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Electro-Sensors, Inc. Announces First Quarter 2019 Financial Results
MINNETONKA, Minn., May 13, 2019 /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., May 13, 2019 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the first quarter ended March 31, 2019.\nRecord first quarter revenue of $2,008,000, up 17% from prior-year quarter Gross Margin of 53.1% Cash and investments of approximately $8.7 millionUnaudited; in thousands, except per share data\nNet sales for the 2019 first quarter increased 17.0% to $2,008,000 from $1,716,000 in the prior-year quarter. The increase was primarily driven by an increase in the number of large orders and the greater average value of those orders.\n\"It was exciting to see customers begin purchasing sensors and monitoring equipment for their spring facility expansion and modernization projects,\" said David L. Klenk, Electro-Sensors' president. \"Furthermore, during the first quarter we shipped our first HazardPRO™ wireless hazard monitoring system for a frac sand application, a result of our efforts to pursue new and emerging markets for our wireless monitoring systems.\"\nA full analysis of results for the period ended March 31, 2019 is available in the Company's Form 10-Q, 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 \nAbout Electro-Sensors\nElectro-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. Most standard products ship within one to two days and have an industry-leading 5-year warranty. 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.\nCautionary Statement Regarding Forward Looking Statements\nThis press release may include statements about possible or anticipated future financial performance, ...