Espey Mfg. & Electronics Corp. Files Q3 2024 10-Q

TL;DR

Espey Mfg. & Electronics Corp. filed its 10-Q for 12/31/24. Check financials.

AI Summary

Espey Mfg. & Electronics Corp. filed its quarterly report on Form 10-Q for the period ended December 31, 2024. The company, incorporated in New York, is based in Saratoga Springs and operates in the electronic components sector. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors with an update on Espey Mfg. & Electronics Corp.'s financial health and operational performance for the third quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial information, not indicating immediate or significant new risks.

Key Numbers

• 1-4383 — Commission File Number (Identifies the company's filing with the SEC)
• 001-04383 — SEC File Number (SEC's internal tracking number for the company)

Key Players & Entities

• ESPEY MFG. & ELECTRONICS CORP. (company) — Registrant
• New York (location) — State of incorporation
• Saratoga Springs (location) — Principal executive offices
• December 31, 2024 (date) — Quarterly period end date
• ESP (ticker) — Trading Symbol

FAQ

Filing Documents

• esp-20241231.htm (10-Q) — 731KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001174947-25-000162.txt ( ) — 3684KB
• esp-20241231.xsd (EX-101.SCH) — 28KB
• esp-20241231_cal.xml (EX-101.CAL) — 33KB
• esp-20241231_def.xml (EX-101.DEF) — 145KB
• esp-20241231_lab.xml (EX-101.LAB) — 325KB
• esp-20241231_pre.xml (EX-101.PRE) — 164KB
• esp-20241231_htm.xml (XML) — 306KB

Financial Statements

Financial Statements: Balance Sheets - December 31, 2024 (Unaudited) and June 30, 2024 1 2 3 7

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4

Controls and Procedures

Controls and Procedures 21 PART II OTHER INFORMATION 22 Item 1

Legal Proceedings

Legal Proceedings 22 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3 Defaults Upon Senior Securities 22 Item 4 Mine Safety Disclosures 22 Item 5 Other Information 22 Item 6 Exhibits 22

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ESPEY MFG. & ELECTRONICS CORP. Balance Sheets December 31, 2024 (Unaudited) and June 30, 2024 December 31, 2024 June 30, 2024 ASSETS Cash and cash equivalents $ 8,027,478 $ 4,351,970 Investment securities 20,264,567 18,878,631 Trade accounts receivable, less allowance for credit losses of $ 3,000 6,993,840 6,635,490 Inventories: Raw materials 1,813,168 1,693,448 Work-in-process 689,757 1,645,973 Costs related to contracts in process 15,109,021 15,904,588 Total inventories 17,611,946 19,244,009 Net deferred tax assets 864,449 895,154 Prepaid expenses and other current assets 1,793,934 3,231,402 Total current assets 55,556,214 53,236,656 Property, plant and equipment, net 4,635,071 3,306,275 Total assets $ 60,191,285 $ 56,542,931 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 2,662,701 $ 3,751,209 Accrued expenses: Salaries and wages 502,295 928,163 Vacation 534,025 511,144 ESOP payable 180,518 — Other 1,284,491 757,552 Payroll and other taxes withheld 837 56,862 Contract liabilities 9,875,627 9,043,422 Income taxes payable 334,146 220,607 Total current liabilities 15,374,640 15,268,959 Total liabilities 15,374,640 15,268,959 Commitments and contingencies (See Note 5) Common stock, par value $.33-1/3 per share Authorized 10,000,000 shares; Issued 3,129,874 shares as of December 31, 2024 and June 30, 2024. Outstanding 2,796,758 and 2,733,958 shares as of December 31, 2024 and June 30, 2024, respectively (includes 200,652 and 211,487 Unearned ESOP shares, respectively) 1,043,291 1,043,291 Capital in excess of par value 24,851,718 23,930,428 Accumulated other comprehensive gain 5,004 6,544 Retained earnings 28,232,545 26,004,790 54,132,558 50,985,053 Less: Unearned ESOP shares ( 3,868,093 ) ( 3,868,093 ) Cost of 333,116 and 395,916 shares of common stock in treasury as of December 31, 2024 and June 30, 202

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) Note 1. Basis of Presentation In the opinion of management the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for such periods. The results for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, income taxes, and stock-based compensation. Specific to inventories, including work-in-process and contracts in process, management evaluates, quarterly, those estimates used in determining the cost to complete for each contract on Espey Mfg. & Electronics Corp.'s (the "Company") sales backlog. The change in estimates may affect the reported amount of inventories and gross profit in the current or a future period and could result in the Company recording a loss contingency when a loss is determined to be probable and reasonably estimated. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. These financial statements should be read in conjunction with the Company's most recent audited financial

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