Technology

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

Published

2 weeks ago

November 13, 2024

MINNETONKA, Minn., Nov. 13, 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 third quarter ended September 30, 2024.

Quarterly revenue of $2,512,000, up 22.1% from the prior-year periodGross margin of 50.4%Cash and investments of approximately $10.3 million

Selected Financial Information (unaudited; in thousands, except per share data)

Q3 2024

Q3 2023

Change

Net Sales

2,512

2,057

22.1

Gross Margin

50.4

48.3

210

bps

Operating Income (Loss)

173

(26)

765.4

Operating Income Margin

6.9

(1.2)

810

bps

Income Before Income Taxes

290

249.4

Earnings Per Share (diluted)

0.07

0.00

100.0

Net sales in the third quarter increased 22.1% to $2,512,000 from $2,057,000 in the prior-year quarter. For the nine-month period ended September 30, 2024, net sales increased 11.8% to $6,973,000 from $6,239,000 in the comparable prior-year period. Furthermore, gross margin for the 2024 third quarter was 50.4%, up from 48.6% in the corresponding quarter in 2023.

“Sales during the third quarter increased for both our wired sensor products and our wireless HazardPRO™ products, largely driven by industrial automation and agricultural applications,” said David L. Klenk, Electro-Sensors’ president. “Furthermore, gross margin improved over the prior-year period as our supply chain continued to stabilize, and we benefited primarily from price adjustments implemented earlier in the year.”

A full analysis of results for the period ended September 30, 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.

Statements of Income

For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

(in thousands except share and per share amounts)

Three Months Ended September 30,

2024

2023

Sales

2,512

2,057

Cost of goods sold

1,247

1,064

Gross profit

1,265

993

Operating expenses

1,092

1,019

Operating income (loss)

173

(26)

Non-operating income, net

117

109

Income before income taxes

290

Provision for income taxes

Net income

238

Earnings per share – diluted

0.07

0.00

Average shares outstanding – diluted

3,434,417

3,428,021

Nine Months Ended September 30,

2024

2023

Sales

6,973

6,239

Cost of goods sold

3,581

3,156

Gross profit

3,392

3,083

Operating expenses

3,426

3,203

Operating loss

(34)

(120)

Non-operating income, net

342

296

Income before income taxes

308

176

Provision for income taxes

Net income

245

Earnings per share – diluted

0.07

0.02

Average shares outstanding – diluted

3,440,382

3,428,021

Electro-Sensors, Inc.

Balance Sheets

September 30, 2024 and December 31, 2023

(in thousands)

September 30,

December 31,

2024

2023

Assets

(unaudited)

Current Assets

Cash and investments

10,302

9,926

Trade receivables, net

1,182

1,283

Inventories

2,003

1,751

Other current assets

272

179

Total current assets

13,759

13,139

Deferred income tax asset, long-term

287

355

Property and equipment, net

911

951

Total assets

14,957

14,445

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable and accrued expenses

859

690

Total current liabilities

859

690

Stockholders’ equity

Common stock

342

Additional paid-in capital

2,328

2,230

Retained earnings

11,428

11,183

Total stockholders’ equity

14,098

13,755

Total liabilities and stockholders’ equity

14,957

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-
X: x.com/ESIsensors
Facebook: facebook.com/ElectroSensors

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SOURCE Electro-Sensors, Inc.

Technology

Microland honored with STPI Karnataka IT Export Awards 2023-24

Published

54 seconds ago

November 26, 2024

BENGALURU, India, Nov. 26, 2024 /PRNewswire/ — Microland, India’s leading IT infrastructure services company, has been conferred with the Best Performance in High Growth in Exports – IT/ITES award for its category at the Software Technology Parks of India (STPI) Karnataka IT Export Awards for the year 2023-24. This recognition highlights Microland’s contribution to IT / Electronic Hardware Companies of Karnataka under STPI.

The award ceremony was held on 20th November 2024, as part of the 27th edition of the ‘Bengaluru Tech Summit’ event.

For over two decades, the STPI IT Export Awards have been a symbol of excellence and influence in the tech world, celebrating companies that achieve groundbreaking success in IT and ITES exports.

