SARATOGA SPRINGS, NY--(Marketwire - February 10, 2011) - Espey Mfg. & Electronics Corp. (
NYSE Amex:
ESP) reports results for the second quarter and the first six months
of fiscal year 2011, ended December 31, 2010.
Net sales for the second quarter of fiscal year 2011, October 1 to December
31, 2010, rose by 12% to $6.6 million as compared with last year's second
quarter net sales of $5.9 million. The net income for the period was
$649,746, $.30 per diluted share, as compared with $514,171, $.24 per
diluted share for the corresponding period the last fiscal year.
For the first six months of fiscal 2011, July 1 to December 31, 2010, net
sales decreased by 1% to $12.6 million, as compared with $12.7 million for
the first six months of fiscal 2010. Net income for the six months
decreased to $1,403.286, $.65 per diluted share, as compared with net
income of $1,506,934, $.71 per diluted share, for the corresponding period
the last fiscal year.
The sales order backlog for the Company rose to $42.9 million at December
31, 2010, compared with last year's sales backlog of $33.9 million at
December 31, 2009. New sales orders in the first half of fiscal 2011 were
approximately $24.6 million, compared with new sales orders in the first
half of fiscal 2010 of approximately $7.6 million.
Mr. Mark St. Pierre, President and CEO, commented, "We are gratified that
in a period of ongoing general recession as well as defense budget-cutting,
Espey's core defense and industrial customers have awarded the company new
contracts, boosting backlog by nearly $10M versus a year ago."
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, 2010 and 2009.
Three Months Six Months
2010 2009 2010 2009
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Sales: $6,581,342 $5,866,331 $12,607,672 $12,741,271
Net Income: 649,747 514,171 1,403,286 1,506,934
Income per share:
Basic .30 .24 .65 .71
Diluted .30 .24 .65 .71
Weighted average number
of Shares outstanding:
Basic 2,152,270 2,138,416 2,146,859 2,127,700
Diluted 2,185,544 2,149,831 2,169,585 2,134,339
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Contact Information: For further information, contact
Mr. David O'Neil or Mr. Mark St. Pierre
(518) 245-4400