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Electro-Sensors, Inc. Announces Third Quarter 2021 Financial Results
MINNETONKA, Minn., Nov. 5, 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., Nov. 5, 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 third quarter ended September 30, 2021.\nRevenue of $2,154,000, up 13.4% from prior-year period Gross margin of 55.9% Cash and investments of approximately $9.7 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ3 2021\nQ3 2020\nChange\nNet Sales\n$\n2,154\n$\n1,899\n13.4\n%\nGross Margin\n55.9\n%\n52.2\n%\n370\nbps\nOperating Income (Loss) \n$\n20\n$\n(54)\n137.0\n%\nOperating Income (Loss) Margin\n0.9\n%\n-2.9\n%\n380\nbps\nIncome (Loss) Before Income Taxes\n$\n21\n$\n(54)\n138.9\n%\nEarnings (Loss) Per Share (diluted)\n$\n0.01\n$\n(0.01)\n200.0\n%\nNet sales in the third quarter increased 13.4% to $2,154,000 from $1,899,000 in the prior-year quarter. For the first nine months of 2021, net sales increased 10.2% to $6,517,000 from $5,914,000 in the similar prior year period. Furthermore, gross margin for the quarter was 55.9%, up from 52.2% in the corresponding quarter in 2020, driven by improved factory utilization resulting from higher levels of manufacturing and sales.\n\"We are pleased to announce our largest third quarter revenue in the Company's history,\" said David L. Klenk, Electro-Sensors' president. \"The increase during the quarter was largely driven by increased sales to customers in the agricultural industry.\"\nA full analysis of results for the period ended September 30, 2021 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.Statements of IncomeFor the Three and Nine Months Ended September 30, 2021 and 2020 (unaudited)(in thousands except share and per share amounts)\nThree Months Ended September 30,\n2021\n2020\nSales\n$\n2,154\n$\n1,899\nCost of goods sold\n950\n907\nGross profit\n1,204\n992\nOperating expenses\n1,184\n1,046\nOperating income (loss)\n20\n(54)\nNon-operating income\n1\n0\nIncome (loss) before income taxes\n21\n(54)\nProvision for (benefit of) income taxes\n4\n(8)\nNet income (loss)\n$\n17\n$\n(46)\nEarnings (loss) per share – diluted\n$\n0.01\n$\n(0.01)\nAverage shares outstanding ...