Elecsys Corporation Reports Second Quarter Financial Results

OLATHE, Kansas, Dec. 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 the financial results for its second fiscal quarter ended October 31, 2013.

Revenues for the quarter were $7,330,000, an increase of 19% from $6,138,000 in revenues during the second quarter of fiscal 2013. Total revenues year-to-date increased 36% to $14,104,000 from $10,395,000. The overall increase in both quarterly and year-to-date revenues resulted from the combined growth of revenues from both of the Company's business segments.

Operating income for the quarter was $1,116,000, compared to operating income of $700,000 for the same quarter in the prior year. For the first six months of fiscal 2014, operating income grew to $1,569,000 from $471,000 in the first six months of fiscal 2013.

Net income was $653,000, or $0.17 per diluted share, for the quarter ended October 31, 2013. For the quarter ended October 31, 2012, net income was $413,000, or $0.11 per diluted share. For the six-month period ended October 31, 2013, net income totaled $917,000, or $0.23 per diluted share, while for the comparable prior year period net income was $252,000, or $0.06 per diluted share.

Revenues from proprietary products and services were $3,742,000 for the quarter ended October 31, 2013, an increase of 19%, or $594,000 from the previous year quarter. For the six-month period ended October 31, 2013, proprietary product and services revenues improved $1,352,000, or 28%, to $6,206,000 compared to $4,854,000 in the comparable period of the prior fiscal year. Sales of wireless remote monitoring and industrial data communication solutions increased almost 42%, or $920,000, from the previous year to $3,112,000 for the current quarter. This overall rise in sales was due to increased customer orders for Watchdog remote monitoring equipment and recurring data management services combined with the introduction of a new remote monitoring product for the commercial transportation industry. Revenues of Radix mobile data acquisition solutions declined $334,000, or 39%, for the period as compared to the prior year.

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