Now with a full year to report, military component supplier Espey Mfg. & Electronics Corp. is showing what a bounce-back from the woes of a global pandemic and other recent challenges looks like. Sales for the fiscal year, ended June 30, 2022, climbed 15.7% to more than $32 million. Profits jumped to $1.2 million compared to a net loss of $181,543 for the previous 12 months, the company announced on September 22.
Signs of the turnaround were strong earlier in the year and came to fruition at the 12-month mark. Sales backlog was robust, too, tallying at $76.8 million compared to $65.6 million at the end of June 2021. New orders increased to $43.2 million as the fiscal year ended, up from $38.5 million for the previous fiscal year. For the final quarter, the company registered a decline in net sales and profits compared to a year earlier but still had the momentum needed for the strong full-year results.
“I am very proud of our team,” commented David O’Neill, president and CEO. “Their efforts resulted in higher sales, higher net income and increases in new orders when compared to the prior year. We responded and delivered positive results in a difficult business environment. Good progress was made on outstanding issues on specific contracts which previously impeded our ability to ship or complete milestone deliverables in the prior year.
“Our labor challenges stabilized in the second half of the year. Filling vacancies and several changes to company leadership positions throughout the facility over the course of the year has brought a renewed sense of team energy and collaboration. During the second half of the year, the team focused on strategies to improve bottom line results including controlling exposure to unfunded contract costs, as well as inflationary cost increases brought on by ongoing global events and supply chain disruptions. These disruptions are expected to continue including part shortages, increased lead times and unprecedented inflation.”
Located in Sarasota, New York, Espey’s primary business is designing and producing specialized military and industrial power supplies including a wide array of transformers and magnetic components. See www.espey.com.