Sam Mathew, President, Microland, said, “We are excited to receive the prestigious recognition from STPI. Microland is committed to delivering world-class services to our clients and raising the bar with every milestone we achieve.”

Rajesh Kharidehal, Chief Financial Officer, Microland, added, “It is an honor to receive this award from STPI. At Microland, we constantly strive to deliver value to our stakeholders and this award is validation of the work we are doing for our clients.”

In early August 2024, Microland was awarded the prestigious World Class 5-star rating by the Service Desk Institute (SDI) for the quality of IT service and support operations. Microland is the third company globally and the first company in India to attain this accolade. Microland has also achieved a gold rating from EcoVadis, underscoring its exceptional performance in Environment and Sustainable Procurement, reflecting its commitment to high Environmental, Social, and Governance (ESG) standards.

Earlier this year, Microland achieved certification as a Great Workplace by Great Place To Work® for the second time.

About Microland

Microland is a pioneering IT Infrastructure services and consulting company headquartered in Bengaluru, India, with a proven track record of delivering tangible business outcomes for 35 years. Today, as enterprises recognize that networks underpin the functionality and efficiency of modern digital systems and support innovation, we provide next-generation technologies such as AI, automated operations, and platform-driven solutions – which drive operational excellence, agility, and productivity for organizations worldwide. Our team of over 4,600 experts delivers services in over 100 countries across Asia, Australia, Europe, the Middle East, and North America, offering cutting-edge solutions in networks, cloud, data centers, cybersecurity, services management, applications, and automation. Recognized by leading industry analysts for our innovative strategies, Microland is committed to strong governance, environmental sustainability, and fostering an inclusive workplace where diverse talent thrives. When businesses work with Microland, they connect with the best talent, technologies, and solutions to create unparalleled value.

For more information, visit www.microland.com

Contact: sobia.sahar@microland.com

Logo: https://mma.prnewswire.com/media/2483706/Microland_Logo.jpg

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Technology

The total mileage of UAV transmission line inspection of State Grid Turfan Power Supply Company exceeded 50,000 kilometers

Published

1 hour ago

November 26, 2024

TURFAN, China, Nov. 26, 2024 /PRNewswire/ — On November 22, the transmission and operation inspection center of State Grid Turfan Power Supply Company successfully completed the line inspection task of the 110 thousand volt Jiaolang line, marking the company’s 389th unmanned aerial vehicle inspection task in the year. Since 2016, the State Grid Turfan Power Supply Company has actively applied and promoted UAV inspection technology, and has achieved full coverage of UAV transmission line inspection in complex terrain such as mountains, deserts, and Gobi.

The complex and diverse terrain of Turfan, including high mountains, deserts and Gobi, has brought arduous challenges to the inspection of transmission lines. However, through the application of drone technology, the State Grid Turfan Power Supply Company has not only overcome these difficulties, but also achieved remarkable results in the operation and inspection of transmission lines. At the same time, with the intelligent upgrading and digital transformation of power grid equipment and management, UAV technology is widely used in maintenance and hanging, live monitoring, power grid construction and other fields, and the intelligent level of transmission line operation and inspection has been continuously improved. Up to now, the company’s drone inspection has covered 215 transmission lines of 35 thousand volts and above, with a total mileage of more than 50,000 kilometers, which is equivalent to the length of a week around the Earth’s equator.

In the next step, the State Grid Turfan Power Supply Company will continue to expand the application scenarios of UAVs, actively introduce new technologies and equipment, and accelerate the transformation of intelligent operation and inspection mode. The company plans to continuously improve the level of equipment operation and inspection, consolidate the foundation of equipment safety, and ensure the safe and stable operation of the power grid by further optimizing the drone inspection process and improving the data analysis and processing capabilities.

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SOURCE State Grid Turfan Power Supply Company

Technology

MiniTool’s Biggest Discount of the Year During Black Friday and Cyber Monday

Published

1 hour ago

November 26, 2024

VANCOUVER, BC, Nov. 25, 2024 /PRNewswire/ — MiniTool, a committed software development firm, offers MiniTool Partition Wizard, MiniTool Power Data Recovery, MiniTool ShadowMaker, MiniTool MovieMaker, MiniTool Video Converter, and other products in the 2024 Black Friday and Cyber Monday promotions. From November 25 to December 6, 2024, customers can visit the MiniTool promotion page to purchase products and enjoy big discounts.

