MINNETONKA, Minn., May 10, 2024 /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, 2024.

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
Net Sales	$	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 $2,244,000, up 9.7% from the prior-year period," said David L. Klenk, Electro-Sensors' president. "This represents our largest first quarter revenue, with the increase driven primarily by several larger orders for facility upgrades and modernization projects. Additionally, sales increased for both our traditional wired sensors and wireless HazardPRO™ systems."

A full analysis of results for the period ended March 31, 2024 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, 2024 and 2023 (unaudited) (in thousands except share and per share amounts)

	Three Months Ended March 31
	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

Electro-Sensors, Inc. Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (in thousands)

	March 31		December 31
	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 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.

Electro-Sensors, Inc. Announces First Quarter 2024 Financial Results