Electro-Sensors, Inc. Announces Third Quarter 2018 Financial Results

MINNETONKA, Minn., Nov. 13, 2018 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the third quarter ended September 30, 2018.

• Third quarter revenue of $2,146,000, up 3.3% from prior year quarter
• Gross margin of 55.7%
• Cash and investments of approximately $8.6 million

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

Net sales in the third quarter increased 3.3% to $2,146,000 from $2,078,000 in the prior-year quarter.  For the first nine months of 2018, net sales decreased 7.1% to $5,642,000 from $6,075,000 for the first nine months of the prior year. The increase in the third quarter was primarily due to an increase in the number of orders in excess of $5,000 and a 31% increase in international sales.  The increase in international sales was driven by increased activity in South America.

"We are pleased to announce revenue growth during the quarter as customers moved forward with strategic projects for facility improvements and capacity expansion.  Our improved large order performance and growth in international sales combined to deliver these strong results," said Electro-Sensors President David L. Klenk.

A full analysis of results for the period ended September 30, 2018 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.

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 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: www.electro-sensors.com. Also look us up on: LinkedIn: linkedin.com/company/electro-sensors-inc-Twitter: twitter.com/ESIsensorsGoogle+: google.com/+Electro-sensorsFacebook: facebook.com/ElectroSensors

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SOURCE Electro-Sensors, Inc.