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Electro-Sensors, Inc. Announces 2021 Year-End Financial Results
MINNETONKA, Minn., March 31, 2022 /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 31, 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 year ended December 31, 2021.\nRecord net sales of $8.6 million, up 12.9% over prior yearGross Margin of 54.3%Cash and investments of $9.8 millionTable in thousands, except per share data\nFY21\nFY20\nChange\nNet Sales\n$\n8,607\n$\n7,621\n12.9\n%\nGross Margin\n54.3\n%\n51.6\n%\n270\nbps\nOperating Income (Loss)\n$\n441\n$\n(204)\n316.2\n%\nOperating Income (Loss) Margin\n5.0\n%\n(2.7)\n%\n770\nbps\nIncome (Loss) Before Income Taxes\n$\n459\n$\n(172)\n366.9\n%\nEarnings Per Share (diluted)\n$\n0.12\n$\n(0.04)\n400.0\n%\n \nNet sales during 2021 increased 12.9% to $8,607,000 from $7,621,000 in the prior year. Net sales increased primarily due to domestic orders in agricultural and industrial automation applications.\n\"We are pleased to report we achieved record annual revenue during 2021,\" said David L. Klenk, Electro-Sensors' president. \"Growth during the year was driven by customers moving forward with capacity expansions and facility modernizations.\"\nKlenk continued, \"Following a very difficult period brought on by the COVID-19 pandemic, business conditions are steadily improving, and we are excited to once again be able to travel and meet face to face with our customers.\"\nA full analysis of results for the year ended December 31, 2021 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\nElectro-Sensors, Inc.\nStatements of Income\nFor the Years Ended December 31, 2021 and 2020\n (in thousands except share and per share amounts)\nYears Ended December 31,\n2021\n2020\nNet sales\n$\n8,607\n$\n7,621\nCost of goods sold\n3,930\n3,691\nGross profit\n4,677\n3,930\nOperating expenses\n4,236\n4,134\nOperating income (loss)\n441\n(204)\nNon-operating income, net\n18\n32\nIncome (loss) before income taxes\n459\n(172)\nIncome tax expense (benefit)\n49\n(48)\nNet income (loss)\n$\n410\n$\n(124)\nEarnings (loss) per share – diluted\n$\n0.12\n$\n(0.04)\nAverage shares outstanding - diluted\n3,444,939\n3,395,521\n \nElectro-Sensors, Inc.\nBalance Sheets\nDecember 31, 2021 and 202...