Electro-Sensors, Inc. Announces 2023 Year-End Financial Results
-
Annual revenue of
$8.6 million , down 5.2% over prior year - Gross Margin of 49.6%
-
Cash and investments of
$9.9 million
Table in thousands, except per share data
|
|
FY22 |
|
FY21 |
|
Change |
|||
|
|
$ |
8,555 |
|
$ |
9,029 |
|
(5.2) |
% |
Gross Margin |
|
|
49.6 |
% |
|
53.6 |
% |
(400) |
bps |
Operating Income (Loss) |
|
$ |
(28) |
|
$ |
(37) |
|
(24.3) |
% |
Operating Income (Loss) Margin |
|
|
(0.4) |
% |
|
(0.5) |
% |
10 |
bps |
Income Before Income Taxes |
|
$ |
378 |
|
$ |
72 |
|
425.0 |
% |
Earnings Per Share (diluted) |
|
$ |
0.08 |
|
$ |
0.03 |
|
166.7 |
% |
Net sales during 2023 decreased 5.2% to
"While early in the year, we experienced customers delaying certain facility upgrades and capital projects, as the year progressed activity began to increase as projects moved forward, leading to stronger net sales in the fourth quarter," said
Klenk continued, "Additionally, we were encouraged by several repeat HazardPRO orders from existing customers eager to upgrade to our advanced wireless hazard monitoring systems."
A full analysis of results for the year ended
|
||||||||
|
||||||||
|
Years Ended |
|
||||||
|
2023 |
|
2022 |
|
||||
Net sales |
$ |
8,555 |
|
$ |
9,029 |
|
||
Cost of goods sold |
|
4,310 |
|
|
4,188 |
|
||
Gross profit |
|
4,245 |
|
|
4,841 |
|
||
|
|
|
|
|
|
|
||
Operating expenses |
|
4,273 |
|
|
4,878 |
|
||
|
|
|
|
|
|
|
||
Operating loss |
|
(28) |
|
|
(37) |
|
|
|
|
|
|
|
|
|
|
||
Non-operating income, net |
|
406 |
|
|
109 |
|
||
|
|
|
|
|
|
|
||
Income before income taxes |
|
378 |
|
|
72 |
|
||
|
|
|
|
|
|
|
||
Income tax expense (benefit) |
|
103 |
|
|
(28) |
|
||
|
|
|
|
|
|
|
||
Net income |
$ |
275 |
|
$ |
100 |
|
||
|
|
|
|
|
|
|
||
Earnings per share – diluted |
$ |
0.08 |
|
$ |
0.03 |
|
||
Average shares outstanding - diluted |
|
3,428,021 |
|
|
3,432,843 |
|
|
||||||
|
||||||
|
|
|
||||
|
2023 |
|
2022 |
|
||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and investments |
$ |
9,926 |
|
$ |
9,682 |
|
Trade receivables, net |
|
1,283 |
|
|
1,161 |
|
Inventories |
|
1,751 |
|
|
1,745 |
|
Other current assets |
|
179 |
|
|
225 |
|
Total current assets |
|
13,139 |
|
|
12,813 |
|
|
|
|
|
|
|
|
Deferred income tax asset |
|
355 |
|
|
256 |
|
Property and equipment, net |
|
951 |
|
|
975 |
|
Total assets |
$ |
14,445 |
|
$ |
14,044 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Current maturity of financing lease |
$ |
0 |
|
$ |
6 |
|
Accounts payable and accrued expenses |
|
690 |
|
|
624 |
|
Total current liabilities |
|
690 |
|
|
630 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock |
|
342 |
|
|
342 |
|
Additional paid-in capital |
|
2,230 |
|
|
2,163 |
|
Retained earnings |
|
11,183 |
|
|
10,908 |
|
Other comprehensive gain |
|
0 |
|
|
1 |
|
Total stockholders' equity |
|
13,755 |
|
|
13,414 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
14,445 |
|
$ |
14,044 |
|
2024 Annual Meeting of Shareholders
Our Annual Meeting will be held via live webcast on
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
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
View original content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-2023-year-end-financial-results-302096233.html
SOURCE