10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001174947-21-001029`
Period End Date	20210930
Filing Date	20211115
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	form10q-26960_esp_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 60 Stockholders Equity 24

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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Investment securities	`AvailableForSaleSecuritiesDebtSecurities`	$3.09M	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesDebtSecurities`	$3.14M	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`	$4.28M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.13M	shares	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$5.35M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.13M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$159.94K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$249.60K	USD	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	273,645.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	279,429.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$2.06M	USD	Point-in-time
Raw materials	`InventoryRawMaterials`	$2.11M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	427,241.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	427,241.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$326.20K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$274.99K	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$16.35M	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$16.45M	USD	Point-in-time
Total inventories	`InventoryNet`	$18.79M	USD	Point-in-time
Total inventories	`InventoryNet`	$18.78M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$700.30K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$481.99K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$35.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.99M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.91M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.99M	USD	Point-in-time
Total assets	`Assets`	$38.06M	USD	Point-in-time
Total assets	`Assets`	$37.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.16M	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$475.67K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$549.01K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$651.93K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$672.61K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$84.51K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$206.91K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$126.01K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$466.43K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$409.88K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.09M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.22M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$150.67K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$168.56K	USD	Point-in-time
Total liabilities	`Liabilities`	$7.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.65M	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 3,129,874 shares as of September 30, 2021 and June 30, 2021. Outstanding 2,702,633 shares as of September 30, 2021 and June 30, 2021 (includes 273,645 and 279,429 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.04M	USD	Point-in-time
Common stock, par value $.33-1/3 per share Authorized 10,000,000 shares; Issued 3,129,874 shares as of September 30, 2021 and June 30, 2021. Outstanding 2,702,633 shares as of September 30, 2021 and June 30, 2021 (includes 273,645 and 279,429 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.04M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.03M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.36K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.36K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.72M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$41.48M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$41.84M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$5.11M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$5.11M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of September 30, 2021 and June 30, 2021	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of September 30, 2021 and June 30, 2021	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$31.23M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$38.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.98M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$7.27M	USD	1 Quarter
Net sales	`Revenues`	$7.55M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$914.63K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$994.82K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$358.28K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$212.75K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$15.22K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$1.60K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$3.13K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$17.97K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$19.57K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$18.34K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$231.09K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$377.84K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$41.27K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.78K	USD	1 Quarter
Net income	`NetIncomeLoss`	$189.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.67K	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$188.15K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$306.06K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.40M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.42M	shares	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter
Dividends per share:	`CommonStockDividendsPerShareDeclared`	$0.25	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$189.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-47.17K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-52.78K	USD	1 Quarter
Depreciation	`Depreciation`	$136.55K	USD	1 Quarter
Depreciation	`Depreciation`	$121.24K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$84.51K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	-	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-17.18K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-17.89K	USD	1 Quarter
Decrease in trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.07M	USD	1 Quarter
Decrease in trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.64M	USD	1 Quarter
Decrease (increase) in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-89.67K	USD	1 Quarter
Decrease (increase) in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$19.10K	USD	1 Quarter
Decrease (increase) in inventories	`IncreaseDecreaseInInventories`	$-7.34K	USD	1 Quarter
Decrease (increase) in inventories	`IncreaseDecreaseInInventories`	$1.16M	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-218.31K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$251.44K	USD	1 Quarter
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-553.92K	USD	1 Quarter
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-190.17K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$15.71K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$73.35K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$-20.68K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$-12.29K	USD	1 Quarter
Increase (decrease) in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$80.89K	USD	1 Quarter
Increase (decrease) in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-157.54K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$56.55K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInPropertyAndOtherTaxesPayable`	$136.56K	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$17.38K	USD	1 Quarter
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$72.61K	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-47.71K	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.38M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.59M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.81K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.69K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$292.12K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$534.00K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$488.00K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$2.60M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.29M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-91.69K	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Dividends on common stock	`PaymentsOfDividendsCommonStock`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.50M	USD	1 Quarter
Increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.67M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$125.25K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	-	USD	1 Quarter
Accrual of dividends	`AccrualOfDividends`	$600.66K	USD	1 Quarter

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income (loss), tax portion	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Other comprehensive income (loss), tax portion	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-445.00	USD	1 Quarter
Dividends declared per share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	1 Quarter
Balance, beginning	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$30.86M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$31.23M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$30.69M	USD	Point-in-time
Balance, beginning, shares	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Balance, beginning, shares	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Net income	`NetIncomeLoss`	$189.82K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.67K	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$188.15K	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$306.06K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$52.78K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$47.17K	USD	1 Quarter
Dividends declared on common stock per share	`DividendsCommonStockCash`	$600.66K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$30.86M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$31.23M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$30.69M	USD	Point-in-time
Balance, ending, common shares	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Balance, ending, common shares	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time

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