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SARATOGA SPRINGS, N.Y., Nov. 14, 2019 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2020.
Net sales for the first quarter of fiscal year 2020, July 1 to September 30, 2019, were $5,923,819, compared with last year's first quarter net sales of $8,337,399. Net income for the quarter increased to $81,776, $0.03 per diluted share, as compared to net income of $61,671, $0.03 per diluted share for the same quarter last year.
The backlog for the Company was $46.6 million at September 30, 2019, compared with last year's backlog of $46.7 million at September 30, 2018. New orders in the first three months of fiscal year 2020 were approximately $7.0 million, compared with new orders in the first three months of fiscal year 2019 of approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
|“Our earnings remained consistent despite the decrease in net sales as compared to the prior year. Although we are beginning to see indications of a slowdown in the industrial market we serve, we remain optimistic that the full year’s net sales will be comparable to fiscal 2019 while earnings should exceed last year’s results. We also remain optimistic for our prospect for new sales orders. The transitioning of our development programs to production and our commitment to executing on our growth strategies and customer-focused initiatives is anticipated to have a positive impact on our future results.”|
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.