SARATOGA SPRINGS, NY--(Marketwire - February 12, 2009) - Espey Mfg. & Electronics Corp.
(
NYSE Alternext US:
ESP) reports results for the second quarter and the
first six months of fiscal year 2009, ended December 31, 2008.
Net sales for the second quarter of fiscal 2009, October 1 to December 31,
2008, decreased by 8% to $6.2 million as compared with last year's second
quarter net sales of $6.7 million. The net loss for the period was
$42,412, $.02 per diluted share, as compared with net income of $797,086,
$.37 per diluted share for the corresponding period the last fiscal year.
For the first six months of fiscal 2009, July 1 to December 31, 2008, net
sales decreased by $.8 million to $12.2 million, as compared with $13.0
million for the first six months of fiscal 2008. Net income for the six
months decreased to $355,884, $.17 per diluted share, as compared with net
income of $1,388,669, $.65 per diluted share, for the corresponding period
the last fiscal year.
The sales order backlog for the Company was $44.0 million at December 31,
2008, up $12.6 million, compared with last year's sales backlog of $31.4
million at December 31, 2007. New sales orders in the first half of fiscal
2009 increased to approximately $11.5 million, compared with $8.2 million
in the first half of fiscal 2008.
Mr. Howard Pinsley, President and CEO, commented, "The reported net loss is
directly attributable to ongoing investments in two programs which
anticipate long-term profits and growth. The significant increase in the
sales order backlog reflects that our Company remains in a strong
financial position."
Espey's primary business is the development, design, and production of
specialized military and industrial power supplies/electronic equipment.
The Company's web site 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.
Espey Mfg. & Electronics Corp. comparative unaudited three-month and
six-month figures for the periods ended December 31, 2008 and 2007.
Three Months Six Months
2008 2007 2008 2007
----------- ----------- ----------- -----------
Sales: $ 6,194,177 $ 6,732,144 $12,247,696 $13,033,930
Net (Loss) Income: (42,412) 797,086 355,884 1,388,669
Income per share:
Basic (.02) .38 .17 .67
Diluted (.02) .37 .17 .65
Weighted average number
of Shares outstanding:
Basic 2,107,257 2,074,789 2,104,782 2,070,334
Diluted 2,114,363 2,109,650 2,115,201 2,125,632
Contact Information: For further information, contact:
Mr. David O'Neil
or
Mr. Howard Pinsley
(518) 245-4400