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Electro-Sensors, Inc. Announces Second Quarter 2022 Financial Results

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MINNETONKA, Minn., Aug. 2, 2022 /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, 2022.

  • Record quarterly revenue of $2,564,000

  • Gross margin of 54.9%

  • Cash and investments of approximately $9.5 million

 

Selected Financial Information (unaudited; in thousands, except per share data)



Q2 2022

Q2 2021

Change

Net Sales


$

2,564


$

2,462


4.1

%

Gross Margin



54.9

%


55.9

%

-100

bps

Operating Income (Loss)


$

(365)


$

271


(234.7)

%

Operating Income Margin



(14.3)

%


11.0

%

-2530

bps

Income (Loss) Before Income Taxes


$

(358)


$

271


(232.1)

%

Earnings Per Share (diluted)


$

(.08)


$

.06


(233.3)

%

 

Net sales in the second quarter increased 4.1% to $2,564,000 from $2,462,000 in the prior-year quarter.  For the first six months of 2022, net sales increased 7.7% to $4,669,000 from $4,363,000 for the first six months of the prior year.  Furthermore, gross margin for the 2022 six-month period was 54.8%, up from 54.2% in the corresponding six months in 2021, primarily due to improved factory utilization.

"During the second quarter, we achieved record quarterly revenue, driven by broad-based strength in agricultural applications, including commodity refining and biofuels," said David L. Klenk, Electro-Sensors' president. "Furthermore, we are excited to have announced during the quarter that we have entered into a definitive agreement to merge with Mobile X Global, Inc."

A full analysis of results for the period ended June 30, 2022 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, 2022 and 2021 (unaudited)

(in thousands except share and per share amounts)




Three Months Ended June 30,


2022


2021


Sales

$

2,564


$

2,462


Cost of goods sold


1,156



1,086


Gross profit


1,408



1,376









Operating expenses


1,773



1,105









Operating income (loss)


(365)



271









Non-operating income


7



0









Income (loss) before income taxes


(358)



271









Provision for (benefit from) income taxes


(74)



57









Net income (loss)

$

(284)


$

214









Earnings (loss) per share – diluted

$

(0.08)


$

0.06


Average shares outstanding - diluted


3,395,521



3,413,444


 


Six Months Ended June 30,


2022


2021


Sales

$

4,699


$

4,363


Cost of goods sold


2,125



1,997


Gross profit


2,574



2,366









Operating expenses


2,953



2,099









Operating income (loss)


(379)



267









Non-operating income


8



2









Income (loss) before income taxes


(371)



269









Provision for (benefit from) income taxes


(78)



57









Net income (loss)

$

(293)


$

212









Earnings (loss) per share – diluted

$

(0.09)


$

0.06


Average shares outstanding - diluted


3,395,521



3,433,609


 

Electro-Sensors, Inc.

Balance Sheets

June 30, 2022 and December 31, 2021

(in thousands)



June 30,


December 31,



2022


2021


Assets

(unaudited)











Current Assets







Cash and investments

$

9,481


$

9,769


Trade receivables, net


1,323



1,005


Inventories


1,720



1,663


Other current assets


252



191


Total current assets


12,776



12,628









Deferred income tax asset, long-term


226



208


Intangible assets, net


13



38


Property and equipment, net


981



1,017


Total assets

$

13,996


$

13,891









Liabilities and Stockholders' Equity














Current Liabilities







Current maturities of financing lease

$

6


$

6


Accounts payable and accrued expenses


1,088



691


Total current liabilities


1,094



697









Long-term liabilities







Financing lease, net of current maturities


3



6


Total long-term liabilities


3



6









Stockholders' equity







Common stock


339



339


Additional paid-in capital


2,043



2,041


Retained earnings


10,515



10,808


Other comprehensive gain


2



0


Total stockholders' equity


12,899



13,188









Total liabilities and stockholders' equity

$

13,996


$

13,891


 

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

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View original content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-second-quarter-2022-financial-results-301598480.html

SOURCE Electro-Sensors, Inc.