SARATOGA SPRINGS, NY--(Marketwire - November 11, 2009) - Espey Mfg. & Electronics Corp. (
NYSE Amex:
ESP) reports results for the first three months of fiscal year 2010.
Net sales for the first quarter of fiscal 2010, July 1 to September 30,
2009, increased 13.6% to $6,874,940, compared with last year's first
quarter net sales of $6,053,519. Net income for the period rose
substantially to $992,763, $.47 per diluted share, as compared with net
income of $398,296, $.19 per diluted share for the same period last year.
New sales orders in the first quarter of fiscal 2010 decreased to
approximately $4.8 million, compared with $5.5 million in the first quarter
of fiscal 2009. The sales order backlog for the Company was at $37 million
on September 30, 2009, a decrease of $7.2 million, compared with last
year's sales order backlog of $44.2 million on September 30, 2008.
Mr. Howard Pinsley, CEO, commented, "We expect the first quarter success to
continue in the future. Our outlook for new business remains strong. We
are very confident going forward."
Espey's primary business is the development, design, and production of
specialized military and industrial power supplies/electronic equipment.
The Company's web site can be found on the Internet at
www.espey.com.
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 period
ended September 30, 2009 and 2008.
Three Months
2009 2008
---------- ----------
Sales: $6,874,940 $6,053,519
Net Income: 992,763 398,296
Income per share:
Basic .47 .19
Diluted .47 .19
Weighted average number of
Shares outstanding:
Basic 2,116,984 2,102,306
Diluted 2,118,848 2,116,039
Contact Information: For further information, contact
Mr. David O'Neil
or
Mr. Howard Pinsley
(518) 245-4400