Press Releases
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 Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; June 10, 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 June 27, 2019 to all shareholders of record on June 19, 2019.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 15, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its third quarter and first nine months of fiscal year 2019, ended March 31, 2019. Net sales for the third quarter of fiscal year 2019, January 1 to March 31, 2019, were $9.2 million, compared with last year’s third quarter net sales of $5.7 million. Net income for the period was $922,456, $0.39 per diluted share, compared with $317,764, $0.14 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2019, July 1 to March 31, 2019, net sales were $24.9 million, compared with $24.7 million for the first nine months of fiscal year 2018. Net income for the period was $1,201,886, $0.50 per diluted share, compared with net income of $2,375,399, $1.02 per diluted share, for the same period last year.
The backlog for the Company was $45.4 million at March 31, 2019, compared with last year’s backlog of $47.0 million at March 31, 2018. New orders in the first nine months of fiscal year 2019 were approximately $22.2 million, compared with new orders in the first nine months of fiscal year 2018 of approximately $28.6 million.
Mr. Patrick Enright, President and CEO, commented,
Our third quarter performance is indicative of where we stand on our major magnetics development programs, along with solid performance on our repeat production orders. One design has completed qualification, and had both test and production units delivered to our customers. The other two designs are complete, with units delivered to US Navy test facilities after extensive in-house testing. Qualification on these two designs will start in Q4, with the first production deliveries of our new 3.8 MW transformer planned before the end of fiscal year 2019.
We anticipated that fiscal year 2019 would be back-end loaded, with strong revenues and new sales orders anticipated during the final quarter of the year. We believe that the majority of new orders in the fourth quarter will come from our new products as they transition to low-rate initial production, consistent with our growth strategy implemented over the past several years. The new orders, if realized, will enable us to start Fiscal Year 2020 with a robust backlog.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 4, 2019 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on March 28, 2019 to all shareholders of record on March 19, 2019.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports second quarter results
Saratoga Springs, NY, February 13, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first six months of fiscal year 2019, ended December 31, 2018.
Net sales for the second quarter of fiscal year 2019, October 1 to December 31, 2018, were $7.3 million, compared with last year’s second quarter net sales of $11.5 million. Net income for the period was
$217,758, $0.09 per diluted share, compared with $1,614,871, $0.69 per diluted share for the same quarter last year.
For the first six months of fiscal year 2019, July 1 to December 31, 2018, net sales were $15.6 million, compared with $19.0 million for the first six months of fiscal year 2018. Net income for the period was $279,430, $0.12 per diluted share, compared with net income of $2,057,635, $0.88 per diluted share, for the same period last year.
The backlog for the Company was $45.8 million at December 31, 2018, compared with last year’s backlog of $38.4 million at December 31, 2017. New orders in the first half of fiscal year 2019 were approximately $13.4 million, compared with new orders in the first half of fiscal year 2018 of approximately $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
Although our mid-fiscal year financial results fall short when compared to the results over the same period of fiscal year 2018, we maintain our view that the full year’s net sales will exceed those of fiscal year 2018, consistent with our growth strategy. During the second quarter we continued to resolve technical issues associated with two of our development programs, resulting in delays to first-unit deliveries. Deliveries on the programs will commence during the second half of fiscal year 2019, converting inventory to revenue and cash prior to year-end. As discussed previously, these challenging development programs have multi-year production “tails” that will provide steady work to our manufacturing floor, the ultimate goal of our strategy.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Declares Regular Quarterly Dividend of $.25 Per Share
Saratoga Springs, NY; December 10, 2018 – 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 28, 2018 to all shareholders of record on December 21, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. 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 13, 2018 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)announces results for its first three months of fiscal year 2019.
Net sales for the first quarter of fiscal year 2019, July 1 to September 30, 2018, were $8,337,399, as compared to last year’s first quarter net sales of $7,496,423. Net income for the quarter decreased to $61,671, $0.03 per diluted share, as compared to net income of $442,764, $0.19 per diluted share for the same quarter last year.
