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Mar 26, 2020 1:56 AM ET

Electro-Sensors, Inc. Announces 2019 Year-End Financial Results


iCrowd Newswire - Mar 26, 2020

MINNETONKA, Minn.,– Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2019.

Table in thousands, except per share data

 

FY19

 

FY18

 

Change

Net Sales

$

8,258

 

$

7,495

 

10.2

%

Gross Margin

 

52.9

%

 

54.0

%

-110

bps

Operating Loss

$

(31)

 

$

(145)

 

78.6

%

Operating Loss Margin

 

(0.4)

%

 

(1.9)

%

150

bps

Income (Loss) Before Income Taxes

$

186

 

$

(18)

 

1133.3

%

Earnings Per Share (diluted)

$

0.06

 

$

0.00

 

100.0

%

Net sales during 2019 increased 10.2% to $8,258,000 from $7,495,000 in the prior year.  The increase was due primarily to an increase in sales of our HazardPRO™ wireless hazard monitoring systems.  International markets provided approximately 12% of our 2019 net sales led by improved sales to Brazil.

“We are pleased to announce record annual revenue during 2019,” said David L. Klenk, Electro-Sensors’ president.  “Our growth during the year was largely driven by sales of HazardPRO wireless hazard monitoring systems, including several repeat and multi-system orders from existing customers.”

Klenk continued, “While the COVID-19 outbreak will be an extraordinary challenge in 2020, Electro-Sensors continues to fully operate as we have been recognized as an essential supplier to companies serving the nation’s food supply.”

A full analysis of results for the year ended December 31, 2019 is available in the Company’s Form 10-K, 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 Years Ended December 31, 2019 and 2018

(in thousands except share and per share amounts)

 
 

Years Ended December 31,

 
 

2019

 

2018

 

Net sales

$

8,258

 

$

7,495

 

Cost of goods sold

 

3,892

   

3,448

 

Gross profit

 

4,366

   

4,047

 
             

Operating expenses

 

4,397

   

4,192

 
             

Operating loss

 

(31)

   

(145)

 
             

Non-operating income, net

 

217

   

127

 
             

Income (loss) before income taxes

 

186

   

(18)

 
             

Income tax benefit

 

(1)

   

(8)

 
             

Net income (loss)

$

187

 

$

(10)

 
             

Earnings (loss) per share – diluted

$

0.06

 

$

0.00

 

Average shares outstanding – diluted

 

3,398,035

   

3,395,521

 

Electro-Sensors, Inc.

Balance Sheets

December 31, 2019 and 2018

(in thousands)

 
 

December 31

 
 

2019

 

2018

 

Assets

         
           

Current Assets

           

Cash and investments

$

8,830

 

$

8,799

 

Trade receivables, net

 

1,036

   

896

 

Inventories

 

1,695

   

1,618

 

Other current assets

 

159

   

155

 

Total current assets

 

11,720

   

11,468

 
             

Deferred income tax asset

 

203

   

192

 

Intangible assets, net

 

489

   

565

 

Property and equipment, net

 

1,063

   

1,050

 

Total assets

$

13,475

 

$

13,275

 
             

Liabilities and Stockholders’ Equity

           
             

Current Liabilities

           

Current maturity of financing lease

$

5

 

$

5

 

Accounts payable and accrued expenses

 

560

   

521

 

Total current liabilities

 

565

   

526

 
             

Long-term liabilities

           

Financing lease, net of current maturities

 

19

   

24

 

Total long-term liabilities

 

19

   

24

 
             

Stockholders’ equity

           

Common stock

 

339

   

339

 

Additional paid-in capital

 

2,030

   

2,019

 

Retained earnings

 

10,522

   

10,335

 

Other comprehensive gain

 

0

   

32

 

Total stockholders’ equity

 

12,891

   

12,725

 
             

Total liabilities and stockholders’ equity

$

13,475

 

$

13,275

 

2020 Annual Meeting of Shareholders

Normally, our annual meeting is held the third week of April.  Due to the outbreak of COVID-19, we are scheduling our annual meeting for early in the third quarter.  The date and location for our Annual Meeting of Shareholders will be announced via our proxy statement to be filed late April and on our corporate website www.electro-sensors.com.

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.



Contact Information:

Electro-Sensors, Inc.








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