Press Releases

Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend

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

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

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

Mr. Patrick Enright, President and CEO, commented,

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

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

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

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

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

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

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

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

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

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

Mr. Patrick Enright, President and CEO, commented,

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

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

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

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

Espey Mfg. & Electronics Corp. reports first quarter results

Saratoga Springs, NY, November 14, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first three months of fiscal year 2018.

Net sales for the first quarter of fiscal year 2018, July 1 to September 30, 2017, were $7,496,423, as compared to last year’s first quarter net sales of $6,068,684. Net income for the quarter increased to $442,764, $0.19 per diluted share, as compared to net income of $420,825, $0.18 per diluted share for the same quarter last year.   

The sales order backlog for the Company was $42.6 million on September 30, 2017, an increase of $8.4 million from last year’s sales order backlog of $34.2 million on September 30, 2016. New orders in the first quarter of fiscal year 2018 were $6.9 million, as compared to $1.2 million in the first quarter of fiscal year 2017.

Mr. Patrick Enright, President and CEO, commented,

Fiscal year 2018 is off to a strong start in both revenue and new orders, exceeding same-period numbers for fiscal year 2017. Revenue this quarter includes the first shipment of production power supplies against our five year US Army contract. Successful transition to full rate production demonstrates Espey is ready to meet the demands of this critical need for the US Army for years to come.

Our relatively flat net income per diluted share, as compared to the same-period last year, reflects Espey’s on-going investment in personnel, products and facilities to meet the evolving demands of our customers and the markets we serve. We will continue to balance our investments for future growth with our desire to maintain and increase return to our shareholders. With over $42 million in backlog it is clear Espey’s customers are responding positively to our focus on customer advocacy and reliable execution.

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 (518)245-4400.

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

Saratoga Springs, NY, September 14, 2017- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2017.

For the fiscal year ended June 30, 2017, the Company reported net sales of $22,521,012, compared with $27,471,365 for the fiscal year ended June 30, 2016. Net income decreased to $1,135,736, $0.49 per diluted share for the year, compared with net income of $3,175,801, $1.38 per diluted share, for the fiscal year ended June 30, 2016. At June 30, 2017, the sales order backlog was $43.1 million, compared to last year’s backlog of $39.1 million at June 30, 2016.

For the fourth quarter ended June 30, 2017, net sales decreased to $5,460,600 compared with last year’s fourth quarter net sales of $6,731,987. The net income for the fourth quarter ended June 30, 2017 was $191,659, $0.08 per diluted share, compared with net income of $710,376, $0.30 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2017 were $26.7 million compared with $30.2 million for the corresponding period last year.

Mr. Patrick Enright, President and CEO, commented,

Our performance in fiscal year 2017 was consistent with the guidance provided throughout the year. The decrease in net sales and the attendant net income is primarily due to the slowdown in the transportation sector and timing of the first production shipments of the fully qualified Tactical Power Supply (TPS) for the U.S. Army. Remaining profitable at $0.49 per share was an achievement in a challenging year.

Nevertheless, new orders for fiscal year 2017 were strong and balanced, with a mix of production and development contracts. The backlog of $43 million included new, significant work for engineering associated with a foundational program for an existing customer, which is consistent with our overall strategy. We have, and will continue to invest in the development of new products that will provide a stable platform for growth in the coming years.

Furthermore, the Espey Board of Directors has declared a cash dividend. The regular first quarter dividend for the fiscal year ending June 30, 2018 is $0.25 per share. The dividend will be payable on September 29, 2017, to all shareholders of record at September 25, 2017.

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.

Saratoga Springs, NY; June 5, 2017 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 27, 2017 to all shareholders of record on June 20, 2017. 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.

Saratoga Springs, NY, May 11, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2017, ended March 31, 2017. Net sales for the third quarter of fiscal year 2017, January 1 to March 31, 2017, were $5,324,104, compared with last year’s third quarter net sales of $7,217,922. The net income for the period was $279,173, $0.12 per diluted share, compared with $972,468, $0.43 per diluted share for the same period last year.

For the first nine months of fiscal 2017, July 1, 2016 to March 31, 2017, net sales were $17,060,411, compared with $20,739,378 for the first nine months of fiscal 2016. Net income for the period was $944,076, $0.41 per diluted share, compared with net income of $2,465,425, $1.08 per diluted share, for the same period last year.

The sales order backlog for the Company was $38.7 million at March 31, 2017, compared with last year’s sales backlog of $41.6 million at March 31, 2016. New sales orders in the first nine months of fiscal 2017 were approximately $16.8 million, compared with new sales orders in the first nine months of fiscal 2016 of approximately $26.0 million.

Mr. Patrick Enright, President and CEO, commented,
“The third quarter of FY17 was both challenging and rewarding in that we continue to replace sales and revenue from legacy transportation business with new sales from existing defense customers. In April, subsequent to the end of the third quarter we received a long-term contract for $8.4 million that brought our backlog over $47 million which puts us on pace to meet the FY17 new orders target of $27 million. This provides a robust and diverse backlog for future revenue. We have been challenged to replace the revenue and income associated with the rail industry in the near term, which may result in lower than anticipated revenue and earnings per share at fiscal year-end. We continue to have a long-term outlook and will assess appropriate use of reserves to supplement cash from
operations as we invest for the future”.

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers.

The Company can be found on the Internet at www.espey.com.

