Espey Mfg. & Electronics Corp. reports second quarter

SARATOGA SPRINGS, NY, February 14, 2022 (GLOBE NEWSWIRE) – Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2022.

Net sales for the second quarter of fiscal year 2022, from October 1 to December 31, 2021, were $ 7,458,050 compared to $ 6,962,065 for the second quarter of last year. Net income for the quarter was $ 21,201, $ 0.01 per diluted share, compared to a net loss of $ (181,006), $ (0.08) per diluted share for the same quarter last year.

For the first six months of fiscal year 2022, from July 1 to December 31, 2021, net sales were $ 15 million compared to $ 14.2 million for the first six months of fiscal year 2021. Net income for the period was $ 327,262, $ 0.14 per share. , compared to net income of $ 8,817, $ 0.00 per diluted share, for the same period last year.

As of December 31, 2021, the debt to the company was about $ 70.1 million compared to last year’s lag of $ 60.1 million as of December 31, 2020. New orders for the first six months of fiscal 2022 were about $ 19.5 million compared to new orders for the first six months of fiscal 2021 of $ 19.4 million.

Mr David O’Neill, President and CEO, commented:

Returning to stable profitability is our main goal as we close the 2022 fiscal year and move on to the 2023 fiscal year. The financial results for the quarter were significantly affected by one-time expenses related to the restructuring of senior management and related legal expenses. However, we remain profitable for two quarters and continue to focus on increasing the company’s profitability.

Our business continues to face obstacles due to COVID-19, including delays in receiving materials and loss of business days from both our suppliers and our internal operations. We continue to support our customers and suppliers while working together in this challenging environment.

Espey’s core business is the development, design and production of specialized military and industrial power supplies / transformers. The company can be found online at www.espey.com.

Contact Mrs. Katrina Sparana (518) 245-4400 for more information.

This press release may contain certain statements that are “forward-looking statements” and made in accordance with the provisions of the Safe Harbor of the Private Securities Judicial Reform Act of 1995. These forward-looking statements reflect the company’s current expectations or beliefs regarding future events. The issues covered by these statements are subject to certain risks and uncertainties that could result in actual results differing materially from those set out in the forward-looking statements. The company wants to warn readers not to rely too heavily on such forward-looking statements that speak only to the date made.

.

Leave a Comment