SARATOGA SPRINGS, N.Y., May 13, 2024 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the third quarter and the first nine months of fiscal year 2024.
Net sales for the third quarter of fiscal year 2024, January 1 to March 31, 2024, were $8,254,653 compared with last year's third quarter net sales of $9,809,616. Net income for the quarter was $1,031,930, $0.40 per diluted share, as compared to net income of $867,288, $0.35 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2024, July 1 to March 31, 2024, net sales were $27.1 million, compared with $27.2 million for the first nine months of fiscal year 2023. Net income for the period was $3,921,844, $1.56 per diluted share, compared with net income of $2,781,596, $1.13 per diluted share, for the same period last year.
The backlog for the Company was $84.2 million at March 31, 2024, compared with last year's backlog of $82.1 million at March 31, 2023. New orders in the first nine months of fiscal year 2024 were approximately $27.8 million, compared with new orders in the first nine months of fiscal year 2023 of $32.6 million.
Mr. David O'Neil, President and CEO, commented,
With another quarter behind us, we are on track for an excellent year. Sales for the quarter proved a bit soft, comparative to last year, however on par with internal expectations. Gross profit, investment income, and control over fixed costs continued to deliver improvement to bottom-line results. Our larger engineering development programs remain financially healthy and in general our development programs have had less of a dilutive effect on gross profit reported when compared to prior years. New sales orders and our sales backlog remain strong. We are currently working on several large opportunities which could potentially become orders in the near future.
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 invest@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.