The backlog for the Company was $46.7 million on September 30, 2018, an increase of $4.1 million from last year’s backlog of $42.6 million on September 30, 2017. New orders in the first quarter of fiscal year 2019 and 2018 were approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
“Sales were strong for the quarter and new orders received remained robust. Our net income declined as compared to the first quarter last year due to investment spending required on one of our engineering development contracts. This contract is in the critical design and build stage and has experienced unexpected issues in the build process. Moving forward we believe that the unanticipated development costs have been absorbed and that we are in a good position to complete this contract at the current projected cost. We remain optimistic that net sales and earnings for the current fiscal year will exceed our performance in fiscal year 2018.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Patrick Enright or David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Reports Fourth Quarter and Year-end Results
Espey Reports Fourth Quarter and Year-end Results as well as Announces Special Cash Dividend of $1.00 Per Share; plus $0.25 Per Share Regular Quarterly Dividend
Saratoga Springs, NY, September 12, 2018– Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2018.
For the fiscal year ended June 30, 2018, the Company reported net sales of $32,517,883 compared with $22,521,012 for the fiscal year ended June 30, 2017. Net income increased to $3,075,797, $1.31 per diluted share for the year, compared with net income of $1,135,736, $0.49 per diluted share, for the fiscal year ended June 30, 2017. At June 30, 2018, the sales order backlog was $48.1 million, compared to last year’s backlog of $43.1 million at June 30, 2017.
For the fourth quarter ended June 30, 2018, net sales increased to $7,827,194 compared with last year’s fourth quarter net sales of $5,460,600. The net income for the fourth quarter ended June 30, 2018 was $700,398, $0.29 per diluted share, compared with net income of $191,659, $0.08 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2018 were $37.5 million compared with $26.7 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
Our strong financial performance continued during fiscal year 2018 with improvement in all areas as compared to fiscal year 2017. As I commented last quarter, successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts. The investments we have made in talented people and infrastructure are contributing to our successes; however there will always be areas for improvement. We are nearing the successful completion of our facility refit, which will provide us enhanced capabilities to drive future growth. We are looking forward to a successful fiscal year 2019.
Furthermore, the Espey Board of Directors has declared a special cash dividend of $1.00 per share. This special dividend is in addition to a regular dividend of $0.25 per share for the first quarter of the fiscal year ending June 30, 2019. The dividends will be payable on October 1, 2018 to all shareholders of record at September 24, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com.
For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend
Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend
Saratoga Springs, NY, June 5, 2018 – Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) announces that it has increased the number of authorized directors from seven to nine and that Roger N. Sexauer and David O’Neil have been appointed by its Board of Directors to fill the two vacancies.
Mr. Sexauer recently retired from DRS Technologies, Inc. where he served in various senior executive positions, most recently holding the position Executive Vice President of Corporate Business Development. He had also served as President of DRS’s $1.2 billion in annual sales Maritime and Combat Support Systems Group. Prior to his employment with DRS, Mr. Sexauer held senior positions with several other companies in the defense industry and served as a qualified nuclear officer in the United States Navy.
Mr. O’Neil is the company’s Executive Vice President, Treasurer and Chief Financial Officer and has been employed by Espey since January 4, 2000. He served as the company’s interim President and Chief Executive Officer during the period June 2, 2014 to January 31, 2015.
Mr. Patrick Enright, President and CEO, commented,
The appointments of Mr. Sexauer and Mr. O’Neil are consistent with our focus on the future. Mr. Sexauer brings tremendous market knowledge and relevant points of contact that will further strengthen our strategic growth strategy. Mr. Sexauer also brings decades of tactical execution experience related to running businesses in the defense and aerospace markets. Mr. O’Neil is the steward of our financial stability, which enables us to invest in personnel and facility improvements that prepare us for tomorrow’s execution challenges. Roger and Dave will complement our existing Board’s experience, providing insightful counsel that will aid in all aspects of our business, ultimately resulting in increased shareholder value.
Both Messrs. Sexauer and O’Neil will stand for election to the Board at the Company’s annual meeting of shareholders in early December.
