0000897101-12-000764.txt : 20120511 0000897101-12-000764.hdr.sgml : 20120511 20120511122702 ACCESSION NUMBER: 0000897101-12-000764 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120511 DATE AS OF CHANGE: 20120511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELECTRO SENSORS INC CENTRAL INDEX KEY: 0000351789 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823] IRS NUMBER: 410943459 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09587 FILM NUMBER: 12833133 BUSINESS ADDRESS: STREET 1: 6111 BLUE CIRCLE DR CITY: MINNETONKA STATE: MN ZIP: 55343-9108 BUSINESS PHONE: 9529300100 MAIL ADDRESS: STREET 1: 6111 BLUE CIRCLE DR CITY: MINNETONKA STATE: MN ZIP: 55343 10-Q 1 electro121528_10q.htm FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2012

Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


Form 10-Q


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2012

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number 0-9587

 


ELECTRO-SENSORS, INC.

(Exact name of registrant as specified in its charter)

 

Minnesota 41-0943459
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

 

6111 Blue Circle Drive
Minnetonka, Minnesota 55343-9108

(Address of principal executive offices)

 

(952) 930-0100

(Registrant’s telephone number, including area code)

 


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x     No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x     No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

Large accelerated filer  

o

 

Accelerated filer o

 

Non-accelerated filer

o

(Do not check if a smaller reporting company)

Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No x

The number of shares outstanding of the registrant’s common stock, $0.10 par value, on May 9, 2012 was 3,390,785.



ELECTRO-SENSORS, INC.
Form 10-Q
For the Period Ended March 31, 2012

TABLE OF CONTENTS

 

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements (unaudited):

 

 

 

 

 

Condensed Consolidated Balance Sheet – As of March 31, 2012 and December 31, 2011

 

3

Condensed Consolidated Statements of Operations and Comprehensive Income – For the Three months ended March 31, 2012 and March 31, 2011

 

4

Condensed Consolidated Statements of Cash Flows – For the Three months ended March 31, 2012 and March 31, 2011

 

5

Notes to Condensed Consolidated Financial Statements

 

6

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

12

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

14

Item 4. Controls and Procedures

 

14

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

15

Item 1A. Risk Factors

 

15

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

15

Item 3. Defaults Upon Senior Securities

 

15

Item 4. Mine Safety Disclosures

 

15

Item 5. Other Information

 

15

Item 6. Exhibits

 

15

 

 

 

SIGNATURES

 

16

 

 

 

EXHIBITS

 

17



Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ELECTRO-SENSORS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

March 31,
2012

 

December 31,
2011

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,581

 

$

5,476

 

Available for sale securities

 

 

3,816

 

 

3,181

 

Trade receivables, less allowance for doubtful accounts of $17 and $9, respectively

 

 

699

 

 

731

 

Inventories

 

 

1,223

 

 

1,228

 

Income tax receivable

 

 

0

 

 

17

 

Other current assets

 

 

135

 

 

116

 

 

 

 

 

 

 

 

 

Total current assets

 

 

11,454

 

 

10,749

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,184

 

 

1,179

 

 

 

 

 

 

 

 

 

Total assets

 

$

12,638

 

$

11,928

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

174

 

$

110

 

Accrued expenses

 

 

257

 

 

214

 

Accrued income tax

 

 

18

 

 

0

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

449

 

 

324

 

 

 

 

 

 

 

 

 

Deferred income tax liability

 

 

1,470

 

 

1,225

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock par value $0.10 per share; authorized 10,000,000 shares; issued and outstanding: 3,390,785 and 3,389,577 shares, respectively

 

 

339

 

 

339

 

Additional paid-in capital

 

 

1,565

 

 

1,561

 

Retained earnings

 

 

6,513

 

 

6,570

 

Accumulated other comprehensive income (unrealized gain on available for sale securities, net of income tax)

 

 

2,302

 

 

1,909

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

10,719

 

 

10,379

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

12,638

 

$

11,928

 

See accompanying notes to condensed consolidated financial statements

3


Table of Contents

ELECTRO-SENSORS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands except share and per share amounts)
(unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

2012

 

2011

 

 

Net sales

 

$

1,642

 

$

1,517

 

Cost of goods sold

 

 

706

 

 

625

 

 

 

 

 

 

 

 

 

Gross profit

 

 

936

 

 

892

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling and marketing

 

 

410

 

 

346

 

General and administrative

 

 

277

 

 

253

 

Research and development

 

 

