Electro-Sensors, Inc. Announces Third Quarter 2022 Financial...| MENAFN.COM

Sunday, 27 November 2022 07:42 GMT

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


(MENAFN- PR Newswire)

MINNETONKA, Minn., Nov. 14, 2022 /PRNewswire/ --
Electro-Sensors, Inc. (NASDAQ: ), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the third quarter ended September 30, 2022.

  • Third quarter revenue of $2,216,000, up 2.9% from prior-year period
  • Gross margin of 52.5%
  • Cash and investments of approximately $9.6 million

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

Q3 2022

Q3 2021

Change

Net Sales

$

2,216

$

2,154

2.9

%

Gross Margin

52.5

%

55.9

%

-340

bps

Operating Income

$

119

$

20

495.0

%

Operating Income Margin

5.4

%

0.9

%

450

bps

Income Before Income Taxes

$

154

$

21

633.3

%

Earnings Per Share (diluted)

$

0.04

$

0.00

100.0

%

Net sales in the third quarter increased 2.9% to $2,216,000 from $2,154,000 in the prior-year quarter.
For the first nine months of 2022, net sales increased 6.1% to $6,915,000 from $6,517,000 for the first nine months of the prior year.
The increase in net sales for the quarter was primarily due to increased sales of HazardPRO wireless hazard monitoring systems.
The increase for the nine month-period was primarily a result of increased domestic sales of traditional wired products for industrial automation and agricultural applications.

Gross margin for the 2022 nine-month period was 54.0%, down slightly from 54.8% in the corresponding nine months in 2021, primarily due to an increase in raw material costs across all product lines.

'Our third quarter revenue represents another solid quarter, with revenue growing 2.9% over the comparable prior-year period,' said David L. Klenk, Electro-Sensors' president. 'While the macroeconomic environment has certainly become more challenging in recent quarters, our results demonstrate continued success in providing industry-leading sensors and hazard monitoring systems to customers for a broad range of applications.'

A full analysis of results for the period ended September 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 Nine Months Ended September 30, 2022 and 2021 (unaudited) (in thousands except share and per share amounts)

Three Months Ended September 30,

2022

2021

Sales

$

2,216

$

2,154

Cost of goods sold

1,053

950

Gross profit

1,163

1,204

Operating expenses

1,044

1,184

Operating income

119

20

Non-operating income

35

1

Income before income taxes

154

21

Provision for income taxes

32

4

Net income

$

122

$

17

Earnings per share – diluted

$

0.04

$

0.00

Average shares outstanding - diluted

3,482,996

3,439,377

Nine Months Ended September 30,

2022

2021

Sales

$

6,915

$

6,517

Cost of goods sold

3,178

2,947

Gross profit

3,737

3,570

Operating expenses

3,997

3,283

Operating income (loss)

(260)

287

Non-operating income

43

3

Income (loss) before income taxes

(217)

290

Provision for (benefit from) income taxes

(46)

61

Net income (loss)

$

(171)

$

229

Earnings (loss) per share – diluted

$

(0.05)

$

0.07

Average shares outstanding - diluted

3,397,664

3,435,595

Electro-Sensors, Inc. Balance Sheets September 30, 2022 and December 31, 2021 (in thousands)

September 30,

December 31,

2022

2021

Assets

(unaudited)

Current Assets

Cash and investments

$

9,574

$

9,769

Trade receivables, net

1,180

1,005

Inventories

1,790

1,663

Other current assets

231

191

Total current assets

12,775

12,628

Deferred income tax asset, long-term

223

208

Intangible assets, net

0

38

Property and equipment, net

955

1,017

Total assets

$

13,953

$

13,891

Liabilities and Stockholders' Equity

Current Liabilities

Current maturities of financing lease

$

7

$

6

Accounts payable and accrued expenses

893

691

Total current liabilities

900

697

Long-term liabilities

Financing lease, net of current maturities

1

6

Total long-term liabilities

1

6

Stockholders' equity

Common stock

340

339

Additional paid-in capital

2,075

2,041

Retained earnings

10,637

10,808

Total stockholders' equity

13,052

13,188

Total liabilities and stockholders' equity

$

13,953

$

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:
Twitter:
Facebook:

SOURCE Electro-Sensors, Inc.

MENAFN15112022003732001241ID1105183304


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.