MINNETONKA, Minn., March 21,
2024 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ:
ELSE), a leading global provider of machine monitoring sensors and
hazard monitoring systems, today announced financial results for
the year ended December 31, 2023.
- Annual revenue of $8.6
million, down 5.2% over prior year
- Gross Margin of 49.6%
- Cash and investments of $9.9
million
Table in thousands, except per share data
|
|
FY22
|
|
FY21
|
|
Change
|
|
Net Sales
|
|
$
|
8,555
|
|
$
|
9,029
|
|
(5.2)
|
%
|
|
Gross Margin
|
|
|
49.6
|
%
|
|
53.6
|
%
|
(400)
|
bps
|
|
Operating Income
(Loss)
|
|
$
|
(28)
|
|
$
|
(37)
|
|
(24.3)
|
%
|
|
Operating Income (Loss)
Margin
|
|
|
(0.4)
|
%
|
|
(0.5)
|
%
|
10
|
bps
|
|
Income Before Income
Taxes
|
|
$
|
378
|
|
$
|
72
|
|
425.0
|
%
|
|
Earnings Per Share
(diluted)
|
|
$
|
0.08
|
|
$
|
0.03
|
|
166.7
|
%
|
Net sales during 2023 decreased 5.2% to $8,555,000 from $9,029,000 in the prior year. The decrease
in sales was proportionally similar for both wired and HazardPRO
wireless sensors and systems. International sales were steady
for the two years at 10.3% of net sales.
"While early in the year, we experienced customers delaying
certain facility upgrades and capital projects, as the year
progressed activity began to increase as projects moved forward,
leading to stronger net sales in the fourth quarter," said
David L. Klenk, Electro-Sensors'
president.
Klenk continued, "Additionally, we were encouraged by several
repeat HazardPRO orders from existing customers eager to upgrade to
our advanced wireless hazard monitoring systems."
A full analysis of results for the year ended December 31, 2023 is available in the Company's
Form 10-K, 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 Years Ended
December 31, 2023 and 2022
(in thousands except share and
per share amounts)
|
|
|
Years Ended December
31,
|
|
|
2023
|
|
2022
|
|
|
Net sales
|
$
|
8,555
|
|
$
|
9,029
|
|
|
Cost of goods
sold
|
|
4,310
|
|
|
4,188
|
|
|
Gross profit
|
|
4,245
|
|
|
4,841
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
4,273
|
|
|
4,878
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(28)
|
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
Non-operating income,
net
|
|
406
|
|
|
109
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
378
|
|
|
72
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
103
|
|
|
(28)
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
275
|
|
$
|
100
|
|
|
|
|
|
|
|
|
|
Earnings per share –
diluted
|
$
|
0.08
|
|
$
|
0.03
|
|
|
Average shares
outstanding - diluted
|
|
3,428,021
|
|
|
3,432,843
|
|
|
Electro-Sensors,
Inc.
Balance Sheets
December 31, 2023 and
2022
(in thousands)
|
|
|
December
31
|
|
|
2023
|
|
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Cash and
investments
|
$
|
9,926
|
|
$
|
9,682
|
|
|
Trade receivables,
net
|
|
1,283
|
|
|
1,161
|
|
|
Inventories
|
|
1,751
|
|
|
1,745
|
|
|
Other current
assets
|
|
179
|
|
|
225
|
|
|
Total current
assets
|
|
13,139
|
|
|
12,813
|
|
|
|
|
|
|
|
|
|
Deferred income tax
asset
|
|
355
|
|
|
256
|
|
|
Property and
equipment, net
|
|
951
|
|
|
975
|
|
|
Total assets
|
$
|
14,445
|
|
$
|
14,044
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Current maturity of
financing lease
|
$
|
0
|
|
$
|
6
|
|
|
Accounts payable and
accrued expenses
|
|
690
|
|
|
624
|
|
|
Total current
liabilities
|
|
690
|
|
|
630
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Common
stock
|
|
342
|
|
|
342
|
|
|
Additional paid-in
capital
|
|
2,230
|
|
|
2,163
|
|
|
Retained
earnings
|
|
11,183
|
|
|
10,908
|
|
|
Other comprehensive
gain
|
|
0
|
|
|
1
|
|
|
Total stockholders'
equity
|
|
13,755
|
|
|
13,414
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
14,445
|
|
$
|
14,044
|
|
2024 Annual Meeting of Shareholders
Our Annual Meeting will be held via live webcast on April 24, 2024 at 2:00 PM
Central Time at
www.virtualshareholdermeeting.com/ELSE2024. Please retain a
copy of the 16 digit Control Number that is printed on your proxy
card as you will need it to enter the Annual Meeting as a verified
shareholder. Shareholders will be able to vote in this
virtual meeting as if they were attending an in-person
meeting. Shareholders may submit questions prior to the start
of the meeting at
https://www.electro-sensors.com/about/investor-info under Investor
Contact - Email Gloria.
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. 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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content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-2023-year-end-financial-results-302096233.html
SOURCE Electro-Sensors, Inc.