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Electro-Sensors, Inc. Announces First Quarter 2023 Financial Results
MINNETONKA, Minn., May 12, 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., May 12, 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 first quarter ended March 31, 2023.\nFirst quarter revenue of $2,045,000, down 4.2% from prior year-periodGross Margin of 50.0%Cash and investments of approximately $9.6 millionUnaudited; in thousands, except per share data\nQ1 FY23\nQ1 FY22\nChange\nNet Sales\n$\n2,045\n$\n2,135\n(4.2)\n%\nGross Margin\n50.0\n%\n54.6\n%\n(460)\nbps\nOperating Loss\n$\n(138)\n$\n(14)\n(885.7)\n%\nOperating Loss Margin\n(6.7)\n%\n(0.7)\n%\n(600.0)\nbps\nLoss Before Income Tax Benefit\n$\n(45)\n$\n(13)\n(246.2)\n%\nLoss Per Share (diluted)\n$\n(0.01)\n$\n0.00\n(100.0)\n%\n\"During the first quarter our revenue decreased slightly to $2,045,000 from $2,135,000 in the prior-year period,\" said David L. Klenk, Electro-Sensors' president. \"While customer activity and interest remained solid during the quarter, we achieved lower revenue primarily due to decreased domestic sales for both wired and wireless products.\"\nA full analysis of results for the period ended March 31, 2023 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.\nConsolidated Statements of Income\nFor the Quarter Ended March 31, 2023 and 2022 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended March 31\n2023\n2022\nSales\n$\n2,045\n$\n2,135\nCost of goods sold\n1,023\n969\nGross profit\n1,022\n1,166\nOperating expenses\n1,160\n1,180\nOperating loss\n(138)\n(14)\nNon-operating income\n93\n1\nLoss before income taxes\n(45)\n(13)\nBenefit from income taxes\n(1)\n(4)\nNet loss\n$\n(44)\n$\n(9)\nLoss per share – diluted\n$\n(0.01)\n$\n0.00\nAverage shares outstanding - diluted\n3,428,021\n3,395,521\n \nElectro-Sensors, Inc.\nConsolidated Balance Sheets\nMarch 31, 2023 and December 31, 2022\n(in thousands)\nMarch 31\nDecember 31\n2023\n2022\nAssets\n(unaudited)\nCurrent Assets\nCash and investments\n$\n9,563\n$\n9,682\nTrade receivables, net\n1,372\n1,161\nInventories\n1,779\n1,745\nOther current assets\n215\n225\nTotal current assets\n12,929\n12,813\nDeferred income tax asset, long...