127

 

 

101

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

814

 

 

700

 

 

 

 

 

 

 

 

 

Operating income

 

 

122

 

 

192

 

 

 

 

 

 

 

 

 

Non-operating income:

 

 

 

 

 

 

 

Interest income

 

 

1

 

 

3

 

Other income

 

 

3

 

 

2

 

Total non-operating income

 

 

4

 

 

5

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

 

126

 

 

197

 

 

 

 

 

 

 

 

 

Income taxes

 

 

48

 

 

69

 

Income before discontinued operations

 

 

78

 

 

128

 

Loss from discontinued operations, net of income tax

 

 

0

 

 

(34

)

 

 

 

 

 

 

 

 

Net income

 

$

78

 

$

94

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

Change in unrealized value of investments, net of income tax

 

$

393

 

$

642

 

Total comprehensive income

 

$

471

 

$

736

 

 

 

 

 

 

 

 

 

Net income per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

Net income per share continuing operations

 

$

0.02

 

$

0.04

 

Net loss per share discontinued operations

 

$

0.00

 

$

(0.01

)

Net income per share

 

$

0.02

 

$

0.03

 

Weighted average shares

 

 

3,390,719

 

 

3,383,767

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

Net income per share continuing operations

 

$

0.02

 

$

0.04

 

Net loss per share discontinued operations

 

$

0.00

 

$

(0.01

)

Net income per share

 

$

0.02

 

$

0.03

 

Weighted average shares

 

 

3,407,699

 

 

3,405,247

 

 

 

 

 

 

 

 

 

Dividends paid per share

 

$

0.04

 

$

0.04

 

See accompanying notes to condensed consolidated financial statements

4


Table of Contents

ELECTRO-SENSORS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

2012

 

2011

 

Cash flows from (used in) operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

78

 

$

94

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash from (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

16

 

 

13

 

Change in allowance for doubtful accounts

 

 

8

 

 

0

 

Deferred income taxes

 

 

3

 

 

6

 

Interest accrued on investments

 

 

0

 

 

(2

)

Change in assets and liabilities:

 

 

 

 

 

 

 

Trade receivables

 

 

24

 

 

(110

)

Inventories

 

 

5

 

 

(32

)

Other current assets

 

 

(19

)

 

(35

)

Accounts payable

 

 

64

 

 

48

 

Accrued expenses

 

 

43

 

 

65

 

Deferred revenue

 

 

0

 

 

(6

)

Accrued income taxes

 

 

35

 

 

55

 

 

 

 

 

 

 

 

 

Net cash from operating activities

 

 

257

 

 

96

 

 

 

 

 

 

 

 

 

Cash flows used in investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(21

)

 

(2

)

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(21

)

 

(2

)

 

 

 

 

 

 

 

 

Cash flows from (used in) financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

 

4

 

 

6

 

Dividends paid

 

 

(135

)

 

(135

)

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

 

(131

)

 

(129

)

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

105

 

 

(35

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

 

5,476

 

 

583

 

Cash and cash equivalents, ending

 

$

5,581

 

$

548

 

 

 

 

 

 

 

 

 

Supplemental schedule of non-cash investing and financing activities

 

 

 

 

 

 

 

Net change in unrealized gain on investments

 

$

393

 

$

642

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

11

 

$

0

 

See accompanying notes to condensed consolidated financial statements

5


Table of Contents

ELECTRO-SENSORS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 2012
(unaudited)

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

This report should be read together with the Company’s annual report on Form 10-K for the year ended December 31, 2011, including the audited financial statements and footnotes therein.

It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of March 31, 2012 and for the three-month period then ended. The results of interim periods may not be indicative of results to be expected for the year.

Nature of Business

The accompanying condensed consolidated financial statements include the accounts of Electro-Sensors, Inc. and its wholly-owned subsidiaries, ESI Investment Company and Senstar Corporation. Senstar has no operations. Intercompany accounts, transactions and earnings have been eliminated in consolidation. The consolidated entity is referred to as “the Company”.

Electro-Sensors, Inc. manufactures and markets a complete line of speed monitoring and motor control systems for industrial machinery. The Company utilizes leading-edge technology to continuously improve its products and make them easier to use with the ultimate goal of manufacturing the industry-preferred product for every market served. These products are sold through an internal sales staff, manufacturer’s representatives, and distributors to a wide variety of manufacturers, original equipment manufacturers and processors who use the products to monitor process machinery operations. The Company markets its products to a number of different industries located throughout the United States, Asia, Central America, Canada, and Europe.

