been declared and paid prior to the end of this month. In making the determination, the Board balanced the objective of maintaining Espey’s strong position to address the business challenges caused by the global pandemic which continue to confront the industries the Company services, against the historical payment of consistent dividends to shareholders.
Patrick Enright, Espey’s President and CEO, explained the Board’s decision. “The continued decline of the rail industry, the virtual collapse of the commercial airline market, the global shortage of electronic
components and the erosion of on-time performance throughout the entire supply chain, will continue to contribute to delays in deliveries of product by the Company and put pressure on our earnings. We believe that conservative stewardship of our strong cash position will enable us to weather the current headwinds and to make timely and strategic investments in personnel and new programs. The Company has a robust backlog of orders and the Board determined that this approach will enable Espey to come through the pandemic in a strong position to deliver existing orders effectively and efficiently.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports second quarter results
Espey Mfg. & Electronics Corp. reports second quarter results
Saratoga Springs, NY, February 16, 2021 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2021.
Net sales for the second quarter of fiscal year 2021, October 1 to December 31, 2020, were $6,962,065, compared with last year’s second quarter net sales of $7,286,674. Net loss for the quarter was $(181,006), $(0.08) per diluted share, as compared to net income of $228,964, $0.10 per diluted share for the same quarter last year.
For the first six months of fiscal year 2021, July 1 to December 31, 2020, net sales were $14.2 million, compared with $13.2 million for the first six months of fiscal year 2020. Net income for the period was $8,817, $0.00 per diluted share, compared with net income of $310,740, $0.13 per diluted share, for the same period last year.
The backlog for the Company was $60.1 million at December 31, 2020, compared with last year’s backlog of $58.4 million at December 31, 2019. New orders in the first six months of fiscal year 2021 were $19.4 million, compared with new orders in the first six months of fiscal year 2020 of $26 million.
Mr. Patrick Enright, President and CEO, commented,
The current quarter was a challenge with reduced sales and a product mix that netted overall lower margins, which were further exacerbated by a pandemic-related contract cancellation which resulted in us recognizing a loss for the quarter. Specific to the cancellation, we recognized an inventory write-off equivalent to fifty percent of the contract’s capitalized inventory value. Product under this engineering design and production contract was intended to be used in the commercial airline industry, which continues to be significantly impacted by the Coronavirus. As we work with our customer on the terms of the contract cancellation, we will look for alternate uses for this technology. Looking ahead, we currently believe annual sales will likely be in-line with the prior year sales but earnings-per share will be lower than prior year, a decrease from the original plan. However, new order bookings are expected to remain on target to reach $40 million for the current fiscal year and our backlog remains strong at $60.1 million as of December 31, 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 (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 16, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2021.
Net sales for the first quarter of fiscal year 2021, July 1 to September 30, 2020, were $7,265,515, compared with last year’s first quarter net sales of $5,923,819. Net income for the quarter increased to $189,824, $0.08 per diluted share, as compared to net income of $81,776, $0.03 per diluted share for the same quarter last year.
The backlog for the Company was $62 million at September 30, 2020, compared with last year’s backlog of $46.6 million at September 30, 2019. New orders in the first three months of fiscal year 2021 were $14.3 million, compared with new orders in the first three months of fiscal year 2020 of approximately $7.0 million.
Mr. Patrick Enright, President and CEO, commented,
Earnings for the quarter are up as we started to see the initial impact of targeted cost reductions which we put in place to offset the anticipated impact from necessary investments in new programs. An increase in sales, bolstered by strong build to print shipments and robust new sales order bookings, rounded out the quarter.
While the future of defense spending budgets remain uncertain due to both the administration transition in Washington D.C., and the likely re-assessment of Federal budget appropriations resulting from the effects of the continuing global pandemic, we remain cautiously optimistic that any impact to our anticipated new order bookings for the current fiscal year will be minimal. The growth strategy we have put in place by investing in new programs and diversifying our customer base, along with introducing targeted cost reductions, should put us in a good position as we navigate through these uncertain times. In the meantime, our primary focus continues to be on improving liquidity by the turning of inventory into sales.
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 Fourth Quarter and Year-end results as well as Announces Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY, September 21, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2020. For the fiscal year ended June 30, 2020, the Company reported net sales of $31,526,231 compared with $36,477,851 for the fiscal year ended June 30, 2019. Net income decreased to $1,163,668, $0.49 per diluted share for the year, compared with net income of $2,342,694, $0.98 per diluted share, for the fiscal year ended June 30, 2019. At June 30, 2020, the sales order backlog was $54.9 million, compared to last year’s backlog of $45.6 million at June 30, 2019.
For the fourth quarter ended June 30, 2020, net sales increased to $12,124,438 compared with last year’s fourth quarter net sales of $11,619,202. The net income for the fourth quarter ended June 30, 2020 was
$956,693, $0.40 per diluted share, compared with net income of $1,140,809, $0.47 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2020 were $40.9 million compared with the $33.9 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
While we are disappointed that we fell short of our projections for fiscal year 2020, Espey remained profitable. The strength and mix of our backlog as well as our balance sheet provides us with confidence that we will be profitable, notwithstanding the challenges we face. Management remains committed to improving operating efficiencies, through targeted cost-cutting, and converting our backlog into more profitable sales in fiscal 2021.
Espey is continuing to make progress towards full qualification of our newly designed transformers and power supplies. Our customers are responding positively to our efforts, as demonstrated by new orders during fiscal year 2020 of in excess of $40 million, a $7 million increase over fiscal year 2019. Our $55 million backlog includes repeat business with higher profit margins, providing a strong foundation to offset continued challenges we have encountered in the qualification of our newly designed products.
Furthermore, 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 October 14, 2020
to all shareholders of record on October 5, 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 (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 Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 14, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)
announces results for the first nine months of fiscal year 2020.
Net sales for the third quarter of fiscal year 2020, January 1 to March 31, 2020, were $6,191,300, compared
with last year’s third quarter net sales of $9,218,141. Net loss for the quarter was $(103,765), $(0.04) per
diluted share, as compared to net income of $922,456, $0.39 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2020, July 1 to March 31, 2020, net sales were $19.4 million, compared
with $24.9 million for the first nine months of fiscal year 2019. Net income for the period was $206,975
$0.09 per diluted share, compared with net income of $1,201,886, $0.50 per diluted share, for the same period
last year.
The sales order backlog for the Company was $59.8 million at March 31, 2020, compared with last year’s
sales order backlog of $45.4 million at March 31, 2019. New orders in the first nine months of fiscal year
2020 were $33.6 million, compared with new orders in the first nine months of fiscal year 2019 of $22.2
million.
Mr. Patrick Enright, President and CEO, commented,
This quarter was very challenging. We did not reach our net sales goal which, in turn, negatively
impacted earnings. We experienced cost overruns on two new build to print orders, primarily due
to higher than expected supplier costs, and experienced engineering design complications on
certain development and repeat production orders. Collectively, these factors caused a net loss for
the three months ended March 31, 2020. We are continuing to work with our vendor base, our
customers and with our internal production team to improve our end-to-end efficiency as we
address the issues confronting first-time build and qualification of the products that comprise our
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.