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12.11.2019 22:15
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Electro-Sensors, Inc. Announces Third Quarter 2019 Financial Results
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PR Newswire
MINNETONKA, Minn., Nov. 12, 2019
MINNETONKA, Minn., Nov. 12, 2019 /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, 2019.
- Quarterly revenue of $2,049,000, down 4.5% from prior year quarter
- Year-to-date revenue of $6,317,000, up 12% from similar prior year period
- Cash and investments of approximately $8.9 million
Selected Financial Information (unaudited; in thousands, except per share data)
| | Q3 2019 | Q3 2018 | Change | ||||||
| Net Sales | | $ | 2,049 | | $ | 2,146 | | -4.5% | |
| Gross Margin | | | 52.4% | | | 55.7% | | -330 bps | |
| Operating Income (Loss) | | $ | (18) | | $ | 199 | | -109.0% | |
| Operating Income (Loss) Margin | | | (0.9)% | | | 9.3% | | -1020 bps | |
| Income Before Income Taxes | | $ | 25 | | $ | 237 | | -89.5% | |
| Earnings Per Share (diluted) | | $ | .01 | | $ | .06 | | -83.3% | |
Net sales in the second quarter decreased 4.5% to $2,049,000 from $2,146,000 in the prior-year quarter. For the first nine months of 2019, net sales increased 12.0% to $6,317,000 from $5,642,000 for the first nine months of the prior year. The year-to-date increase is primarily due to increased sales of HazardPROTM wireless hazard monitoring systems. In addition, international sales increased 51% for the nine-month period, primarily driven by sales into Canada.
"We are very encouraged by the sales growth of HazardPRO wireless systems," said David L. Klenk, Electro-Sensors' president. "We continue to believe these systems deliver the most advanced hazard monitoring solution at a very competitive overall price point."
A full analysis of results for the period ended September 30, 2019 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. | ||||||
| Statements of Income (Loss) | ||||||
| For the Three and Nine Months Ended September 30, 2019 and 2018 (unaudited) | ||||||
| (in thousands except share and per share amounts) | ||||||
| | ||||||
| | Three Months Ended September 30, | |||||
| | 2019 | | 2018 | | ||
| Sales | $ | 2,049 | | $ | 2,146 | |
| Cost of goods sold | | 975 | | | 951 | |
| Gross profit | | 1,074 | | | 1,195 | |
| | | | | | | |
| Operating expenses | | 1,092 | | | 996 | |
| | | | | | | |
| Operating income (loss) | | (18) | | | 199 | |
| | | | | | | |
| Non-operating income, net | | 43 | | | 38 | |
| | | | | | | |
| Income before income taxes | | 25 | | | 237 | |
| | | | | | | |
| Provision for income taxes | | 6 | | | 50 | |
| | | | | | | |
| Net income | $ | 19 | | $ | 187 | |
| | | | | | | |
| Earnings per share – diluted | $ | 0.01 | | $ | 0.06 | |
| Average shares outstanding - diluted | | 3,398,533 | | | 3,398,238 | |
| | Nine Months Ended September 30, | |||||
| | 2019 | | 2018 | | ||
| Sales | $ | 6,317 | | $ | 5,642 | |
| Cost of goods sold | | 2,941 | | | 2,559 Werbung Mehr Nachrichten zur Electro-Sensors Aktie kostenlos abonnieren
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