MINNETONKA, Minn., Nov. 10, 2015 /PRNewswire/ -- Electro-Sensors, Inc. ELSE, a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the third quarter ended September 30, 2015.
- Record quarterly revenue for the 2015 third quarter
- Year-to-date sales up 12.8%
- Third quarter international sales increased 25%
- Third quarter operating income increased 30.7%
|
Consolidated (unaudited; in thousands, except per share data) | |||||||||
|
Q3 FY15 |
Q3 FY14 |
Change | |||||||
|
Net Sales |
$ |
2,132 |
$ |
1,917 |
11.2 |
% | |||
|
Gross Margin |
56.8 |
% |
59.8 |
% |
-300 |
bps | |||
|
Operating Income |
$ |
294 |
$ |
225 |
30.7 |
% | |||
|
Operating Income Margin |
13.7 |
% |
11.7 |
% |
200 |
bps | |||
|
Income Before Income Taxes |
$ |
299 |
$ |
481 |
-37.8 |
% | |||
|
Earning Per Share (diluted) |
$ |
.05 |
$ |
.09 |
-44.4 |
% | |||
Net sales in the 2015 third quarter increased 11.2% to $2,132,000 from $1,917,000 in the prior-year quarter. The quarterly increase was due to strong performance in the eastern region of the U.S. and a 25% growth in international sales. Operating income increased 30.7% to $294,000 from $225,000.
For the first nine months of 2015, net sales increased 12.8% to $6,065,000 from $5,379,000 for the first nine months of the prior year. The increase was due to strong international growth, with a 29% increase in sales to Mexico and Canada. Operating income increased 14.1% to $454,000 from $398,000.
"We are pleased to report another strong quarter of double-digit revenue growth and improved operating income as our customers continue to select our legacy monitoring solutions and adopt our new wireless hazard monitoring systems," said Electro-Sensors President David L. Klenk.
A full analysis of results for the period ended September 30, 2015 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 Three and Nine Months Ended September 30, 2015 and 2014 (unaudited) (in thousands except share and per share amounts) | ||||||
|
Three Months Ended September 30 |
||||||
|
2015 |
2014 |
|||||
|
Sales |
$ |
2,132 |
$ |
1,917 |
||
|
Cost of goods sold |
920 |
770 |
||||
|
Gross profit |
1,212 |
1,147 |
||||
|
Operating expenses |
918 |
922 |
||||
|
Operating income |
294 |
225 |
||||
|
Non-operating income |
5 |
256 |
||||
|
Income before income taxes |
299 |
481 |
||||
|
Income taxes |
104 |
168 |
||||
|
Net income |
$ |
195 |
$ |
313 |
||
|
Earnings per share – diluted |
$ |
0.05 |
$ |
0.09 |
||
|
Average shares outstanding - diluted |
3,653,021 |
3,658,751 |
||||
|
Nine Months Ended September 30 |
||||||
|
2015 |
2014 |
|||||
|
Sales |
$ |
6,065 |
$ |
5,379 |
||
|
Cost of goods sold |
2,665 |
2,246 |
||||
|
Gross profit |
3,400 |
3,133 |
||||
|
Operating expenses |
2,946 |
2,735 |
||||
|
Operating income |
454 |
398 |
||||
|
Non-operating income |
1,457 |
1,009 |
||||
|
Income before income taxes |
1,911 |
1,407 |
||||
|
Income taxes |
667 |
492 |
||||
|
Net income |
$ |
1,244 |
$ |
915 |
||
|
Earnings per share – diluted |
$ |
0.34 |
$ |
0.25 |
||
|
Average shares outstanding - diluted |
3,653,021 |
3,652,761 |
||||
|
Electro-Sensors, Inc. Consolidated Balance Sheets September 30, 2015 and December 31, 2014 (in thousands) | |||||
|
September 30 |
December 31 | ||||
|
2015 |
2014 | ||||
|
Assets |
(unaudited) |
||||
|
Current Assets |
|||||
|
Cash and investments |
$ |
8,576 |
$ |
8,988 | |
|
Trade receivables, net |
916 |
738 | |||
|
Inventories |
1,558 |
1,224 | |||
|
Other current assets |
187 |
163 | |||
|
Total current assets |
11,237 |
11,113 | |||
|
Deferred income tax asset, long-term |
102 |
0 | |||
|
Intangible assets, net |
1,329 |
1,505 | |||
|
Property and equipment, net |
1,076 |
1,146 | |||
|
Total assets |
$ |
13,744 |
$ |
13,764 | |
|
Liabilities and Stockholders' Equity |
|||||
|
Current Liabilities |
|||||
|
Current maturities of note payable |
$ |
390 |
$ |
381 | |
|
Accounts payable and accrued expenses |
845 |
600 | |||
|
Total current liabilities |
1,235 |
981 | |||
|
Long-term liabilities |
|||||
|
Note payable – long term |
0 |
390 | |||
|
Other long-term liabilities |
455 |
863 | |||
|
Total long-term liabilities |
455 |
1,253 | |||
|
Stockholders' equity |
|||||
|
Common stock |
339 |
339 | |||
|
Additional paid-in capital |
1,863 |
1,816 | |||
|
Retained earnings |
9,885 |
8,641 | |||
|
Other comprehensive income |
(33) |
734 | |||
|
Total stockholders' equity |
12,054 |
11,530 | |||
|
Total liabilities and stockholders' equity |
$ |
13,744 |
$ |
13,764 | |
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and hazard monitoring systems applied across multiple industries and applications. These products improve manufacturing processes by safeguarding systems, reducing unplanned downtime, and improving operational efficiencies. Many standard products ship within one to two days and have an industry-leading 5-year warranty. Electro-Sensors is proud to be an ISO9001:2008 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 many 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/ESIsensors
Google+: google.com/+Electro-sensors
Facebook: facebook.com/ElectroSensors
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/electro-sensors-inc-announces-third-quarter-2015-financial-results-300176199.html
SOURCE Electro-Sensors, Inc.
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