SARATOGA SPRINGS, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces results for its fourth quarter and fiscal year, ended June 30, 2024.
For the fiscal year ended June 30, 2024, the Company reported net sales of $38,736,319 compared with $35,592,323 for the fiscal year ended June 30, 2023. Net income for the year was $5,815,140, $2.29 per diluted share, compared with net income of $3,677,131, $1.49 per diluted share, for the fiscal year ended June 30, 2023. At June 30, 2024, the sales order backlog was $97.2 million, compared to last year's backlog of $83.6 million at June 30, 2023.
For the fourth quarter ended June 30, 2024, net sales were $11,610,911 compared with last year's fourth quarter net sales of $8,342,803. The net income for the fourth quarter ended June 30, 2024 was $1,893,296, $0.73 per diluted share, compared with net income of $895,535, $0.36 per diluted share, for the corresponding period last year.
Also, new orders for the fiscal year ended June 30, 2024 were approximately $52.4 million compared with the $42.4 million for the corresponding period last year.
Mr. David O'Neil, President and CEO, commented,
We delivered a solid fourth quarter, executing on both top-line and bottom-line results. Fiscal year 2024 annual results for sales, new order bookings and the backlog represent new records for the Company. These achievements were made possible by the hard work, dedication, and execution of our employees and our customers who choose Espey for their design and production needs. Our fiscal year 2024 earnings per share improved significantly. In turn, we believe earnings, coupled with a strong balance sheet, will foster our ability to continue to grow the Company, including investing in new programs to provide for longer-term production tails in the ensuing years.
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.