In addition, through its subsidiary ESI Investment Company, the Company periodically makes strategic investments in other businesses and companies, primarily when the Company believes that such investments will facilitate development of technology complementary to the Company’s products. Although the Company, through ESI Investment Company, invests in other businesses or companies, the Company does not intend to become an investment company and intends to remain primarily an operating company. The Company’s primary investment is 343,267 shares of Rudolph Technologies, Inc. which is accounted for using the available-for-sale method. See Note 4 for additional information regarding the Company’s investments. The Company’s investments in securities are subject to normal market risks.

Revenue recognition

The Company recognizes revenue from the sale of its production monitoring equipment when persuasive evidence of an arrangement exists, the product has been delivered, the fee is fixed and determinable and collection of the resulting receivable is reasonably assured. The Company may offer discounts to its distributors or quantity discounts that are recorded at the time of sale. The Company recognizes revenue on products sold to customers and distributors upon shipment because the contracts do not include post-shipment obligations. In addition to exchanges and warranties, customers have refund rights. Our standard products are used in a wide variety of industries, returns are minimal and insignificant to the consolidated financial statements and are recognized when the returned product is received by the Company. In some situations, the Company receives advance payments from its customers. Revenue associated with these advance payments is deferred until the product is shipped or services performed.

6


Table of Contents

Available for Sale Securities

ESI Investment Company’s portfolio consists of equity securities, primarily common stocks, money market funds, commercial paper, and may include government debt securities. The estimated fair value of publicly traded equity securities is based on quoted market prices, and therefore subject to the inherent risk of market fluctuations. Management determines the appropriate classification of securities at the date individual investments are acquired, and evaluates the appropriateness of such classification at each balance sheet date.

Since the Company generally does not make investments in anticipation of short-term fluctuations in market prices, investments in equity securities are classified as available-for-sale. Available-for-sale securities with readily determinable values are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as separate component of stockholders’ equity.

Realized gains and losses on securities, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the period realized.

Fair Value Measurements

The Company’s policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company’s policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the consolidated financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

 

 

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The carrying value of cash and cash equivalents, investments, trade receivables, accounts payable, and other working capital items approximate fair value at March 31, 2012 and December 31, 2011 due to the short maturity nature of these instruments.

Income taxes

Deferred income taxes are presented as assets or liabilities based on timing differences between financial reporting and tax reporting methods. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred liability allocated to other comprehensive income. Deferred tax assets are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not assured.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of economic lives of property and equipment, realizability of accounts receivable, valuation of deferred tax assets/liabilities, valuation of inventory and valuation of investments. It is at least reasonably possible that these estimates may change in the near term.

7


Table of Contents

Reclassifications

Certain items related to discontinued operations in the 2011 financial statements have been reclassified. These reclassifications had no effect on stockholders’ equity, net income or cash flows.

Note 2. Stock-Based Compensation

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton (“BSM”) model. The Company uses historical data among other factors to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At March 31, 2012, the Company had one stock-based employee compensation plan. During the three-month periods ended March 31, 2012 and 2011, there were no stock options granted or exercised.

Note 3. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period.

Note 4. Investments

The cost and estimated fair value of the Company’s investments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

Gross
unrealized
gain

 

Gross
unrealized
loss

 

Fair
value

 

March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,446,000

 

$

0

 

$

0

 

$

5,446,000

 

Equity Securities

 

 

101,000

 

 

3,770,000

 

 

(55,000

)

 

3,816,000

 

 

 

 

5,547,000

 

 

3,770,000

 

 

(55,000

)

 

9,262,000

 

Less Cash Equivalents

 

 

5,446,000

 

 

0

 

 

0

 

 

5,446,000

 

Total Investments, March 31, 2012

 

$

101,000

 

$

3,770,000

 

$

(55,000

)

$

3,816,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,373,000

 

$

0

 

$

0

 

$

5,373,000

 

Equity Securities

 

 

101,000

 

 

3,134,000

 

 

(54,000

)

 

3,181,000

 

 

 

 

5,474,000

 

 

3,134,000

 

 

(54,000

)

 

8,554,000

 

Less Cash Equivalents

 

 

5,373,000

 

 

0

 

 

0

 

 

5,373,000

 

Total Investments, December 31, 2011

 

$

101,000

 

$

3,134,000

 

$

(54,000

)

$

3,181,000

 

At March 31, 2012 and December 31, 2011, the Company’s significant investment in equity securities was 343,267 shares of Rudolph Technologies, Inc. (“Rudolph”), which is accounted for under the available-for-sale method. As of March 31, 2012 and December 31, 2011, the aggregate value of the Company’s Rudolph shares as reported on the Nasdaq Stock Market was approximately $3,814,000 and $3,134,000, respectively, with an approximate cost of $45,000.

