$ELSE
ELECTRO SENSORS INC

2022 Q4 Form 10-Q Financial Statement

#000089710122000972 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.114M $2.216M
YoY Change 1.15% 2.88%
Cost Of Revenue $1.010M $1.053M
YoY Change 2.75% 10.84%
Gross Profit $1.104M $1.163M
YoY Change -0.27% -3.41%
Gross Profit Margin 52.22% 52.48%
Selling, General & Admin $687.0K $854.0K
YoY Change -8.64% -14.17%
% of Gross Profit 62.23% 73.43%
Research & Development $194.0K $190.0K
YoY Change -3.48% 0.53%
% of Gross Profit 17.57% 16.34%
Depreciation & Amortization $28.00K $39.00K
YoY Change -31.71% -46.58%
% of Gross Profit 2.54% 3.35%
Operating Expenses $881.0K $1.044M
YoY Change -7.56% -11.82%
Operating Profit $223.0K $119.0K
YoY Change 44.81% 495.0%
Interest Expense $66.00K $1.000K
YoY Change 6500.0% 0.0%
% of Operating Profit 29.6% 0.84%
Other Income/Expense, Net $35.00K
YoY Change 3400.0%
Pretax Income $289.0K $154.0K
YoY Change 71.01% 633.33%
Income Tax $18.00K $32.00K
% Of Pretax Income 6.23% 20.78%
Net Earnings $271.0K $122.0K
YoY Change 49.72% 617.65%
Net Earnings / Revenue 12.82% 5.51%
Basic Earnings Per Share $0.04
Diluted Earnings Per Share $0.08 $0.04
COMMON SHARES
Basic Shares Outstanding 3.403M shares 3.403M shares
Diluted Shares Outstanding 3.483M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.626M $9.574M
YoY Change -0.9% -0.9%
Cash & Equivalents $7.646M $9.518M
Short-Term Investments $1.980M $56.00K
Other Short-Term Assets $214.0K $175.0K
YoY Change 13.83% -15.46%
Inventory $1.745M $1.790M
Prepaid Expenses
Receivables $1.161M $1.180M
Other Receivables $11.00K $56.00K
Total Short-Term Assets $12.81M $12.78M
YoY Change 1.46% 0.83%
LONG-TERM ASSETS
Property, Plant & Equipment $975.0K $955.0K
YoY Change -4.13% 3.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $256.0K $223.0K
YoY Change 23.08% -17.41%
Total Long-Term Assets $1.231M $1.178M
YoY Change -2.53% -4.92%
TOTAL ASSETS
Total Short-Term Assets $12.81M $12.78M
Total Long-Term Assets $1.231M $1.178M
Total Assets $14.04M $13.95M
YoY Change 1.1% 0.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $274.0K $301.0K
YoY Change -21.49% 72.0%
Accrued Expenses $350.0K $592.0K
YoY Change 2.34% -5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000K $7.000K
YoY Change 0.0% 16.67%
Total Short-Term Liabilities $630.0K $900.0K
YoY Change -9.61% 0.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.000K
YoY Change -100.0% -87.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $1.000K
YoY Change -100.0% -87.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $630.0K $900.0K
Total Long-Term Liabilities $0.00 $1.000K
Total Liabilities $630.0K $901.0K
YoY Change -10.38% -0.22%
SHAREHOLDERS EQUITY
Retained Earnings $10.91M $10.64M
YoY Change 0.93% 0.09%
Common Stock $2.505M $2.415M
YoY Change 5.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.41M $13.05M
YoY Change
Total Liabilities & Shareholders Equity $14.04M $13.95M
YoY Change 1.1% 0.32%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $271.0K $122.0K
YoY Change 49.72% 617.65%
Depreciation, Depletion And Amortization $28.00K $39.00K
YoY Change -31.71% -46.58%
Cash From Operating Activities $66.00K $59.00K
YoY Change -70.27% -27.16%
INVESTING ACTIVITIES
Capital Expenditures $48.00K $0.00
YoY Change -137.8%
Acquisitions
YoY Change
Other Investing Activities -$1.979M $3.000M
YoY Change -198.95% 0.0%
Cash From Investing Activities -$2.027M $3.000M
YoY Change -208.22% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 89.00K 30.00K
YoY Change -4550.0% -3100.0%
NET CHANGE
Cash From Operating Activities 66.00K 59.00K
Cash From Investing Activities -2.027M 3.000M
Cash From Financing Activities 89.00K 30.00K
Net Change In Cash -1.872M 3.089M
YoY Change -189.44% 0.29%
FREE CASH FLOW
Cash From Operating Activities $66.00K $59.00K
Capital Expenditures $48.00K $0.00
Free Cash Flow $18.00K $59.00K
YoY Change -94.84% -27.16%

