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Electro-Sensors, Inc. Announces Second Quarter 2019 Financial Results
MINNETONKA, Minn., Aug. 12, 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., Aug. 12, 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 second quarter ended June 30, 2019.\nQuarterly revenue of $2,260,000, up 27% from prior-year quarter Gross margin of 54.6% Cash and investments of approximately $8.8 millionSelected Financial Information (unaudited; in thousands, except per share data)\nNet sales in the second quarter increased 27.0% to $2,260,000 from $1,780,000 in the prior-year quarter. For the first six months of 2019, net sales increased 22.1% to $4,268,000 from $3,496,000 for the first six months of the prior year. International sales in the second quarter of 2019 increased to 13.8% of sales, compared to 7.4% of sales in the corresponding quarter in 2018, primarily driven by stronger sales in Brazil.\n\"Revenue growth during the quarter was largely driven by projects in grain, feed and milling markets,\" said David L. Klenk, Electro-Sensors' president. \"Additionally, the increase in the second quarter was in both our traditional monitoring products and HazardPROTM wireless system sales.\"\nA full analysis of results for the period ended June 30, 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 inclu...