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Espey Mfg. & Electronics Corp. (NYSE American: ESP) is a distinguished U.S.-based company specializing in the design, development, and manufacturing of power conversion systems, magnetics, and build-to-print products. Since its inception in 1928, Espey has established itself as a trusted partner in the defense and industrial markets, delivering high-performance solutions tailored to meet the demanding requirements of these sectors. With a strong emphasis on quality and innovation, the company operates out of a state-of-the-art 150,000+ square foot facility in Saratoga Springs, New York, where all design, manufacturing, and testing activities are vertically integrated under one roof.
Core Business Areas
Espey’s primary focus lies in the development and production of specialized military and industrial power supplies and transformers. These products are critical components in mission-critical applications, ensuring reliability and performance in some of the most challenging environments. The company’s capabilities extend to dynamic lifecycle management services, enabling customers to optimize the performance and longevity of their systems over time.
Operational Excellence
Espey combines the agility of a small business with the rigorous operational standards of a large enterprise. Its ISO AS9100 certification underscores its commitment to quality and compliance, particularly in the aerospace and defense sectors. The company’s vertically integrated manufacturing model allows for complete control over the production process, from initial design to final testing, ensuring unparalleled quality and reliability in every product.
Market Position and Competitive Edge
Operating as a U.S. Small Business Certified company, Espey leverages its domestic manufacturing capabilities to deliver high-quality, custom-engineered solutions. This vertical integration not only enhances quality control but also ensures supply chain reliability—a critical factor in the defense and industrial sectors. By adopting cutting-edge and emerging technologies, Espey remains at the forefront of innovation, addressing evolving market demands and maintaining a competitive edge against both larger defense contractors and smaller specialized firms.
Industry Significance
Espey plays a pivotal role in supporting national defense and industrial infrastructure through its specialized products and services. Its expertise in power conversion and magnetics is essential for applications that require precision, durability, and performance under extreme conditions. The company’s long-standing reputation, coupled with its focus on innovation and quality, positions it as a key player in its niche market.
Commitment to Innovation
Espey’s dedication to advancing technology is evident in its continuous investment in research and development. By integrating emerging technologies into its product offerings, the company not only meets current customer needs but also anticipates future challenges, ensuring its solutions remain relevant and effective.
Conclusion
With nearly a century of experience, Espey Mfg. & Electronics Corp. stands as a cornerstone in the defense and industrial markets. Its robust operational model, unwavering commitment to quality, and focus on innovation make it a reliable partner for mission-critical applications. By combining technical expertise with a customer-centric approach, Espey continues to deliver value through high-performance, custom-engineered solutions that meet the stringent demands of its industry.
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.
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.
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