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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.
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.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) announced significant leadership changes, effective December 31, 2021. Patrick T. Enright, Jr. has resigned after seven years as President and CEO, with David A. O’Neil appointed as the new President and CEO starting January 1, 2022. O’Neil has a history with the company since 2000, having served in various roles including Treasurer and CFO. Katrina L. Sparano has been promoted to Treasurer and CFO. The Board expressed confidence in the new leadership amid ongoing supply chain challenges.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fiscal Q1 2022 results, showing net sales of $7,545,432 compared to $7,265,515 in Q1 2021. The net income rose to $306,061, or $0.13 per diluted share, up from $189,824 or $0.08 per diluted share year-over-year. The company’s backlog increased to approximately $75.2 million from $62 million. New orders totaled $17.1 million, up from $14.3 million in the same quarter last year. CEO Patrick Enright noted ongoing challenges due to the COVID-19 pandemic but expressed commitment to stabilizing operations.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its fourth quarter and fiscal year results, ending June 30, 2021. The company faced challenges with net sales dropping to $27,734,598 for the fiscal year, down from $31,526,231 the previous year, resulting in a net loss of $(181,543) per diluted share. Q4 sales also declined to $9,301,950 from $12,124,438 the prior year. However, the sales order backlog increased to $65.6 million, signaling potential future growth. CEO Patrick Enright emphasized ongoing challenges from the pandemic but noted improved financial discipline and a strong balance sheet.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported a net sales decline in Q3 FY 2021 of $4.21 million, down from $6.19 million in Q3 FY 2020. The company faced a net loss of $1.07 million, or $(0.44) per diluted share, compared to a net loss of $(0.10) million, or $(0.04) per diluted share, last year. For the first nine months, net sales totaled $18.4 million, a decrease from $19.4 million in FY 2020. The backlog grew to $67.3 million, an increase from $59.8 million year-over-year. The impact of the COVID-19 pandemic and supply chain disruptions contributed significantly to these results.
Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has suspended its quarterly cash dividend as of March 9, 2021. This decision was made by the Board of Directors amid ongoing challenges from the global pandemic, particularly impacting the rail and airline industries. CEO Patrick Enright highlighted supply chain issues and a decline in earnings as contributing factors. The company aims to maintain a strong cash position to navigate these challenges and invest strategically in personnel and programs while managing a robust backlog of orders.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported its Q2 FY2021 results, showcasing a decline in net sales to $6.96 million from $7.29 million year-over-year, alongside a net loss of $(181,006) compared to a net income of $228,964 last year. For the first half, net sales increased to $14.2 million from $13.2 million, but net income dropped to $8,817 from $310,740. The backlog at December 31, 2020, stands at $60.1 million, with new orders totaling $19.4 million, down from $26 million last year.
The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) has declared a quarterly dividend of $0.25 per share. This dividend is scheduled for payment on December 29, 2020, to shareholders on record as of December 22, 2020. Espey specializes in the development and production of military and industrial power supplies and transformers. Stakeholders are advised that future projections mentioned are subject to risks and uncertainties that could impact actual outcomes.
Espey Mfg. & Electronics Corp. (NYSE American: ESP) reported strong growth in its Q1 fiscal year 2021 results, with net sales reaching $7,265,515, a significant increase from $5,923,819 during the same period last year. Net income rose to $189,824 ($0.08 per share), compared to $81,776 ($0.03 per share) a year earlier. The company's backlog also improved to $62 million from $46.6 million in Q1 2020, while new orders surged to $14.3 million, reflecting a robust demand in the market.
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