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Electro-Sensors, Inc. Announces Second Quarter 2023 Financial Results
MINNETONKA, Minn., Aug. 11, 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., Aug. 11, 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 second quarter ended June 30, 2023.\nQuarterly revenue of $2,137,000Gross margin of 50.0%Cash and investments of approximately $9.6 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ2 2023\nQ2 2022\nChange\nNet Sales\n$\n2,137\n$\n2,564\n(16.7)\n%\nGross Margin\n50.0\n%\n54.9\n%\n-490\nbps\nOperating Income (Loss)\n$\n44\n$\n(365)\n112.1\n%\nOperating Income Margin\n2.1\n%\n(14.3)\n%\n1640\nbps\nIncome (Loss) Before Income Taxes\n$\n138\n$\n(358)\n138.5\n%\nEarnings Per Share (diluted)\n$\n.03\n$\n(.08)\n137.5\n%\nNet sales in the second quarter decreased 16.7% to $2,137,000 from $2,564,000 in the prior-year quarter. For the first six months of 2023, net sales decreased 11.0% to $4,182,000 from $4,699,000 for the first six months of the prior year. Furthermore, gross margin for the 2023 six-month period was 50.0%, down from 54.8% in the corresponding six months in 2022, primarily due increased material costs across all product lines.\n\"During the second quarter, we experienced decreased sales of both our wired and wireless product lines as compared to the same period in the prior year, primarily due to reduced demand and delayed orders related to postponed facility modernization projects,\" said David L. Klenk, Electro-Sensors' president. \"Several of our customers, particularly in agricultural applications, rescheduled capital expenditures to better align with their business levels.\"\nA full analysis of results for the period ended June 30, 2023 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.\nStatements of Income\nFor the Three and Six Months Ended June 30, 2023 and 2022 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended June 30,\n2023\n2022\nSales\n$\n2,137\n$\n2,564\nCost of goods sold\n1,069\n1,156\nGross profit\n1,068\n1,408\nOperating expenses\n1,024\n1,773\nOperating income (loss)\n44\n(365)\nNon-operating income, net\n94\n7\nIncome (loss) before income taxes\n138\n(3...