SARATOGA SPRINGS, NY--(Marketwired - February 11, 2016) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports results for the second quarter and the first six months of fiscal year 2016, ended December 31, 2015.
Net sales for the second quarter of fiscal year 2016, October 1 to December 31, 2015, were $7.2 million, compared with last year's second quarter net sales of $5.7 million. The net income for the period was $614,427, $0.27 per diluted share, compared with $1,219,082, $.54 per diluted share for the corresponding period the last fiscal year.
For the first six months of fiscal 2016, July 1 to December 31, 2015, net sales were $13.5 million, compared with $11.4 million for the first six months of fiscal 2015. Net income for the period was $1,492,957, $0.65 per diluted share, compared with net income of $2,130,303, $0.93 per diluted share, for the corresponding period last fiscal year.
The sales order backlog for the Company was $43.0 million at December 31, 2015, compared with last year's sales backlog of $41.2 million at December 31, 2014. New sales orders in the first half of fiscal 2016 were approximately $20.2 million, compared with new sales orders in the first half of fiscal 2015 of approximately $16.8 million.
Mr. Patrick Enright, President and CEO, commented:
"Our financial results are as expected. We remain focused on successful execution of existing orders which will drive future sales through a satisfied customer base. Sales remained strong while our net income reflects investments made in people and products that are required to pursue new opportunities as we work to expand our customer community and build a foundation for long-term, sustainable growth."
Espey's primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. 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, 2015 and 2014.
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