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Electro-Sensors, Inc. Announces Second Quarter 2021 Financial Results
MINNETONKA, Minn., Aug. 12, 2021 /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, 2021 /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, 2021.\nRecord quarterly revenue of $2,462,000 Gross margin of 55.9% Cash and investments of approximately $9.6 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ2 2021\nQ2 2020\nChange\nNet Sales\n$\n2,462\n$\n2,092\n17.7\n%\nGross Margin\n55.9\n%\n52.5\n%\n340\nbps\nOperating Income \n$\n271\n$\n19\n1326.3\n%\nOperating Income Margin\n11.0\n%\n0.9\n%\n1010\nbps\nIncome Before Income Taxes\n$\n271\n$\n19\n1326.3\n%\nEarnings Per Share (diluted)\n$\n.06\n$\n.01\n500.0\n%\nNet sales in the second quarter increased 17.7% to $2,462,000 from $2,092,000 in the prior-year quarter. For the first six months of 2021, net sales increased 8.7% to $4,363,000 from $4,015,000 for the first six months of the prior year. Furthermore, gross margin for the quarter was 55.9%, up from 52.5% in the corresponding quarter in 2020, driven by a favorable product mix.\n\"We are pleased to report record revenue for the 2021 second quarter,\" said David L. Klenk, Electro-Sensors' president. \"Our second quarter results were favorably impacted by orders for industrial automation applications, an area that continues to be important to our growth strategy.\"\nA full analysis of results for the period ended June 30, 2021 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.\nStatements of Income\nFor the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended June 30,\n2021\n2020\nSales\n$\n2,462\n$\n2,092\nCost of goods sold\n1,086\n994\nGross profit\n1,376\n1,098\nOperating expenses\n1,105\n1,079\nOperating income \n271\n19\nNon-operating income\n0\n0\nIncome before income taxes\n271\n19\nProvision for income taxes\n57\n1\nNet income\n$\n214\n$\n18\nEarnings per share – diluted\n$\n0.06\n$\n0.01\nAverage shares outstanding - diluted\n3,413,444\n3,395,521\nSix Months Ended June 30,\n2021\n2020\nSales\n$\n4,363\n$\n4,015\nCost of goods sold\n1,...