SARATOGA SPRINGS, N.Y., Feb. 13, 2018 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE MKT:ESP) announces results for its first six months of fiscal year 2018, ended December 31, 2017.
Net sales for the second quarter of fiscal year 2018, October 1 to December 31, 2017, were $11.5 million, compared with last year's second quarter net sales of $5.7 million. The net income for the period was $1,614,871, $0.69 per diluted share, compared with $244,079, $0.11 per diluted share for the same quarter last year.
For the first six months of fiscal year 2018, July 1 to December 31, 2017, net sales were $19.0 million, compared with $11.7 million for the first six months of fiscal year 2017. Net income for the period was $2,057,635, $0.88 per diluted share, compared with net income of $664,904, $0.29 per diluted share, for the same period last year.
The backlog for the Company was $38.4 million at December 31, 2017, compared with last year's backlog of $38.2 million at December 31, 2016. New orders in the first half of fiscal year 2018 were approximately $14.3 million, compared with new orders in the first half of fiscal year 2017 of approximately $10.9 million.
Mr. Patrick Enright, President and CEO, commented,
Fiscal year 2018 continues to be strong in all areas. Revenue, income and new orders exceed same-period numbers for fiscal year 2017 significantly. We have been executing well to our strategy. Our manufacturing facility and engineering resources are fully engaged in executing on our current backlog of business. We continue to have important milestones to meet on large engineering development contracts and are making good progress on those efforts. The Plant improvements are going well and we continue to balance investments for future growth with our desire to maintain and increase return to our shareholders. All things considered we had a very good quarter.
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.