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Elecsys Corporation Reports First Quarter Financial Results

Stocks in this article: ESYS

OLATHE, Kansas, Sept. 9, 2013 (GLOBE NEWSWIRE) -- Elecsys Corporation (Nasdaq:ESYS), a provider of innovative machine to machine (M2M) communication technology solutions, data acquisition systems, and custom electronic equipment for critical industrial applications, today announced its financial results for the first quarter ended July 31, 2013.

Sales for the quarter were $6,774,000, an increase of 59%, or $2,517,000, from $4,257,000 in the first quarter of fiscal 2013.

Operating income for the quarter was $453,000, an improvement of $681,000, compared to an operating loss of $228,000 for the same quarter in the prior year.

Net income was $264,000, or $0.07 per diluted share, for the quarter ended July 31, 2013. For the quarter ended July 31, 2012, the Company's net loss was $161,000, or $0.04 per diluted share.

Proprietary product and service revenues were $2,466,000 for the quarter ended July 31, 2013, an increase of 45%, or $763,000.   Sales of wireless remote monitoring solutions increased approximately 60%, or $572,000, from the comparable period of the prior fiscal year. The increase in remote monitoring equipment and service revenue was due to an overall increase in customer orders received and shipped including some initial orders for a remote monitoring product for a new industrial equipment market. Recurring data management services revenue increased 17% in the period and continues to grow as a function of the growing population of monitoring units deployed in the field. The Company's industrial data communication solutions reported an increase in revenues of 13%, as compared to the previous fiscal year. This increase was the direct result of increased sales and marketing efforts to the existing customer base and an active pursuit of new customers and applications for the Director series products. The Company's mobile data acquisition solutions, primarily encompassing Radix handheld computers, reported a revenue increase of approximately 53% over the prior fiscal year primarily as a result of Radix shipments to one of our largest international partners and continuing sales to established domestic customers.

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