Press Releases

Espey Mfg. & Electronics Corp. reports second quarter results

Saratoga Springs, NY, February 9, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first six months of fiscal year 2017, ended December 31, 2016.

Net sales for the second quarter of fiscal year 2017, October 1 to December 31, 2016, were $5.7 million, compared with last year’s second quarter net sales of $7.2 million. The net income for the period was $244,079, $0.11 per diluted share, compared with $614,427, $0.27 per diluted share for the same quarter last year.

For the first six months of fiscal 2017, July 1 to December 31, 2016, net sales were $11.7 million, compared with $13.5 million for the first six months of fiscal 2016. Net income for the period was $664,904, $0.29 per diluted share, compared with net income of $1,492,957, $0.65 per diluted share, for the same quarter last year.

The sales order backlog for the Company was $38.2 million at December 31, 2016, compared with last year’s sales backlog of $43.0 million at December 31, 2015. New sales orders in the first half of fiscal 2017 were approximately $10.9 million, compared with new sales orders in the first half of fiscal 2016 of approximately $20.2 million.

Mr. Patrick Enright, President and CEO, commented,

“As anticipated and discussed in the report of our first quarter results, the challenges facing the transportation sector continue to put pressure on the financial performance of the company. New sales orders for industrial power supplies declined by 87%, with an attendant drop in revenue of nearly 50% over the same period in FY16.  The $9.7MM in new sales orders during Q2 is comprised mainly of two orders from new customers, each of which includes new design work with projected multi-year production runs once the designs are complete and the units are qualified.  We remain committed to balancing these new development programs with lower risk built-to-print opportunities, where the success of our efforts will be determined over the remaining half of FY17.”

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 Mr. David O’Neil (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.

Saratoga Springs, NY; December 5, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on December 29, 2016 to all shareholders of record on December 23, 2016.

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 Mr. David O’Neil at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY, November 14, 2016 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first three months of fiscal year 2017.

Net sales for the first quarter of fiscal 2017, July 1 to September 30, 2016, were $6,068,684, as compared to last year’s first quarter net sales of $6,279,436. Net income for the quarter decreased to $420,825, $0.18 per diluted share, as compared to net income of $878,530, $0.38 per diluted share for the same quarter last year.

The sales order backlog for the Company was $34.2 million on September 30, 2016, an increase of $0.6 million from last year’s sales order backlog of $33.6 million on September 30, 2015. New orders in the first quarter of fiscal 2017 were $1.2 million, as compared to $3.4 million in the first quarter of fiscal 2016.

Mr. Patrick Enright, President and CEO, commented,

“Our first quarter results demonstrate continued stability in both net sales and backlog as compared to same quarter FY16. New orders were depressed over the same period primarily due to timing of final contract negotiations for a $3MM order for development, qualification and production of an aviation power supply for a new customer. The order will close in Q2 of FY17. Additionally, pressure in the US transportation sector continues the negative trend of FY16. We expect this market to remain negative in FY17.

The drop in net income over flat sales is a reflection of our investment in talent, facilities and product development. We expect our earnings per share to recover as we begin to realize the return on our current investments.”

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 Mr. David O’Neil (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.

Saratoga Springs, NY, September 12, 2016- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results
for its fiscal year and fourth quarter, both ended June 30, 2016.

For the fiscal year ended June 30, 2016, the Company reported net sales of $27,471,365, compared with
$26,831,705 for the fiscal year ended June 30, 2015. Net income decreased to $3,175,801, $1.38 per diluted share
for the year, compared with net income of $3,183,127, $1.39 per diluted share, for the fiscal year ended June 30,
2015. At June 30, 2016, the sales order backlog was $39.1 million, compared with last year’s $36.4 million at June
30, 2015.

For the fourth quarter ended June 30, 2016, net sales decreased to $6,731,987 compared with last year’s fourth
quarter net sales of $8,970,864. The net income for the fourth quarter ended June 30, 2016 was $710,376, $0.30 per
diluted share, compared with the net income of $546,455, $0.23 per diluted share, for the corresponding period last
year.

Also, new orders for the fiscal year ended June 30, 2016 were $30.2 million compared with $27.7 million for the
corresponding period last year.

