MINNETONKA, Minn., Aug. 9, 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
second quarter ended June 30,
2024.
- Quarterly revenue of $2,217,000, up 3.7% from the prior-year
period
- Gross margin of 47.2%
- Cash and investments of approximately $9.9 million
Selected Financial Information (unaudited; in thousands, except
per share data)
|
Q2
2023
|
Q2
2022
|
Change
|
|
Net Sales
|
|
$
|
2,217
|
|
$
|
2,137
|
|
3.7
|
%
|
|
Gross Margin
|
|
|
47.2
|
%
|
|
50.0
|
%
|
-280
|
bps
|
|
Operating Income
(Loss)
|
|
$
|
(107)
|
|
$
|
44
|
|
(343.2)
|
%
|
|
Operating Income
Margin
|
|
|
(4.8)
|
%
|
|
2.1
|
%
|
-690
|
bps
|
|
Income (Loss) Before
Income Taxes
|
|
$
|
2
|
|
$
|
138
|
|
(98.6)
|
%
|
|
Earnings Per Share
(diluted)
|
|
$
|
0.00
|
|
$
|
0.03
|
|
(100.0)
|
%
|
Net sales in the second quarter increased 3.7% to $2,217,000 from $2,137,000 in the prior-year quarter. For
the first six months of 2024, net sales increased 6.7% to
$4,461,000 from $4,182,000 in the comparable prior-year
period. Furthermore, gross margin for the 2024 six-month
period was 47.7%, down from 50.0% in the corresponding six months
in 2023, primarily due to increased material and labor costs across
all product lines.
"During the 2024 second quarter, our sales increased 3.7% from
the comparable prior-year period, primarily due to increased sales
of our HazardPROTM wireless hazard monitoring systems,"
said David L. Klenk, Electro-Sensors' president.
"Customers continue to value the ease of installation, flexibility,
and favorable overall cost of ownership of our HazardPRO
systems."
A full analysis of results for the period ended June 30, 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.
Statements of
Income
For the Three and
Six Months Ended June 30, 2024 and 2023 (unaudited)
(in thousands except
share and per share amounts)
|
|
|
Three Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Sales
|
$
|
2,217
|
|
$
|
2,137
|
|
Cost of goods
sold
|
|
1,170
|
|
|
1,069
|
|
Gross profit
|
|
1,047
|
|
|
1,068
|
|
|
|
|
|
|
|
Operating
expenses
|
|
1,154
|
|
|
1,024
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(107)
|
|
|
44
|
|
|
|
|
|
|
|
Non-operating income,
net
|
|
109
|
|
|
94
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
2
|
|
|
138
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
6
|
|
|
22
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(4)
|
|
$
|
116
|
|
|
|
|
|
|
|
Earnings (loss) per
share – diluted
|
$
|
0.00
|
|
$
|
0.03
|
|
Average shares
outstanding - diluted
|
|
3,428,021
|
|
|
3,443,394
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Sales
|
$
|
4,461
|
|
$
|
4,182
|
|
Cost of goods
sold
|
|
2,334
|
|
|
2,092
|
|
Gross profit
|
|
2,127
|
|
|
2,090
|
|
|
|
|
|
|
|
Operating
expenses
|
|
2,334
|
|
|
2,184
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(207)
|
|
|
(94)
|
|
|
|
|
|
|
|
Non-operating income,
net
|
|
225
|
|
|
187
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
18
|
|
|
93
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
11
|
|
|
21
|
|
|
|
|
|
|
|
Net income
|
$
|
7
|
|
$
|
72
|
|
|
|
|
|
|
|
Earnings per share –
diluted
|
$
|
0.00
|
|
$
|
0.02
|
|
Average shares
outstanding - diluted
|
|
3,428,021
|
|
|
3,443,930
|
|
Electro-Sensors,
Inc.
Balance
Sheets
June 30, 2024 and
December 31, 2023
(in
thousands)
|
|
|
June
30,
|
|
December
31,
|
|
2024
|
|
2023
|
|
Assets
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and
investments
|
$
|
9,944
|
|
$
|
9,926
|
|
Trade receivables,
net
|
|
1,180
|
|
|
1,283
|
|
Inventories
|
|
1,865
|
|
|
1,751
|
|
Other current
assets
|
|
218
|
|
|
179
|
|
Total current
assets
|
|
13,207
|
|
|
13,139
|
|
|
|
|
|
|
|
Deferred income tax
asset, long-term
|
|
330
|
|
|
355
|
|
Property and
equipment, net
|
|
930
|
|
|
951
|
|
Total assets
|
$
|
14,467
|
|
$
|
14,445
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
638
|
|
$
|
690
|
|
Total current
liabilities
|
|
638
|
|
|
690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Common
stock
|
|
342
|
|
|
342
|
|
Additional paid-in
capital
|
|
2,297
|
|
|
2,230
|
|
Retained
earnings
|
|
11,190
|
|
|
11,183
|
|
Total stockholders'
equity
|
|
13,829
|
|
|
13,755
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
14,467
|
|
$
|
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-
X: x.com/ESIsensors
Facebook: facebook.com/ElectroSensors
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SOURCE Electro-Sensors, Inc.