Electro-Sensors, Inc. Announces Third Quarter 2023 Financial Results
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E-mail- Quarterly revenue of
$2,057,000 - Gross margin of 48.3%
- Cash and investments of approximately
$9.9 million
Selected Financial Information (unaudited; in thousands, except per share data)
Q3 2023 | Q3 2022 | Change | |||||||
$ | 2,057 | $ | 2,216 | (7.2) | % | ||||
Gross Margin | 48.3 | % | 52.5 | % | -420 | bps | |||
Operating Income (Loss) | $ | (26) | $ | 119 | (121.8) | % | |||
Operating Income Margin | (1.2) | % | 5.4 | % | -660 | bps | |||
Income Before Income Taxes | $ | 83 | $ | 154 | (46.1) | % | |||
Earnings Per Share (diluted) | $ | 0.00 | $ | 0.04 | (100.0) | % | |||
Net sales in the third quarter decreased 7.2% to
"During the third quarter, we experienced decreased sales of our wired sensor products, partially offset by an increase in sales of our wireless hazard monitoring systems," said
A full analysis of results for the period ended
Electro-Sensors, Inc. | ||||||
Statements of Income | ||||||
For the Three and Nine Months End | ||||||
(in thousands except share and per share amounts) | ||||||
Three Months Ended | ||||||
2023 | 2022 | |||||
Sales | $ | 2,057 | $ | 2,216 | ||
Cost of goods sold | 1,064 | 1,053 | ||||
Gross profit | 993 | 1,163 | ||||
Operating expenses | 1,019 | 1,044 | ||||
Operating income (loss) | (26) | 119 | ||||
Non-operating income, net | 109 | 35 | ||||
Income before income taxes | 83 | 154 | ||||
Provision for income taxes | 75 | 32 | ||||
Net income | $ | 8 | $ | 122 | ||
Earnings (loss) per share – diluted | $ | 0.00 | $ | 0.04 | ||
Average shares outstanding - diluted | 3,428,021 | 3,401,880 | ||||
Nine Months Ended | ||||||
2023 | 2022 | |||||
Sales | $ | 6,239 | $ | 6,915 | ||
Cost of goods sold | 3,156 | 3,178 | ||||
Gross profit | 3,083 | 3,737 | ||||
Operating expenses | 3,203 | 3,997 | ||||
Operating income (loss) | (120) | (260) | ||||
Non-operating income, net | 296 | 43 | ||||
Income (loss) before income taxes | 176 | (217) | ||||
Provision for (benefit from) income taxes | 96 | (46) | ||||
Net income (loss) | $ | 80 | $ | (171) | ||
Earnings (loss) per share – diluted | $ | 0.02 | $ | (0.05) | ||
Average shares outstanding - diluted | 3,428,021 | 3,397,664 | ||||
Electro-Sensors, Inc. | ||||||
Balance Sheets | ||||||
(in thousands) | ||||||
2023 | 2022 | |||||
Assets | (unaudited) | |||||
Current Assets | ||||||
Cash and investments | $ | 9,928 | $ | 9,682 | ||
Trade receivables, net | 1,066 | 1,161 | ||||
Inventories | 1,836 | 1,745 | ||||
Other current assets | 415 | 225 | ||||
Total current assets | 13,245 | 12,813 | ||||
Deferred income tax asset, long-term | 198 | 256 | ||||
Property and equipment, net | 907 | 975 | ||||
Total assets | $ | 14,350 | $ | 14,044 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities | ||||||
Current maturities of financing lease | $ | 1 | $ | 6 | ||
Accounts payable and accrued expenses | 820 | 624 | ||||
Total current liabilities | 821 | 630 | ||||
Stockholders' equity | ||||||
Common stock | 342 | 342 | ||||
Additional paid-in capital | 2,201 | 2,163 | ||||
Retained earnings | 10,988 | 10,908 | ||||
Other comprehensive income (loss) | (2) | 1 | ||||
Total stockholders' equity | 13,529 | 13,414 | ||||
Total liabilities and stockholders' equity | $ | 14,350 | $ | 14,044 | ||
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. 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
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/ESIsensors
Facebook: facebook.com/ElectroSensors
View original content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-third-quarter-2023-financial-results-301988018.html
SOURCE Electro-Sensors, Inc.
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