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

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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


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