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Electro-Sensors, Inc. Announces Third Quarter 2020 Financial Results
MINNETONKA, Minn., Nov. 12, 2020 /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., Nov. 12, 2020 /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, 2020.\nQuarterly revenue of $1,899,000, down 7.3% from prior-year quarter Gross margin of 52.2% Cash and investments of approximately $9.1 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ3 2020\nQ3 2019\nChange\nNet Sales\n$\n1,899\n$\n2,049\n-7.3%\nGross Margin\n52.2%\n52.4%\n-20bps\nOperating Loss \n$\n(54)\n$\n(18)\n-200.0%\nOperating Loss Margin\n(2.9)%\n(0.9)%\n-200bps\nIncome (Loss) Before Income Taxes\n$\n(54)\n$\n25\n-316.0%\nEarnings (Loss) Per Share (diluted)\n$\n(0.01)\n$\n0.01\n-200.0%\nNet sales in the third quarter decreased 7.3% to $1,899,000 from $2,049,000 in the prior-year quarter. For the first nine months of 2020, net sales decreased 6.4% to $5,914,000 from $6,317,000 for the first nine months of the prior year. Sales during the quarter continued to be negatively impacted by the COVID-19 pandemic, which significantly impacted our ability to travel and visit customers.\n\"While COVID-19 continues to negatively impact our business, sales of our traditional wire-based products were fairly stable during the quarter,\" said David L. Klenk, Electro-Sensors' president. \"The larger impact was to sales of our HazardPRO wireless systems, which typically require greater engagement with the customer to move the sales process forward.\"\nA full analysis of results for the period ended September 30, 2020 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.\nStatements of Income\nFor the Three and Nine Months Ended September 30, 2020 and 2019 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended September 30,\n2020\n2019\nSales\n$\n1,899\n$\n2,049\nCost of goods sold\n907\n975\nGross profit\n992\n1,074\nOperating expenses\n1,046\n1,092\nOperating loss\n(54)\n(18)\nNon-operating income\n0\n43\nIncome (loss) before income taxes\n(54)\n25\nProvision for (benefit of) income taxes\n(8)\n6\nNet income (loss)\n$\n(46)\n$\n19\nEarnings (loss) per share –...