10-K Filing

ESPEY MFG & ELECTRONICS CORP CIK: 33533 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001174947-23-001137`
Period End Date	20230630
Filing Date	20230921
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	esp-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 34 Cash Flow Statement 60 Stockholders Equity 24

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00K	USD	Point-in-time
Trade accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.00K	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.10M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.75M	USD	Point-in-time
Investment securities	`AvailableForSaleSecuritiesDebtSecurities`	$3.71M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.13M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.13M	shares	Point-in-time
Investment securities	`AvailableForSaleSecuritiesDebtSecurities`	$11.96M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$5.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Trade accounts receivable, net of allowance of $3,000	`AccountsReceivableNetCurrent`	$5.76M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$35.67K	USD	Point-in-time
Unearned ESOP shares	`CommonStockSharesHeldInEmployeeTrustShares`	256,293.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	-	USD	Point-in-time
Unearned ESOP shares	`CommonStockSharesHeldInEmployeeTrustShares`	233,645.00	shares	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.33	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	427,241.00	shares	Point-in-time
Raw materials	`InventoryRawMaterials`	$1.89M	USD	Point-in-time
Raw materials	`InventoryRawMaterials`	$2.04M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	427,241.00	shares	Point-in-time
Work-in-process	`InventoryWorkInProcess`	$681.30K	USD	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`	$17.32M	USD	Point-in-time
Total inventories	`InventoryNet`	$18.56M	USD	Point-in-time
Total inventories	`InventoryNet`	$19.89M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.28M	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`	$44.68M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.80M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.83M	USD	Point-in-time
Total assets	`Assets`	$39.90M	USD	Point-in-time
Total assets	`Assets`	$47.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.21M	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$890.75K	USD	Point-in-time
Salaries and wages	`AccruedSalariesCurrent`	$627.19K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$666.38K	USD	Point-in-time
Vacation	`AccruedVacationCurrent`	$685.19K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$752.55K	USD	Point-in-time
Other	`OtherEmployeeRelatedLiabilitiesCurrent`	$547.75K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$55.29K	USD	Point-in-time
Payroll and other taxes withheld	`AccruedPayrollTaxesCurrent`	$66.04K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.38M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$8.08M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$54.72K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.48M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$177.83K	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiability`	$137.83K	USD	Point-in-time
Total liabilities	`Liabilities`	$11.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.80M	USD	Point-in-time
Commitments and Contingencies (See Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (See Note 14)	`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 June 30, 2023 and 2022. Outstanding 2,702,633 as of June 30, 2023 and 2022 (includes 233,645 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 June 30, 2023 and 2022. Outstanding 2,702,633 as of June 30, 2023 and 2022 (includes 233,645 and 256,293 Unearned ESOP Shares, respectively)	`CommonStockValue`	$1.04M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.28M	USD	Point-in-time
Capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$23.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.43K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.93K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.68M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$42.83M	USD	Point-in-time
Total stockholders equity before ESOP	`TotalStockholdersEquityBeforyEsopAndTreasuryStock`	$46.19M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$4.69M	USD	Point-in-time
Less: Unearned ESOP shares	`UnearnedEsopSharesCost`	$4.27M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of June 30, 2023 and 2022	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Cost of 427,241 shares of common stock in treasury as of June 30, 2023 and 2022	`TreasuryStockValue`	$6.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$35.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.33M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.10M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$39.90M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$47.50M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$32.10M	USD	Annual
Net sales	`Revenues`	$35.59M	USD	Annual
Cost of sales	`CostOfRevenue`	$27.54M	USD	Annual
Cost of sales	`CostOfRevenue`	$26.63M	USD	Annual
Gross profit	`GrossProfit`	$8.05M	USD	Annual
Gross profit	`GrossProfit`	$5.47M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.75M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.94M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.53M	USD	Annual
Operating income	`OperatingIncomeLoss`	$4.30M	USD	Annual
Interest income	`InvestmentIncomeInterestAndDividend`	$12.15K	USD	Annual
Interest income	`InvestmentIncomeInterestAndDividend`	$359.62K	USD	Annual
Other	`OtherNonoperatingIncome`	$46.84K	USD	Annual
Other	`OtherNonoperatingIncome`	$51.76K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$63.91K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$406.45K	USD	Annual
Income before provision for income taxes	`IncomeLossAttributableToParent`	$4.71M	USD	Annual
Income before provision for income taxes	`IncomeLossAttributableToParent`	$1.59M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.03M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$327.95K	USD	Annual
Net income	`NetIncomeLoss`	$3.68M	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Unrealized (loss) gain on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-497.00	USD	Annual
