Electro-Sensors, Inc. Announces 2022 Year-End Financial Results
- Record annual revenue of
, up$9.0 million 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 | |||||||
$ | 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
"We are pleased to report record annual revenue for 2022," said
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
Statements of Income For the Years Ended | ||||||||
Years Ended | ||||||||
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 | ||||||
Balance Sheets (in thousands) | ||||||
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
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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
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