SARATOGA SPRINGS, NY--(Marketwired - May 13, 2013) - Espey Mfg. & Electronics Corp . (
Net sales for the third quarter of fiscal year 2013, January 1 to March 31, 2013, were $6,799,970 as compared with last fiscal year's third quarter net sales of $7,661,946. Net income for the period was $915,231, $.41 per diluted share, as compared with net income of $1,262,863, $.58 per diluted share for the corresponding period the last fiscal year.
For the first nine months of fiscal year 2013, July 1, 2012 to March 31, 2013, net sales were $22,744,294, as compared with $23,921,627 for the first nine months of fiscal 2012. Net income for the period increased to $3,267,725, $1.46 per diluted share, as compared with net income of $3,260,630, $1.48 per diluted share, for the corresponding period last fiscal year.
The sales order backlog for the Company was $47.9 million at March 31, 2013, compared with last fiscal year's sales order backlog of $36.9 million at March 31, 2012.
Mr. Mark St. Pierre, President and CEO, commented: " Persistent fiscal uncertainty in Washington continues to pressure the defense industry, but despite that headwind, Espey is reporting a respectable quarter.
"Backlog, a good indicator of future performance, is up 30%. In addition, Espey's management remains focused on continued development of new programs and new customers with positive long-term impact on the company.
"Still, continuation of Washington's budget impasse will only serve to present a headwind to our growth goals and will require careful navigation in the coming months. "
Espey's primary business is the development, design, and production of specialized military and industrial power supplies/electronic equipment. 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 nine-month figures for the periods ended March 31, 2013 and 2012 | |||||||||||||
| Three Months | Nine Months | ||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||
| Sales: | $ | 6,799,970 | $ | 7,661,946 | $ | 22,744,294 | $ | 23,921,627 | |||||
| Net Income: | 915,231 | 1,262,863 | 3,267,725 | 3,260,630 | |||||||||
| Income per share: | |||||||||||||
| Basic | .41 | .58 | 1.48 | 1.50 | |||||||||
| Diluted | .41 | .58 | 1.46 | 1.48 | |||||||||
| Weighted average number of | |||||||||||||
| Shares outstanding: | |||||||||||||
| Basic | 2,217,641 | 2,174,640 | 2,201,619 | 2,170,466 | |||||||||
| Diluted | 2,247,599 | 2,196,366 | 2,240,181 | 2,197,677 | |||||||||
For further information, contact Mr. David O'Neil or Mr. Mark St. Pierre (518) 245-4400
