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ELECTRO-SENSORS FIRST QUARTER 1992 RESULTS

 ELECTRO-SENSORS FIRST QUARTER 1992 RESULTS
 EDEN PRAIRIE, Minn., April 29 /PRNewswire/ -- The following was


issued by Electro-Sensors, Inc. today:
 First quarter 1992 results reflect the continuing recession among our industrial customers. Comparative sales are down 10 percent and profits were $.034 per share versus $.10 per share in 1991.
 The 1992 first quarter profit decline includes a one-time charge of $.035 per share for E.S.I. stock exchanged for the license of Pattern Processing Technologies, Inc. patents for character recognition and Larry Werth's ownership interest in the software development of the Precursor technology.
 We expect that expenses incurred by the initial exposure of the hand printed form reading technology will begin to increase at a rate that exceeds the recovery of our traditional businesses, so we are prepared to earn less in 1992. It is unfortunate that the timing works out to our disadvantage, but we feel that the investment will be worth the temporary setback.
 ELECTRO-SENSORS, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Unaudited)
 First Quarter Ended
 3/31/92 3/31/91
 Net sales $1,148,846 $1,272,984
 Cost and expense:
 Cost of sales 512,784 549,609
 Operating expenses 619,802 466,451
 -- 1,132,586 1,016,060
 Operating income 16,260 256,924
 Other income 88,873 45,178
 Income before income taxes 105,133 302,102
 Provision for income taxes 39,100 110,350
 Net income $66,033 $191,752
 Average shares outstanding 1,922,426 1,844,978
 Earnings per common and
 common equivalent share $.03 $.10
 ELECTRO-SENSORS, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEET
 (Unaudited)
 3/31/92 12/31/91
 ASSETS
 Current assets $5,793,397 $5,786,983
 Note receivable 141,994 97,541
 Property and equipment, net 185,252 191,445
 -- $6,120,643 $6,075,969
 LIABILITIES AND SHAREHOLDERS'
 EQUITY
 Current liabilities $321,767 $466,001
 Deferred income tax credits 2,600 2,600
 Shareholders' equity 5,796,276 5,607,368
 -- $6,120,643 $6,075,969
 -0- 4/29/92
 /CONTACT: Mark D. Laumann of Electro-Sensors, 612-941-8171 or 800-328-6170/ CO: Electro-Sensors ST: Minnesota IN: SU: ERN


MA -- MN021 -- 4557 04/29/92 16:16 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
Words:363
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