Promotions and Activities

Entrance 1: Discounts for MiniTool Partition Wizard, MiniTool Power Data Recovery, and MiniTool ShadowMaker (UP TO 65% OFF)Entrance 2: Discounts for MiniTool MovieMaker and MiniTool Video Converter (UP TO 70% OFF)

MiniTool’s promotion is divided into three forms: lucky draw, combination promotion, and single item promotion.

Lucky Draw: Try your luck to get a discount or coupon for your desired single product. Each user has 5 chances per day during Black Friday sales.Combination Promotion: Or you can directly pick up your favorite bundles with a bigger discount!Single Item Promotion: Enjoy exclusive discounts on individual products!

Best Seller: MiniTool Partition Wizard Pro Ultimate + MiniTool ShadowMaker Pro Ultimate
MiniTool Partition Wizard is a top disk manager with comprehensive partition management features that can meet the basic disk and partition management needs of home and business users. It is available in Pro, Pro Platinum, and Pro Ultimate versions. Of these, the Pro Ultimate version is the best choice.

MiniTool ShadowMaker is a professional backup software based on the Windows system. It can safely back up files, folders, systems, disks, and partitions to internal or external hard drives.

MiniTool Partition Wizard Pro Ultimate and MiniTool ShadowMaker Pro Ultimate are originally priced at $199 and $158, respectively. During MiniTool’s Black Friday promotion, customers can buy these two products for ONLY $160.65 (55% OFF).

Double Protection of Data: MiniTool Power Data Recovery Personal Ultimate + MiniTool ShadowMaker Pro Ultimate
MiniTool Power Data Recovery is the best data recovery software for Windows users. It can successfully recover accidentally deleted files as well as files lost due to system crashes or virus attacks. Windows users can use MiniTool Power Data Recovery to recover data from internal storage, as well as external drives (such as HDD, SSD, USB, SD card, etc.).

MiniTool ShadowMaker can set up backup items regularly to properly protect your data and computer. It is the best choice for Windows users to back up files, hard drives, systems, etc.

MiniTool Power Data Recovery Personal Ultimate and MiniTool ShadowMaker Pro Ultimate charge $129 and $158 respectively. Now with a discount of 60% OFF, you ONLY NEED to PAY $114.80 for them.

65% OFF: MiniTool Partition Wizard Pro Platinum + MiniTool Power Data Recovery Personal Annual Subscription + MiniTool ShadowMaker Pro Annual Subscription
MiniTool Partition Wizard Pro Platinum offers all the features of the software, plus one year of free upgrades. It can be used on three devices after purchase. MiniTool Power Data Recovery Personal Annual Subscription offers all the functions of MiniTool data recovery software and a one-year free upgrade. MiniTool ShadowMaker Pro Annual Subscription allows use on two devices, plus one year of free updates.

The original prices of these three products are $129, $89, and $120 respectively. During the Black Friday promotion, you can get them all with ONLY $118.30 (65% OFF).

70% OFF: MiniTool MovieMaker Annual Subscription + MiniTool Video Converter 12-Month Subscription
MiniTool MovieMaker is the best choice for creating and editing videos. It supports adding transitions, special effects, and text to a video. Even beginners can make stunning videos with templates in MiniTool MovieMaker.

MiniTool Video Converter can convert audio and video into more than 1,000 formats. Its batch conversion function makes conversion more efficient. In addition, MiniTool Video Converter allows the recording of partial or full-screen activities without background noise.

The regular price of MiniTool MovieMaker Annual Subscription is $59.99, and the regular price of MiniTool Video Converter 12-Month Subscription is $119.99. During Black Friday, enjoy both of them for a whole year for ONLY $53.99, SAVING 70%!

For more product details, please visit the two promotion pages mentioned above.

About MiniTool® Software Ltd.
MiniTool® Software Ltd. is a software development company based in Canada. It is committed to providing customers with the most useful applications, such as MiniTool Power Data Recovery, MiniTool Partition Wizard, MiniTool ShadowMaker, MiniTool System Booster, MiniTool MovieMaker, and MiniTool Video Converter.

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SOURCE MiniTool Software Limited