-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RUmq2VN1Fv2yCkuiLCpUyxmLUozHiPBfkZ78FSFQm7Jde4lCTZPAJdbnMwiW6OBp 19Tco0sD10vyPNZDgIo7OA== 0000914317-07-002226.txt : 20070821 0000914317-07-002226.hdr.sgml : 20070821 20070821140036 ACCESSION NUMBER: 0000914317-07-002226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070820 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070821 DATE AS OF CHANGE: 20070821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ESPEY MFG & ELECTRONICS CORP CENTRAL INDEX KEY: 0000033533 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 141387171 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04383 FILM NUMBER: 071070343 BUSINESS ADDRESS: STREET 1: 233 BALLSTON AVE STREET 2: COR. CONGRESS & BALLSTON AVES. CITY: SARATOGA SPRINGS STATE: NY ZIP: 12866 BUSINESS PHONE: 5185844100 MAIL ADDRESS: STREET 1: 233 BALLSTON AVE CITY: SARATOGA SPRINGS STATE: NY ZIP: 12866 FORMER COMPANY: FORMER CONFORMED NAME: ESPEY MANUFACTURING & ELECTRONICS CORP DATE OF NAME CHANGE: 19920703 8-K 1 form8k-86468_esp.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report August 20, 2007 ESPEY MFG & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) New York 001-04383 14-1387171 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 233 Ballston Avenue 12866 Saratoga Springs, New York (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (518) 584-4100 Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 Item 2.02 Results of Operations and Financial Condition On August 20, 2007, Espey Mfg. & Electronics Corp. issued a press release announcing its financial results for the fiscal year ended June 30, 2007. A copy of the press release is furnished as Exhibit 99.1 to this report. The information in this report shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act), as amended, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item 8.01 Other Events On August 20, 2007, Espey Mfg. & Electronics Corp. issued a press release announcing that the Company's Board of Directors had declared an increase in the first quarter cash dividend of $0.025. A copy of the press release is furnished as Exhibit 99.1 to this report. Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit No. Document - ----------- ------------ 99.1 Press Release dated August 20, 2007 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 21, 2007 ESPEY MFG. & ELECTRONICS CORP. By: /s/ David A. O'Neil ---------------------------------------- David A. O'Neil, Treasurer and Principal Financial Officer 2 EX-99.1 2 ex99-1.txt EX-99.1 Exhibit 99.1 [LOGO] FOR IMMEDIATE RELEASE - --------------------- Espey Mfg. & Electronics Corp.'s revenues climb to record levels for the fiscal year ended June 30th 2007. Company announces an increased dividend. Saratoga Springs, NY, August 20, 2007- Espey Mfg. & Electronics Corp. (AMEX:ESP) announces results for its fiscal year and fourth quarter, both ended June 30, 2007. For the fiscal year ended June 30, 2007, the Company reported record net sales of $27.6 million, compared with $20.8 million for the prior fiscal year. Net income increased more than 63% to $2,544,720, $1.23 per diluted share for the year, compared with net income of $1,558,016, $.76 per diluted share, for the fiscal year ended June 30, 2006. At June 30, 2007, the sales order backlog was $36.3 million, compared with last year's $37.7 million on June 30, 2006. For the fourth quarter ended June 30, 2007, net sales increased by nearly 13%, $848,333, to $7.4 million, compared with last year's fourth quarter net sales of $6.5 million. Net income for the fourth quarter ended June 30, 2007 was $807,729, $.39 per diluted share, compared with net income of $700,955, $.34 per diluted share, for the corresponding period last year. Mr. Howard Pinsley, President & CEO, commented "We are very pleased with our success for the recently concluded fiscal year, resulting in strong increases in both revenues and net income. Our sales order backlog of $36.3 million reflects that our Company is well positioned for the future." Furthermore, the Espey Board of Directors has declared an increased cash dividend. The regular first quarter dividend for the fiscal year ending June 30, 2008 will be increased from $.15 to $.175, per share. The dividend will be payable on September 21, 2007, to all shareholders of record at September 4, 2007. 3 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 or Howard Pinsley 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. - -------------------------------------------------------------------------------- Espey Mfg. & Electronics Corp. comparative unaudited three-month and twelve-month figures for the periods ended June 30, 2007 and 2006. - -------------------------------------------------------------------------------- Three Months Twelve Months - -------------------------------------------------------------------------------- 2007 2006 2007 2006 - -------------------------------------------------------------------------------- Sales: $7,405,438 $6,557,105 $27,656,359 $20,851,571 Net Income: 807,729 700,955 2,544,720 1,558,016 Income per share: Basic .39 .35 1.24 .77 Diluted .39 .34 1.23 .76 Weighted average number of Shares outstanding: Basic 2,060,028 2,019,330 2,048,626 2,012,761 Diluted 2,101,553 2,053,770 2,077,664 2,049,455 - -------------------------------------------------------------------------------- ################### 4 -----END PRIVACY-ENHANCED MESSAGE-----