Espey Mfg. & Electronics Corp (ESP, Financial) filed Annual Report for the period ended 2009-06-30.
ESPEY MFG. & ELECTRONICS is engaged principally in the development design production and sales of specialized electronic power conditioning apparatus (electronic power supplies) a wide variety of transformers and other types of iron-core components and electronic systems. In some cases the Company manufactures such products in accordance with pre-developed mechanical and electrical requirements not requiring environmental testing. The Company does not generally manufacture standardized components. Espey Mfg. & Electronics Corp has a market cap of $38.52 million; its shares were traded at around $16.64 with a P/E ratio of 12.8 and P/S ratio of 1.41. The dividend yield of Espey Mfg. & Electronics Corp stocks is 5.41%. Espey Mfg. & Electronics Corp had an annual average earning growth of 29.7% over the past 5 years.
$25,701,739, respectively, a 6% increase. This increase can be attributed to the
contract specific nature of the Company's business and the timing of deliveries
on these contracts. More specifically, shipments of power supplies, spares, and
antennas increased by approximately $2.3 million offset by a decrease of
approximately $.9 million in transformer shipments.
Net income for fiscal 2009, was $2,733,240 or $1.30 and $1.29 per share, basic
and diluted, respectively, compared to net income of $3,421,869 or $1.65 and
$1.63 per share, basic and diluted, respectively, for fiscal 2008. The decrease
in net income per share was primarily due to loss contracts in three programs
described above resulting in lower gross profits, higher selling, general and
administrative costs and the decrease in interest income.
The Company's working capital as of June 30, 2009 and 2008 was $25,726,492 and
$27,448,722, respectively. During 2009 and 2008 the Company repurchased 19,899
and 36,091 shares, respectively, of its common stock from the Company's Employee
Retirement Plan and Trust ("ESOP") and in other open market transactions, for a
total purchase price of $311,545 and $769,443 respectively. Under existing
authorizations from the Company's Board of Directors, as of June 30, 2009,
management is authorized to purchase an additional $1,688,454 million of Company
stock.
Outstanding Capital in Unearned
Common Excess of ESOP Retained
Shares Amount Par Value Shares Earnings
- - - - -
Balance as of June 30, 2007 2,316,893 $ 1,009,958 $12,890,269 $(3,600,459) $27,054,325
- - - - -
Balance as of June 30, 2008 2,325,902 $ 1,009,958 $13,476,609 $(3,251,248) $25,796,703
- - - - -
Balance as of June 30, 2009 2,314,803 $ 1,009,958 $13,755,808 $(2,914,077) $23,485,675
= = = = =
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ESPEY MFG. & ELECTRONICS is engaged principally in the development design production and sales of specialized electronic power conditioning apparatus (electronic power supplies) a wide variety of transformers and other types of iron-core components and electronic systems. In some cases the Company manufactures such products in accordance with pre-developed mechanical and electrical requirements not requiring environmental testing. The Company does not generally manufacture standardized components. Espey Mfg. & Electronics Corp has a market cap of $38.52 million; its shares were traded at around $16.64 with a P/E ratio of 12.8 and P/S ratio of 1.41. The dividend yield of Espey Mfg. & Electronics Corp stocks is 5.41%. Espey Mfg. & Electronics Corp had an annual average earning growth of 29.7% over the past 5 years.
Highlight of Business Operations:
Net Sales for fiscal years ended June 30, 2009 and 2008, were $27,241,635 and$25,701,739, respectively, a 6% increase. This increase can be attributed to the
contract specific nature of the Company's business and the timing of deliveries
on these contracts. More specifically, shipments of power supplies, spares, and
antennas increased by approximately $2.3 million offset by a decrease of
approximately $.9 million in transformer shipments.
Net income for fiscal 2009, was $2,733,240 or $1.30 and $1.29 per share, basic
and diluted, respectively, compared to net income of $3,421,869 or $1.65 and
$1.63 per share, basic and diluted, respectively, for fiscal 2008. The decrease
in net income per share was primarily due to loss contracts in three programs
described above resulting in lower gross profits, higher selling, general and
administrative costs and the decrease in interest income.
The Company's working capital as of June 30, 2009 and 2008 was $25,726,492 and
$27,448,722, respectively. During 2009 and 2008 the Company repurchased 19,899
and 36,091 shares, respectively, of its common stock from the Company's Employee
Retirement Plan and Trust ("ESOP") and in other open market transactions, for a
total purchase price of $311,545 and $769,443 respectively. Under existing
authorizations from the Company's Board of Directors, as of June 30, 2009,
management is authorized to purchase an additional $1,688,454 million of Company
stock.
Outstanding Capital in Unearned
Common Excess of ESOP Retained
Shares Amount Par Value Shares Earnings
- - - - -
Balance as of June 30, 2007 2,316,893 $ 1,009,958 $12,890,269 $(3,600,459) $27,054,325
- - - - -
Balance as of June 30, 2008 2,325,902 $ 1,009,958 $13,476,609 $(3,251,248) $25,796,703
- - - - -
Balance as of June 30, 2009 2,314,803 $ 1,009,958 $13,755,808 $(2,914,077) $23,485,675
= = = = =
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