Electro-Sensors, Inc. Announces First Quarter 2024 Financial Results
-
First quarter revenue of
$2,244,000 , up 9.7% from prior year-period - Gross Margin of 48.1%
-
Cash and investments of approximately
$10.1 million
Unaudited; in thousands, except per share data
|
|
Q1 FY24 |
|
Q1 FY23 |
|
Change |
|||
|
|
$ |
2,244 |
|
$ |
2,045 |
|
9.7 |
% |
Gross Margin |
|
|
48.1 |
% |
|
50.0 |
% |
(190) |
bps |
Operating Loss |
|
$ |
(100) |
|
$ |
(138) |
|
27.5 |
% |
Operating Margin |
|
|
(4.5) |
% |
|
(6.7) |
% |
220 |
bps |
Income (Loss) Before Income Tax Benefit |
|
$ |
16 |
|
$ |
(45) |
|
135.6 |
% |
Income (Loss) Per Share (diluted) |
|
$ |
0.00 |
|
$ |
(0.01) |
|
100.0 |
% |
"We are pleased to report first quarter revenue of
A full analysis of results for the period ended
Consolidated Statements of Income
For the Quarter Ended (in thousands except share and per share amounts) |
|
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|
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|
Three Months Ended |
|
|
|||||
|
2024 |
|
2023 |
|
||||
Net sales |
$ |
2,244 |
|
$ |
2,045 |
|
||
Cost of goods sold |
|
1,164 |
|
|
1,023 |
|
||
Gross profit |
|
1,080 |
|
|
1,022 |
|
||
|
|
|
|
|
|
|
||
Operating expenses |
|
1,180 |
|
|
1,160 |
|
||
|
|
|
|
|
|
|
||
Operating loss |
|
(100) |
|
|
(138) |
|
||
|
|
|
|
|
|
|
||
Non-operating income |
|
116 |
|
|
93 |
|
||
|
|
|
|
|
|
|
||
Income (loss) before income taxes |
|
16 |
|
|
(45) |
|
||
|
|
|
|
|
|
|
||
Benefit from income taxes |
|
5 |
|
|
(1) |
|
||
|
|
|
|
|
|
|
||
Net income (loss) |
$ |
11 |
|
$ |
(44) |
|
||
|
|
|
|
|
|
|
||
Income (loss) per share – diluted |
$ |
0.00 |
|
$ |
(0.01) |
|
||
Average shares outstanding - diluted |
|
3,428,021 |
|
|
3,428,021 |
|
||
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets
(in thousands) |
|
|||||
|
|
|||||
|
|
|
|
|
||
|
2024 |
|
2023 |
|
||
Assets |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and investments |
$ |
10,128 |
|
$ |
9,926 |
|
Trade receivables, net |
|
1,119 |
|
|
1,283 |
|
Inventories |
|
1,811 |
|
|
1,751 |
|
Other current assets |
|
218 |
|
|
179 |
|
Total current assets |
|
13,276 |
|
|
13,139 |
|
|
|
|
|
|
|
|
Deferred income tax asset, long-term |
|
336 |
|
|
355 |
|
Property and equipment, net |
|
927 |
|
|
951 |
|
Total assets |
$ |
14,539 |
|
$ |
14,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
744 |
|
$ |
690 |
|
Total current liabilities |
|
744 |
|
|
690 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock |
|
342 |
|
|
342 |
|
Additional paid-in capital |
|
2,259 |
|
|
2,230 |
|
Retained earnings |
|
11,194 |
|
|
11,183 |
|
Total stockholders' equity |
|
13,795 |
|
|
13,755 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
14,539 |
|
$ |
14,445 |
|
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:
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Twitter: twitter.com/ESIsensors
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View original content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-first-quarter-2024-financial-results-302142621.html
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