Unrealized (loss) gain on investment securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$429.00	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.27M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.68M	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.52	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$1.50	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.52	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$1.49	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.45M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.43M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.43M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.47M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.68M	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$176.70K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$227.13K	USD	Annual
Depreciation	`Depreciation`	$484.92K	USD	Annual
Depreciation	`Depreciation`	$494.63K	USD	Annual
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$365.65K	USD	Annual
ESOP compensation expense	`EmployeeStockOwnershipPlanESOPCompensationExpense`	$325.07K	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-40.00K	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$9.27K	USD	Annual
Gain on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$2.50K	USD	Annual
Gain on disposal of property, plant and equipment	`GainLossOnDispositionOfAssets`	$119.00	USD	Annual
Increase in trade accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$22.11K	USD	Annual
Increase in trade accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$379.39K	USD	Annual
(Increase) decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-249.60K	USD	Annual
(Increase) decrease in income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$35.67K	USD	Annual
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$1.33M	USD	Annual
(Increase) decrease in inventories	`IncreaseDecreaseInInventories`	$-231.44K	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.29M	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$292.48K	USD	Annual
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-639.00K	USD	Annual
Decrease in accounts payable	`IncreaseDecreaseInAccountsPayable`	$-866.80K	USD	Annual
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$263.56K	USD	Annual
Increase in accrued salaries and wages	`IncreaseDecreaseInAccruedSalaries`	$151.52K	USD	Annual
Increase (decrease) in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$-6.23K	USD	Annual
Increase (decrease) in vacation accrual	`IncreaseDecreaseInVacationAccrual`	$18.81K	USD	Annual
(Decrease) increase in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$-204.81K	USD	Annual
(Decrease) increase in other accrued expenses	`IncreaseDecreaseInOtherAccruedLiabilities`	$626.54K	USD	Annual
Increase (decrease) in payroll and other taxes withheld	`IncreasedecreaseInPayrollAndOtherTaxesWithheld`	$-354.59K	USD	Annual
Increase (decrease) in payroll and other taxes withheld	`IncreasedecreaseInPayrollAndOtherTaxesWithheld`	$10.75K	USD	Annual
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$306.87K	USD	Annual
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$4.70M	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-54.72K	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$54.72K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.22M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.90M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$303.56K	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$512.02K	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfOtherProductiveAssets`	$2.50K	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfOtherProductiveAssets`	$2.00K	USD	Annual
Purchase of investment securities	`PaymentsToAcquireInvestments`	$15.90M	USD	Annual
Purchase of investment securities	`PaymentsToAcquireInvestments`	$4.24M	USD	Annual
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$3.62M	USD	Annual
Proceeds from sale/maturity of investment securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$7.65M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-918.34K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.77M	USD	Annual
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$489.27K	USD	Annual
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	-	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-489.27K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
(Decrease) increase in cash and short term investments	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.30M	USD	Annual
(Decrease) increase in cash and short term investments	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.36M	USD	Annual
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.10M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.80M	USD	Point-in-time
Cash and cash equivalents, beginning of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.75M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.10M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.80M	USD	Point-in-time
Cash and cash equivalents, end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.75M	USD	Point-in-time
Income taxes paid net of refunds	`IncomeTaxesPaid`	$1.16M	USD	Annual
Income taxes paid net of refunds	`IncomeTaxesPaid`	$14.37K	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$104.00	USD	Annual
Other comprehensive income, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$90.00	USD	Annual
Dividends declared per share (in Dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.20	USD	Annual
Balance	`StockholdersEquity`	$35.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.10M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Net income	`NetIncomeLoss`	$3.68M	USD	Annual
Net income	`NetIncomeLoss`	$1.27M	USD	Annual
Other comprehensive income, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$-497.00	USD	Annual
Other comprehensive income, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$429.00	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.27M	USD	Annual
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.68M	USD	Annual
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$227.13K	USD	Annual
Stock-based compensation	`StockGrantedDuringPeriodValueSharebasedCompensationGross`	$176.70K	USD	Annual
Dividends paid on common stock $0.20 per share	`DividendsCommonStockCash`	$489.27K	USD	Annual
Reduction of unearned ESOP shares	`StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan`	$325.07K	USD	Annual
Reduction of unearned ESOP shares	`StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan`	$365.65K	USD	Annual
Balance	`StockholdersEquity`	$35.88M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.33M	USD	Point-in-time
Balance	`StockholdersEquity`	$32.10M	USD	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time
Balance (in Shares)	`CommonStockSharesOutstanding`	2.70M	shares	Point-in-time

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