Press Releases
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 Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 9, 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 March 30, 2020 to all shareholders of record on March 24, 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 record backlog and second quarter results
Saratoga Springs, NY, February 13, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2020. Net sales for the second quarter of fiscal year 2020, October 1 to December 31, 2019, were $7,286,674, compared with last year’s second quarter net sales of $7,303,109. Net income for the quarter increased to $228,964, $0.10 per diluted share, as compared to net income of $217,758, $0.09 per diluted share for the same quarter last year.
For the first six months of fiscal year 2020, July 1 to December 31, 2019, net sales were $13.2 million, compared with $15.6 million for the first six months of fiscal year 2019. Net income for the period was $310,740 $0.13 per diluted share, compared with net income of $279,430, $0.12 per diluted share, for the same period last year.
The backlog for the Company was $58.4 million at December 31, 2019, compared with last year’s backlog of $45.8 million at December 31, 2018. New orders in the first six months of fiscal year 2020 were $26.0 million, compared with new orders in the first six months of fiscal year 2019 of $13.4 million. Mr. Patrick Enright, President and CEO, commented, “I am very pleased with the growth in our backlog. We enjoyed very strong new sales orders in the first half of the fiscal year, which has driven our backlog to a historical high. Consistent with our strategy, new sales orders are weighted towards repeat business with existing customers, complemented with a build to print contract from a new customer. The backlog reflects our balanced approach across developmental and production based programs, which speaks well to future performance. We continue to manage growth while striving to maintain earnings at the highest level possible.”
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
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 Mfg. & Electronics Corp. reports first quarter results
Espey Mfg. & Electronics Corp. reports first quarter results
Saratoga Springs, NY, November 14, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2020.
Net sales for the first quarter of fiscal year 2020, July 1 to September 30, 2019, were $5,923,819, compared with last year’s first quarter net sales of $8,337,399. Net income for the quarter increased to $81,776, $0.03 per diluted share, as compared to net income of $61,671, $0.03 per diluted share for the same quarter last year.
The backlog for the Company was $46.6 million at September 30, 2019, compared with last year’s backlog of $46.7 million at September 30, 2018. New orders in the first three months of fiscal year 2020 were approximately $7.0 million, compared with new orders in the first three months of fiscal year 2019 of approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
“Our earnings remained consistent despite the decrease in net sales as compared to the prior year. Although we are beginning to see indications of a slowdown in the industrial market we serve, we remain optimistic that the full year’s net sales will be comparable to fiscal 2019 while earnings should exceed last year’s results. We also remain optimistic for our prospect for new sales orders. The transitioning of our development programs to production and our commitment to executing on our growth strategies and customer-focused initiatives is anticipated to have a positive impact on our future results.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact 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
Saratoga Springs, NY, September 16, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2019.
For the fiscal year ended June 30, 2019, the Company reported net sales of $36,477,851 compared with $32,517,883 for the fiscal year ended June 30, 2018. Net income decreased to $2,342,694, $0.98 per diluted share for the year, compared with net income of $3,075,797, $1.31 per diluted share, for the fiscal year ended June 30, 2018. At June 30, 2019, the sales order backlog was $45.6 million, compared to last year’s backlog of $48.1 million at June 30, 2018.
For the fourth quarter ended June 30, 2019, net sales increased to $11,619,202 compared with last year’s fourth quarter net sales of $7,827,194. The net income for the fourth quarter ended June 30, 2019 was $1,140,809, $0.47 per diluted share, compared with net income of $700,398, $0.29 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2019 were $33.9 million compared with the $37.5 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
Guidance throughout the fiscal year indicated strong fourth quarter performance during a back-loaded year. Net sales of $11.6 million were balanced against nearly $12 million in new orders, resulting in a robust backlog consistent with our projections. Earnings per share, although down from last year, were strong enough for us to deliver $1/share dividend over fiscal year 2019 to our shareholders. Overall I am pleased with our performance as we are focused on remaining profitable as we grow.
