SARATOGA SPRINGS, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) — Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2025.
Net sales for the second quarter of fiscal year 2025, October 1 to December 31, 2024, were $13,608,740 compared with last year’s second quarter net sales of $10,302,541. Net income for the quarter was $1,908,499, $0.71 per diluted share, as compared to net income of $1,795,370, $0.72 per diluted share for the same quarter last year.
For the first six months of fiscal year 2025, July 1 to December 31, 2024, net sales were $24 million, compared with approximately $18.9 million for the first six months of fiscal year 2024. Net income for the period was $3,506,816, $1.32 per diluted share, compared with net income of $2,889,914, $1.16 per diluted share, for the same period last year.
The backlog for the Company was approximately $120.1 million at December 31, 2024, compared with last year’s backlog of approximately $84.8 million at December 31, 2023. New orders in the first six months of fiscal year 2025 were approximately $46.9 million, compared with new orders in the first six months of fiscal year 2024 of approximately $20.1 million.
Mr. David O’Neil, President and CEO, commented,
We delivered impressive results on the top-line, with a 27% increase in year-to-date sales when compared to last year, supporting our continued expectation to deliver higher annual sales than the prior fiscal year.
The company had new record highs for current quarter sales and the sales backlog. As of today, new orders received total $54 million, surpassing the annual company record high of $52 million set in fiscal 2024. The backlog includes a previously announced $29.5 million order for follow-on production units for product designed by the company. Gross margins were respectable, with the prior year benefiting from one-time sales to certain customers. The team remains focused on bottom-line cost saving initiatives and production efficiencies that we believe can lend to improved program margins on future shipments and out-year opportunities.
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 Ms. Katrina Sparano at [email protected].
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.
