Espey Mfg. & Electronics Corp. Reports First Quarter Results
November 11 2009 - 2:20PM
Marketwired
Espey Mfg. & Electronics Corp. (NYSE Amex: ESP) reports results
for the first three months of fiscal year 2010.
Net sales for the first quarter of fiscal 2010, July 1 to
September 30, 2009, increased 13.6% to $6,874,940, compared with
last year's first quarter net sales of $6,053,519. Net income for
the period rose substantially to $992,763, $.47 per diluted share,
as compared with net income of $398,296, $.19 per diluted share for
the same period last year.
New sales orders in the first quarter of fiscal 2010 decreased
to approximately $4.8 million, compared with $5.5 million in the
first quarter of fiscal 2009. The sales order backlog for the
Company was at $37 million on September 30, 2009, a decrease of
$7.2 million, compared with last year's sales order backlog of
$44.2 million on September 30, 2008.
Mr. Howard Pinsley, CEO, commented, "We expect the first quarter
success to continue in the future. Our outlook for new business
remains strong. We are very confident going forward."
Espey's primary business is the development, design, and
production of specialized military and industrial power
supplies/electronic equipment. The Company's web site can be found
on the Internet at www.espey.com.
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.
Espey Mfg. & Electronics Corp. comparative unaudited three-month period
ended September 30, 2009 and 2008.
Three Months
2009 2008
---------- ----------
Sales: $6,874,940 $6,053,519
Net Income: 992,763 398,296
Income per share:
Basic .47 .19
Diluted .47 .19
Weighted average number of
Shares outstanding:
Basic 2,116,984 2,102,306
Diluted 2,118,848 2,116,039
For further information, contact Mr. David O'Neil or Mr. Howard
Pinsley (518) 245-4400
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