MINNETONKA, Minn., May 13, 2021 /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, 2021.
- First quarter revenue of $1,901,000, down 1.1% from prior
year-period
- Gross Margin of 52.1%
- Cash and investments of approximately $9.1 million
Unaudited; in thousands, except per share data
|
|
Q1 FY21
|
|
Q1 FY20
|
|
Change
|
|
Net Sales
|
|
$
|
1,901
|
|
$
|
1,923
|
|
-1.1
|
%
|
|
Gross
Margin
|
|
|
52.1
|
%
|
|
52.0
|
%
|
10
|
bps
|
|
Operating
Loss
|
|
$
|
(4)
|
|
$
|
(141)
|
|
97.2
|
%
|
|
Operating Loss
Margin
|
|
|
(0.2)
|
%
|
|
(7.3)
|
%
|
710.0
|
bps
|
|
Loss Before Income
Tax Benefit
|
|
$
|
(2)
|
|
$
|
(110)
|
|
98.2
|
%
|
|
Loss Per Share
(diluted)
|
|
$
|
0.00
|
|
$
|
(0.03)
|
|
100.0
|
%
|
Net sales for the 2021 first quarter decreased 1.1% to
$1,901,000 from $1,923,000 in the prior-year quarter.
Correspondingly, operating expenses have been reduced, leading to a
smaller net loss in the first quarter of 2021 compared to the net
loss in the similar period during 2020.
"While COVID-19 continues to impact our business, during the
first quarter we were encouraged with increases in international
sales as well as gains from our HazardPRO line of wireless hazard
monitoring systems," said David L.
Klenk, Electro-Sensors' president. "Additionally, as travel
restrictions are gradually beginning to lift, our ability to visit
customers for sales and service has improved, leading to closer
engagements with our customers."
A full analysis of results for the period ended March 31, 2021 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, 2021 and 2020 (unaudited)
|
|
(in thousands
except share and per share amounts)
|
|
|
Three Months Ended
March 31
|
|
2021
|
|
2020
|
|
Sales
|
$
|
1,901
|
|
$
|
1,923
|
|
Cost of goods
sold
|
|
911
|
|
|
924
|
|
Gross
profit
|
|
990
|
|
|
999
|
|
|
|
|
|
|
|
Operating
expenses
|
|
994
|
|
|
1,140
|
|
|
|
|
|
|
|
Operating
loss
|
|
(4)
|
|
|
(141)
|
|
|
|
|
|
|
|
Non-operating
income
|
|
2
|
|
|
31
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(2)
|
|
|
(110)
|
|
|
|
|
|
|
|
Benefit from income
taxes
|
|
0
|
|
|
(19)
|
|
|
|
|
|
|
|
Net loss
|
$
|
(2)
|
|
$
|
(91)
|
|
|
|
|
|
|
|
Loss per share –
diluted
|
$
|
0.00
|
|
$
|
(0.03)
|
|
Average shares
outstanding -
diluted
|
|
3,395,521
|
|
|
3,395,521
|
|
|
|
|
Electro-Sensors,
Inc.
|
|
Consolidated
Balance Sheets
|
|
March 31, 2021 and
December 31, 2020
|
|
(in
thousands)
|
|
|
March 31
|
|
December
31
|
|
2021
|
|
2020
|
|
Assets
|
(unaudited)
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and
investments
|
$
|
9,087
|
|
$
|
9,131
|
|
Trade receivables,
net
|
|
1,209
|
|
|
957
|
|
Inventories
|
|
1,568
|
|
|
1,572
|
|
Other current
assets
|
|
225
|
|
|
196
|
|
Total current
assets
|
|
12,089
|
|
|
11,856
|
|
|
|
|
|
|
|
Deferred income tax
asset, long-term
|
|
253
|
|
|
246
|
|
Intangible assets,
net
|
|
163
|
|
|
228
|
|
Property and
equipment, net
|
|
964
|
|
|
989
|
|
Total
assets
|
$
|
13,469
|
|
$
|
13,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Current maturities of
financing lease
|
$
|
6
|
|
$
|
6
|
|
Accounts payable and
accrued expenses
|
|
679
|
|
|
527
|
|
Total current
liabilities
|
|
685
|
|
|
533
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
|
|
|
|
|
Financing lease, net
of current maturities
|
|
11
|
|
|
12
|
|
Total long-term
liabilities
|
|
11
|
|
|
12
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Common
stock
|
|
339
|
|
|
339
|
|
Additional paid-in
capital
|
|
2,037
|
|
|
2,036
|
|
Retained
earnings
|
|
10,396
|
|
|
10,398
|
|
Other
comprehensive gain
|
|
1
|
|
|
1
|
|
Total stockholders'
equity
|
|
12,773
|
|
|
12,774
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
13,469
|
|
$
|
13,319
|
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. Most standard products ship within one to two
days and have an industry-leading 5-year warranty. 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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SOURCE Electro-Sensors, Inc.