Electro-Sensors, Inc. Announces First Quarter 2024 Financial Results
MINNETONKA, Minn., May 10, 2024 /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, 2024.
-- First quarter revenue of $2,244,000, up 9.7% from prior year-period
-- Gross Margin of 48.1%
-- Cash and investments of approximately $10.1 million
Unaudited; in thousands, except per share data
Q1 FY24 Q1 FY23 Change
Net Sales $
2,244 $
2,045 9.7
%
Gross Margin 48.1 50.0
% % (190) bps
Operating Loss $
(100) $
(138) 27.5
%
Operating Margin (4.5) (6.7)
% % 220 bps
Income (Loss) Before Income Tax Benefit $
16 $
(45) 135.6
%
Income (Loss) Per Share (diluted) $
0.00 $
(0.01) 100.0
%
"We are pleased to report first quarter revenue of $2,244,000, up 9.7% from the prior-year period," said David L. Klenk, Electro-Sensors' president. "This represents our largest first quarter revenue, with the increase driven primarily by several larger orders for facility upgrades and modernization projects. Additionally, sales increased for both our traditional wired sensors and wireless HazardPRO(TM) systems."
A full analysis of results for the period ended March 31, 2024 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, 2024 and 2023 (unaudited)
(in thousands except share and per share amounts)
Three Months Ended March 31
2024 2023
Net sales $
2,244 $
2,045
Cost of goods sold 1,164 1,023
Gross profit 1,080 1,022
Operating expenses 1,180 1,160
Operating loss (100) (138)
Non-operating income 116 93
Income (loss) before income taxes 16 (45)
Benefit from income taxes 5 (1)
Net income (loss) $
11 $
(44)
Income (loss) per share - diluted $
0.00 $
(0.01)
Average shares outstanding - diluted 3,428,021 3,428,021
Electro-Sensors, Inc.
Consolidated Balance Sheets
March 31, 2024 and December 31, 2023
(in thousands)
March 31 December 31
2024 2023
Assets (unaudited)
Current Assets
Cash and investments $
10,128 $
9,926
Trade receivables, net 1,119 1,283
Inventories 1,811 1,751
Other current assets 218 179
Total current assets 13,276 13,139
Deferred income tax asset, long-term 336 355
Property and equipment, net 927 951
Total assets $
14,539 $
14,445
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable and accrued expenses $
744 $
690
Total current liabilities 744 690
Stockholders' equity
Common stock 342 342
Additional paid-in capital 2,259 2,230
Retained earnings 11,194 11,183
Total stockholders' equity 13,795 13,755
Total liabilities and stockholders' equity $
14,539 $
14,445
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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SOURCE Electro-Sensors, Inc.
