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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.
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First quarter revenue of $2,244,000, up 9.7% from prior year-period
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Gross Margin of 48.1%
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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™ 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 | | ||
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| 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 | |
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| | | | | | | |
| | | | | | | |
| 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 | |