SARATOGA SPRINGS, N.Y., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for the first six months of fiscal year 2023.

Net sales for the second quarter of fiscal year 2023, October 1 to December 31, 2022, were $8,804,109 compared with last year's second quarter net sales of $7,458,050. Net income for the quarter was $1,146,042, $0.47 per diluted share, as compared to net income of $21,201, $0.01 per diluted share for the same quarter last year.

For the first six months of fiscal year 2023, July 1 to December 31, 2022, net sales were $17.4 million, compared with $15 million for the first six months of fiscal year 2022. Net income for the period was $1,914,308, $0.78 per diluted share, compared with net income of $327,262, $0.14 per diluted share, for the same period last year.

The backlog for the Company was $78.3 million at December 31, 2022, compared with last year's backlog of $70.1 million at December 31, 2021. New orders in the first six months of fiscal year 2023 were $19 million, compared with new orders in the first six months of fiscal year 2022 of $19.5 million.

Mr. David O’Neil, President and CEO, commented,

We had another successful quarter. Production operations are smoothing out and our supply chain issues remain but are being managed well. We made good progress on our engineering design efforts during the quarter, however, we still have hurdles to clear in the coming months. We continue to work well with our customers to resolve any engineering related issues. With an increase in sales and income for the first six months of the year, we are positioned well to finish the full year with overall strong financial results.

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 (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.

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