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Electro-Sensors, Inc. Announces 2023 Year-End Financial Results
MINNETONKA, Minn., March 21, 2024 /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 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.\n\nAnnual revenue of $8.6 million, down 5.2% over prior yearGross Margin of 49.6%Cash and investments of $9.9 millionTable in thousands, except per share data\nFY22\nFY21\nChange\nNet Sales\n$\n8,555\n$\n9,029\n(5.2)\n%\nGross Margin\n49.6\n%\n53.6\n%\n(400)\nbps\nOperating Income (Loss)\n$\n(28)\n$\n(37)\n(24.3)\n%\nOperating Income (Loss) Margin\n(0.4)\n%\n(0.5)\n%\n10\nbps\nIncome Before Income Taxes\n$\n378\n$\n72\n425.0\n%\nEarnings Per Share (diluted)\n$\n0.08\n$\n0.03\n166.7\n%\nNet sales during 2023 decreased 5.2% to $8,555,000 from $9,029,000 in the prior year. The decrease in sales was proportionally similar for both wired and HazardPRO wireless sensors and systems. International sales were steady for the two years at 10.3% of net sales.\n\"While early in the year, we experienced customers delaying certain facility upgrades and capital projects, as the year progressed activity began to increase as projects moved forward, leading to stronger net sales in the fourth quarter,\" said David L. Klenk, Electro-Sensors' president.\nKlenk continued, \"Additionally, we were encouraged by several repeat HazardPRO orders from existing customers eager to upgrade to our advanced wireless hazard monitoring systems.\"\nA full analysis of results for the year ended December 31, 2023 is available in the Company's Form 10-K, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.Statements of IncomeFor the Years Ended December 31, 2023 and 2022(in thousands except share and per share amounts)\nYears Ended December 31,\n2023\n2022\nNet sales\n$\n8,555\n$\n9,029\nCost of goods sold\n4,310\n4,188\nGross profit\n4,245\n4,841\nOperating expenses\n4,273\n4,878\nOperating loss\n(28)\n(37)\nNon-operating income, net\n406\n109\nIncome before income taxes\n378\n72\nIncome tax expense (benefit)\n103\n(28)\nNet income \n$\n275\n$\n100\nEarnings per share – diluted\n$\n0.08\n$\n0.03\nAverage shares outstanding - diluted\n3,428,021\n3,432,843\n \nElectro-Sensors, Inc.Balance SheetsDecemb...