Espey Mfg. & Electronics Corp. Announces Earnings Results for Its Third Quarter and Nine Months Ended March 31, 2019; Provides Earnings Guidance for the Fourth Quarter of 2019
May 14, 2019 at 04:30 pm EDT
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Espey Mfg. & Electronics Corp. announced results for its third quarter and first nine months of fiscal year 2019, ended March 31, 2019. For the quarter, net sales were $9.2 million, compared with last year's third quarter net sales of $5.7 million. Net income for the period was $922,456 or $0.39 per diluted share, compared with $317,764 or $0.14 per diluted share for the same quarter last year.
For the first nine months of fiscal year 2019, July 1 to March 31, 2019, net sales were $24.9 million, compared with $24.7 million for the first nine months of fiscal year 2018. Net income for the period was $1,201,886 or $0.50 per diluted share, compared with net income of $2,375,399 or $1.02 per diluted share, for the same period last year.
Company anticipated that fiscal year 2019 would be back-end loaded, with strong revenues and new sales orders anticipated during the final quarter of the year. Company believe that the majority of new orders in the fourth quarter will come from its new products as they transition to low-rate initial production, consistent with company's growth strategy implemented over the past several years. The new orders, if realized, will enable it to start Fiscal Year 2020 with a robust backlog.
Espey Mfg. & Electronics Corp. is a power electronics design and original equipment manufacturing (OEM) company. The Company is developing and delivering products for use in military and severe environment applications. It also provides power energy conversion and transformer solutions. The Companyâs primary products are power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, uninterruptible power supply (UPS) systems, antennas and high-power radar systems. The applications of these products include alternating current (AC) and direct current (DC) locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power. Its services include design and development to specification, build to specifications provided by the customer, build to print, design services, design studies, environmental testing services, metal fabrication, painting services, and development of automatic testing equipment.
Espey Mfg. & Electronics Corp. Announces Earnings Results for Its Third Quarter and Nine Months Ended March 31, 2019; Provides Earnings Guidance for the Fourth Quarter of 2019