MINNETONKA, Minn., May 13, 2022
/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, 2022.
- First quarter revenue of $2,135,000, up 12.3% from prior
year-period
- Gross Margin of 54.6%
- Cash and investments of approximately $9.7 million
|
Unaudited; in
thousands, except per share data
|
|
|
|
Q1 FY22
|
|
Q1 FY21
|
|
Change
|
|
Net Sales
|
|
$
|
2,135
|
|
$
|
1,901
|
|
12.3
|
%
|
|
Gross Margin
|
|
|
54.6
|
%
|
|
52.1
|
%
|
250
|
bps
|
|
Operating
Loss
|
|
$
|
(14)
|
|
$
|
(4)
|
|
-250.0
|
%
|
|
Operating Loss
Margin
|
|
|
(0.7)
|
%
|
|
(0.2)
|
%
|
-50.0
|
bps
|
|
Loss Before Income Tax
Benefit
|
|
$
|
(13)
|
|
$
|
(2)
|
|
-550.0
|
%
|
|
Loss Per Share
(diluted)
|
|
$
|
0.00
|
|
$
|
0.00
|
|
0.0
|
%
|
Net sales for the 2022 first quarter increased 12.3% to
$2,135,000 from $1,901,000 in the prior-year quarter. The
increase in sales was primarily a result of increased domestic
sales for industrial automation and agricultural applications.
"We are pleased to report our largest first quarter revenue in
the company's history," said David L.
Klenk, Electro-Sensors' president. "Additionally, I'm proud
of our team for maintaining a strong gross margin in the face of
significant challenges in the global supply chain. While the
acquisition of components and materials used in building our
products is a daily challenge, we have a great team that is
relentlessly focused on meeting our customer requirements."
A full analysis of results for the period ended March 31, 2022 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, 2022 and 2021 (unaudited)
(in
thousands except share and per share amounts)
|
|
|
Three Months Ended
March 31
|
|
2022
|
|
2021
|
|
Sales
|
$
|
2,135
|
|
$
|
1,901
|
|
Cost of goods
sold
|
|
969
|
|
|
911
|
|
Gross profit
|
|
1,166
|
|
|
990
|
|
|
|
|
|
|
|
Operating
expenses
|
|
1,180
|
|
|
994
|
|
|
|
|
|
|
|
Operating
loss
|
|
(14)
|
|
|
(4)
|
|
|
|
|
|
|
|
Non-operating
income
|
|
1
|
|
|
2
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(13)
|
|
|
(2)
|
|
|
|
|
|
|
|
Benefit from income
taxes
|
|
(4)
|
|
|
0
|
|
|
|
|
|
|
|
Net loss
|
$
|
(9)
|
|
$
|
(2)
|
|
|
|
|
|
|
|
Loss per share –
diluted
|
$
|
0.00
|
|
$
|
0.00
|
|
Average shares
outstanding - diluted
|
|
3,395,521
|
|
|
3,395,521
|
|
Electro-Sensors, Inc.
Consolidated Balance Sheets
March 31, 2022 and December 31, 2021
(in thousands)
|
|
|
March 31
|
|
December
31
|
|
2022
|
|
2021
|
|
Assets
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and
investments
|
$
|
9,660
|
|
$
|
9,769
|
|
Trade
receivables, net
|
|
1,155
|
|
|
1,005
|
|
Inventories
|
|
1,758
|
|
|
1,663
|
|
Other current
assets
|
|
211
|
|
|
191
|
|
Total current
assets
|
|
12,784
|
|
|
12,628
|
|
|
|
|
|
|
|
Deferred income
tax asset, long-term
|
|
214
|
|
|
208
|
|
Intangible
assets, net
|
|
25
|
|
|
38
|
|
Property and
equipment, net
|
|
993
|
|
|
1,017
|
|
Total assets
|
$
|
14,016
|
|
$
|
13,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Current
maturities of financing lease
|
$
|
6
|
|
$
|
6
|
|
Accounts payable
and accrued expenses
|
|
825
|
|
|
691
|
|
Total current
liabilities
|
|
831
|
|
|
697
|
|
|
|
|
|
|
|
Long-term
liabilities
|
|
|
|
|
|
|
Financing lease,
net of current maturities
|
|
5
|
|
|
6
|
|
Total long-term
liabilities
|
|
5
|
|
|
6
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Common
stock
|
|
339
|
|
|
339
|
|
Additional
paid-in capital
|
|
2,042
|
|
|
2,041
|
|
Retained
earnings
|
|
10,799
|
|
|
10,808
|
|
Total stockholders'
equity
|
|
13,180
|
|
|
13,188
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
14,016
|
|
$
|
13,891
|
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.