Mr. Patrick Enright, President and CEO, commented,

Our performance in fiscal year 2016, with an increase in sales and gross profit, is the result of our continued focus
on all phases of contract execution. The decrease in net income is a reflection of our investment in experienced
leadership to support the Company’s current backlog and growth objectives. Engineering design and development
orders increased over the past year, with expectations these will result in long-term production contracts, consistent
with our strategy of capturing and executing foundational programs.

Furthermore, the Espey Board of Directors has declared a cash dividend. The regular first quarter dividend for the
fiscal year ending June 30, 2017 is $0.25 per share. The dividend will be payable on September 29, 2016, to all
shareholders of record at September 22, 2016.

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 Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (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.

Comparative unaudited three-month and audited twelve-month figures for the periods ended June 30, 2016 and
2015:

Saratoga Springs, NY; May 31, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the fourth quarter of fiscal year ending June 30, 2016. The dividend will be payable on June 23, 2016 to all shareholders of record on June 13, 2016.

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY; February 29, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the third quarter of fiscal year ending June 30, 2016. The dividend will be payable on March 24, 2016, to all shareholders of record on March 10, 2016.

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY, December 9, 2015 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports that its current sales backlog is $43.3 million, as compared to $33.6 million reported as the sales backlog at September 30, 2015.

Mr. Patrick Enright, President and CEO, commented, “In announcing our quarterly financial results for the period ending September 30, 2015 we disclosed, but did not include in our backlog, a $10.1 million delivery order attributable to the recent award of a significant contract from the Federal government. The award to Espey had been protested to the United States Government Accountability Office by a competing bidder. I am pleased to report that the protest has been withdrawn. Accordingly, we are now able to include the $10.1 million in our current sales backlog.”

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers, and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. David O’Neil or Mr. Patrick Enright at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY; December 7, 2015 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on December 28, 2015 to all shareholders of record…

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Espey Mfg. & Electronics Corp. reports second quarter results

Saratoga Springs, NY, February 9, 2017 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first six months of fiscal year 2017, ended December 31, 2016.

Net sales for the second quarter of fiscal year 2017, October 1 to December 31, 2016, were $5.7 million, compared with last year’s second quarter net sales of $7.2 million. The net income for the period was $244,079, $0.11 per diluted share, compared with $614,427, $0.27 per diluted share for the same quarter last year.

For the first six months of fiscal 2017, July 1 to December 31, 2016, net sales were $11.7 million, compared with $13.5 million for the first six months of fiscal 2016. Net income for the period was $664,904, $0.29 per diluted share, compared with net income of $1,492,957, $0.65 per diluted share, for the same quarter last year.

The sales order backlog for the Company was $38.2 million at December 31, 2016, compared with last year’s sales backlog of $43.0 million at December 31, 2015. New sales orders in the first half of fiscal 2017 were approximately $10.9 million, compared with new sales orders in the first half of fiscal 2016 of approximately $20.2 million.

Mr. Patrick Enright, President and CEO, commented,

“As anticipated and discussed in the report of our first quarter results, the challenges facing the transportation sector continue to put pressure on the financial performance of the company. New sales orders for industrial power supplies declined by 87%, with an attendant drop in revenue of nearly 50% over the same period in FY16.  The $9.7MM in new sales orders during Q2 is comprised mainly of two orders from new customers, each of which includes new design work with projected multi-year production runs once the designs are complete and the units are qualified.  We remain committed to balancing these new development programs with lower risk built-to-print opportunities, where the success of our efforts will be determined over the remaining half of FY17.”

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 Mr. David O’Neil (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.

Saratoga Springs, NY; December 5, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on December 29, 2016 to all shareholders of record on December 23, 2016.

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 Mr. David O’Neil at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY, November 14, 2016 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results for its first three months of fiscal year 2017.

Net sales for the first quarter of fiscal 2017, July 1 to September 30, 2016, were $6,068,684, as compared to last year’s first quarter net sales of $6,279,436. Net income for the quarter decreased to $420,825, $0.18 per diluted share, as compared to net income of $878,530, $0.38 per diluted share for the same quarter last year.

