MINNETONKA, Minn., May 12, 2023
/PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading
global provider of machine monitoring sensors and hazard monitoring
systems, today announced financial results for the first quarter
ended March 31, 2023.
- First quarter revenue of $2,045,000, down 4.2% from prior
year-period
- Gross Margin of 50.0%
- Cash and investments of approximately $9.6 million
Unaudited; in thousands, except per share data
|
|
Q1 FY23
|
|
Q1 FY22
|
|
Change
|
|
Net Sales
|
|
$
|
2,045
|
|
$
|
2,135
|
|
(4.2)
|
%
|
|
Gross Margin
|
|
|
50.0
|
%
|
|
54.6
|
%
|
(460)
|
bps
|
|
Operating
Loss
|
|
$
|
(138)
|
|
$
|
(14)
|
|
(885.7)
|
%
|
|
Operating Loss
Margin
|
|
|
(6.7)
|
%
|
|
(0.7)
|
%
|
(600.0)
|
bps
|
|
Loss Before Income Tax
Benefit
|
|
$
|
(45)
|
|
$
|
(13)
|
|
(246.2)
|
%
|
|
Loss Per Share
(diluted)
|
|
$
|
(0.01)
|
|
$
|
0.00
|
|
(100.0)
|
%
|
"During the first quarter our revenue decreased slightly to
$2,045,000 from $2,135,000 in the prior-year period," said
David L. Klenk, Electro-Sensors'
president. "While customer activity and interest remained
solid during the quarter, we achieved lower revenue primarily due
to decreased domestic sales for both wired and wireless
products."
A full analysis of results for the period ended March 31, 2023 is available in the Company's Form
10-Q, which is available on the Company's website at
www.electro-sensors.com or through the Securities and Exchange
Commission's Edgar database at www.sec.gov.
|
Electro-Sensors,
Inc.
|
|
Consolidated
Statements of Income
|
|
For the Quarter
Ended March 31, 2023 and 2022 (unaudited)
|
|
(in thousands except
share and per share amounts)
|
|
|
Three Months Ended
March 31
|
|
|
2023
|
|
2022
|
|
|
Sales
|
$
|
2,045
|
|
$
|
2,135
|
|
|
Cost of goods
sold
|
|
1,023
|
|
|
969
|
|
|
Gross profit
|
|
1,022
|
|
|
1,166
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
1,160
|
|
|
1,180
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(138)
|
|
|
(14)
|
|
|
|
|
|
|
|
|
|
Non-operating
income
|
|
93
|
|
|
1
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(45)
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
Benefit from income
taxes
|
|
(1)
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(44)
|
|
$
|
(9)
|
|
|
|
|
|
|
|
|
|
Loss per share –
diluted
|
$
|
(0.01)
|
|
$
|
0.00
|
|
|
Average shares
outstanding - diluted
|
|
3,428,021
|
|
|
3,395,521
|
|
|
Electro-Sensors,
Inc.
|
|
Consolidated Balance
Sheets
|
|
March 31, 2023 and
December 31, 2022
|
|
(in
thousands)
|
|
|
March 31
|
|
December 31
|
|
|
2023
|
|
2022
|
|
|
Assets
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and
investments
|
$
|
9,563
|
|
$
|
9,682
|
|
|
Trade receivables,
net
|
|
1,372
|
|
|
1,161
|
|
|
Inventories
|
|
1,779
|
|
|
1,745
|
|
|
Other current
assets
|
|
215
|
|
|
225
|
|
|
Total current
assets
|
|
12,929
|
|
|
12,813
|
|
|
|
|
|
|
|
|
|
Deferred income tax
asset, long-term
|
|
306
|
|
|
256
|
|
|
Property and
equipment, net
|
|
952
|
|
|
975
|
|
|
Total assets
|
$
|
14,187
|
|
$
|
14,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Current maturities of
financing lease
|
$
|
4
|
|
$
|
6
|
|
|
Accounts payable and
accrued expenses
|
|
817
|
|
|
624
|
|
|
Total current
liabilities
|
|
821
|
|
|
630
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Common
stock
|
|
342
|
|
|
342
|
|
|
Additional paid-in
capital
|
|
2,163
|
|
|
2,163
|
|
|
Retained
earnings
|
|
10,864
|
|
|
10,908
|
|
|
Other comprehensive
gain (loss)
|
|
(3)
|
|
|
1
|
|
|
Total stockholders'
equity
|
|
13,366
|
|
|
13,414
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
14,187
|
|
$
|
14,044
|
|
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and
manufacturer of rugged and reliable machine monitoring sensors and
wireless/wired hazard monitoring systems applied across multiple
industries and applications. These products improve processes by
protecting people, safeguarding systems, reducing downtime, and
preventing waste. Electro-Sensors is proud to be an ISO9001:2015
quality certified company and is committed to providing excellent
customer service and technical support. Founded in 1968 and located
in Minnetonka, Minnesota,
Electro-Sensors provides its loyal customers with reliable products
that improve safety and help plants operate with greater
efficiency, productivity and control.
Cautionary Statement Regarding Forward Looking
Statements
This press release may include statements about possible or
anticipated future financial performance, business activities,
plans, or opportunities. These forward-looking statements may
include the words "will," "should," "believes," "expects,"
"anticipates," "intends" or similar expressions. For these
forward-looking statements, the Company claims the protection of
the safe harbor for forward−looking statements contained in federal
securities laws. Forward-looking statements reflect the
company's current views with respect to future events and financial
performance and include any statement that does not directly relate
to a current or historical fact. These forward-looking
statements are subject to a number of factors, risks and
uncertainties, including those disclosed in our periodic filings
with the SEC that could cause actual performance, activities,
plans, or opportunities after the date the statements are made to
differ significantly from those indicated in the forward-looking
statements.
For more information please visit our website at:
www.electro-sensors.com. Also look us up on:
LinkedIn: linkedin.com/company/electro-sensors-inc-
Twitter: twitter.com/ESIsensors
Facebook: facebook.com/ElectroSensors
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content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-first-quarter-2023-financial-results-301823787.html
SOURCE Electro-Sensors, Inc.
