Electro-Sensors, Inc. Announces Third Quarter 2019 Financial Results

MINNETONKA, Minn., Nov. 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 third quarter ended September 30, 2019.

• Quarterly revenue of $2,049,000, down 4.5% from prior year quarter
• Year-to-date revenue of $6,317,000, up 12% from similar prior year period
• Cash and investments of approximately $8.9 million

Selected Financial Information (unaudited; in thousands, except per share data)

Net sales in the second quarter decreased 4.5% to $2,049,000 from $2,146,000 in the prior-year quarter.  For the first nine months of 2019, net sales increased 12.0% to $6,317,000 from $5,642,000 for the first nine months of the prior year.  The year-to-date increase is primarily due to increased sales of HazardPROTM wireless hazard monitoring systems.  In addition, international sales increased 51% for the nine-month period, primarily driven by sales into Canada.

"We are very encouraged by the sales growth of HazardPRO wireless systems," said David L. Klenk, Electro-Sensors' president. "We continue to believe these systems deliver the most advanced hazard monitoring solution at a very competitive overall price point."

A full analysis of results for the period ended September 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.

About Electro-Sensors

Electro-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.

Cautionary Statement Regarding Forward Looking Statements

This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward−looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.

For more information please visit our website at: www.electro-sensors.com. Also look us up on:

LinkedIn: linkedin.com/company/electro-sensors-inc- Twitter: twitter.com/ESIsensors Facebook: facebook.com/ElectroSensors

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SOURCE Electro-Sensors, Inc.