SOURCE: Espey Mfg & Electronics Corp.

Espey Mfg & Electronics Corp.

September 13, 2016 06:51 ET

Espey Reports Fourth Quarter and Year-End Results and Announces Regular Dividend

SARATOGA SPRINGS, NY--(Marketwired - September 13, 2016) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its fiscal year and fourth quarter, both ended June 30, 2016.

For the fiscal year ended June 30, 2016, the Company reported net sales of $27,471,365, compared with $26,831,705 for the fiscal year ended June 30, 2015. Net income decreased to $3,175,801, $1.38 per diluted share for the year, compared with net income of $3,183,127, $1.39 per diluted share, for the fiscal year ended June 30, 2015. At June 30, 2016, the sales order backlog was $39.1 million, compared with last year's $36.4 million at June 30, 2015.

For the fourth quarter ended June 30, 2016, net sales decreased to $6,731,987 compared with last year's fourth quarter net sales of $8,970,864. The net income for the fourth quarter ended June 30, 2016 was $710,376, $0.30 per diluted share, compared with the net income of $546,455, $0.23 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2016 were $30.2 million compared with $27.7 million for the corresponding period last year.

Mr. Patrick Enright, President and CEO, commented,

Our performance in fiscal year 2016, with an increase in sales and gross profit, is the result of our continued focus on all phases of contract execution. The decrease in net income is a reflection of our investment in experienced leadership to support the Company's current backlog and growth objectives. Engineering design and development orders increased over the past year, with expectations these will result in long-term production contracts, consistent with our strategy of capturing and executing foundational programs.

Furthermore, the Espey Board of Directors has declared a cash dividend. The regular first quarter dividend for the fiscal year ending June 30, 2017 is $0.25 per share. The dividend will be payable on September 29, 2016, to all shareholders of record at September 22, 2016.

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.

Comparative unaudited three-month and audited twelve-month figures for the periods ended June 30, 2016 and 2015:

     
   Three-Month  Twelve-Month
   2016  2015  2016  2015
         
Sales:  $6,731,987  $8,970,864  $27,471,365  $26,831,705
Net Income:  710,376  546,455  3,175,801  3,183,127
Income Per Share:            
 Basic:  $0.31  $0.24  $1.39  $1.40
 Diluted:  $0.30  $0.23  $1.38  $1.39
          
Weighted average number of Shares Outstanding            
 Basic:  2,297,714  2,278,256  2,285,686  2,271,426
 Diluted:  2,310,504  2,303,277  2,302,034  2,290,542

Contact Information

  • For further information, contact

    Mr. Patrick Enright
    President/CEO

    Mr. David O'Neil
    CFO
    (518) 245-4400