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Electro-Sensors, Inc. Announces First Quarter 2016 Financial Results


News provided by

Electro-Sensors, Inc.

May 12, 2016, 05:33 ET

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MINNETONKA, Minn., May 12, 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 first quarter ended March 31, 2016.

  • First quarter revenue of  $1,716,000
  • Gross Margin of 54.4%
  • Cash, cash equivalents and treasury bills of approximately $8.0 million

Consolidated (Unaudited; in thousands, except per share data)



Q1 FY16


Q1 FY15


Change

Net Sales


$

1,716


$

1,885


-9.0

%

Gross Margin



54.4

%


56.3

%

-190

bps

Operating Income (Loss)


$

(148)


$

33


-548.5

%

Operating Income Margin



(8.6)

%


1.7

%

-1,030

bps

Income (Loss) Before Income Taxes


$

(135)


$

848


-115.9

%

Earning (Loss) Per Share (diluted)


$

(.03)


$

.15


-120.0

%

Net sales for the 2016 first quarter decreased 9.0% to $1,716,000 from $1,885,000 in the prior-year quarter.  The quarterly decrease was primarily due to lower sales in the southwestern US and international regions, partially offset by gains in the north central and northwestern US regions largely driven by sales of sensor and switch products.  We believe the lower sales level is the result of our customers delaying strategic capital purchases during the quarter due to challenging macroeconomic conditions within the commodities sector. 

"While our first quarter was certainly not as strong as we would have liked due to our customers remaining cautious with their order volumes, we are starting to see our customers become more active with projects planned to come on line in 2016," said David L. Klenk, Electro-Sensors' president. 

A full analysis of results for the period ended March 31, 2016 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.

Electro-Sensors, Inc.

Consolidated Statements of Income

For the Quarter Ended March 31, 2016 and 2015 (unaudited)

(in thousands except share and per share amounts)



Three Months Ended March 31



2016


2015


Sales

$

1,716


$

1,885


Cost of goods sold


782



823


Gross profit


934



1,062









Operating expenses


1,082



1,029









Operating income (loss)


(148)



33









Non-operating income, net


13



815









Income (loss) before income taxes


(135)



848









Provision for (benefit from) income taxes


(46)



295









Net income (loss)

$

(89)


$

553









Earnings (loss) per share – diluted

$

(0.03)


$

0.15


Average shares outstanding - diluted


3,681,043



3,653,021


Electro-Sensors, Inc.

Consolidated Balance Sheets

March 31, 2016 and December 31, 2015

(in thousands)







March 31


December 31



2016


2015


Assets

(unaudited)











Current Assets







Cash and investments

$

7,992


$

8,441


Trade receivables, net


807



689


Inventories


1,495



1,564


Other current assets


200



184


Total current assets


10,494



10,878









Deferred income tax asset, long-term


198



170


Intangible assets, net


1,212



1,270


Property and equipment, net


1,082



1,103


Total assets

$

12,986


$

13,421









Liabilities and Stockholders' Equity














Current Liabilities







Current maturities of note payable

$

0


$

390


Accounts payable and accrued expenses


551



536


Total current liabilities


551



926









Long-term liabilities







Other long-term liabilities


455



455


Total long-term liabilities


455



455









Stockholders' equity







Common stock


339



339


Additional paid-in capital


1,908



1,879


Retained earnings


9,766



9,855


Other comprehensive loss


(33)



(33)


Total stockholders' equity


11,980



12,040









Total liabilities and stockholders' equity

$

12,986


$

13,421


About Electro-Sensors

Electro-Sensors, Inc. is a leading manufacturer of machine monitoring sensors and hazard monitoring systems, the application of which span across multiple industries. We know that when it comes to monitoring your most critical production processes, your business relies on accurate and real-time information to ensure the safety of employees and protection of equipment. We understand that unexpected downtime is stressful and expensive. Preventive and predictive maintenance based on feedback gathered from your production processes can greatly reduce the chance that a catastrophic breakdown will occur. Using Electro-Sensors products provides you the confidence to know that your equipment is running properly and within safe limits, and that any deviation will be quickly identified and neutralized. We appreciate our many loyal customers who depend upon our products every day to maintain safety and help run their plants 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

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