Espey Mfg. & Electronics Corp. reports Fourth Quarter and Year-end results as well as Announces Regular Quarterly Dividend of...
September 21 2020 - 4:01PM
Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces
results for its fourth quarter and fiscal year, ended June 30,
2020.
For the fiscal year ended June 30, 2020, the Company reported
net sales of $31,526,231 compared with $36,477,851 for the fiscal
year ended June 30, 2019. Net income decreased to $1,163,668, $0.49
per diluted share for the year, compared with net income of
$2,342,694, $0.98 per diluted share, for the fiscal year ended June
30, 2019. At June 30, 2020, the sales order backlog was $54.9
million, compared to last year’s backlog of $45.6 million at June
30, 2019.
For the fourth quarter ended June 30, 2020, net sales increased
to $12,124,438 compared with last year’s fourth quarter net sales
of $11,619,202. The net income for the fourth quarter ended June
30, 2020 was $956,693, $0.40 per diluted share, compared with net
income of $1,140,809, $0.47 per diluted share, for the
corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2020 were
$40.9 million compared with the $33.9 million for the corresponding
period last year.
Mr. Patrick Enright, President and CEO, commented,
While we are disappointed that we fell short of our projections
for fiscal year 2020, Espey remained profitable. The strength and
mix of our backlog as well as our balance sheet provides us with
confidence that we will be profitable, notwithstanding the
challenges we face. Management remains committed to improving
operating efficiencies, through targeted cost-cutting, and
converting our backlog into more profitable sales in fiscal
2021.
Espey is continuing to make progress towards full qualification
of our newly designed transformers and power supplies. Our
customers are responding positively to our efforts, as demonstrated
by new orders during fiscal year 2020 in excess of $40 million, a
$7 million increase over fiscal year 2019. Our $55 million backlog
includes repeat business with higher profit margins, providing a
strong foundation to offset continued challenges we have
encountered in the qualification of our newly designed
products.
Furthermore, the Board of Directors of Espey Mfg. &
Electronics Corp. (NYSE American: ESP) has declared a regular
quarterly dividend of $0.25 per share. The dividend will be payable
on October 14, 2020 to all shareholders of record on October 5,
2020.
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 Mr. David O’Neil
(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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