Note 1. Basis of Presentation
In the opinion of management the accompanying
unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation
of the results for such periods. The results for any interim period are not necessarily indicative of the results to be expected for the
full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United
States generally accepted accounting principles have been condensed or omitted. The preparation of these financial statements requires
us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure
of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition,
inventories, income taxes, and stock-based compensation. Specific to inventories, including work-in-process and contracts in process,
management evaluates, quarterly, those estimates used in determining the cost to complete for each contract on Espey Mfg. & Electronics
Corp.’s (the “Company”) sales backlog. The change in estimates may affect the reported amount of inventories and gross profit
in the current or a future period. Management bases its estimates on historical experience and on various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets
and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions
or conditions. These financial statements should be read in conjunction with the Company's most recent audited financial statements included
in its report on Form 10-K for the year ended June 30, 2022. Certain reclassifications may have been made to the prior year financial
statements to conform to the current year presentation.
Free historical financial statements for Espey Manufacturing and Electronic.
See how revenue, income, cash flow, and balance sheet financials have changed over 52 quarters since 2011. Compare with ESP stock chart to see long term trends.
Data imported from Espey Manufacturing and Electronic SEC filings. Check original filings before making any investment decision.