10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001174947-18-001367`
Period End Date	20180930
Filing Date	20181113
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	esp-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 60

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	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`	$11.52M	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
Investment securities	`AvailableForSaleSecuritiesCurrent`	$7.45M	USD	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$5.80M	USD	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$4.38M	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
Income tax receivable	`IncomeTaxesReceivable`	$289.20K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.40M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.39M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$161.97K	USD	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	29,166.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	25,416.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.56M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	642,750.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	633,551.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.65M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$966.34K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$793.14K	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$11.32M	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$8.88M	USD	Point-in-time
Total inventories	`InventoryNet`	$13.76M	USD	Point-in-time
Total inventories	`InventoryNet`	$11.41M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$277.73K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.06M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.76M	USD	Point-in-time
Total assets	`Assets`	$38.16M	USD	Point-in-time
Total assets	`Assets`	$36.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.58M	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$587.42K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$529.00K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$711.00K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$707.61K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$101.36K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$3.00M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	-	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$104.66K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$158.72K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$68.56K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$53.44K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$102.92K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$102.92K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.31M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$17.69K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$63.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.34M	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, 2018 and June 30, 2018. Outstanding 2,396,323 and 2,387,124 as of September 30, 2018 and June 30, 2018, respectively (includes 25,416 and 29,166 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, 2018 and June 30, 2018. Outstanding 2,396,323 and 2,387,124 as of September 30, 2018 and June 30, 2018, respectively (includes 25,416 and 29,166 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.01M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$18.36M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$18.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.35K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.48M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$41.62M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$38.85M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$421.45K	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedESOPSharesCost`	$421.45K	USD	Point-in-time
Cost of 633,551 and 642,750 shares of common stock in treasury as of September 30, 2018 and June 30, 2018, respectively	`TreasuryStockValue`	$7.64M	USD	Point-in-time
Cost of 633,551 and 642,750 shares of common stock in treasury as of September 30, 2018 and June 30, 2018, respectively	`TreasuryStockValue`	$7.72M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$33.48M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$38.16M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$36.82M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$7.50M	USD	1 Quarter
Net sales	`Revenues`	$8.34M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$7.34M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$992.93K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$878.82K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-16.61K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$582.33K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$31.22K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$52.40K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$23.67K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$10.17K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$76.07K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$41.40K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$623.73K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$59.46K	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$180.97K	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$-2.21K	USD	1 Quarter
Net income	`NetIncomeLoss`	$442.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.67K	USD	1 Quarter
Unrealized gain (loss) on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-281.00	USD	1 Quarter
Unrealized gain (loss) on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.35K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$442.48K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$63.02K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.36M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.33M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.38M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.33M	shares	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$1.25	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$442.76K	USD	1 Quarter
Net income	`NetIncomeLoss`	$61.67K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$37.37K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$21.42K	USD	1 Quarter
Depreciation	`Depreciation`	$122.87K	USD	1 Quarter
Depreciation	`Depreciation`	$105.67K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$101.36K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$89.46K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-2.79K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$45.76K	USD	1 Quarter
Increase in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$244.63K	USD	1 Quarter
Increase in trade receivable, net	`IncreaseDecreaseInAccountsReceivable`	$1.42M	USD	1 Quarter
(Increase) decrease in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-163.76K	USD	1 Quarter
(Increase) decrease in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$127.22K	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$2.35M	USD	1 Quarter
Increase in inventories, net	`IncreaseDecreaseInInventories`	$726.22K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$48.77K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.01M	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$758.78K	USD	1 Quarter
Increase in accounts payable	`IncreaseDecreaseInAccountsPayable`	$76.33K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$87.15K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$58.42K	USD	1 Quarter
Increase (decrease) in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-35.85K	USD	1 Quarter
Increase (decrease) in vacation accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.38K	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	-	USD	1 Quarter
Decrease in ESOP payable	`IncreaseDecreaseInOtherEmployeeRelatedLiabilities`	$-11.25K	USD	1 Quarter
Increase (decrease) in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-117.91K	USD	1 Quarter
Increase (decrease) in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$54.05K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$2.66K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$15.13K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-198.21K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.63M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$612.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.76K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecurities`	$2.58M	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`	$6.65M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.46M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.89M	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	$581.58K	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$200.12K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-581.58K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$200.12K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.04M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.67M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.34M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.30M	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`	$6.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.06M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$920.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$80.00K	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	-	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	$3.00M	USD	1 Quarter

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