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Electro-Sensors, Inc. Announces First Quarter 2021 Financial Results

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MINNETONKA, Minn., May 13, 2021 /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, 2021.

  • First quarter revenue of $1,901,000, down 1.1% from prior year-period

  • Gross Margin of 52.1%

  • Cash and investments of approximately $9.1 million

Unaudited; in thousands, except per share data



Q1 FY21


Q1 FY20


Change

Net Sales


$

1,901


$

1,923


-1.1

%

Gross Margin



52.1

%


52.0

%

10

bps

Operating Loss


$

(4)


$

(141)


97.2

%

Operating Loss Margin



(0.2)

%


(7.3)

%

710.0

bps

Loss Before Income Tax Benefit


$

(2)


$

(110)


98.2

%

Loss Per Share (diluted)


$

0.00


$

(0.03)


100.0

%

Net sales for the 2021 first quarter decreased 1.1% to $1,901,000 from $1,923,000 in the prior-year quarter. Correspondingly, operating expenses have been reduced, leading to a smaller net loss in the first quarter of 2021 compared to the net loss in the similar period during 2020.

"While COVID-19 continues to impact our business, during the first quarter we were encouraged with increases in international sales as well as gains from our HazardPRO line of wireless hazard monitoring systems," said David L. Klenk, Electro-Sensors' president. "Additionally, as travel restrictions are gradually beginning to lift, our ability to visit customers for sales and service has improved, leading to closer engagements with our customers."

A full analysis of results for the period ended March 31, 2021 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, 2021 and 2020 (unaudited)

(in thousands except share and per share amounts)



Three Months Ended March 31


2021


2020

Sales

$

1,901


$

1,923

Cost of goods sold


911



924

Gross profit


990



999







Operating expenses


994



1,140







Operating loss


(4)



(141)







Non-operating income


2



31







Loss before income taxes


(2)



(110)







Benefit from income taxes


0



(19)







Net loss

$

(2)


$

(91)







Loss per share – diluted

$

0.00


$

(0.03)

Average shares outstanding -
diluted


3,395,521



3,395,521




Electro-Sensors, Inc.

Consolidated Balance Sheets

March 31, 2021 and December 31, 2020

(in thousands)



March 31


December 31


2021


2020

Assets

(unaudited)







Current Assets






Cash and investments

$

9,087


$

9,131

Trade receivables, net


1,209



957

Inventories


1,568



1,572

Other current assets


225



196

Total current assets


12,089



11,856







Deferred income tax asset, long-term


253



246

Intangible assets, net


163



228

Property and equipment, net


964



989

Total assets

$

13,469


$

13,319



















Liabilities and Stockholders' Equity












Current Liabilities






Current maturities of financing lease

$

6


$

6

Accounts payable and accrued expenses


679



527

Total current liabilities


685



533







Long-term liabilities






Financing lease, net of current maturities


11



12

Total long-term liabilities


11



12







Stockholders' equity






Common stock


339



339

Additional paid-in capital


2,037



2,036

Retained earnings


10,396



10,398

Other comprehensive gain


1



1

Total stockholders' equity


12,773



12,774







Total liabilities and stockholders' equity

$

13,469


$

13,319

About Electro-Sensors

Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Most standard products ship within one to two days and have an industry-leading 5-year warranty. Electro-Sensors is proud to be an ISO9001:2015 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 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
Facebook: facebook.com/ElectroSensors

Cision
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View original content:http://www.prnewswire.com/news-releases/electro-sensors-inc-announces-first-quarter-2021-financial-results-301291327.html

SOURCE Electro-Sensors, Inc.