Electro-Sensors, Inc. Announces 2015 Year End Financial Results

15 Mar, 2016, 14:45 ET from Electro-Sensors, Inc.

MINNETONKA, Minn., March 15, 2016 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2015.

  • Record annual revenue for 2015
  • Annual sales up 8.5%
  • 20+ HazardPRO systems delivered

Consolidated (in thousands, except per share data)

FY15

FY14

Change

Net Sales

$

7,636

$

7,041

8.5

%

Gross Margin

55.3

%

58.0

%

-270

bps

Operating Income

$

290

$

391

-25.8

%

Operating Income Margin

3.7

%

5.5

%

-180

bps

Income Before Income Taxes

$

1,744

$

1,554

12.2

%

Earning Per Share (diluted)

$

0.33

$

0.30

10.0

%

 

Net sales during 2015 increased 8.5% to $7,636,000 from $7,041,000 in the prior year.  The increase was primarily due to sales of our new HazardPRO wireless hazard monitoring systems which began shipping in the second quarter of 2015.  International markets provided over 13% of our 2015 revenue from shipments into 45 countries.

"We are excited to announce record annual revenue for 2015, especially given the tumultuous economic conditions and market dynamics that developed during the latter part of the year," said David L. Klenk, Electro-Sensors' president.  "Moreover, we are very pleased with the initial customer response to our new HazardPRO wireless hazard monitoring products."

A full analysis of results for the year ended December 31, 2015 is available in the Company's Form 10-K, 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.  

Electro-Sensors, Inc.

Consolidated Statements of Income

For the Years Ended December 31, 2015 and 2014 (in thousands except share and per share amounts)

Years Ended December 31,

2015

2014

Sales

$

7,636

$

7,041

Cost of goods sold

3,410

2,955

Gross profit

4,226

4,086

Operating expenses

3,936

3,695

Operating income

290

391

Non-operating income

1,454

1,163

Income before income taxes

1,744

1,554

Income taxes

530

460

Net income

$

1,214

$

1,094

Earnings per share – diluted

$

0.33

$

0.30

Average shares outstanding - diluted

3,653,021

3,654,382

 

Electro-Sensors, Inc.

Consolidated Balance Sheets

December 31, 2015 and 2014

(in thousands)

December 31

2015

2014

Assets

Current Assets

Cash and investments

$

8,441

$

8,988

Trade receivables, net

689

738

Inventories

1,564

1,224

Other current assets

184

163

Total current assets

10,878

11,113

Deferred income tax asset, long-term

170

0

Intangible assets, net

1,270

1,505

Property and equipment, net

1,103

1,146

Total assets

$

13,421

$

13,764

Liabilities and Stockholders' Equity

Current Liabilities

Current maturities of note payable

$

390

$

381

Accounts payable and accrued expenses

536

600

Total current liabilities

926

981

Long-term liabilities

Note payable – long term

0

390

Other long-term liabilities

455

863

Total long-term liabilities

455

1,253

Stockholders' equity

Common stock

339

339

Additional paid-in capital

1,879

1,816

Retained earnings

9,855

8,641

Other comprehensive income

(33)

734

Total stockholders' equity

12,040

11,530

Total liabilities and stockholders' equity

$

13,421

$

13,764

 

About Electro-Sensors

Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and hazard monitoring systems applied across multiple industries and applications. These products improve manufacturing processes by safeguarding systems, reducing unplanned downtime, and improving operational efficiencies. Many standard products ship within one to two days and have an industry-leading 5-year warranty. Electro-Sensors is proud to be an ISO9001:2008 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 many 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 Google+: google.com/+Electro-sensors Facebook: facebook.com/ElectroSensors

SOURCE Electro-Sensors, Inc.



RELATED LINKS

http://www.electro-sensors.com