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Electro-Sensors, Inc. Announces First Quarter 2022 Financial Results
MINNETONKA, Minn., May 13, 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., May 13, 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 first quarter ended March 31, 2022.\nFirst quarter revenue of $2,135,000, up 12.3% from prior year-periodGross Margin of 54.6%Cash and investments of approximately $9.7 million \nUnaudited; in thousands, except per share data\nQ1 FY22\nQ1 FY21\nChange\nNet Sales\n$\n2,135\n$\n1,901\n12.3\n%\nGross Margin\n54.6\n%\n52.1\n%\n250\nbps\nOperating Loss\n$\n(14)\n$\n(4)\n-250.0\n%\nOperating Loss Margin\n(0.7)\n%\n(0.2)\n%\n-50.0\nbps\nLoss Before Income Tax Benefit\n$\n(13)\n$\n(2)\n-550.0\n%\nLoss Per Share (diluted)\n$\n0.00\n$\n0.00\n0.0\n%\nNet sales for the 2022 first quarter increased 12.3% to $2,135,000 from $1,901,000 in the prior-year quarter. The increase in sales was primarily a result of increased domestic sales for industrial automation and agricultural applications.\n\"We are pleased to report our largest first quarter revenue in the company's history,\" said David L. Klenk, Electro-Sensors' president. \"Additionally, I'm proud of our team for maintaining a strong gross margin in the face of significant challenges in the global supply chain. While the acquisition of components and materials used in building our products is a daily challenge, we have a great team that is relentlessly focused on meeting our customer requirements.\"\nA full analysis of results for the period ended March 31, 2022 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.Consolidated Statements of IncomeFor the Quarter Ended March 31, 2022 and 2021 (unaudited)(in thousands except share and per share amounts)\nThree Months Ended March 31\n2022\n2021\nSales\n$\n2,135\n$\n1,901\nCost of goods sold\n969\n911\nGross profit\n1,166\n990\nOperating expenses\n1,180\n994\nOperating loss\n(14)\n(4)\nNon-operating income\n1\n2\nLoss before income taxes\n(13)\n(2)\nBenefit from income taxes\n(4)\n0\nNet loss\n$\n(9)\n$\n(2)\nLoss per share – diluted\n$\n0.00\n$\n0.00\nAverage shares outstanding - diluted\n3,395,521\n3,395,521\n \nElectro-Sensors, Inc.Consolidated Balance SheetsMarch 3...