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

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

Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend

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

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

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

Mr. Patrick Enright, President and CEO, commented,

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

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

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

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

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

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

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

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

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

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

Mr. Patrick Enright, President and CEO, commented,

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

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

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

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

Espey Mfg. & Electronics Corp. reports first quarter results

Saratoga Springs, NY, November 14, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first three months of fiscal year 2018.

Net sales for the first quarter of fiscal year 2018, July 1 to September 30, 2017, were $7,496,423, as compared to last year’s first quarter net sales of $6,068,684. Net income for the quarter increased to $442,764, $0.19 per diluted share, as compared to net income of $420,825, $0.18 per diluted share for the same quarter last year.   

The sales order backlog for the Company was $42.6 million on September 30, 2017, an increase of $8.4 million from last year’s sales order backlog of $34.2 million on September 30, 2016. New orders in the first quarter of fiscal year 2018 were $6.9 million, as compared to $1.2 million in the first quarter of fiscal year 2017.

Mr. Patrick Enright, President and CEO, commented,

Fiscal year 2018 is off to a strong start in both revenue and new orders, exceeding same-period numbers for fiscal year 2017. Revenue this quarter includes the first shipment of production power supplies against our five year US Army contract. Successful transition to full rate production demonstrates Espey is ready to meet the demands of this critical need for the US Army for years to come.

Our relatively flat net income per diluted share, as compared to the same-period last year, reflects Espey’s on-going investment in personnel, products and facilities to meet the evolving demands of our customers and the markets we serve. We will continue to balance our investments for future growth with our desire to maintain and increase return to our shareholders. With over $42 million in backlog it is clear Espey’s customers are responding positively to our focus on customer advocacy and reliable execution.

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 (518)245-4400.

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

Saratoga Springs, NY, September 14, 2017- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its fiscal year and fourth quarter, ended June 30, 2017.

For the fiscal year ended June 30, 2017, the Company reported net sales of $22,521,012, compared with $27,471,365 for the fiscal year ended June 30, 2016. Net income decreased to $1,135,736, $0.49 per diluted share for the year, compared with net income of $3,175,801, $1.38 per diluted share, for the fiscal year ended June 30, 2016. At June 30, 2017, the sales order backlog was $43.1 million, compared to last year’s backlog of $39.1 million at June 30, 2016.

For the fourth quarter ended June 30, 2017, net sales decreased to $5,460,600 compared with last year’s fourth quarter net sales of $6,731,987. The net income for the fourth quarter ended June 30, 2017 was $191,659, $0.08 per diluted share, compared with net income of $710,376, $0.30 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2017 were $26.7 million compared with $30.2 million for the corresponding period last year.

Mr. Patrick Enright, President and CEO, commented,

Our performance in fiscal year 2017 was consistent with the guidance provided throughout the year. The decrease in net sales and the attendant net income is primarily due to the slowdown in the transportation sector and timing of the first production shipments of the fully qualified Tactical Power Supply (TPS) for the U.S. Army. Remaining profitable at $0.49 per share was an achievement in a challenging year.

Nevertheless, new orders for fiscal year 2017 were strong and balanced, with a mix of production and development contracts. The backlog of $43 million included new, significant work for engineering associated with a foundational program for an existing customer, which is consistent with our overall strategy. We have, and will continue to invest in the development of new products that will provide a stable platform for growth in the coming years.

Furthermore, the Espey Board of Directors has declared a cash dividend. The regular first quarter dividend for the fiscal year ending June 30, 2018 is $0.25 per share. The dividend will be payable on September 29, 2017, to all shareholders of record at September 25, 2017.

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.

Saratoga Springs, NY; June 5, 2017 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 27, 2017 to all shareholders of record on June 20, 2017. 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.

Saratoga Springs, NY, May 11, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2017, ended March 31, 2017. Net sales for the third quarter of fiscal year 2017, January 1 to March 31, 2017, were $5,324,104, compared with last year’s third quarter net sales of $7,217,922. The net income for the period was $279,173, $0.12 per diluted share, compared with $972,468, $0.43 per diluted share for the same period last year.

For the first nine months of fiscal 2017, July 1, 2016 to March 31, 2017, net sales were $17,060,411, compared with $20,739,378 for the first nine months of fiscal 2016. Net income for the period was $944,076, $0.41 per diluted share, compared with net income of $2,465,425, $1.08 per diluted share, for the same period last year.

The sales order backlog for the Company was $38.7 million at March 31, 2017, compared with last year’s sales backlog of $41.6 million at March 31, 2016. New sales orders in the first nine months of fiscal 2017 were approximately $16.8 million, compared with new sales orders in the first nine months of fiscal 2016 of approximately $26.0 million.

Mr. Patrick Enright, President and CEO, commented,
“The third quarter of FY17 was both challenging and rewarding in that we continue to replace sales and revenue from legacy transportation business with new sales from existing defense customers. In April, subsequent to the end of the third quarter we received a long-term contract for $8.4 million that brought our backlog over $47 million which puts us on pace to meet the FY17 new orders target of $27 million. This provides a robust and diverse backlog for future revenue. We have been challenged to replace the revenue and income associated with the rail industry in the near term, which may result in lower than anticipated revenue and earnings per share at fiscal year-end. We continue to have a long-term outlook and will assess appropriate use of reserves to supplement cash from
operations as we invest for the future”.

Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers.

The Company can be found on the Internet at www.espey.com.

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

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