SARATOGA SPRINGS, NY--(Marketwire - February 10, 2010) - Espey Mfg. & Electronics Corp. (
NYSE Amex:
ESP) reports results for the second quarter and the first six months
of fiscal year 2010, ended December 31, 2009.
Net sales for the second quarter of fiscal 2010, October 1 to December 31,
2009, decreased by 5.3% to $5.9 million as compared with last year's second
quarter net sales of $6.2 million. The net income for the period was
$514,171, $.24 per diluted share, as compared with a net loss of $42,412,
$.02 per diluted share for the corresponding period the last fiscal year.
For the first six months of fiscal 2010, July 1 to December 31, 2009, net
sales increased by $.5 million to $12.7 million, as compared with $12.2
million for the first six months of fiscal 2009. Net income for the six
months increased to $1,506,934, $.71 per diluted share, as compared with
net income of $355,884, $.17 per diluted share, for the corresponding
period the last fiscal year.
The sales order backlog for the Company was $33.9 million at December 31,
2009, compared with last year's sales backlog of $44.0 million at December
31, 2008. New sales orders in the first half of fiscal 2010 were
approximately $7.6 million, compared with $11.5 million in the first half
of fiscal 2009.
Mr. Howard Pinsley, CEO and Chairman of the Board, commented, "Based upon
recent discussions and negotiations with customers, we are optimistic that
the company will receive new orders in the near future that will enable us
to continue our profitability."
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 and
six-month figures for the periods ended December 31, 2009 and 2008.
Three Months Six Months
2009 2008 2009 2008
Sales: $5,866,331 $6,194,177 $12,741,271 $12,247,696
Net (Loss) Income: 514,171 (42,412) 1,506,934 355,884
Income per share:
Basic .24 (.02) .71 .17
Diluted .24 (.02) .71 .17
Weighted average number of
Shares outstanding:
Basic 2,138,416 2,107,257 2,127,700 2,104,782
Diluted 2,149,831 2,114,363 2,134,339 2,115,201
Contact Information: For further information, contact:
Mr. David O'Neil or Mr. Howard Pinsley
(518) 245-4400