Espey Mfg. & Electronics Corp. reports first quarter results
November 16 2020 - 4:01PM
Espey Mfg. & Electronics Corp. (NYSE American:
ESP) announces results for its first three months of fiscal
year 2021.
Net sales for the first quarter of fiscal year 2021, July 1 to
September 30, 2020, were $7,265,515, compared with last year's
first quarter net sales of $5,923,819. Net income for the
quarter increased to $189,824, $0.08 per diluted share, as compared
to net income of $81,776, $0.03 per diluted share for the same
quarter last year.
The backlog for the Company was $62 million at September 30,
2020, compared with last year's backlog of $46.6 million at
September 30, 2019. New orders in the first three months of fiscal
year 2021 were $14.3 million, compared with new orders in the first
three months of fiscal year 2020 of approximately $7.0 million.
Mr. Patrick Enright, President and CEO, commented,
Earnings for the
quarter are up as we started to see the initial impact of targeted
cost reductions which we put in place to offset the anticipated
impact from necessary investments in new programs. An
increase in sales, bolstered by strong build to print shipments and
robust new sales order bookings, rounded out the quarter.
While the future of defense spending
budgets remain uncertain due to both the administration transition
in Washington D.C., and the likely re-assessment of Federal budget
appropriations resulting from the effects of the continuing global
pandemic, we remain cautiously optimistic that any impact to our
anticipated new order bookings for the current fiscal year will be
minimal. The growth strategy we have put in place by
investing in new programs and diversifying our customer base, along
with introducing targeted cost reductions, should put us in a good
position as we navigate through these uncertain times. In the
meantime, our primary focus continues to be on improving liquidity
by the turning of inventory into sales.
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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