Electro-Sensors, Inc. Announces 2022 Year-End Financial Results
MINNETONKA, Minn., March 17, 2023 /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, 2022.
- Record annual revenue of $9.0 million, up 4.9% over prior year
- Gross Margin of 53.6%
- Cash and investments of $9.7 million
Table in thousands, except per share data
FY22 | FY21 | Change | |||||||
Net Sales | $ | 9,029 | $ | 8,607 | 4.9 | % | |||
Gross Margin | 53.6 | % | 54.3 | % | (70) | bps | |||
Operating Income (Loss) | $ | (37) | $ | 441 | (108.4) | % | |||
Operating Income (Loss) Margin | (0.5) | % | 5.0 | % | (550) | bps | |||
Income Before Income Taxes | $ | 72 | $ | 459 | (84.3) | % | |||
Earnings Per Share (diluted) | $ | 0.03 | $ | .12 | (75.0) | % | |||
Net sales during 2022 increased 4.9% to $9,029,000 from $8,607,000 in the prior year. Sales growth for the year was driven primarily by increased domestic sales for agricultural and industrial automation applications.
"We are pleased to report record annual revenue for 2022," said David L. Klenk, Electro-Sensors' president. "Our growth was driven by increased sales of both our traditional wired sensor products and our HazardPROTM wireless monitoring systems."
Klenk continued, "While significant supply chain disruptions continued during the year, our team did an excellent job addressing these challenges to deliver strong results."
A full analysis of results for the year ended December 31, 2022 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. Statements of Income For the Years Ended December 31, 2022 and 2021 (in thousands except share and per share amounts) | ||||||||
Years Ended December 31, | ||||||||
2022 | 2021 | |||||||
Net sales | $ | 9,029 | $ | 8,607 | ||||
Cost of goods sold | 4,188 | 3,930 | ||||||
Gross profit | 4,841 | 4,677 | ||||||
Operating expenses | 4,878 | 4,236 | ||||||
Operating income (loss) | (37) | 441 | ||||||
Non-operating income, net | 109 | 18 | ||||||
Income before income taxes | 72 | 459 | ||||||
Income tax expense (benefit) | (28) | 49 | ||||||
Net income | $ | 100 | $ | 410 | ||||
Earnings per share – diluted | $ | 0.03 | $ | 0.12 | ||||
Average shares outstanding - diluted | 3,432,843 | 3,444,939 | ||||||
Electro-Sensors, Inc. Balance Sheets December 31, 2022 and 2021 (in thousands) | ||||||
December 31 | ||||||
2022 | 2021 | |||||
Assets | ||||||
Current Assets | ||||||
Cash and investments | $ | 9,682 | $ | 9,769 | ||
Trade receivables, net | 1,161 | 1,005 | ||||
Inventories | 1,745 | 1,663 | ||||
Other current assets | 225 | 191 | ||||
Total current assets | 12,813 | 12,628 | ||||
Deferred income tax asset | 256 | 208 | ||||
Intangible assets, net | 0 | 38 | ||||
Property and equipment, net | 975 | 1,017 | ||||
Total assets | $ | 14,044 | $ | 13,891 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities | ||||||
Current maturity of financing lease | $ | 6 | $ | 6 | ||
Accounts payable and accrued expenses | 624 | 691 | ||||
Total current liabilities | 630 | 697 | ||||
Long-term liabilities | ||||||
Financing lease, net of current maturities | 0 | 6 | ||||
Total long-term liabilities | 0 | 6 | ||||
Stockholders' equity | ||||||
Common stock | 342 | 339 | ||||
Additional paid-in capital | 2,163 | 2,041 | ||||
Retained earnings | 10,908 | 10,808 | ||||
Other comprehensive gain | 1 | 0 | ||||
Total stockholders' equity | 13,414 | 13,188 | ||||
Total liabilities and stockholders' equity | $ | 14,044 | $ | 13,891 | ||
2023 Annual Meeting of Shareholders
Our Annual Meeting will be held via live webcast on April 27, 2023 at 2:00 PM Central Time at www.virtualshareholdermeeting.com/ELSE2023. Please retain a copy of the 16 digit Control Number that is printed on your proxy card as you will need it to enter the Annual Meeting as a verified shareholder. Shareholders will be able to vote in this virtual meeting as if they were attending an in-person meeting. Shareholders may submit questions prior to the start of the meeting at https://www.electro-sensors.com/about/investor-info under Investor Contact - Email Gloria.
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Electro-Sensors is proud to be an ISO9001:2015 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 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
Facebook: facebook.com/ElectroSensors
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SOURCE Electro-Sensors, Inc.