Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results
-
Quarterly revenue of
$2,217,000 , up 3.7% from the prior-year period - Gross margin of 47.2%
-
Cash and investments of approximately
$9.9 million
Selected Financial Information (unaudited; in thousands, except per share data)
|
Q2 2023 |
Q2 2022 |
Change |
||||||
|
|
$ |
2,217 |
|
$ |
2,137 |
|
3.7 |
% |
Gross Margin |
|
|
47.2 |
% |
|
50.0 |
% |
-280 |
bps |
Operating Income (Loss) |
|
$ |
(107) |
|
$ |
44 |
|
(343.2) |
% |
Operating Income Margin |
|
|
(4.8) |
% |
|
2.1 |
% |
-690 |
bps |
Income (Loss) Before Income Taxes |
|
$ |
2 |
|
$ |
138 |
|
(98.6) |
% |
Earnings Per Share (diluted) |
|
$ |
0.00 |
|
$ |
0.03 |
|
(100.0) |
% |
Net sales in the second quarter increased 3.7% to
"During the 2024 second quarter, our sales increased 3.7% from the comparable prior-year period, primarily due to increased sales of our HazardPROTM wireless hazard monitoring systems," said David L. Klenk,
A full analysis of results for the period ended
Statements of Income
For the Three and Six Months Ended (in thousands except share and per share amounts) |
|||||
|
|||||
|
Three Months Ended |
||||
|
2024 |
|
2023 |
||
Sales |
$ |
2,217 |
|
$ |
2,137 |
Cost of goods sold |
|
1,170 |
|
|
1,069 |
Gross profit |
|
1,047 |
|
|
1,068 |
|
|
|
|
|
|
Operating expenses |
|
1,154 |
|
|
1,024 |
|
|
|
|
|
|
Operating income (loss) |
|
(107) |
|
|
44 |
|
|
|
|
|
|
Non-operating income, net |
|
109 |
|
|
94 |
|
|
|
|
|
|
Income before income taxes |
|
2 |
|
|
138 |
|
|
|
|
|
|
Provision for income taxes |
|
6 |
|
|
22 |
|
|
|
|
|
|
Net income (loss) |
$ |
(4) |
|
$ |
116 |
|
|
|
|
|
|
Earnings (loss) per share – diluted |
$ |
0.00 |
|
$ |
0.03 |
Average shares outstanding - diluted |
|
3,428,021 |
|
|
3,443,394 |
|
|||||
|
Six Months Ended |
||||
|
2024 |
|
2023 |
||
Sales |
$ |
4,461 |
|
$ |
4,182 |
Cost of goods sold |
|
2,334 |
|
|
2,092 |
Gross profit |
|
2,127 |
|
|
2,090 |
|
|
|
|
|
|
Operating expenses |
|
2,334 |
|
|
2,184 |
|
|
|
|
|
|
Operating income (loss) |
|
(207) |
|
|
(94) |
|
|
|
|
|
|
Non-operating income, net |
|
225 |
|
|
187 |
|
|
|
|
|
|
Income before income taxes |
|
18 |
|
|
93 |
|
|
|
|
|
|
Provision for income taxes |
|
11 |
|
|
21 |
|
|
|
|
|
|
Net income |
$ |
7 |
|
$ |
72 |
|
|
|
|
|
|
Earnings per share – diluted |
$ |
0.00 |
|
$ |
0.02 |
Average shares outstanding - diluted |
|
3,428,021 |
|
|
3,443,930 |
Balance Sheets
(in thousands) |
|||||
|
|||||
|
|
|
|
||
|
2024 |
|
2023 |
||
Assets |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and investments |
$ |
9,944 |
|
$ |
9,926 |
Trade receivables, net |
|
1,180 |
|
|
1,283 |
Inventories |
|
1,865 |
|
|
1,751 |
Other current assets |
|
218 |
|
|
179 |
Total current assets |
|
13,207 |
|
|
13,139 |
|
|
|
|
|
|
Deferred income tax asset, long-term |
|
330 |
|
|
355 |
Property and equipment, net |
|
930 |
|
|
951 |
Total assets |
$ |
14,467 |
|
$ |
14,445 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
638 |
|
$ |
690 |
Total current liabilities |
|
638 |
|
|
690 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
Common stock |
|
342 |
|
|
342 |
Additional paid-in capital |
|
2,297 |
|
|
2,230 |
Retained earnings |
|
11,190 |
|
|
11,183 |
Total stockholders' equity |
|
13,829 |
|
|
13,755 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
14,467 |
|
$ |
14,445 |
About
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
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