ElectroSensors Inc. (ELSE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Electrosensors Inc. has a market cap of $14.14 million; its shares were traded at around $4.18 with and P/S ratio of 2.4. The dividend yield of Electrosensors Inc. stocks is 3.83%.ELSE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Research and development costs for the three months ended September 30, 2010 increased $44,000, or 30.6%, compared to the same period in 2009. For the nine months ended September 30, 2010, research and development costs increased $23,000, or 4.9%, when compared to the same period in 2009. For the three months ended September 30, 2010, the Production Monitoring Division had an increase of $47,000, or 49.5%, offset by a decrease in the AutoData Systems Division of $3,000, or 6.1%. Of the increase for the nine months ended September 30, 2010, the Production Monitoring Division contributed an increase of $36,000, or 11.1%, offset by a decrease in the AutoData System Division of $13,000, or 8.8%. For the three months ended September 30, 2010, the increase in the Production Monitoring Division was due to contract engineering, salaries and wages, lab material, and prototypes. The increased lab material, prototypes, and contract engineering expenses were due to expenses associated with new products and changes to existing products. The decrease in the AutoData Systems Division was due to a decrease in employee benefits and depreciation expense. For the nine months ended September 30, 2010, the increase in the Production Monitoring Division was due to increases in prototypes, salaries and wages, contract engineering, and travel for service calls, offset by a decrease in lab testing for product certification and legal and professional fees for trademark and patent work. The increased lab material, prototypes, and contract engineering expenses were due to printed circuit board layouts associated with new products and changes to existing products. The decrease in the AutoData Systems Division was due to a decrease in wages and benefits, and depreciation expense.
ESI Investment Company had income before taxes of $1,000 for the three-month period ended September 30, 2010 compared to $7,000 for the same period in 2009, a decrease of $6,000, or 85.7%. ESI Investment Company had income before taxes of $3,000 for the nine-month period ended September 30, 2010 compared to income before income taxes of $13,000 for the same period in 2009, a decrease of $10,000, or 76.9%. The decrease for the three-month and nine-month period ended September 30, 2010 was due to a decrease in interest income from Treasury Bills.
Cash provided by operating activities was $590,000 and $508,000 for the nine months ended September 30, 2010 and 2009, respectively. The increase was primarily a result of the increase in our net operating income adjusted for changes in accounts receivable, inventories, and accrued income tax activity. Cash from operating activities increased $82,000 for the nine-months ended September 30, 2010 when compared to the same period in 2009 due to a $226,000 increase in net income and a $208,000 increase in trade receivables, offset by a decrease of $396,000 in inventories. The net change in trade receivables was due to a decrease in the balance of $99,000 at September 30, 2010 compared to the prior year increase in the balance of $109,000 at September 30, 2009 when compared to the prior year. The net change in inventories was due to an increase in the balance of $167,000 at September 30, 2010 compared to the prior year decrease in the balance of $229,000 at September 30, 2009 when compared to the prior year.
Cash used for investing activities was $257,000 and $4,966,000 for the nine months ended September 30 2010 and 2009, respectively. The significant decrease in cash used for investing activities was due to purchases of six month Treasury Bills of $9,949,000 in 2009, offset by a sale of Treasury Bills of $4,980,000. During 2010, the purchase of Treasury Bills with a maturity date greater than three months was $10,246,000, offset by sales of Treasury Bills of $10,030,000.
Cash used for financing activities was $393,000 and $394,000 for the nine months ended September 30, 2010 and 2009, respectively. During the nine-month periods ended September 30, 2010 and 2009, the Company paid aggregate dividends of $405,000 and $404,000, respectively. In 2009, one employee exercised a stock option which provided cash of $2,000. There were no such exercises of stock options in 2010. During the nine-month periods ended September 30, 2010 and 2009, the Company had $12,000 and $8,000, respectively, in stock purchases under the Employee Stock Purchase Plan.
