Espey Mfg. & Electronics Corp. Reports Second Quarter Results; Net Income Increases
February 10 2010 - 3:12PM
Marketwired
Espey Mfg. & Electronics Corp. (NYSE Amex: ESP) reports results
for the second quarter and the first six months of fiscal year
2010, ended December 31, 2009.
Net sales for the second quarter of fiscal 2010, October 1 to
December 31, 2009, decreased by 5.3% to $5.9 million as compared
with last year's second quarter net sales of $6.2 million. The net
income for the period was $514,171, $.24 per diluted share, as
compared with a net loss of $42,412, $.02 per diluted share for the
corresponding period the last fiscal year.
For the first six months of fiscal 2010, July 1 to December 31,
2009, net sales increased by $.5 million to $12.7 million, as
compared with $12.2 million for the first six months of fiscal
2009. Net income for the six months increased to $1,506,934, $.71
per diluted share, as compared with net income of $355,884, $.17
per diluted share, for the corresponding period the last fiscal
year.
The sales order backlog for the Company was $33.9 million at
December 31, 2009, compared with last year's sales backlog of $44.0
million at December 31, 2008. New sales orders in the first half of
fiscal 2010 were approximately $7.6 million, compared with $11.5
million in the first half of fiscal 2009.
Mr. Howard Pinsley, CEO and Chairman of the Board, commented,
"Based upon recent discussions and negotiations with customers, we
are optimistic that the company will receive new orders in the near
future that will enable us to continue our profitability."
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 and
six-month figures for the periods ended December 31, 2009 and 2008.
Three Months Six Months
2009 2008 2009 2008
Sales: $5,866,331 $6,194,177 $12,741,271 $12,247,696
Net (Loss) Income: 514,171 (42,412) 1,506,934 355,884
Income per share:
Basic .24 (.02) .71 .17
Diluted .24 (.02) .71 .17
Weighted average number of
Shares outstanding:
Basic 2,138,416 2,107,257 2,127,700 2,104,782
Diluted 2,149,831 2,114,363 2,134,339 2,115,201
For further information, contact: Mr. David O'Neil or Mr. Howard
Pinsley (518) 245-4400
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