Electro-Sensors, Inc. Announces First Quarter 2019 Financial Results
MINNETONKA, Minn., May 13, 2019 /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, 2019.
-- Record first quarter revenue of $2,008,000, up 17% from prior-year
quarter
-- Gross Margin of 53.1%
-- Cash and investments of approximately $8.7 million
Unaudited; in thousands, except per share data
Q1 FY19 Q1 FY18 Change
Net Sales $
2,008 $
1,716 17.0
%
Gross Margin 53.1 53.4
% % -3
bps
Operating Loss $
(86) $
(281) 69.4
%
Operating Loss Margin (4.3) (16.3)
% % 120.0
bps
Loss Before Income Tax Benefit $
(40) $
(256) 84.4
%
Loss Per Share (diluted) $
(.01) $
(.06) 83.3
%
Net sales for the 2019 first quarter increased 17.0% to $2,008,000 from $1,716,000 in the prior-year quarter. The increase was primarily driven by an increase in the number of large orders and the greater average value of those orders.
"It was exciting to see customers begin purchasing sensors and monitoring equipment for their spring facility expansion and modernization projects," said David L. Klenk, Electro-Sensors' president. "Furthermore, during the first quarter we shipped our first HazardPRO(TM) wireless hazard monitoring system for a frac sand application, a result of our efforts to pursue new and emerging markets for our wireless monitoring systems."
A full analysis of results for the period ended March 31, 2019 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, 2019 and 2018 (unaudited)
(in thousands except share and per share amounts)
Three Months Ended March 31
2019 2018
---
Sales $
2,008 $
1,716
Cost of goods sold 941 800
Gross profit 1,067 916
Operating expenses 1,153 1,197
Operating loss (86) (281)
Non-operating income 46 25
Loss before income taxes (40) (256)
Benefit from income taxes (9) (54)
Net loss $
(31) $
(202)
===
Loss per share - diluted $
(0.01) $
(0.06)
Average shares outstanding - diluted 3,395,521 3,395,521
Electro-Sensors, Inc.
Consolidated Balance Sheets
March 31, 2019 and December 31, 2018
(in thousands)
March 31 December 31
2019 2018
---
Assets (unaudited)
Current Assets
Cash and investments $
8,686 $
8,799
Trade receivables, net 1,075 896
Inventories 1,638 1,618
Other current assets 179 155
Total current assets 11,578 11,468
Deferred income tax asset, long-term 189 192
Intangible assets, net 510 565
Property and equipment, net 1,073 1,050
Total assets $
13,350 $
13,275
===
Liabilities and Stockholders' Equity
Current Liabilities
Current maturities of financing lease $
5 $
5
Accounts payable and accrued expenses 624 521
Total current liabilities 629 526
Long-term liabilities
Financing lease, net of current maturities 23 24
Total long-term liabilities 23 24
Stockholders' equity
Common stock 339 339
Additional paid-in capital 2,022 2,019
Retained earnings 10,304 10,335
Other comprehensive gain 33 32
Total stockholders' equity 12,698 12,725
Total liabilities and stockholders' equity $
13,350 $
13,275
===
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.
