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11.05.2017 22:05
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Electro-Sensors, Inc. Announces First Quarter 2017 Financial Results
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PR Newswire
MINNETONKA, Minn., May 11, 2017
MINNETONKA, Minn., May 11, 2017 /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, 2017.
- First quarter revenue of $1,650,000
- Gross Margin of 54.5%
- Cash, cash equivalents and treasury bills of approximately $8.1 million
Consolidated (Unaudited; in thousands, except per share data)
| | | Q1 FY17 | | Q1 FY16 | | Change | |||
| Net Sales | | $ | 1,650 | | $ | 1,716 | | -3.8 | % |
| Gross Margin | | | 54.5 | % | | 54.4 | % | 10 | bps |
| Operating Loss | | $ | (143) | | $ | (148) | | 3.4 | % |
| Operating Loss Margin | | | (8.6) | % | | (8.6) | % | 0 | bps |
| Loss Before Income Taxes | | $ | (132) | | $ | (135) | | 2.2 | % |
| Loss Per Share (diluted) | | $ | (.02) | | $ | (.03) | | 33.3 | % |
Net sales for the 2017 first quarter decreased 3.8% to $1,650,000 from $1,716,000 in the prior-year quarter. The quarterly decrease was primarily due to lower sales in the northwestern and northcentral US regions, as well as a lower number of large orders. The decrease was partially offset by growth in international sales led by increased system and OEM sales in Canada, along with stronger performance in non-agricultural general manufacturing markets.
"Although our 2017 first quarter revenue was slightly below the prior year comparable period, we are encouraged that our large order performance during the quarter increased approximately 20% as compared to the fourth quarter of 2016," said David L. Klenk, Electro-Sensors' president.
A full analysis of results for the period ended March 31, 2017 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, 2017 and 2016 (unaudited) | ||||||||
| (in thousands except share and per share amounts) | ||||||||
| | ||||||||
| | Three Months Ended March 31 | | ||||||
| | 2017 | | 2016 | | ||||
| Sales | $ | 1,650 | | $ | 1,716 | | ||
| Cost of goods sold | | 751 | | | 782 | | ||
| Gross profit | | 899 | | | 934 | | ||
| | | | | | | | ||
| Operating expenses | | 1,042 | | | 1,082 | | ||
| | | | | | | | ||
| Operating loss | | (143) | | | (148) | | ||
| | | | | | | | ||
| Non-operating income, net | | 11 | | | 13 | | ||
| | | | | | | | ||
| Loss before income taxes | | (132) | | | (135) | | ||
| | | | | | | | ||
| Benefit from income taxes | | (48) | | | (46) | | ||
| | | | | | | | ||
| Net loss | $ | (84) | | $ | (89) | | ||
| | | | | | | | ||
| Loss per share – diluted | $ | (0.02) | | $ | (0.03) | | ||
| Average shares outstanding - diluted | | 3,395,521 | | | 3,395,521 | | ||
| | | | | | | | ||
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