8


Table of Contents

Note 5. Fair Value Measurements

The following table provides information on those assets measured at fair value on a recurring basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount
in condensed
consolidated
balance sheet
March 31, 2012

 

Fair Value
March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,446,000

 

$

5,446,000

 

$

5,446,000

 

$

 

$

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3,816,000

 

$

3,816,000

 

$

3,816,000

 

$

 

$

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount
in consolidated
balance sheet
December 31, 2011

 

Fair Value
December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,373,000

 

$

5,373,000

 

$

5,373,000

 

$

 

$

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3,181,000

 

$

3,181,000

 

$

3,181,000

 

$

 

$

 

The fair value of the commercial paper and equity securities are based on quoted market prices in an active market. Closing stock prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1.

Note 6. Inventories

Inventories used in the determination of cost of goods sold are as follows:

 

 

 

 

 

 

 

 

 

 

March 31,
2012

 

December 31,
2011

 

Raw Materials

 

$

752,000

 

$

791,000

 

Work In Process

 

 

264,000

 

 

247,000

 

Finished Goods

 

 

207,000

 

 

190,000

 

Total Inventories

 

$

1,223,000

 

$

1,228,000

 

9


Table of Contents

Note 7. Discontinued Operations

On September 16, 2011, the Company sold its entire interest in its AutoData Systems Division to Auto Data Inc. (ADI). The purchase price will be paid as an earn-out based on three percent of the software, hardware, and maintenance contracts that ADI sells over the next five years (four percent while ADI continues to occupy our building). As of March 31, 2012, ADI owed the Company approximately $5,000 under the earn-out. The amount is included in other assets on the balance sheet.

The division, a separate operating segment as described in Note 8, designed and marketed desktop software based systems that read hand printed characters, checkmarks and bar code information from scanned or faxed forms, in addition to collecting and reporting data from web forms.

The financial results of the discontinued operation are as follows:

 

 

 

 

 

 

 

Three Months
Ended March 31,
2011

 

 

 

 

 

 

Net sales

 

$

70,000

 

Expenses

 

 

(111,000

)

Net loss before income taxes

 

 

(41,000

)

Income tax benefit

 

 

7,000

 

Net loss of discontinued operations

 

$

(34,000

)

The effect of the discontinued operation on the financial position of the Company, as of December 31, 2011, is as follows:

 

 

 

 

 

Property and equipment

 

$

2,000

 

Inventories

 

 

17,000

 

Accounts receivable

 

 

35,000

 

Net assets disposed

 

$

54,000

 

 

 

 

 

 

Accrued expenses

 

$

10,000

 

Deferred revenue

 

 

58,000

 

Net liabilities disposed

 

$

68,000

 

 

 

 

 

 

Net cash paid to ADI

 

$

14,000

 

10


Table of Contents

Note 8. Segment Information

Prior to September 16, 2011, the Company had three reportable operating segments based on the nature of its product lines: Production Monitoring, AutoData Systems, and Investments. The AutoData Systems segment was sold on September 16, 2011 as described in Note 7. The operations of that segment are presented as discontinued operations in the accompanying financial statements and are excluded from the presentation of segment information from continuing operations in this note. The reclassification of AutoData Systems to discontinued operations had no impact on the results of operations presented for the Production Monitoring or Investments segments.

As of March 31, 2012, the Company has two reportable operating segments: Production Monitoring and Investments. The Production Monitoring Division manufactures and markets a complete line of production monitoring equipment, in particular speed monitoring and motor control systems for industrial machinery. ESI Investment Company holds investments in marketable and non-marketable securities.

The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2011. In evaluating segment performance, management focuses on sales and income before taxes. The Company has no inter-segment sales.

