Espey Mfg. & Electronics Corp. Reports First Quarter Results

SARATOGA SPRINGS, NY--(Marketwired - Nov 12, 2015) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first three months of fiscal year 2016.

Net sales for the first quarter of fiscal 2016, July 1 to September 30, 2015, were $6,279,436, as compared to last year's first quarter net sales of $5,693,472. Net income for the quarter decreased to $878,530, $0.38 per diluted share, as compared to net income of $911,221, $0.40 per diluted share for the same quarter last year.  

The sales order backlog for the Company was at $33.6 million on September 30, 2015, a decrease of $1.5 million from last year's sales order backlog of $35.1 million on September 30, 2014. New sales orders in the first quarter of fiscal 2016 were $3.4 million, as compared to $5.0 million in the first quarter of fiscal 2015. 

Mr. Patrick Enright, President and CEO, commented, "Espey's consistent performance resulted in another profitable quarter, with an excellent bottom-line return. I am pleased with the improvements we are making in the execution of our existing contracts, and the response we are getting from our customers. We continue to pursue opportunities in both the defense and industrial markets, with a focus on programs with long-term returns."

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.  

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.