Electro-Sensors, Inc. Announces 2015 Year End Financial Results - Electro-Sensors (NASDAQ:ELSE)

MINNETONKA, Minn., March 15, 2016 /PRNewswire/ -- Electro-Sensors, Inc. ELSE, a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2015.

Record annual revenue for 2015
Annual sales up 8.5%
20+ HazardPRO™ systems delivered

Consolidated (in thousands, except per share data)

	FY15			FY14			Change
Net Sales	$	7,636		$	7,041		8.5	%
Gross Margin		55.3	%		58.0	%	-270	bps
Operating Income	$	290		$	391		-25.8	%
Operating Income Margin		3.7	%		5.5	%	-180	bps
Income Before Income Taxes	$	1,744		$	1,554		12.2	%
Earning Per Share (diluted)	$	0.33		$	0.30		10.0	%

Net sales during 2015 increased 8.5% to $7,636,000 from $7,041,000 in the prior year. The increase was primarily due to sales of our new HazardPRO wireless hazard monitoring systems which began shipping in the second quarter of 2015. International markets provided over 13% of our 2015 revenue from shipments into 45 countries.

"We are excited to announce record annual revenue for 2015, especially given the tumultuous economic conditions and market dynamics that developed during the latter part of the year," said David L. Klenk, Electro-Sensors' president. "Moreover, we are very pleased with the initial customer response to our new HazardPRO wireless hazard monitoring products."

A full analysis of results for the year ended December 31, 2015 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. Consolidated Statements of Income For the Years Ended December 31, 2015 and 2014 (in thousands except share and per share amounts)

	Years Ended December 31,
	2015		2014
Sales	$	7,636	$	7,041
Cost of goods sold		3,410		2,955
Gross profit		4,226		4,086

Operating expenses		3,936		3,695

Operating income		290		391

Non-operating income		1,454		1,163

Income before income taxes		1,744		1,554

Income taxes		530		460

Net income	$	1,214	$	1,094

Earnings per share – diluted	$	0.33	$	0.30
Average shares outstanding - diluted		3,653,021		3,654,382

Electro-Sensors, Inc. Consolidated Balance Sheets December 31, 2015 and 2014 (in thousands)

	December 31
	2015		2014
Assets

Current Assets
Cash and investments	$	8,441	$	8,988
Trade receivables, net		689		738
Inventories		1,564		1,224
Other current assets		184		163
Total current assets		10,878		11,113

Deferred income tax asset, long-term		170		0
Intangible assets, net		1,270		1,505
Property and equipment, net		1,103		1,146
Total assets	$	13,421	$	13,764

Liabilities and Stockholders' Equity

Current Liabilities
Current maturities of note payable	$	390	$	381
Accounts payable and accrued expenses		536		600
Total current liabilities		926		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		1,879		1,816
Retained earnings		9,855		8,641
Other comprehensive income		(33)		734
Total stockholders' equity		12,040		11,530

Total liabilities and stockholders' equity	$	13,421	$	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

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SOURCE Electro-Sensors, Inc.

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