Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results

Rhea-AI Summary

Espey Mfg. & Electronics Corp. announces Q4 and FY2023 results. Net sales for FY2023 were $35.6M, up from $32.1M in FY2022. Net income for FY2023 was $3.7M, compared to $1.3M in FY2022. Sales order backlog at $83.6M. Q4 net sales were $8.3M, slightly down from last year. New orders for FY2023 were $42.4M. Dividend increased by 50% to $0.15 per share.

Positive

• Net sales increased by 10.9% in FY2023
• Net income improved significantly in FY2023
• Sales order backlog reached a record level
• Dividend increased by 50%

Negative

• Q4 net sales slightly decreased from last year

SARATOGA SPRINGS, N.Y., Sept. 21, 2023 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2023.

For the fiscal year ended June 30, 2023, the Company reported net sales of $35,592,323 compared with $32,104,774 for the fiscal year ended June 30, 2022. Net income for the year was $3,677,131, $1.49 per diluted share, compared with net income of $1,265,127, $0.52 per diluted share, for the fiscal year ended June 30, 2022. At June 30, 2023, the sales order backlog was approximately $83.6 million, compared to last year’s backlog of $76.8 million at June 30, 2022.

For the fourth quarter ended June 30, 2023, net sales were $8,342,803 compared with last year’s fourth quarter net sales of $8,481,243. The net income for the fourth quarter ended June 30, 2023 was $895,535, $0.36 per diluted share, compared with net income of $276,506, $0.11 per diluted share, for the corresponding period last year.

Also, new orders for the fiscal year ended June 30, 2023 were approximately $42.4 million compared with the $43.2 million for the corresponding period last year.

Mr. David O’Neil, President and CEO, commented,

The team wrapped up the fiscal year and delivered a respectable increase in sales while posting a significant improvement to net income when compared to the prior year. This improvement is a direct result from the team’s ongoing focus over the past eighteen months to clear program obstacles and improve upon prior labor and supply chain constraints. Our backlog is at a record level.

The team continues to focus on our core competencies to better position our success now and in the future in targeting those sales and product mix strategies which will maximize utilization in both the engineering department and on the production floor while furthering organic sales growth. These efforts are in support of delivering solid future financial results.

Furthermore, the Board of Directors of Espey Mfg. & Electronics Corp. (NYSE American: ESP) has declared a regular quarterly dividend of $0.15 per share, a 50% increase over the prior dividend. The dividend will be payable on October 10, 2023 to all shareholders of record on October 2, 2023.

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.

For further information, contact Ms. Katrina Sparano (518)245-4400.

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.