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Electro-Sensors, Inc. Announces First Quarter 2020 Financial Results
MINNETONKA, Minn., May 11, 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., May 11, 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 first quarter ended March 31, 2020.\nFirst quarter revenue of $1,923,000, down 4.2% from prior year period Gross Margin of 52.0% Cash and investments of approximately $8.9 millionUnaudited; in thousands, except per share data\nQ1 FY20\nQ1 FY19\nChange\nNet Sales\n$\n1,923\n$\n2,008\n-4.2\n%\nGross Margin\n52.0\n%\n53.1\n%\n-11\nbps\nOperating Loss\n$\n(141)\n$\n(86)\n64.0\n%\nOperating Loss Margin\n(7.3)\n%\n(4.3)\n%\n-30.0\nbps\nLoss Before Income Tax Benefit\n$\n(110)\n$\n(40)\n175.0\n%\nLoss Per Share (diluted)\n$\n(.03)\n$\n(.01)\n200.0\n%\nNet sales for the 2020 first quarter decreased 4.2% to $1,923,000 from $2,008,000 in the prior-year quarter. The decrease is partially due to the impact of the COVID-19 pandemic. As the quarter progressed, sales became less predictable as many of our customers were increasingly impacted by the outbreak.\n\"As the COVID-19 situation developed during the quarter, we were named an essential supplier by many of our customers, particularly in various agricultural and food supply industries,\" said David L. Klenk, Electro-Sensors' president. \"Now more than ever, our customers are looking for Electro-Sensors to deliver critical sales and service as they strive to keep the nation's food supply healthy, safe, and operating efficiently.\"\nA full analysis of results for the period ended March 31, 2020 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.\nConsolidated Statements of Income\nFor the Quarter Ended March 31, 2020 and 2019 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended March 31\n2020\n2019\nSales\n$\n1,923\n$\n2,008\nCost of goods sold\n924\n941\nGross profit\n999\n1,067\nOperating expenses\n1,140\n1,153\nOperating loss\n(141)\n(86)\nNon-operating income\n31\n46\nLoss before income taxes\n(110)\n(40)\nBenefit from income taxes\n(19)\n(9)\nNet loss\n$\n(91)\n$\n(31)\nLoss per share – diluted\n$\n(0.03)\n$\n(0.01)\nAverage shares outstanding - diluted\n3,395,521\n3,395,521\n \nEl...