Facts In Submission

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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
8000000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
14000000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2991000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2987000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
31000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2805000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3530000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6713000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1090000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9518000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4620000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
22000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
1000 usd
us-gaap Interest Paid Net
InterestPaidNet
1000 usd
us-gaap Interest Paid Net
InterestPaidNet
1000 usd
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
243884 shares
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Nature of Business </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Electro-Sensors, Inc. (the "Company") manufactures and markets a complete line of monitoring and control systems for a wide range of industrial machine applications. The Company uses leading-edge technology to continuously improve its products, with the ultimate goal of manufacturing the industry-preferred product for each of our served markets. The Company sells these products through an internal sales staff, manufacturers’ representatives, and distributors to a wide range of industries that use the products in a variety of applications to monitor process machinery operations. The Company markets its products to customers located throughout the United States, Canada, Latin America, Europe, and Asia.</span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/></span></p> <p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">In Note 5, we have presented i<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">nformation regarding the Merger Agreement we entered into on June 10, 2022.</span></span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Use of Estimates</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 8pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; margin: 0pt; line-height: inherit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Current significant estimates, including the underlying assumptions, consist of economic lives of long-lived assets, realizability of trade receivables, valuation of deferred tax assets/liabilities, inventory, investments, stock compensation expense, and the potential estimated impact on operations resulting from the COVID-19 pandemic as it relates to potential disruptions to our supply chain and customer demand. It is at least reasonably possible that these estimates may change in the near term</span>.  </span></p>
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
288644 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
325000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
292426 shares
else Number Of Private Companies Which Entity Has Investments In Common Equity Securities
NumberOfPrivateCompaniesWhichEntityHasInvestmentsInCommonEquitySecurities
2
CY2022Q3 else Available For Sale Marketable Securities Amortized Cost
AvailableForSaleMarketableSecuritiesAmortizedCost
54000 usd
CY2022Q3 else Available For Sale Marketable Securities Accumulated Gross Unrealized Gain
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedGain
2000 usd
CY2022Q3 else Available For Sale Marketable Securities Accumulated Gross Unrealized Loss
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedLoss
0 usd
CY2022Q3 us-gaap Marketable Securities
MarketableSecurities
56000 usd
CY2021Q4 else Available For Sale Marketable Securities Amortized Cost
AvailableForSaleMarketableSecuritiesAmortizedCost
3054000 usd
CY2021Q4 else Available For Sale Marketable Securities Accumulated Gross Unrealized Gain
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedGain
2000 usd
CY2021Q4 else Available For Sale Marketable Securities Accumulated Gross Unrealized Loss
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedLoss
0 usd
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
3056000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
56000 usd
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
42000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease
0 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
56000 usd
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1198000 usd
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1129000 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
293000 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
257000 usd
CY2022Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
309000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
287000 usd
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
10000 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
10000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
1790000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
1663000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family: 'times new roman', times; font-size: 10pt;"> <p style="margin: 0px; text-indent: 0px;"><span style="font-weight: bold; font-size: 10pt;">Note 7. Contingencies</span><br/></p> </div> <p style="margin: 0pt; text-align: justify; font-size: 7pt;"><span style="font-family: 'Times New Roman'; font-size: 7pt;"> </span></p> <div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">The Company sometimes becomes subject to claims against it in the ordinary course of business.  There are currently no pending or threatened claims against the Company that it believes will have a material adverse effect on its results of operations or liquidity.</div>

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