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Electro-Sensors, Inc. Announces First Quarter 2019 Financial Results

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MINNETONKA, Minn., May 13, 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 first quarter ended March 31, 2019.

  • Record first quarter revenue of $2,008,000, up 17% from prior-year quarter
  • Gross Margin of 53.1%
  • Cash and investments of approximately $8.7 million

Unaudited; in thousands, except per share data



Q1 FY19


Q1 FY18


Change

Net Sales


$

2,008


$

1,716


17.0

%

Gross Margin



53.1

%


53.4

%

-3

bps

Operating Loss


$

(86)


$

(281)


69.4

%

Operating Loss Margin



(4.3)

%


(16.3)

%

120.0

bps

Loss Before Income Tax Benefit


$

(40)


$

(256)


84.4

%

Loss Per Share (diluted)


$

(.01)


$

(.06)


83.3

%

Net sales for the 2019 first quarter increased 17.0% to $2,008,000 from $1,716,000 in the prior-year quarter.  The increase was primarily driven by an increase in the number of large orders and the greater average value of those orders.

"It was exciting to see customers begin purchasing sensors and monitoring equipment for their spring facility expansion and modernization projects," said David L. Klenk, Electro-Sensors' president. "Furthermore, during the first quarter we shipped our first HazardPRO wireless hazard monitoring system for a frac sand application, a result of our efforts to pursue new and emerging markets for our wireless monitoring systems."

A full analysis of results for the period ended March 31, 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.

Consolidated Statements of Income

For the Quarter Ended March 31, 2019 and 2018 (unaudited)

(in thousands except share and per share amounts)



Three Months Ended March 31


2019


2018

Sales

$

2,008


$

1,716

Cost of goods sold


941



800

Gross profit


1,067



916







Operating expenses


1,153



1,197







Operating loss


(86)



(281)







Non-operating income


46



25







Loss before income taxes


(40)



(256)







Benefit from income taxes


(9)



(54)







Net loss

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