MINNETONKA, Minn., Aug. 13, 2020 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the second quarter ended June 30, 2020.
Quarterly revenue of $2,092,000
Gross margin of 52.5%
Cash and investments of approximately $9.1 million
Selected Financial Information (unaudited; in thousands, except per share data)
Q2 2020
Q2 2019
Change
Net Sales
$
2,092
$
2,260
-7.4
%
Gross Margin
52.5
%
54.6
%
-210
bps
Operating Income
$
19
$
88
-78.4
%
Operating Income Margin
0.9
%
3.9
%
-300
bps
Income Before Income Taxes
$
19
$
131
-85.5
%
Earnings Per Share (diluted)
$
.01
$
.03
-66.7
%
Net sales in the second quarter decreased 7.4% to $2,092,000 from $2,260,000 in the prior-year quarter. For the first six months of 2020, net sales decreased 5.9% to $4,015,000 from $4,268,000 for the first six months of the prior year. The quarter represents the first full quarter impacted by the pandemic and we believe that the net sales decrease is due to the impact of the pandemic on our customers' business.
"This past quarter brought significant challenges to our team as the pandemic forced us to modify many aspects of how we do business," said David L. Klenk, Electro-Sensors' president. "We will continue to adapt to the ever changing circumstances to ensure our employees stay safe and our customers get the products and services they need to effectively operate their businesses."
A full analysis of results for the period ended June 30, 2020 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.
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