SARATOGA SPRINGS, N.Y., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first three months of fiscal year 2022.
Net sales for the first quarter of fiscal year 2022, July 1 to September 30, 2021, were $7,545,432, compared with last year's first quarter net sales of $7,265,515. Net income for the quarter was $306,061, $0.13 per diluted share, as compared to net income of $189,824, $0.08 per diluted share for the same quarter last year.
The backlog for the Company was approximately $75.2 million at September 30, 2021, compared with last year's backlog of $62 million at September 30, 2020. New orders in the first three months of fiscal year 2022 were approximately $17.1 million, compared with new orders in the first three months of fiscal year 2021 of $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
A strong start of $17 million in new orders during the first quarter of fiscal year 2022 provides the company with a stable base of over $75 million in backlog, with contracted delivery dates spanning the next few years. The slight uptick in net sales translated into a commensurate increase in net income as compared to the same period last fiscal year. These results indicate that although the effects of the COVID pandemic remain a key driver in revenue recognition moving into future quarters, the company and our supply base are working to stabilize operations in this challenging environment.
The company’s ability to turn work-in-process and inventory into revenue will continue to follow the ebbs and flows of the pandemic’s impact on our extended community. As an example, the surge attributed to the Delta variant of COVID 19 slowed the acceleration of improvement seen in the last month of fiscal year 2021 and the first month of this fiscal year. A similar surge as winter hits our region could further slow the improvement we are seeing in the performance of our suppliers as well as our in-house operations. Regardless of the impacts levied by the pandemic, the Espey team will continue to find innovative ways to execute on our backlog and strive to increase our sales revenue in the coming quarters. As always, I appreciate the continued support shown by all the stakeholders of Espey’s success.
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.
