10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001174947-17-001575`
Period End Date	20170930
Filing Date	20171114
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	esp-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 36 Cash Flow Statement 56

Balance Sheet 84 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`	$1.37M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	USD	Point-in-time
Advance payments of costs related to contracts in process	`ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms`	$1.37M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesCurrent`	$11.29M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesCurrent`	$9.43M	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`	$3.64M	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`	$3.40M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.03M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$120.18K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.03M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.37M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.37M	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.28M	USD	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.30M	USD	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	45,000.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	41,042.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	658,553.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	658,553.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$679.42K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$512.01K	USD	Point-in-time
Costs related to contracts in process, net of advance payments of $1,366,504 at September 30, 2017 and June 30, 2017	`InventoryForLongTermContractsOrPrograms`	$8.44M	USD	Point-in-time
Costs related to contracts in process, net of advance payments of $1,366,504 at September 30, 2017 and June 30, 2017	`InventoryForLongTermContractsOrPrograms`	$7.86M	USD	Point-in-time
Total inventories	`InventoryNet`	$10.41M	USD	Point-in-time
Total inventories	`InventoryNet`	$9.68M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$317.56K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$227.31K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$276.08K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.23M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.19M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.27M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNet`	-	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNet`	$99.94K	USD	Point-in-time
Total assets	`Assets`	$35.49M	USD	Point-in-time
Total assets	`Assets`	$35.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.33M	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$259.20K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$172.04K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$620.35K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$656.20K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$78.21K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$132.37K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$250.28K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$49.59K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$46.94K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$43.58K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.38M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	-	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$220.57K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.51M	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, 2017 and June 30, 2017. Outstanding 2,371,321 as of September 30, 2017 and June 30, 2017 (includes 41,042 and 45,000 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, 2017 and June 30, 2017. Outstanding 2,371,321 as of September 30, 2017 and June 30, 2017 (includes 41,042 and 45,000 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.01M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$17.67M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$17.65M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.60K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.88K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.67M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.53M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$40.21M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$40.33M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$650.25K	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$650.25K	USD	Point-in-time
Cost of 658,553 shares of common stock in treasury as of September 30, 2017 and June 30, 2017	`TreasuryStockValue`	$7.78M	USD	Point-in-time
Cost of 658,553 shares of common stock in treasury as of September 30, 2017 and June 30, 2017	`TreasuryStockValue`	$7.78M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.29M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.49M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$7.50M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$6.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$4.72M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$6.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.34M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$878.82K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$772.67K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$582.33K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$571.08K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$31.22K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$12.02K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$10.17K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$7.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$41.40K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$19.02K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$590.10K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$623.73K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$180.97K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$169.28K	USD	1 Quarter
Net income	`NetIncomeLoss`	$442.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$420.82K	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-686.00	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-281.00	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$420.14K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$442.48K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.30M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.33M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.32M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.33M	shares	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$442.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$420.82K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$23.33K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$21.42K	USD	1 Quarter
Depreciation	`Depreciation`	$108.13K	USD	1 Quarter
Depreciation	`Depreciation`	$105.67K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$108.71K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$89.46K	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-2.79K	USD	1 Quarter
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$12.50K	USD	1 Quarter
(Increase) decrease in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$244.63K	USD	1 Quarter
(Increase) decrease in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.07M	USD	1 Quarter
Decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-163.76K	USD	1 Quarter
Decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-45.77K	USD	1 Quarter
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$-396.50K	USD	1 Quarter
(Increase) decrease in inventories, net	`IncreaseDecreaseInInventories`	$726.22K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$48.77K	USD	1 Quarter
(Increase) decrease 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`	$76.33K	USD	1 Quarter
Increase (decrease) in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$-5.27K	USD	1 Quarter
Increase (decrease) in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$87.15K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-37.37K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-35.85K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-11.25K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-15.42K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-58.99K	USD	1 Quarter
Decrease in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-117.91K	USD	1 Quarter
Increase (decrease) in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$-1.23K	USD	1 Quarter
Increase (decrease) in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$2.66K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.40M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-198.21K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$155.73K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.76K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$4.39M	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$2.58M	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$723.12K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$1.26M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.89M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.29M	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	$581.58K	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	$575.75K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-575.75K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-581.58K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.67M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.46M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	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, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	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
Income taxes paid	`IncomeTaxesPaid`	$20.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$111.00K	USD	1 Quarter

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