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Electro-Sensors, Inc. Announces 2022 Year-End Financial Results
MINNETONKA, Minn., March 17, 2023 /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 17, 2023 /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, 2022.\nRecord annual revenue of $9.0 million, up 4.9% over prior yearGross Margin of 53.6%Cash and investments of $9.7 millionTable in thousands, except per share data\nFY22\nFY21\nChange\nNet Sales\n$\n9,029\n$\n8,607\n4.9\n%\nGross Margin\n53.6\n%\n54.3\n%\n(70)\nbps\nOperating Income (Loss)\n$\n(37)\n$\n441\n(108.4)\n%\nOperating Income (Loss) Margin\n(0.5)\n%\n5.0\n%\n(550)\nbps\nIncome Before Income Taxes\n$\n72\n$\n459\n(84.3)\n%\nEarnings Per Share (diluted)\n$\n0.03\n$\n.12\n(75.0)\n%\n \nNet sales during 2022 increased 4.9% to $9,029,000 from $8,607,000 in the prior year. Sales growth for the year was driven primarily by increased domestic sales for agricultural and industrial automation applications.\n\"We are pleased to report record annual revenue for 2022,\" said David L. Klenk, Electro-Sensors' president. \"Our growth was driven by increased sales of both our traditional wired sensor products and our HazardPROTM wireless monitoring systems.\"\nKlenk continued, \"While significant supply chain disruptions continued during the year, our team did an excellent job addressing these challenges to deliver strong results.\"\nA full analysis of results for the year ended December 31, 2022 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.\nStatements of Income\nFor the Years Ended December 31, 2022 and 2021 (in thousands except share and per share amounts)\nYears Ended December 31, \n2022\n2021\nNet sales\n$\n9,029\n$\n8,607\nCost of goods sold\n4,188\n3,930\nGross profit\n4,841\n4,677\nOperating expenses\n4,878\n4,236\nOperating income (loss)\n(37)\n441\nNon-operating income, net\n109\n18\nIncome before income taxes\n72\n459\nIncome tax expense (benefit)\n(28)\n49\nNet income \n$\n100\n$\n410\nEarnings per share – diluted\n$\n0.03\n$\n0.12\nAverage shares outstanding - diluted\n3,432,843\n3,444,939\n \nElectro-Sensors, Inc.\nBalance Sheets\nDecember 31, 2022 and 2021\n(in thousands)\nDecember 31\n2022\n2021\nAssets\nCur...