The sales order backlog for the Company was $34.2 million on September 30, 2016, an increase of $0.6 million from last year’s sales order backlog of $33.6 million on September 30, 2015. New orders in the first quarter of fiscal 2017 were $1.2 million, as compared to $3.4 million in the first quarter of fiscal 2016.

Mr. Patrick Enright, President and CEO, commented,

“Our first quarter results demonstrate continued stability in both net sales and backlog as compared to same quarter FY16. New orders were depressed over the same period primarily due to timing of final contract negotiations for a $3MM order for development, qualification and production of an aviation power supply for a new customer. The order will close in Q2 of FY17. Additionally, pressure in the US transportation sector continues the negative trend of FY16. We expect this market to remain negative in FY17.

The drop in net income over flat sales is a reflection of our investment in talent, facilities and product development. We expect our earnings per share to recover as we begin to realize the return on our current investments.”

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 Mr. David O’Neil (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.

Saratoga Springs, NY, September 12, 2016- Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) announces results
for its fiscal year and fourth quarter, both ended June 30, 2016.

For the fiscal year ended June 30, 2016, the Company reported net sales of $27,471,365, compared with
$26,831,705 for the fiscal year ended June 30, 2015. Net income decreased to $3,175,801, $1.38 per diluted share
for the year, compared with net income of $3,183,127, $1.39 per diluted share, for the fiscal year ended June 30,
2015. At June 30, 2016, the sales order backlog was $39.1 million, compared with last year’s $36.4 million at June
30, 2015.

For the fourth quarter ended June 30, 2016, net sales decreased to $6,731,987 compared with last year’s fourth
quarter net sales of $8,970,864. The net income for the fourth quarter ended June 30, 2016 was $710,376, $0.30 per
diluted share, compared with the net income of $546,455, $0.23 per diluted share, for the corresponding period last
year.

Also, new orders for the fiscal year ended June 30, 2016 were $30.2 million compared with $27.7 million for the
corresponding period last year.

Mr. Patrick Enright, President and CEO, commented,

Our performance in fiscal year 2016, with an increase in sales and gross profit, is the result of our continued focus
on all phases of contract execution. The decrease in net income is a reflection of our investment in experienced
leadership to support the Company’s current backlog and growth objectives. Engineering design and development
orders increased over the past year, with expectations these will result in long-term production contracts, consistent
with our strategy of capturing and executing foundational programs.

Furthermore, the Espey Board of Directors has declared a cash dividend. The regular first quarter dividend for the
fiscal year ending June 30, 2017 is $0.25 per share. The dividend will be payable on September 29, 2016, to all
shareholders of record at September 22, 2016.

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 Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (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.

Comparative unaudited three-month and audited twelve-month figures for the periods ended June 30, 2016 and
2015:

Saratoga Springs, NY; May 31, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the fourth quarter of fiscal year ending June 30, 2016. The dividend will be payable on June 23, 2016 to all shareholders of record on June 13, 2016.

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY; February 29, 2016 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share for the third quarter of fiscal year ending June 30, 2016. The dividend will be payable on March 24, 2016, to all shareholders of record on March 10, 2016.

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. Patrick Enright, President/CEO or Mr. David O’Neil, CFO at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY, December 9, 2015 – Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) reports that its current sales backlog is $43.3 million, as compared to $33.6 million reported as the sales backlog at September 30, 2015.

Mr. Patrick Enright, President and CEO, commented, “In announcing our quarterly financial results for the period ending September 30, 2015 we disclosed, but did not include in our backlog, a $10.1 million delivery order attributable to the recent award of a significant contract from the Federal government. The award to Espey had been protested to the United States Government Accountability Office by a competing bidder. I am pleased to report that the protest has been withdrawn. Accordingly, we are now able to include the $10.1 million in our current sales backlog.”

Espey’s primary business is the development, design, and production of standard and specialized military and industrial power electronics, power supplies, transformers, and contract manufacturing. The Company’s web site can be found on the Internet at www.espey.com.

For further information, contact Mr. David O’Neil or Mr. Patrick Enright at (518) 245-4400.

Certain statements in this press release 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.

Saratoga Springs, NY; December 7, 2015 – The Board of Directors of Espey Mfg. & Electronics Corp. (NYSE MKT: ESP) has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on December 28, 2015 to all shareholders of record…

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