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Dienstag,
20.03.2018 20:15
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PR Newswire
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Electro-Sensors, Inc. Announces 2017 Year End Financial Results
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PR Newswire
MINNETONKA, Minn., March 20, 2018
MINNETONKA, Minn., March 20, 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 year ended December 31, 2017.
- Record revenue of $7.8 million
- Revenue growth of 9.3% over 2016
- Gross margin of 54.8%
- Cash and investments of $8.7 million
In thousands, except per share data
| | | FY17 | | FY16 | | Change | |||
| Net Sales | | $ | 7,840 | | $ | 7,174 | | 9.3 | % |
| Gross Margin | | | 54.8 | % | | 54.1 | % | 70 | bps |
| Operating Income | | $ | 410 | | $ | 170 | | 141.2 | % |
| Operating Income Margin | | | 5.2 | % | | 2.3 | % | 290 | bps |
| Income Before Income Taxes | | $ | 458 | | $ | 204 | | 124.5 | % |
| Earning Per Share (diluted) | | $ | 0.09 | | $ | 0.06 | | 50.0 | % |
Net sales during 2017 increased 9.3% to $7,840,000 from $7,174,000 in the prior year. The increase was due primarily to an increase in strategic system orders during the second half of the year.
International markets provided approximately 10% of our 2017 revenue from shipments into over 40 countries. Our 2017 international business grew by 20.4% primarily due to increased sales to customers in Canada.
"We are pleased to report record annual revenue for 2017 driven by improved sales of both our HazardPRO wireless hazard monitoring systems as well as our legacy machine monitoring sensors and systems," said David L. Klenk, Electro-Sensors' president. "Moreover, the increased number of strategic system orders is a good indication that our customers are beginning to commit to larger facility upgrades and plant expansion projects."
A full analysis of results for the year ended December 31, 2017 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, 2017 and 2016 | ||||||
| (in thousands except share and per share amounts) | ||||||
| | ||||||
| | Years Ended December 31, | |||||
| | 2017 | | 2016 | | ||
| Sales | $ | 7,840 | | $ | 7,174 | |
| Cost of goods sold | | 3,541 | | | 3,290 | |
| Gross profit | | 4,299 | | | 3,884 | |
| | | | | | | |
| Operating expenses | | 3,889 | | | 3,714 | |
| | | | | | | |
| Operating income | | 410 | | | 170 | |
| | | | | | | |
| Non-operating income | | 48 | | | 34 | |
| | | | | | | |
| Income before income taxes | | 458 | | | 204 | |
| | | | | | | |
| Income taxes | | 163 | | | 2 | |
| | | | | | | |
| Net income | $ | 295 | | $ | 202 | |
| | | | | | | |
| Earnings per share – diluted | $ | 0.09 | | $ | 0.06 | |
| Average shares outstanding - diluted | | 3,401,017 | | | 3,395,945 | |
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