SARATOGA SPRINGS, NY--(Marketwire - August 24, 2009) - Espey Mfg. & Electronics Corp. (
NYSE Amex:
ESP) announces results for its fiscal year and fourth quarter, both
ended June 30, 2009. The fourth quarter results were record highs for any
quarter in Espey's 81-year history.
For the fourth quarter ended June 30, 2009, net sales increased by
$2,095,270, to $8.3 million, compared with last year's fourth quarter net
sales of $6.2 million. Net income for the fourth quarter ended June 30,
2009 was $1,596,084, $.76 per diluted share, compared with net income of
$933,995, $.45 per diluted share, for the corresponding period last year.
For the fiscal year ended June 30, 2009, the Company reported net sales of
$27.2 million, compared with $25.7 million for the prior fiscal year. Net
income decreased to $2,733,240, $1.29 per diluted share for the year,
compared with net income of $3,421,869, $1.63 per diluted share, for the
fiscal year ended June 30, 2008. At June 30, 2009, the sales order backlog
decreased to $39.1 million, compared with last year's $44.8 million on June
30, 2008.
New sales orders for the year totaled $21.6 million.
Mr. Howard Pinsley, CEO, commented, "We are very pleased with our increase
in sales over the prior year. While our net income decreased, it was
attributable to unanticipated higher costs in several new programs, which
will be offset by business we anticipate in fiscal year 2010 and beyond,
through sales of new products and a more diverse customer base."
Furthermore, the Espey Board of Directors has declared a cash dividend.
The regular first quarter dividend for the fiscal year ending June 30, 2010
is $.225 per share. The dividend will be payable on September 25, 2009, to
all shareholders of record at September 4, 2009.
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 or Howard Pinsley at (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.
Espey Mfg. & Electronics Corp. comparative unaudited three-month and
audited twelve-month figures for the periods ended June 30, 2009 and 2008.
Three Months Twelve Months
2009 2008 2009 2008
------------ ------------ ------------ ------------
Sales: $ 8,284,059 $ 6,188,789 $ 27,241,635 $ 25,701,739
Net Income: 1,596,084 933,995 2,733,240 3,421,869
Income per share:
Basic .76 .45 1.30 1.65
Diluted .76 .45 1.29 1.63
Weighted average
number of Shares
outstanding:
Basic 2,107,367 2,094,817 2,107,643 2,079,734
Diluted 2,109,089 2,111,869 2,113,798 2,103,836
Contact Information: Contact:
Mr. David O'Neil
Mr. Howard Pinsley
(518) 245-4400