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Espey Mfg. & Electronics Corp.: Espey Mfg. & Electronics Corp. Reports Third Quarter and Nine Month Results

^{Published on 2009-05-13 13:01:49, Last Modified on 2009-11-03 07:36:22 - Market Wire}
 

SARATOGA SPRINGS, NY--(Marketwire - May 13, 2009) - Espey Mfg. & Electronics Corp. (NYSE Alternext US: [ ESP ]) announces results for its third quarter and the nine months of fiscal 2009, ended March 31, 2009.

Net sales for the third quarter of fiscal 2009, January 1 to March 31, 2009, increased by 3.6% to $6.7 million as compared with last fiscal year's third quarter net sales of $6.5 million. Net income for the period was $781,272, $.37 per diluted share, as compared with net income of 1,099,205, $.53 per diluted share for the corresponding period the last fiscal year.

For the first nine months of fiscal 2009, July 1 to March 31, 2009, net sales decreased by 2.8% to $19 million, as compared with $19.5 million for the first nine months of fiscal 2008. Net income for the nine months decreased to $1,137,155, $.54 per diluted share, as compared with net income of $2,487,874, $1.18 per diluted share, for the corresponding period last fiscal year.

The sales order backlog for the Company was $40 million at March 31, 2009, increased by $7 million, compared with last year's sales backlog of $33 million at March 31, 2008.

Mr. Howard Pinsley, President and CEO, commented, "Our decrease in net income was directly attributable to development expenses incurred for customer programs which exceeded our original expectations. However, we believe these programs will lead to growth and profitability in the long-run. Moreover, the substantial increase in the sales order backlog as compared to the corresponding period last year indicates that the Company is in a strong financial position for future fiscal periods."

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 ].

For further information, contact Mr. David O'Neil or Mr. Howard Pinsley at (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.

Espey Mfg. & Electronics Corp. comparative unaudited three-month and nine-month figures for the periods ended March 31, 2009 and 2008.

 Three Months Nine Months 2009 2008 2009 2008 ------------ ------------ ------------ ------------ Sales: $6,709,880 $6,479,020 $18,957,576 $19,512,950 Net Income: 781,272 1,099,205 1,137,155 2,487,874 Income per share: Basic .37 .53 .54 1.20 Diluted .37 .53 .54 1.18 Weighted average number of Shares outstanding: Basic 2,113,772 2,083,659 2,107,735 2,074,743 Diluted 2,115,696 2,098,596 2,114,732 2,101,177