Espey also has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 26, 2018 to all shareholders of record on June 15, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. Patrick Enright at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
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 Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; June 10, 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 June 27, 2019 to all shareholders of record on June 19, 2019.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports third quarter results
Saratoga Springs, NY, May 15, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its third quarter and first nine months of fiscal year 2019, ended March 31, 2019. Net sales for the third quarter of fiscal year 2019, January 1 to March 31, 2019, were $9.2 million, compared with last year’s third quarter net sales of $5.7 million. Net income for the period was $922,456, $0.39 per diluted share, compared with $317,764, $0.14 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2019, July 1 to March 31, 2019, net sales were $24.9 million, compared with $24.7 million for the first nine months of fiscal year 2018. Net income for the period was $1,201,886, $0.50 per diluted share, compared with net income of $2,375,399, $1.02 per diluted share, for the same period last year.
The backlog for the Company was $45.4 million at March 31, 2019, compared with last year’s backlog of $47.0 million at March 31, 2018. New orders in the first nine months of fiscal year 2019 were approximately $22.2 million, compared with new orders in the first nine months of fiscal year 2018 of approximately $28.6 million.
Mr. Patrick Enright, President and CEO, commented,
Our third quarter performance is indicative of where we stand on our major magnetics development programs, along with solid performance on our repeat production orders. One design has completed qualification, and had both test and production units delivered to our customers. The other two designs are complete, with units delivered to US Navy test facilities after extensive in-house testing. Qualification on these two designs will start in Q4, with the first production deliveries of our new 3.8 MW transformer planned before the end of fiscal year 2019.
We anticipated that fiscal year 2019 would be back-end loaded, with strong revenues and new sales orders anticipated during the final quarter of the year. We believe that the majority of new orders in the fourth quarter will come from our new products as they transition to low-rate initial production, consistent with our growth strategy implemented over the past several years. The new orders, if realized, will enable us to start Fiscal Year 2020 with a robust backlog.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Declares Regular Quarterly Dividend of $0.25 Per Share
Saratoga Springs, NY; March 4, 2019 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on March 28, 2019 to all shareholders of record on March 19, 2019.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Mfg. & Electronics Corp. reports second quarter results
Saratoga Springs, NY, February 13, 2019 – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first six months of fiscal year 2019, ended December 31, 2018.
Net sales for the second quarter of fiscal year 2019, October 1 to December 31, 2018, were $7.3 million, compared with last year’s second quarter net sales of $11.5 million. Net income for the period was
$217,758, $0.09 per diluted share, compared with $1,614,871, $0.69 per diluted share for the same quarter last year.
For the first six months of fiscal year 2019, July 1 to December 31, 2018, net sales were $15.6 million, compared with $19.0 million for the first six months of fiscal year 2018. Net income for the period was $279,430, $0.12 per diluted share, compared with net income of $2,057,635, $0.88 per diluted share, for the same period last year.
The backlog for the Company was $45.8 million at December 31, 2018, compared with last year’s backlog of $38.4 million at December 31, 2017. New orders in the first half of fiscal year 2019 were approximately $13.4 million, compared with new orders in the first half of fiscal year 2018 of approximately $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
Although our mid-fiscal year financial results fall short when compared to the results over the same period of fiscal year 2018, we maintain our view that the full year’s net sales will exceed those of fiscal year 2018, consistent with our growth strategy. During the second quarter we continued to resolve technical issues associated with two of our development programs, resulting in delays to first-unit deliveries. Deliveries on the programs will commence during the second half of fiscal year 2019, converting inventory to revenue and cash prior to year-end. As discussed previously, these challenging development programs have multi-year production “tails” that will provide steady work to our manufacturing floor, the ultimate goal of our strategy.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Declares Regular Quarterly Dividend of $.25 Per Share
Saratoga Springs, NY; December 10, 2018 – 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 28, 2018 to all shareholders of record on December 21, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. 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 13, 2018 – Espey Mfg. & Electronics Corp. (NYSE American: ESP)announces results for its first three months of fiscal year 2019.
Net sales for the first quarter of fiscal year 2019, July 1 to September 30, 2018, were $8,337,399, as compared to last year’s first quarter net sales of $7,496,423. Net income for the quarter decreased to $61,671, $0.03 per diluted share, as compared to net income of $442,764, $0.19 per diluted share for the same quarter last year.