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; 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 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 Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 9, 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 March 30, 2020 to all shareholders of record on March 24, 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 record backlog and second quarter results
Saratoga Springs, NY, February 13, 2020 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2020. Net sales for the second quarter of fiscal year 2020, October 1 to December 31, 2019, were $7,286,674, compared with last year’s second quarter net sales of $7,303,109. Net income for the quarter increased to $228,964, $0.10 per diluted share, as compared to net income of $217,758, $0.09 per diluted share for the same quarter last year.
For the first six months of fiscal year 2020, July 1 to December 31, 2019, net sales were $13.2 million, compared with $15.6 million for the first six months of fiscal year 2019. Net income for the period was $310,740 $0.13 per diluted share, compared with net income of $279,430, $0.12 per diluted share, for the same period last year.
The backlog for the Company was $58.4 million at December 31, 2019, compared with last year’s backlog of $45.8 million at December 31, 2018. New orders in the first six months of fiscal year 2020 were $26.0 million, compared with new orders in the first six months of fiscal year 2019 of $13.4 million. Mr. Patrick Enright, President and CEO, commented, “I am very pleased with the growth in our backlog. We enjoyed very strong new sales orders in the first half of the fiscal year, which has driven our backlog to a historical high. Consistent with our strategy, new sales orders are weighted towards repeat business with existing customers, complemented with a build to print contract from a new customer. The backlog reflects our balanced approach across developmental and production based programs, which speaks well to future performance. We continue to manage growth while striving to maintain earnings at the highest level possible.”
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
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 Mfg. & Electronics Corp. reports first quarter results
Espey Mfg. & Electronics Corp. reports first quarter results
Saratoga Springs, NY, November 14, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2020.
Net sales for the first quarter of fiscal year 2020, July 1 to September 30, 2019, were $5,923,819, compared with last year’s first quarter net sales of $8,337,399. Net income for the quarter increased to $81,776, $0.03 per diluted share, as compared to net income of $61,671, $0.03 per diluted share for the same quarter last year.
The backlog for the Company was $46.6 million at September 30, 2019, compared with last year’s backlog of $46.7 million at September 30, 2018. New orders in the first three months of fiscal year 2020 were approximately $7.0 million, compared with new orders in the first three months of fiscal year 2019 of approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
“Our earnings remained consistent despite the decrease in net sales as compared to the prior year. Although we are beginning to see indications of a slowdown in the industrial market we serve, we remain optimistic that the full year’s net sales will be comparable to fiscal 2019 while earnings should exceed last year’s results. We also remain optimistic for our prospect for new sales orders. The transitioning of our development programs to production and our commitment to executing on our growth strategies and customer-focused initiatives is anticipated to have a positive impact on our future results.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact 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
Saratoga Springs, NY, September 16, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2019.
For the fiscal year ended June 30, 2019, the Company reported net sales of $36,477,851 compared with $32,517,883 for the fiscal year ended June 30, 2018. Net income decreased to $2,342,694, $0.98 per diluted share for the year, compared with net income of $3,075,797, $1.31 per diluted share, for the fiscal year ended June 30, 2018. At June 30, 2019, the sales order backlog was $45.6 million, compared to last year’s backlog of $48.1 million at June 30, 2018.
For the fourth quarter ended June 30, 2019, net sales increased to $11,619,202 compared with last year’s fourth quarter net sales of $7,827,194. The net income for the fourth quarter ended June 30, 2019 was $1,140,809, $0.47 per diluted share, compared with net income of $700,398, $0.29 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2019 were $33.9 million compared with the $37.5 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
Guidance throughout the fiscal year indicated strong fourth quarter performance during a back-loaded year. Net sales of $11.6 million were balanced against nearly $12 million in new orders, resulting in a robust backlog consistent with our projections. Earnings per share, although down from last year, were strong enough for us to deliver $1/share dividend over fiscal year 2019 to our shareholders. Overall I am pleased with our performance as we are focused on remaining profitable as we grow.
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; 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.