SARATOGA SPRINGS, N.Y., Feb. 13, 2019 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first six months of fiscal year 2019, ended December 31, 2018.
Net sales for the second quarter of fiscal year 2019, October 1 to December 31, 2018, were $7.3 million, compared with last year's second quarter net sales of $11.5 million. Net income for the period was $217,758, $0.09 per diluted share, compared with $1,614,871, $0.69 per diluted share for the same quarter last year.
For the first six months of fiscal year 2019, July 1 to December 31, 2018, net sales were $15.6 million, compared with $19.0 million for the first six months of fiscal year 2018. Net income for the period was $279,430, $0.12 per diluted share, compared with net income of $2,057,635, $0.88 per diluted share, for the same period last year.
The backlog for the Company was $45.8 million at December 31, 2018, compared with last year's backlog of $38.4 million at December 31, 2017. New orders in the first half of fiscal year 2019 were approximately $13.4 million, compared with new orders in the first half of fiscal year 2018 of approximately $14.3 million.
Mr. Patrick Enright, President and CEO, commented,
Although our mid-fiscal year financial results fall short when compared to the results over the same period of fiscal year 2018, we maintain our view that the full year’s net sales will exceed those of fiscal year 2018, consistent with our growth strategy. During the second quarter we continued to resolve technical issues associated with two of our development programs, resulting in delays to first-unit deliveries. Deliveries on the programs will commence during the second half of fiscal year 2019, converting inventory to revenue and cash prior to year-end. As discussed previously, these challenging development programs have multi-year production “tails” that will provide steady work to our manufacturing floor, the ultimate goal of our strategy.
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.