10-Q Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001174947-22-001198`
Period End Date	20220930
Filing Date	20221110
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10q-28938_esp_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 54 Stockholders Equity 22

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`	$8.30M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.32M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesDebtSecurities`	$3.71M	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	`AvailableForSaleSecuritiesDebtSecurities`	$5.41M	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`	$5.73M	USD	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$5.73M	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$2.04M	USD	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	256,293.00	shares	Point-in-time
Unearned ESOP, shares	`CommonStockSharesHeldInEmployeeTrustShares`	250,671.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$2.05M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	427,241.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$192.46K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	427,241.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$315.55K	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$16.21M	USD	Point-in-time
Costs related to contracts in process	`InventoryForLongTermContractsOrPrograms`	$16.39M	USD	Point-in-time
Total inventories	`InventoryNet`	$18.56M	USD	Point-in-time
Total inventories	`InventoryNet`	$18.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.23M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$992.77K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.33M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.80M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.73M	USD	Point-in-time
Total assets	`Assets`	$41.06M	USD	Point-in-time
Total assets	`Assets`	$39.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.91M	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$692.62K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$627.19K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$636.85K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$666.38K	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	-	USD	Point-in-time
ESOP payable	`AccruedEmployeeBenefitsCurrent`	$78.93K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$752.55K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$809.58K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$55.29K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$59.78K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.38M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.64M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$54.72K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$123.04K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.96M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$176.50K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$177.83K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.80M	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, 2022 and June 30, 2022. Outstanding 2,702,633 shares as of September 30, 2022 and June 30, 2022 (includes 250,671 and 256,293 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, 2022 and June 30, 2022. Outstanding 2,702,633 shares as of September 30, 2022 and June 30, 2022 (includes 250,671 and 256,293 Unearned ESOP shares, respectively)	`CommonStockValue`	$1.04M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.17M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.69K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.93K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.45M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$43.65M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$42.83M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$4.69M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$4.69M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of September 30, 2022 and June 30, 2022	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of September 30, 2022 and June 30, 2022	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.69M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$39.90M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$41.06M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$8.64M	USD	1 Quarter
Net sales	`Revenues`	$7.55M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.82M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$6.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$839.03K	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`	$973.11K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$1.60K	USD	1 Quarter
Interest income	`InvestmentIncomeInterestAndDividend`	$8.81K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$3.77K	USD	1 Quarter
Other	`OtherNonoperatingIncome`	$17.97K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$19.57K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$12.57K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$377.84K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$985.69K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$217.42K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$71.78K	USD	1 Quarter
Net income	`NetIncomeLoss`	$768.27K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Unrealized loss on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.76K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$766.50K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$306.06K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.31	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.45M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	2.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.42M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.45M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$768.27K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-52.78K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-61.26K	USD	1 Quarter
Depreciation	`Depreciation`	$120.95K	USD	1 Quarter
Depreciation	`Depreciation`	$121.24K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$78.93K	USD	1 Quarter
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$84.51K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-1.70K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-17.89K	USD	1 Quarter
(Increase) decrease in trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.07M	USD	1 Quarter
(Increase) decrease in trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$888.00	USD	1 Quarter
Increase) in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-89.67K	USD	1 Quarter
Increase) in income taxes receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$-7.34K	USD	1 Quarter
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$77.75K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$233.17K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-218.31K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-553.92K	USD	1 Quarter
Increase (decrease) in accounts payable	`IncreaseDecreaseInAccountsPayable`	$831.82K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$73.35K	USD	1 Quarter
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$65.43K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$-29.53K	USD	1 Quarter
Decrease in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$-20.68K	USD	1 Quarter
Increase in other accrued expenses	`IncreaseDecreaseInEmployeeStockOwnershipPlanPayable`	$57.02K	USD	1 Quarter
Increase in other accrued expenses	`IncreaseDecreaseInEmployeeStockOwnershipPlanPayable`	$80.89K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInOtherAccruedLiabilities`	$4.49K	USD	1 Quarter
Increase in payroll and other taxes withheld	`IncreaseDecreaseInOtherAccruedLiabilities`	$56.55K	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$17.38K	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-740.24K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$68.32K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$973.21K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.59M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$45.69K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$50.48K	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$2.83M	USD	1 Quarter
Purchase of investment securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$534.00K	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$1.12M	USD	1 Quarter
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$488.00K	USD	1 Quarter
Net cash used in by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.76M	USD	1 Quarter
Net cash used in by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-91.69K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-784.06K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.50M	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`	$8.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.32M	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`	$8.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.32M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaid`	$150.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$370.00	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Balance, beginning	`StockholdersEquity`	$32.10M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$30.69M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$32.93M	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`	$768.27K	USD	1 Quarter
Net income	`NetIncomeLoss`	$306.06K	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.76K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$766.50K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$306.06K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$52.78K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$61.26K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$32.10M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$30.69M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$32.93M	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.