10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001174947-16-003401`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	esp-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 67

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00K	USD	Point-in-time
Trade accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00K	USD	Point-in-time
Advance payments of costs related to contracts in process	`ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms`	$18.31K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Advance payments of costs related to contracts in process	`ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms`	$18.31K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.57M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesCurrent`	$8.71M	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	`AvailableForSaleSecuritiesCurrent`	$5.58M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$3.89M	USD	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$4.96M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$283.52K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$329.30K	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
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	61,667.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	57,500.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.42M	USD	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.34M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	665,190.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$711.16K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	665,190.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$504.67K	USD	Point-in-time
Costs related to contracts in process, net of advance payments of $18,313 at September 30, 2016 and June 30, 2016	`InventoryForLongTermContractsOrPrograms`	$8.28M	USD	Point-in-time
Costs related to contracts in process, net of advance payments of $18,313 at September 30, 2016 and June 30, 2016	`InventoryForLongTermContractsOrPrograms`	$8.81M	USD	Point-in-time
Total inventories	`InventoryNet`	$10.34M	USD	Point-in-time
Total inventories	`InventoryNet`	$10.73M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$239.90K	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$252.56K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$219.69K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$202.37K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.24M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.35M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.40M	USD	Point-in-time
Total assets	`Assets`	$34.45M	USD	Point-in-time
Total assets	`Assets`	$34.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$552.79K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$876.44K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$357.91K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$352.64K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$667.39K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$704.76K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$93.29K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$137.64K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$196.63K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$48.12K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$49.35K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.18M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$203.24K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$202.71K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.38M	USD	Point-in-time
Commitments and contingencies (see Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 5)	`CommitmentsAndContingencies`	-	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, 2016 and June 30, 2016. Outstanding 2,364,684 as of September 30, 2016 and June 30, 2016 (includes 57,500 and 61,667 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, 2016 and June 30, 2016. Outstanding 2,364,684 as of September 30, 2016 and June 30, 2016 (includes 57,500 and 61,667 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.01M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$17.25M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$17.28M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.09K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.41K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.67M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.82M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$40.95M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$41.08M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$891.08K	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$891.08K	USD	Point-in-time
Cost of 665,190 shares of common stock in treasury as of September 30, 2016 and June 30, 2016	`TreasuryStockValue`	$7.80M	USD	Point-in-time
Cost of 665,190 shares of common stock in treasury as of September 30, 2016 and June 30, 2016	`TreasuryStockValue`	$7.80M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$34.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$34.45M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$6.07M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$6.28M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.31M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.72M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.34M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.97M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$772.67K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$749.65K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$571.08K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$1.22M	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$7.45K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$12.02K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$7.00K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$17.99K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$19.02K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$25.44K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$590.10K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.24M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$169.28K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$365.58K	USD	1 Quarter
Net income	`NetIncomeLoss`	$420.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$878.53K	USD	1 Quarter
Unrealized (loss) gain on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-686.00	USD	1 Quarter
Unrealized (loss) gain on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.78K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$420.14K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$880.31K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.38	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.38	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.28M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.30M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.30M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.32M	shares	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$420.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$878.53K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$15.02K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$23.33K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$30.47K	USD	1 Quarter
Depreciation	`Depreciation`	$108.13K	USD	1 Quarter
Depreciation	`Depreciation`	$110.20K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$108.71K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$113.09K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-8.00	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$12.50K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$16.79K	USD	1 Quarter
Decrease in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.07M	USD	1 Quarter
Decrease in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-2.58M	USD	1 Quarter
Decrease in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-45.77K	USD	1 Quarter
Decrease in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$-396.50K	USD	1 Quarter
Decrease (increase) in inventories, net	`IncreaseDecreaseInInventories`	$867.51K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$39.73K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.32K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$323.65K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$97.34K	USD	1 Quarter
Decrease in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$-5.27K	USD	1 Quarter
Decrease in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$-45.19K	USD	1 Quarter
Increase (decrease) in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-38.93K	USD	1 Quarter
Increase (decrease) in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-37.37K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-15.42K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-19.79K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-58.99K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-146.15K	USD	1 Quarter
(Decrease) increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-1.23K	USD	1 Quarter
(Decrease) increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$1.27K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$300.71K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.40M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.95M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$155.73K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.75K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$4.39M	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$1.28M	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$448.90K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$1.26M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-841.03K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.29M	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	$570.88K	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	$575.75K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$13.89K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$15.02K	USD	1 Quarter
Excess tax benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-575.75K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-541.97K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.46M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.03M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.57M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.86M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.03M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.57M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.43M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$50.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$111.00K	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	-	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	$590.87K	USD	1 Quarter

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