SARATOGA SPRINGS, N.Y., Nov. 14, 2017 (GLOBE NEWSWIRE) — Espey Mfg. & Electronics Corp. (NYSE MKT:ESP) announces results for its first three months of fiscal year 2018.
Net sales for the first quarter of fiscal year 2018, July 1 to September 30, 2017, were $7,496,423, as compared to last year’s first quarter net sales of $6,068,684. Net income for the quarter increased to $442,764, $0.19 per diluted share, as compared to net income of $420,825, $0.18 per diluted share for the same quarter last year.
The sales order backlog for the Company was $42.6 million on September 30, 2017, an increase of $8.4 million from last year’s sales order backlog of $34.2 million on September 30, 2016. New orders in the first quarter of fiscal year 2018 were $6.9 million, as compared to $1.2 million in the first quarter of fiscal year 2017.
Mr. Patrick Enright, President and CEO, commented,
Fiscal year 2018 is off to a strong start in both revenue and new orders, exceeding same-period numbers for fiscal year 2017. Revenue this quarter includes the first shipment of production power supplies against our five year US Army contract. Successful transition to full rate production demonstrates Espey is ready to meet the demands of this critical need for the US Army for years to come.
Our relatively flat net income per diluted share, as compared to the same-period last year, reflects Espey’s on-going investment in personnel, products and facilities to meet the evolving demands of our customers and the markets we serve. We will continue to balance our investments for future growth with our desire to maintain and increase return to our shareholders. With over $42 million in backlog it is clear Espey’s customers are responding positively to our focus on customer advocacy and reliable execution.
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. Patrick Enright (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.