SOURCE: Espey Mfg & Electronics Corp.

Espey Mfg & Electronics Corp.

May 12, 2016 16:05 ET

Espey Mfg. & Electronics Corp. Reports Third Quarter and Nine Month Results

SARATOGA SPRINGS, NY--(Marketwired - May 12, 2016) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports the results for the third quarter and the first nine months of fiscal year 2016, ended March 31, 2016.

Net sales for the third quarter of fiscal year 2016, January 1 to March 31, 2016, were $7,217,922 as compared with last fiscal year's third quarter net sales of $6,470,286. Net income for the period was $972,468, $.43 per diluted share, as compared with net income of $506,369, $.22 per diluted share for the corresponding period last fiscal year.

For the first nine months of fiscal year 2016, July 1, 2015 to March 31, 2016, net sales were $20,739,378, as compared with $17,860,841 for the first nine months of fiscal 2015. Net income for the period was $2,465,425, $1.08 per diluted share, as compared with net income of $2,636,672, $1.15 per diluted share, for the corresponding period last fiscal year.

The sales order backlog for the Company was $41.6 million at March 31, 2016, compared with last fiscal year's sales order backlog of $38.4 million at March 31, 2015. New orders in the first nine months of fiscal 2016 were approximately $26.0 million, compared with new orders in the first nine months of fiscal 2015 of approximately $20.5 million.

Mr. Patrick Enright, President and CEO, commented:

"We had a strong quarter as both sales and income per share improved from the prior year. Well managed execution of our existing programs and contracts drove our positive financial results. As I have previously communicated, it is this successful execution that will drive our future results as we look to increase our customer base and expand our work scope with existing customers."

Espey's primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. The Company's website can be found on the Internet at www.espey.com.

Comparative unaudited three-month and nine-month figures for the periods ended March 31, 2016 and 2015:

                         Three-Month                             Nine-Month
    2016   2015   2016   2015
Sales:   $7,217,922   $6,470,286   $20,739,378   $17,860,841
Net Income:   972,468   506,369   2,465,425   2,636,672
Income per share:                
    Basic   .43   .22   1.08   1.16
    Diluted   .43   .22   1.08   1.15
Weighted average number of                
Shares outstanding:                
    Basic:   2,259,529   2,271,105   2,273,401   2,269,157
    Diluted   2,274,781   2,297,071   2,290,927   2,286,312

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.

Contact Information

  • For further information, contact:
    Mr. David O'Neil
    or
    Mr. Patrick Enright 
    (518) 245-4400