Espey Mfg. & Electronics Corp. reports fourth quarter and year-end results
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported financial results for the fiscal year ending June 30, 2022. The company achieved net sales of $32.1 million, a 15.4% increase from $27.7 million in the previous year, with net income of $1.3 million compared to a loss of $181,543 last year. However, fourth-quarter sales declined to $8.5 million from $9.3 million, with net income of $276,506 down from $879,753. The sales order backlog grew to $76.8 million, and new orders reached $43.2 million, reflecting a strong year despite ongoing challenges with supply chains and inflation.
- Net sales increased 15.4% year-over-year to $32.1 million.
- Net income turned positive at $1.3 million, compared to a net loss last year.
- Sales order backlog grew to $76.8 million, up from $65.6 million.
- New orders reached $43.2 million, up from $38.5 million last year.
- Fourth-quarter net sales decreased to $8.5 million from $9.3 million.
- Fourth-quarter net income dropped to $276,506 from $879,753.
- Supply chain disruptions and inflationary pressures are ongoing challenges.
SARATOGA SPRINGS, N.Y., Sept. 22, 2022 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2022.
For the fiscal year ended June 30, 2022, the Company reported net sales of
For the fourth quarter ended June 30, 2022, net sales decreased to
Also, new orders for the fiscal year ended June 30, 2022 were
Mr. David O’Neil, President and CEO, commented,
“I am very proud of our team. Their efforts resulted in higher sales, higher net income and increases in new orders when compared to the prior year. We responded and delivered positive results in a difficult business environment. Good progress was made on outstanding issues on specific contracts which previously impeded our ability to ship or complete milestone deliverables in the prior year.
"Our labor challenges stabilized in the second half of the year. Filling vacancies and several changes to company leadership positions throughout the facility over the course of the year, has brought a renewed sense of team energy and collaboration. During the second half of the year, the team focused on strategies to improve bottom line results including controlling exposure to unfunded contract costs, as well as inflationary cost increases brought on by ongoing global events and supply chain disruptions. These disruptions are expected to continue including part shortages, increased lead times and unprecedented inflation.
"We will continue to work together as a team and with our customers and suppliers to resolve issues timely and deliver the best results possible.”
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.
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