Electro-Sensors, Inc. Announces Second Quarter 2019 Financial Results
MINNETONKA, Minn., Aug. 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 second quarter ended June 30, 2019.
- Quarterly revenue of $2,260,000, up 27% from prior-year quarter
- Gross margin of 54.6%
- Cash and investments of approximately $8.8 million
Selected Financial Information (unaudited; in thousands, except per share data)
|
Q2 2019 |
Q2 2018 |
Change |
|||||||
|
Net Sales |
$ |
2,260 |
$ |
1,780 |
27.0 |
% |
|||
|
Gross Margin |
54.6 |
% |
54.6 |
% |
0 |
bps |
|||
|
Operating Income (Loss) |
$ |
88 |
$ |
(75) |
217 |
% |
|||
|
Operating Income (Loss) Margin |
3.9 |
% |
(4.2) |
% |
81 |
bps |
|||
|
Income (Loss) Before Income Taxes |
$ |
131 |
$ |
(48) |
372.9 |
% |
|||
|
Earning (Loss) Per Share (diluted) |
$ |
.03 |
$ |
(.01) |
400.0 |
% |
|||
Net sales in the second quarter increased 27.0% to $2,260,000 from $1,780,000 in the prior-year quarter. For the first six months of 2019, net sales increased 22.1% to $4,268,000 from $3,496,000 for the first six months of the prior year. International sales in the second quarter of 2019 increased to 13.8% of sales, compared to 7.4% of sales in the corresponding quarter in 2018, primarily driven by stronger sales in Brazil.
"Revenue growth during the quarter was largely driven by projects in grain, feed and milling markets," said David L. Klenk, Electro-Sensors' president. "Additionally, the increase in the second quarter was in both our traditional monitoring products and HazardPROTM wireless system sales."
A full analysis of results for the period ended June 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 |
||||||
|
For the Three and Six Months Ended June 30, 2019 and 2018 (unaudited) |
||||||
|
(in thousands except share and per share amounts) |
||||||
|
Three Months Ended June 30, |
||||||
|
2019 |
2018 |
|||||
|
Sales |
$ |
2,260 |
$ |
1,780 |
||
|
Cost of goods sold |
1,025 |
808 |
||||
|
Gross profit |
1,235 |
972 |
||||
|
Operating expenses |
1,147 |
1,047 |
||||
|
Operating income (loss) |
88 |
(75) |
||||
|
Non-operating income |
43 |
27 |
||||
|
Income (loss) before income taxes |
131 |
(48) |
||||
|
Provision for (benefit from) income taxes |
28 |
(5) |
||||
|
Net income (loss) |
$ |
103 |
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