Espey Mfg. & Electronics Corp. reports second quarter results
February 14 2022 - 4:05PM
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.
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