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Espey Mfg. & Electronics Corp (NYSE American: ESP) is a recognized leader in the development, design, and manufacturing of specialized military and rugged industrial power supplies and transformers. Established in 1928, Espey has built a solid reputation for producing high-quality power conversion, magnetics, and build-to-print products that meet the stringent demands of the defense and industrial markets.
Operating out of a 150,000+ square foot facility in Saratoga Springs, New York, Espey combines the agility of a small business with the rigorous disciplines typical of larger enterprises. This unique approach is supported by their ISO AS9100 certification, ensuring quality and reliability in every product.
Espey's extensive product range includes power converters, power conditioning systems, high-voltage radar components, and custom-engineered solutions. These products are essential for applications such as AC and DC locomotives, shipboard power systems, airborne and ground-based radar, and ground mobile power units.
The company's recent financial performance has been robust. For the fiscal year ended June 30, 2023, Espey reported net sales of $35,592,323, a notable increase from the previous year's $32,104,774. Net income also saw a significant rise to $3,677,131, or $1.49 per diluted share, compared to $1,265,127, or $0.52 per diluted share, for the same period in the previous year. As of June 30, 2023, Espey's sales order backlog stood at approximately $83.6 million, up from $76.8 million the prior year.
Espey continues to innovate with its involvement in cutting-edge projects like AESA radar systems, which are vital for modern air combat. The company supplies essential power systems and magnetic products to support these advanced radar systems, ensuring superior performance and reliability.
Under the leadership of President and CEO David O’Neil, the company has seen a 50% increase in its regular quarterly dividend, reflecting a strong financial position and ongoing commitment to shareholder value. Espey's ability to balance new design, follow-on production, and build-to-print contracts has been a key strategy for sustainable growth.
For further information, Espey can be contacted at their Saratoga Springs facility or via their website at www.espey.com.
The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has reinstated a quarterly dividend of $0.10 per share. This dividend is set to be paid on March 31, 2023, to shareholders on record as of March 24, 2023. Espey specializes in the development and production of military and industrial power supplies and transformers. The company's focus on specialized products supports its market position, aligning with the needs of defense and industry sectors.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong financial results for the second quarter of fiscal year 2023, with net sales of $8.8 million, up from $7.5 million in the same quarter last year. Net income surged to $1.1 million ($0.47 per diluted share) compared to just $21,201 ($0.01 per diluted share) a year prior. For the first half of fiscal 2023, net sales totaled $17.4 million, an increase from $15 million year-over-year, and net income rose to $1.9 million ($0.78 per diluted share) from $327,262 ($0.14 per diluted share). The company’s backlog reached $78.3 million as of December 31, 2022.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) has received a $7.4 million funding award aimed at expanding its facilities and upgrading capital equipment for testing and qualification processes for the United States Navy. This initiative is part of the Navy's broader strategy to enhance the Surface Combatant Industrial Base. The expansion will take place at Espey's Saratoga Springs, NY site, with expected completion by 2024. Espey's core business includes the design and production of specialized military and industrial power supplies and transformers.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong first-quarter results for fiscal year 2023, with net sales rising to $8.6 million from $7.5 million year-over-year. Net income also increased to $768,266, or $0.31 per diluted share, up from $306,061 or $0.13 per diluted share in Q1 FY2022. However, new orders fell to $13.1 million, compared to $17.1 million in the same quarter last year. The company ended the quarter with a backlog of $81.2 million, up from $75.2 million in the prior year.
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.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported significant growth in its third quarter of fiscal year 2022, with net sales reaching $8.62 million, compared to $4.21 million in the same quarter last year. The net income for the quarter was $661,359 or $0.27 per diluted share, a marked improvement from the net loss of $(1.07 million) last year. For the first nine months, net sales climbed to $23.6 million, with a net income of $988,621, compared to a loss previously. The backlog increased to $76.2 million from $67.3 million.
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.
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