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Electrosensors Inc. has a market cap of $14.14 million; its shares were traded at around $4.18 with and P/S ratio of 2.4. The dividend yield of Electrosensors Inc. stocks is 3.83%.ELSE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
General and administrative costs decreased $22,000, or 8.3%, for the three months ended September 30, 2010 compared to the same period in 2009. For the nine months ended September 30, 2010, general and administrative costs decreased $25,000, or 2.9%, when compared to the same period in 2009. Of the decrease for the three months ended September 30, 2010, the Production Monitoring Division contributed a decrease of $15,000, or 6.0%, and the AutoData Systems Division had a decrease of $7,000, or 41.2%. The decrease for the nine months ended September 30, 2010 was due to a decrease in costs of $13,000, or 1.6%, from the Production Monitoring Division, and the AutoData Systems Division decrease of $12,000, or 20.7%. For the three months ended September 30, 2010, the decrease in general and administrative expenses from the Production Monitoring Division was due to decreases in doubtful account writeoffs and legal and professional fees. The decrease in the AutoData Systems Division was due to a decrease in computer maintenance and legal and professional fees. For the nine months ended September 30, 2010, the decrease in general and administrative expenses from the Production Monitoring Division was due to decreases in depreciation expense, doubtful account writeoffs, and legal and professional fees. The decrease in the AutoData Systems Division was due to a decrease in computer maintenance and legal and professional fees.Research and development costs for the three months ended September 30, 2010 increased $44,000, or 30.6%, compared to the same period in 2009. For the nine months ended September 30, 2010, research and development costs increased $23,000, or 4.9%, when compared to the same period in 2009. For the three months ended September 30, 2010, the Production Monitoring Division had an increase of $47,000, or 49.5%, offset by a decrease in the AutoData Systems Division of $3,000, or 6.1%. Of the increase for the nine months ended September 30, 2010, the Production Monitoring Division contributed an increase of $36,000, or 11.1%, offset by a decrease in the AutoData System Division of $13,000, or 8.8%. For the three months ended September 30, 2010, the increase in the Production Monitoring Division was due to contract engineering, salaries and wages, lab material, and prototypes. The increased lab material, prototypes, and contract engineering expenses were due to expenses associated with new products and changes to existing products. The decrease in the AutoData Systems Division was due to a decrease in employee benefits and depreciation expense. For the nine months ended September 30, 2010, the increase in the Production Monitoring Division was due to increases in prototypes, salaries and wages, contract engineering, and travel for service calls, offset by a decrease in lab testing for product certification and legal and professional fees for trademark and patent work. The increased lab material, prototypes, and contract engineering expenses were due to printed circuit board layouts associated with new products and changes to existing products. The decrease in the AutoData Systems Division was due to a decrease in wages and benefits, and depreciation expense.
ESI Investment Company had income before taxes of $1,000 for the three-month period ended September 30, 2010 compared to $7,000 for the same period in 2009, a decrease of $6,000, or 85.7%. ESI Investment Company had income before taxes of $3,000 for the nine-month period ended September 30, 2010 compared to income before income taxes of $13,000 for the same period in 2009, a decrease of $10,000, or 76.9%. The decrease for the three-month and nine-month period ended September 30, 2010 was due to a decrease in interest income from Treasury Bills.
Cash provided by operating activities was $590,000 and $508,000 for the nine months ended September 30, 2010 and 2009, respectively. The increase was primarily a result of the increase in our net operating income adjusted for changes in accounts receivable, inventories, and accrued income tax activity. Cash from operating activities increased $82,000 for the nine-months ended September 30, 2010 when compared to the same period in 2009 due to a $226,000 increase in net income and a $208,000 increase in trade receivables, offset by a decrease of $396,000 in inventories. The net change in trade receivables was due to a decrease in the balance of $99,000 at September 30, 2010 compared to the prior year increase in the balance of $109,000 at September 30, 2009 when compared to the prior year. The net change in inventories was due to an increase in the balance of $167,000 at September 30, 2010 compared to the prior year decrease in the balance of $229,000 at September 30, 2009 when compared to the prior year.
Cash used for investing activities was $257,000 and $4,966,000 for the nine months ended September 30 2010 and 2009, respectively. The significant decrease in cash used for investing activities was due to purchases of six month Treasury Bills of $9,949,000 in 2009, offset by a sale of Treasury Bills of $4,980,000. During 2010, the purchase of Treasury Bills with a maturity date greater than three months was $10,246,000, offset by sales of Treasury Bills of $10,030,000.
Cash used for financing activities was $393,000 and $394,000 for the nine months ended September 30, 2010 and 2009, respectively. During the nine-month periods ended September 30, 2010 and 2009, the Company paid aggregate dividends of $405,000 and $404,000, respectively. In 2009, one employee exercised a stock option which provided cash of $2,000. There were no such exercises of stock options in 2010. During the nine-month periods ended September 30, 2010 and 2009, the Company had $12,000 and $8,000, respectively, in stock purchases under the Employee Stock Purchase Plan.
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