10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001174947-15-001647`
Period End Date	20150930
Filing Date	20151112
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	esp-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 36 Cash Flow Statement 70

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Advance payments of costs related to contracts in process	`ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms`	$19.63K	USD	Point-in-time
Advance payments of costs related to contracts in process	`ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms`	$7.60K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Investment securities	`AvailableForSaleSecurities`	$5.00M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Investment securities	`AvailableForSaleSecurities`	$4.16M	USD	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$4.12M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$6.69M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.03M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.03M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.36M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.36M	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.51M	USD	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.48M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$667.63K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$561.68K	USD	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	74,792.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	79,167.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	666,387.00	shares	Point-in-time
Costs relating to contracts in process, net of advance payments of $7,596 at September 30, 2015 and $19,626 at June 30, 2015	`InventoryForLongTermContractsOrPrograms`	$10.28M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	667,187.00	shares	Point-in-time
Costs relating to contracts in process, net of advance payments of $7,596 at September 30, 2015 and $19,626 at June 30, 2015	`InventoryForLongTermContractsOrPrograms`	$9.54M	USD	Point-in-time
Total inventories	`InventoryNet`	$12.45M	USD	Point-in-time
Total inventories	`InventoryNet`	$11.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$334.68K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$296.43K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$251.67K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$211.94K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$31.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.54M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.39M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.50M	USD	Point-in-time
Total assets	`Assets`	$34.94M	USD	Point-in-time
Total assets	`Assets`	$34.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$976.11K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$287.20K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$332.39K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$651.90K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$690.83K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$93.30K	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$590.67K	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$590.87K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$548.82K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$402.67K	USD	Point-in-time
Payroll and other taxes withheld and accrued	`AccruedPayrollTaxesCurrent`	$48.35K	USD	Point-in-time
Payroll and other taxes withheld and accrued	`AccruedPayrollTaxesCurrent`	$47.08K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$288.40K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.72K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.19M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$202.33K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilitiesNoncurrent`	$224.75K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.41M	USD	Point-in-time
Common stock, par value $.33-1/3 per share. Authorized 10,000,000 shares; Issued 3,029,874 shares as of September 30, 2015 and June 30, 2015. Outstanding 2,363,487 as of September 30, 2015 and 2,362,687 as of June 30, 2015 (includes 74,792 and 79,167 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.01M	USD	Point-in-time
Common stock, par value $.33-1/3 per share. Authorized 10,000,000 shares; Issued 3,029,874 shares as of September 30, 2015 and June 30, 2015. Outstanding 2,363,487 as of September 30, 2015 and 2,362,687 as of June 30, 2015 (includes 74,792 and 79,167 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.01M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$16.79M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$16.84M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.39K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.61K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.17M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$39.66M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$40.02M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPShares`	$1.14M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPShares`	$1.14M	USD	Point-in-time
Treasury Shares, cost of 666,387 and 667,187 shares on September 30, 2015 and June 30, 2015, respectively	`TreasuryStockValue`	$7.58M	USD	Point-in-time
Treasury Shares, cost of 666,387 and 667,187 shares on September 30, 2015 and June 30, 2015, respectively	`TreasuryStockValue`	$7.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$34.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$34.34M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$5.69M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$6.28M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$3.88M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$749.65K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$598.20K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.21M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.22M	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$7.45K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$7.99K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$17.99K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$9.66K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$17.65K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$25.44K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.24M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.23M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$318.31K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$365.58K	USD	1 Quarter
Net income	`NetIncomeLoss`	$878.53K	USD	1 Quarter
Net income	`NetIncomeLoss`	$911.22K	USD	1 Quarter
Unrealized gain (loss) on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.78K	USD	1 Quarter
Unrealized gain (loss) on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-320.00	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$910.90K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$880.31K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.38	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.40	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.38	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.28M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.27M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.28M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.30M	shares	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$878.53K	USD	1 Quarter
Net income	`NetIncomeLoss`	$911.22K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$23.07K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$15.02K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$30.47K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$13.03K	USD	1 Quarter
Depreciation	`Depreciation`	$115.91K	USD	1 Quarter
Depreciation	`Depreciation`	$110.20K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$113.09K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$111.19K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-129.00	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-8.00	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$20.35K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$16.79K	USD	1 Quarter
Decrease (increase) in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.58M	USD	1 Quarter
Decrease (increase) in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$838.68K	USD	1 Quarter
Decrease income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-274.88K	USD	1 Quarter
Decrease income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$14.66K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$867.51K	USD	1 Quarter
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$39.73K	USD	1 Quarter
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$21.75K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$97.34K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$742.43K	USD	1 Quarter
Decrease in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$-15.49K	USD	1 Quarter
Decrease in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$-45.19K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-38.93K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-153.11K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-24.38K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-19.79K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-146.15K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-425.95K	USD	1 Quarter
Increase (decrease) in payroll and other taxes withheld and accrued	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-6.54K	USD	1 Quarter
Increase (decrease) in payroll and other taxes withheld and accrued	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$1.27K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$23.07K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$300.71K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$688.59K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.95M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.59K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.75K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$1.28M	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$445.49K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$861.37K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$448.90K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-841.03K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$397.29K	USD	1 Quarter
Dividends on common stock	`DividendsCommonStockCash`	$-567.85K	USD	1 Quarter
Dividends on common stock	`DividendsCommonStockCash`	$-570.88K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$234.83K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$13.89K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$15.02K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$23.07K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-770.61K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-541.97K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.57M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$315.27K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.56M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.87M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$50.00K	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	$590.87K	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.