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