SARATOGA SPRINGS, NY--(Marketwired - May 11, 2017) - Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for the third quarter and the first nine months of fiscal year 2017, ended March 31, 2017.
Net sales for the third quarter of fiscal year 2017, January 1 to March 31, 2017, were $5,324,104, compared with last year's third quarter net sales of $7,217,922. The net income for the period was $279,173, $0.12 per diluted share, compared with $972,468, $0.43 per diluted share for the same period last year.
For the first nine months of fiscal 2017, July 1, 2016 to March 31, 2017, net sales were $17,060,411, compared with $20,739,378 for the first nine months of fiscal 2016. Net income for the period was $944,076, $0.41 per diluted share, compared with net income of $2,465,425, $1.08 per diluted share, for the same period last year.
The sales order backlog for the Company was $38.7 million at March 31, 2017, compared with last year's sales backlog of $41.6 million at March 31, 2016. New sales orders in the first nine months of fiscal 2017 were approximately $16.8 million, compared with new sales orders in the first nine months of fiscal 2016 of approximately $26.0 million.
Mr. Patrick Enright, President and CEO, commented,
"The third quarter of FY17 was both challenging and rewarding in that we continue to replace sales and revenue from legacy transportation business with new sales from existing defense customers. In April, subsequent to the end of the third quarter we received a long-term contract for $8.4 million that brought our backlog over $47 million which puts us on pace to meet the FY17 new orders target of $27 million. This provides a robust and diverse backlog for future revenue. We have been challenged to replace the revenue and income associated with the rail industry in the near term, which may result in lower than anticipated revenue and earnings per share at fiscal year-end. We continue to have a long-term outlook and will assess appropriate use of reserves to supplement cash from operations as we invest for the future."
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.
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.