Electro-Sensors, Inc. Announces Second Quarter 2022 Financia...| MENAFN.COM

Monday, 08 August 2022 10:02 GMT

Electro-Sensors, Inc. Announces Second Quarter 2022 Financial Results'


(MENAFN- PR Newswire)

MINNETONKA, Minn., Aug. 2, 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 second quarter ended June 30, 2022.

  • Record quarterly revenue of $2,564,000
  • Gross margin of 54.9%
  • Cash and investments of approximately $9.5 million

Selected Financial Information (unaudited; in thousands, except per share data)

Q2 2022

Q2 2021

Change

Net Sales

$

2,564

$

2,462

4.1

%

Gross Margin

54.9

%

55.9

%

-100

bps

Operating Income (Loss)

$

(365)

$

271

(234.7)

%

Operating Income Margin

(14.3)

%

11.0

%

-2530

bps

Income (Loss) Before Income Taxes

$

(358)

$

271

(232.1)

%

Earnings Per Share (diluted)

$

(.08)

$

.06

(233.3)

%

Net sales in the second quarter increased 4.1% to $2,564,000 from $2,462,000 in the prior-year quarter. For the first six months of 2022, net sales increased 7.7% to $4,669,000 from $4,363,000 for the first six months of the prior year. Furthermore, gross margin for the 2022 six-month period was 54.8%, up from 54.2% in the corresponding six months in 2021, primarily due to improved factory utilization.

'During the second quarter, we achieved record quarterly revenue, driven by broad-based strength in agricultural applications, including commodity refining and biofuels,' said David L. Klenk, Electro-Sensors' president. 'Furthermore, we are excited to have announced during the quarter that we have entered into a definitive agreement to merge with Mobile X Global, Inc.'

A full analysis of results for the period ended June 30, 2022 is available in the Company's Form 10-Q, which is available on the Company's website at or through the Securities and Exchange Commission's Edgar database at .

Electro-Sensors, Inc.

Statements of Income

For the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)

(in thousands except share and per share amounts)

Three Months Ended June 30,

2022

2021

Sales

$

2,564

$

2,462

Cost of goods sold

1,156

1,086

Gross profit

1,408

1,376

Operating expenses

1,773

1,105

Operating income (loss)

(365)

271

Non-operating income

7

0

Income (loss) before income taxes

(358)

271

Provision for (benefit from) income taxes

(74)

57

Net income (loss)

$

(284)

$

214

Earnings (loss) per share – diluted

$

(0.08)

$

0.06

Average shares outstanding - diluted

3,395,521

3,413,444

Six Months Ended June 30,

2022

2021

Sales

$

4,699

$

4,363

Cost of goods sold

2,125

1,997

Gross profit

2,574

2,366

Operating expenses

2,953

2,099

Operating income (loss)

(379)

267

Non-operating income

8

2

Income (loss) before income taxes

(371)

269

Provision for (benefit from) income taxes

(78)

57

Net income (loss)

$

(293)

$

212

Earnings (loss) per share – diluted

$

(0.09)

$

0.06

Average shares outstanding - diluted

3,395,521

3,433,609

Electro-Sensors, Inc.

Balance Sheets

June 30, 2022 and December 31, 2021

(in thousands)

June 30,

December 31,

2022

2021

Assets

(unaudited)

Current Assets

Cash and investments

$

9,481

$

9,769

Trade receivables, net

1,323

1,005

Inventories

1,720

1,663

Other current assets

252

191

Total current assets

12,776

12,628

Deferred income tax asset, long-term

226

208

Intangible assets, net

13

38

Property and equipment, net

981

1,017

Total assets

$

13,996

$

13,891

Liabilities and Stockholders' Equity

Current Liabilities

Current maturities of financing lease

$

6

$

6

Accounts payable and accrued expenses

1,088

691

Total current liabilities

1,094

697

Long-term liabilities

Financing lease, net of current maturities

3

6

Total long-term liabilities

3

6

Stockholders' equity

Common stock

339

339

Additional paid-in capital

2,043

2,041

Retained earnings

10,515

10,808

Other comprehensive gain

2

0

Total stockholders' equity

12,899

13,188

Total liabilities and stockholders' equity

$

13,996

$

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: . Also look us up on:LinkedIn: linkedin.com/company/electro-sensors-inc- Twitter: twitter.com/ESIsensors Facebook: facebook.com/ElectroSensors

SOURCE Electro-Sensors, Inc.

MENAFN02082022003732001241ID1104635695


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