SOURCE: Espey Mfg. & Electronics Corp.

Espey Mfg. & Electronics Corp.

February 10, 2011 16:38 ET

Espey Mfg. & Electronics Corp. Reports Second Quarter Results

SARATOGA SPRINGS, NY--(Marketwire - February 10, 2011) - Espey Mfg. & Electronics Corp. (NYSE Amex: ESP) reports results for the second quarter and the first six months of fiscal year 2011, ended December 31, 2010.

Net sales for the second quarter of fiscal year 2011, October 1 to December 31, 2010, rose by 12% to $6.6 million as compared with last year's second quarter net sales of $5.9 million. The net income for the period was $649,746, $.30 per diluted share, as compared with $514,171, $.24 per diluted share for the corresponding period the last fiscal year.

For the first six months of fiscal 2011, July 1 to December 31, 2010, net sales decreased by 1% to $12.6 million, as compared with $12.7 million for the first six months of fiscal 2010. Net income for the six months decreased to $1,403.286, $.65 per diluted share, as compared with net income of $1,506,934, $.71 per diluted share, for the corresponding period the last fiscal year.

The sales order backlog for the Company rose to $42.9 million at December 31, 2010, compared with last year's sales backlog of $33.9 million at December 31, 2009. New sales orders in the first half of fiscal 2011 were approximately $24.6 million, compared with new sales orders in the first half of fiscal 2010 of approximately $7.6 million.

Mr. Mark St. Pierre, President and CEO, commented, "We are gratified that in a period of ongoing general recession as well as defense budget-cutting, Espey's core defense and industrial customers have awarded the company new contracts, boosting backlog by nearly $10M versus a year ago."

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, 2010 and 2009.

                             Three Months                Six Months
                           2010        2009         2010         2009
                        ----------  ----------   -----------  -----------
Sales:                  $6,581,342  $5,866,331   $12,607,672  $12,741,271
Net Income:                649,747     514,171     1,403,286    1,506,934

Income per share:
  Basic                        .30         .24           .65          .71
  Diluted                      .30         .24           .65          .71

Weighted average number
 of Shares outstanding:
  Basic                  2,152,270   2,138,416     2,146,859    2,127,700
  Diluted                2,185,544   2,149,831     2,169,585    2,134,339
                        ----------  ----------   -----------  -----------

Contact Information

  • For further information, contact
    Mr. David O'Neil or Mr. Mark St. Pierre
    (518) 245-4400