Business
Electro-Sensors, Inc. Announces 2019 Year-End Financial Results
MINNETONKA, Minn., March 25, 2020 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard
About this update from Electro-sensors, Inc.
[{"type":"text","content":"MINNETONKA, Minn., March 25, 2020 /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, 2019.\nRecord annual net sales of over $8.2 million, up 10% from prior year Net income of $187,000, or $0.06 per share Cash and investments of $8.8 millionTable in thousands, except per share data\nFY19\nFY18\nChange\nNet Sales\n$\n8,258\n$\n7,495\n10.2\n%\nGross Margin\n52.9\n%\n54.0\n%\n-110\nbps\nOperating Loss\n$\n(31)\n$\n(145)\n78.6\n%\nOperating Loss Margin\n(0.4)\n%\n(1.9)\n%\n150\nbps\nIncome (Loss) Before Income Taxes\n$\n186\n$\n(18)\n1133.3\n%\nEarnings Per Share (diluted)\n$\n0.06\n$\n0.00\n100.0\n%\nNet sales during 2019 increased 10.2% to $8,258,000 from $7,495,000 in the prior year. The increase was due primarily to an increase in sales of our HazardPRO™ wireless hazard monitoring systems. International markets provided approximately 12% of our 2019 net sales led by improved sales to Brazil.\n\"We are pleased to announce record annual revenue during 2019,\" said David L. Klenk, Electro-Sensors' president. \"Our growth during the year was largely driven by sales of HazardPRO wireless hazard monitoring systems, including several repeat and multi-system orders from existing customers.\"\nKlenk continued, \"While the COVID-19 outbreak will be an extraordinary challenge in 2020, Electro-Sensors continues to fully operate as we have been recognized as an essential supplier to companies serving the nation's food supply.\"\nA full analysis of results for the year ended December 31, 2019 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.\nStatements of Income\nFor the Years Ended December 31, 2019 and 2018\n(in thousands except share and per share amounts)\nYears Ended December 31,\n2019\n2018\nNet sales\n$\n8,258\n$\n7,495\nCost of goods sold\n3,892\n3,448\nGross profit\n4,366\n4,047\nOperating expenses\n4,397\n4,192\nOperating loss\n(31)\n(145)\nNon-operating income, net\n217\n127\nIncome (loss) before income taxes\n186\n(18)\nIncome tax benefit\n(1)\n(8)\nNet income (loss)\n$\n187\n$\n(10)\nEarnings (loss) per share –...