Espey Mfg. & Electronics Corp. Reports First Quarter EPS of $.35

Espey Mfg. & Electronics Corp. (

) reports results for the first three months of fiscal year 2011. Net sales for the first quarter of fiscal 2011, July 1 to September 30, 2010, decreased 12% to $6,026,330, compared with last year's first quarter net sales of $6,874,940. Net income for the period fell to $753,539, $.35 per diluted share, as compared with net income of $992,763, $.47 per diluted share for the same period last year. New sales orders in the first quarter of fiscal 2011 increased 42%, to approximately $6.8 million, compared with $4.8 million in the first quarter of fiscal 2010. The sales order backlog for the Company was at $31.8 million on September 30, 2010, a decrease of $5.2 million, compared with last year's sales order backlog of $37 million on September 30, 2009.