SARATOGA SPRINGS, NY--(Marketwired - February 09, 2017) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first six months of fiscal year 2017, ended December 31, 2016.
Net sales for the second quarter of fiscal year 2017, October 1 to December 31, 2016, were $5.7 million, compared with last year's second quarter net sales of $7.2 million. The net income for the period was $244,079, $0.11 per diluted share, compared with $614,427, $0.27 per diluted share for the same quarter last year.
For the first six months of fiscal 2017, July 1 to December 31, 2016, net sales were $11.7 million, compared with $13.5 million for the first six months of fiscal 2016. Net income for the period was $664,904, $0.29 per diluted share, compared with net income of $1,492,957, $0.65 per diluted share, for the same quarter last year.
The sales order backlog for the Company was $38.2 million at December 31, 2016, compared with last year's sales backlog of $43.0 million at December 31, 2015. New sales orders in the first half of fiscal 2017 were approximately $10.9 million, compared with new sales orders in the first half of fiscal 2016 of approximately $20.2 million.
Mr. Patrick Enright, President and CEO, commented,
"As anticipated and discussed in the report of our first quarter results, the challenges facing the transportation sector continue to put pressure on the financial performance of the company. New sales orders for industrial power supplies declined by 87%, with an attendant drop in revenue of nearly 50% over the same period in FY16. The $9.7MM in new sales orders during Q2 is comprised mainly of two orders from new customers, each of which includes new design work with projected multi-year production runs once the designs are complete and the units are qualified. We remain committed to balancing these new development programs with lower risk built-to-print opportunities, where the success of our efforts will be determined over the remaining half of FY17."
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.