The backlog for the Company was $46.7 million on September 30, 2018, an increase of $4.1 million from last year’s backlog of $42.6 million on September 30, 2017. New orders in the first quarter of fiscal year 2019 and 2018 were approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
“Sales were strong for the quarter and new orders received remained robust. Our net income declined as compared to the first quarter last year due to investment spending required on one of our engineering development contracts. This contract is in the critical design and build stage and has experienced unexpected issues in the build process. Moving forward we believe that the unanticipated development costs have been absorbed and that we are in a good position to complete this contract at the current projected cost. We remain optimistic that net sales and earnings for the current fiscal year will exceed our performance in fiscal year 2018.”
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Patrick Enright or David O’Neil (518)245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Reports Fourth Quarter and Year-end Results
Espey Reports Fourth Quarter and Year-end Results as well as Announces Special Cash Dividend of $1.00 Per Share; plus $0.25 Per Share Regular Quarterly Dividend
Saratoga Springs, NY, September 12, 2018– Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2018.
For the fiscal year ended June 30, 2018, the Company reported net sales of $32,517,883 compared with $22,521,012 for the fiscal year ended June 30, 2017. Net income increased to $3,075,797, $1.31 per diluted share for the year, compared with net income of $1,135,736, $0.49 per diluted share, for the fiscal year ended June 30, 2017. At June 30, 2018, the sales order backlog was $48.1 million, compared to last year’s backlog of $43.1 million at June 30, 2017.
For the fourth quarter ended June 30, 2018, net sales increased to $7,827,194 compared with last year’s fourth quarter net sales of $5,460,600. The net income for the fourth quarter ended June 30, 2018 was $700,398, $0.29 per diluted share, compared with net income of $191,659, $0.08 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2018 were $37.5 million compared with $26.7 million for the corresponding period last year.
Mr. Patrick Enright, President and CEO, commented,
Our strong financial performance continued during fiscal year 2018 with improvement in all areas as compared to fiscal year 2017. As I commented last quarter, successful conversion of engineering program backlog into sales is largely dependent on the execution and completion of our engineering design efforts. The investments we have made in talented people and infrastructure are contributing to our successes; however there will always be areas for improvement. We are nearing the successful completion of our facility refit, which will provide us enhanced capabilities to drive future growth. We are looking forward to a successful fiscal year 2019.
Furthermore, the Espey Board of Directors has declared a special cash dividend of $1.00 per share. This special dividend is in addition to a regular dividend of $0.25 per share for the first quarter of the fiscal year ending June 30, 2019. The dividends will be payable on October 1, 2018 to all shareholders of record at September 24, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the internet at www.espey.com.
For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.
This press release may contain certain statements that are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.
Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend
Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend
Saratoga Springs, NY, June 5, 2018 – Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) announces that it has increased the number of authorized directors from seven to nine and that Roger N. Sexauer and David O’Neil have been appointed by its Board of Directors to fill the two vacancies.
Mr. Sexauer recently retired from DRS Technologies, Inc. where he served in various senior executive positions, most recently holding the position Executive Vice President of Corporate Business Development. He had also served as President of DRS’s $1.2 billion in annual sales Maritime and Combat Support Systems Group. Prior to his employment with DRS, Mr. Sexauer held senior positions with several other companies in the defense industry and served as a qualified nuclear officer in the United States Navy.
Mr. O’Neil is the company’s Executive Vice President, Treasurer and Chief Financial Officer and has been employed by Espey since January 4, 2000. He served as the company’s interim President and Chief Executive Officer during the period June 2, 2014 to January 31, 2015.
Mr. Patrick Enright, President and CEO, commented,
The appointments of Mr. Sexauer and Mr. O’Neil are consistent with our focus on the future. Mr. Sexauer brings tremendous market knowledge and relevant points of contact that will further strengthen our strategic growth strategy. Mr. Sexauer also brings decades of tactical execution experience related to running businesses in the defense and aerospace markets. Mr. O’Neil is the steward of our financial stability, which enables us to invest in personnel and facility improvements that prepare us for tomorrow’s execution challenges. Roger and Dave will complement our existing Board’s experience, providing insightful counsel that will aid in all aspects of our business, ultimately resulting in increased shareholder value.
Both Messrs. Sexauer and O’Neil will stand for election to the Board at the Company’s annual meeting of shareholders in early December.
Espey also has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 26, 2018 to all shareholders of record on June 15, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. Patrick Enright at (518) 245-4400.
Certain statements in this press release are “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.