SARATOGA SPRINGS — Espey Manufacturing & Electronics Corp. reported net sales more than doubled for the third quarter of fiscal 2022 compared to the same period last year. During that quarter, ended March 31, net income increased by $1,731,473.
“Returning to consistent profitability is our primary objective as we close out fiscal 2022 and move into fiscal 2023,” commented David O’Neil, President and CEO in February. “We continue to focus on increasing the profitability of the company.” O’Neil took over as President and CEO of Espey on January 1, 2022 after the resignation of Patrick T. Enright, Jr. O’Neil had served as Treasurer and Chief Financial Officer since January 2000.
Net sales for the third quarter 2022 were $8,620,049 compared to net sales of $4,205,068 last year and $6,191,300 in third quarter 2020. Net income for the quarter was $661,359 or $.27 per diluted share, compared to a net loss of $1,070,114 or -$.44 per diluted share for the same period 2021. On May 23 Espey (NYSE ESP) stock closed at $14.57.
“We had an excellent quarter. The employees at Espey continue to work very hard in a difficult and frustrating business environment,” O’Neil said in a prepared statement. “Their hard work and determination delivered solid financial results for the third quarter of fiscal 2022. New orders remained strong and earnings are much improved over prior year results.”
In the face of these positive results, Espey has filed plans with the Saratoga Springs Design Review Commission to replace an existing warehouse with a more functional structure that will cover the same footprint.
According the documents on file with the Design Commission the existing warehouse was built in the 1960’s and has deteriorated to the extent that some portions of the building are currently not useable. The building has served its useful purpose and is now ready to be upgraded to a new, modern, steel building that will better serve the needs of Espey into the future.
Because of the funding mechanism in place for the new building, Espey plans to execute the project in stages. The existing warehouse will not be torn down until an approved plan for the new structure is in place.
Espey specializes in integrated manufacturing services of power electronics for the defense, areospace and industrial markets.