SARATOGA SPRINGS, NY -- (Marketwire) -- 11/13/12 -- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports results for the first three months of fiscal year 2013.
Net sales for the first quarter of fiscal 2013, July 1 to September 30, 2012 remained consistent at $7,891,877, compared with last year's first quarter net sales of $7,993,927. Net income for the period climbed to $1,280,718, $.57 per diluted share, as compared with net income of $926,904, $.42 per diluted share for the same period last year.
The sales order backlog for the Company was at $50.1 million on September 30, 2012, an increase of $10 million, well over last year's sales order backlog of $40.1 million on September 30, 2011. New sales orders in the first quarter of fiscal 2013 decreased to approximately $7.2 million, compared with $9.4 million in the first quarter of fiscal 2012.
Mr. Mark St. Pierre, President and CEO, commented:
"Espey reported solid financial performance in its Q1 results, posting solid gains in operating income on level sales volume. Backlog has grown to $50M, giving us confidence in our near-term future. As to the longer-term, and with the election now behind us, it remains to be seen if the government can restore a political climate in which the nation's fiscal woes can be addressed and confidence in markets is restored. As always, Espey's management team remains committed to navigating a careful course around these political and economic vagaries with good strategy, execution, and utilization of our niche power specialties."
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 figures for the period ended September 30, 2012 and 2011 2012 2011 ---------- ---------- Sales $7,891,877 $7,993,927 Net Income 1,280,718 926,904 Income per share: Basic .59 .43 Diluted .57 .42 Weighted average number of shares outstanding: Basic 2,186,424 2,164,202 Diluted 2,234,361 2,196,104