Espey Mfg. & Electronics Corp. reports second quarter results

Rhea-AI Summary

Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fiscal Q2 2022 results, with net sales reaching $7,458,050, a rise from $6,962,065 year-over-year. The company achieved a net income of $21,201, compared to a loss of $(181,006) in the same quarter last year. For the first half of FY2022, sales increased to $15 million from $14.2 million, with net income at $327,262 versus $8,817 in FY2021. The backlog rose to $70.1 million compared to $60.1 million, with new orders slightly up at $19.5 million.

Positive

• Net sales for Q2 FY2022 increased to $7,458,050, up from $6,962,065 year-over-year.
• Net income for Q2 FY2022 was $21,201, contrasting with a loss of $(181,006) in the same quarter last year.
• First half FY2022 net sales reached $15 million, compared to $14.2 million in FY2021.
• Backlog improved to approximately $70.1 million as of December 31, 2021.
• New orders for the first half of FY2022 were approximately $19.5 million, slightly up from $19.4 million in FY2021.

Negative

• One-time costs related to senior management restructuring impacted financial results.
• COVID-19 related challenges continue to affect operations, causing delays and lost working days.

SARATOGA SPRINGS, N.Y., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2022.

Net sales for the second quarter of fiscal year 2022, October 1 to December 31, 2021, were $7,458,050 compared with last year's second quarter net sales of $6,962,065. Net income for the quarter was $21,201, $.01 per diluted share, as compared to net loss of $(181,006), $(0.08) per diluted share for the same quarter last year.

For the first six months of fiscal year 2022, July 1 to December 31, 2021, net sales were $15 million, compared with $14.2 million for the first six months of fiscal year 2021. Net income for the period was $327,262, $0.14 per diluted share, compared with net income of $8,817, $0.00 per diluted share, for the same period last year.

The backlog for the Company was approximately $70.1 million at December 31, 2021, compared with last year's backlog of approximately $60.1 million at December 31, 2020. New orders in the first six months of fiscal year 2022 were approximately $19.5 million, compared with new orders in the first six months of fiscal year 2021 of $19.4 million.

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

Returning to consistent profitability is our primary objective as we close out fiscal 2022 and move into fiscal 2023. The financial results for the quarter were significantly affected by one-time costs associated with senior management restructuring and related legal fees. Nonetheless, we remain profitable through two quarters and continue to focus on increasing the profitability of the Company.

Our business still encounters headwinds due to COVID-19, including delays in the receipt of materials and lost working days both at our suppliers and in our internal operations. We continue to support our customers and suppliers as we work together through this difficult environment.

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.

FAQ

What were Espey Mfg. & Electronics Corp.'s Q2 FY2022 net sales?

Espey Mfg. & Electronics Corp. reported net sales of $7,458,050 for Q2 FY2022.

How did Espey Mfg. perform financially compared to last year in Q2 FY2022?

In Q2 FY2022, Espey Mfg. had a net income of $21,201, recovering from a loss of $(181,006) in Q2 FY2021.

What is the backlog for Espey Mfg. as of December 31, 2021?

The backlog for Espey Mfg. was approximately $70.1 million as of December 31, 2021.

How do Espey's new orders in the first half of FY2022 compare to last year?

Espey received approximately $19.5 million in new orders in the first half of FY2022, a slight increase from $19.4 million in FY2021.