SARATOGA SPRINGS, N.Y., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its first three months of fiscal year 2019.
Net sales for the first quarter of fiscal year 2019, July 1 to September 30, 2018, were $8,337,399, as compared to last year's first quarter net sales of $7,496,423. Net income for the quarter decreased to $61,671, $0.03 per diluted share, as compared to net income of $442,764, $0.19 per diluted share for the same quarter last year.
The backlog for the Company was $46.7 million on September 30, 2018, an increase of $4.1 million from last year's backlog of $42.6 million on September 30, 2017. New orders in the first quarter of fiscal year 2019 and 2018 were approximately $6.9 million.
Mr. Patrick Enright, President and CEO, commented,
“Sales were strong for the quarter and new orders received remained robust. Our net income declined as compared to the first quarter last year due to investment spending required on one of our engineering development contracts. This contract is in the critical design and build stage and has experienced unexpected issues in the build process. Moving forward we believe that the unanticipated development costs have been absorbed and that we are in a good position to complete this contract at the current projected cost. We remain optimistic that net sales and earnings for the current fiscal year will exceed our performance in fiscal year 2018.”
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 Patrick Enright or 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.