Espey Mfg. & Electronics Corp. reports third quarter results

SARATOGA SPRINGS, N.Y., May 15, 2023 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the third quarter and the first nine months of fiscal year 2023.

Net sales for the third quarter of fiscal year 2023, January 1 to March 31, 2023, were $9,809,616 compared with last year's third quarter net sales of $8,620,049. Net income for the quarter was $867,288, $0.35 per diluted share, as compared to net income of $661,359, $0.27 per diluted share for the same quarter last year.

For the first nine months of fiscal year 2023, July 1 to March 31, 2023, net sales were $27.2 million, compared with $23.6 million for the first nine months of fiscal year 2022. Net income for the period was $2,781,596, $1.13 per diluted share, compared with net income of $988,621, $0.41 per diluted share, for the same period last year.

The backlog for the Company was approximately $82.1 million at March 31, 2023, compared with last year's backlog of approximately $76.2 million at March 31, 2022. New orders in the first nine months of fiscal year 2023 were $32.6 million, compared with new orders in the first nine months of fiscal year 2022 of $34.1 million.

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

"I am very proud of the results our workforce has produced for the three and nine months ended March 31. Their hard work and dedication has been excellent in what continues to be a complicated business environment.

"We continue to focus on completion of and cost mitigation efforts related to several engineering design program deliverables. Our focus on mitigating supply chain delays and lead times, which impact production goals and shipments in any given period, remains ongoing as well. Our objective is the clearing of recent business obstacles as we conclude the year and transition into the next fiscal year.

"Our backlog is at a record level. New order sales bookings remain strong and our opportunities in the pipeline look promising."

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.