EXHIBIT 99.1


                         [ESPEY LETTERHEAD LOGO OMITTED]





FOR IMMEDIATE RELEASE
---------------------

Espey Reports 2nd Quarter Results-
Increases in both revenues and profits...

Saratoga  Springs,  NY;  February  9,  2004-  Espey Mfg.  &  Electronics  Corp.,
(AMEX:ESP)  reported  results for its second  quarter of fiscal 2004 and the six
months ended December 31, 2003.

For the second  quarter  fiscal 2004, net sales rose to $5.9 million as compared
with last year's  second  quarter net sales of $5.4 million.  This  represents a
9.3% sales increase over last year's second  quarter.  Net income for the period
increased  to $61,430 or $.06 per share as compared  with a net loss of $417,334
or $.41 per share for the corresponding period last year.

For the first  six-months  fiscal 2004, net sales  increased to $11.0 million as
compared with $9.9 million for the first six months fiscal 2003.  Net income for
the six month period was significantly improved at $342,395 or $.34 per share as
compared  with a net loss of  $110,789  or $.11 per share for the  corresponding
period last year.  On December  31,  2003,  Espey's  sales order  backlog was in
excess  of $17.0  million  and new  orders  for the six month  period  were $6.9
million.

Espey's  primary  business  is  the  development,   design,  and  production  of
specialized  military and industrial power  supplies/electronic  equipment.  The
Company's web site can be found on the Internet at www.espey.com.
                                                   --------------
For further information, contact Mr. Howard Pinsley 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.









------------------------------------------------------------------------------------
Espey Mfg. & Electronics Corp.  comparative  unaudited three-month and six-month
figures for the periods ended December 31, 2003 and 2002.

                                     Three Months                  Six Months

                                 2003          2002            2003          2002
                             -------------------------------------------------------
                                                              
Sales:                         $5,871,675    $5,374,456     $10,966,992   $9,865,815

Net Income/(Loss):                 61,430      (417,334)        342,395     (110,789)

Basic and Diluted
Income/(Loss) per share:              .06          (.41)            .34        ( .11)

Weighted average number of
Shares outstanding:
Basic                           1,013,077     1,026,090       1,014,591    1,030,326

Diluted                         1,023,660     1,028,748       1,021,821    1,033,104

------------------------------------------------------------------------------------