Espey Mfg. & Electronics Corp. reports third quarter results
May 16 2022 - 4:05PM
Espey Mfg. & Electronics Corp. (NYSE American:
ESP) announces results for the first nine months of fiscal
year 2022.
Net sales for the third quarter of fiscal year
2022, January 1 to March 31, 2022, were $8,620,049 compared with
last year's third quarter net sales of $4,205,068. Net income for
the quarter was $661,359, $0.27 per diluted share, as compared to
net loss of $(1,070,114), $(0.44) per diluted share for the same
quarter last year.
For the first nine months of fiscal year 2022,
July 1 to March 31, 2022, net sales were $23.6 million, compared
with $18.4 million for the first nine months of fiscal year 2021.
Net income for the period was $988,621, $0.41 per diluted share,
compared with net loss of $(1,061,297), $(0.44) per diluted share,
for the same period last year.
The backlog for the Company was approximately
$76.2 million at March 31, 2022, compared with last year's backlog
of approximately $67.3 million at March 31, 2021. New orders in the
first nine months of fiscal year 2022 were $34.1 million, compared
with new orders in the first nine months of fiscal year 2021 of
approximately $30.8 million.
Mr. David O’Neil, President and CEO, commented,
“We had an excellent quarter. The employees at Espey continue to
work very hard in a difficult and frustrating business environment.
Their hard work and determination delivered solid financial results
for the third quarter of fiscal 2022. New orders remained strong
and earnings are much improved over the prior year results.
Material lead times and inflation became worse and continue to
provide significant headwinds to the business as we move forward.
We will continue to manage our way through this environment and
will work with our customers and suppliers to improve the long term
financial performance of the Company.”
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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