SARATOGA SPRINGS, N.Y., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2020.
Net sales for the second quarter of fiscal year 2020, October 1 to December 31, 2019, were $7,286,674, compared with last year's second quarter net sales of $7,303,109. Net income for the quarter increased to $228,964, $0.10 per diluted share, as compared to net income of $217,758, $0.09 per diluted share for the same quarter last year.
For the first six months of fiscal year 2020, July 1 to December 31, 2019, net sales were $13.2 million, compared with $15.6 million for the first six months of fiscal year 2019. Net income for the period was $310,740, $0.13 per diluted share, compared with net income of $279,430, $0.12 per diluted share, for the same period last year.
The backlog for the Company was $58.4 million at December 31, 2019, compared with last year's backlog of $45.8 million at December 31, 2018. New orders in the first six months of fiscal year 2020 were $26.0 million, compared with new orders in the first six months of fiscal year 2019 of $13.4 million.
Mr. Patrick Enright, President and CEO, commented,
“I am very pleased with the growth in our backlog. We enjoyed very strong new sales orders in the first half of the fiscal year, which has driven our backlog to a historical high. Consistent with our strategy, new sales orders are weighted towards repeat business with existing customers, complemented with a build to print contract from a new customer. The backlog reflects our balanced approach across developmental and production based programs, which speaks well to future performance. We continue to manage growth while striving to maintain earnings at the highest level possible.”
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.