The following is financial information relating to the continuing operating segments (in thousands):

 

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

2012

 

2011

 

External sales

 

 

 

 

 

 

 

Production monitoring

 

$

1,642

 

$

1,517

 

Investments

 

 

0

 

 

0

 

Total

 

$

1,642

 

$

1,517

 

 

 

 

 

 

 

 

 

Net income before taxes

 

 

 

 

 

 

 

Production monitoring

 

$

125

 

$

195

 

Investments

 

 

1

 

 

2

 

Total

 

$

126

 

$

197

 

11


Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

CRITICAL ACCOUNTING ESTIMATES

The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make decisions based upon estimates, assumptions, and factors it considers relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in economic conditions or other business circumstances may affect the outcomes of management’s estimates and assumptions. An in-depth description of our accounting estimates can be found in the interim financial statements included in this report and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011. No new estimates exist other than those discussed in our Annual Report.

RESULTS OF OPERATIONS

Net Sales

Net sales for the three months ended March 31, 2012 increased $125,000, or 8.2%, when compared to net sales for the same period in 2011. Sales growth occurred across most of our product lines and was also diversified among the applications we serve. We continue to expand our direct sales calls and participation in regional and national tradeshows and organizations in order to develop close relationships with new and existing customers. Feedback has been positive regarding our new hazard monitoring products because of their straight-forward installation and “at-a-glance” diagnosis of hazardous conditions on equipment. Direct connection to the plant’s central control system is a benefit to our customers as they monitor the operation of their machines.

Cost of Goods Sold

Our cost of goods sold increased $81,000, or 13.0%, for the three months ended March 31, 2012 compared to the same period in 2011. This increase was primarily a direct result of increased sales. We continue our efforts to maintain or reduce production costs by manufacturing products in the most cost effective manner.

Gross Profit

Gross margin for the three months ended March 31, 2012 was 57.0% versus 58.8% for the same period in 2011. The decrease in gross margin was due to increased cost of raw materials.

Operating Expenses

Total operating expenses increased $114,000, or 16.3%, for the three months ended March 31, 2012 when compared to the same period of 2011.

Selling and marketing costs increased $64,000, or 18.5%, for the three months ended March 31, 2012 when compared to the same period in 2011. The increase was due to increased outside sales representative expenses (due to the addition of two new sales representatives and increased sales), tradeshows (due to additional local and national shows), travel (due to attendance at additional shows and an additional outside sales person), and demos (due to setting up demo cases for new and existing outside sales representatives and adding new products to be displayed in the tradeshow booth); offset by decreases in advertising and marketing expenses due to the reallocation of advertising expenses to local tradeshows. Marketing efforts are continuing to be directed to our core industries.

General and administrative costs increased $24,000, or 9.5%, for the three months ended March 31, 2012 compared to the same period in 2011. The increase in general and administrative expenses was due to an increase in our allowance for bad debts which increased our bad debt expense, employee benefits which are being recognized in the first quarter of 2012 as opposed to the second quarter of 2011, and allocation of expenses to the Production Monitoring division in the first quarter of 2012 that had been allocated to the AutoData Systems division in the first quarter of 2011.

Research and development costs increased $26,000, or 25.7%, for the three months ended March 31, 2012 compared to the same period in 2011. The increase in research and development costs was due to an increase in lab testing fees for product testing and approval for hazardous locations, wages and salaries (due to the addition of a part time employee), and legal expenses related to patent applications.

12


Table of Contents

Non-Operating Income

Non-operating income decreased by $1,000, or 20.0%, for the three months ended March 31, 2012 compared to the same period for 2011. This decrease was due primarily to a decrease in the amount of interest income earned.

Interest income decreased $2,000, or 67.0%, when comparing the three months ended March 31, 2012 to the same period in 2011.

Income From Continuing Operations Before Income Taxes

The Company had income before income taxes of $126,000 for the quarter ended March 31, 2012, representing a decrease of $71,000, or 36.0%, when compared to income from continuing operations before income taxes of $197,000 for the quarter ended March 31, 2011.

The Production Monitoring Division had income before income taxes of $125,000 for the three months ended March 31, 2012 compared to $195,000 for the same period in 2011, a decrease of $70,000, or 36.0%. An increase in operating expenses of $114,000 was the main reason for the decrease in net income before income taxes.

ESI Investment Company had income before income taxes of $1,000 for the three months ended March 31, 2012 compared to $2,000 for the same period in 2011, a decrease of $1,000. This decrease was a result of the interest income earned in 2012 compared to 2011 (see “Non-Operating Income”). However, ESI Investment Company has approximately $3,769,000 in unrealized gain on the Rudolph Technologies, Inc. investment that is reported in Other Comprehensive Income (see Note 4 “Investments” in the notes to the accompanying condensed consolidated financial statements).

Loss From Discontinued Operations

On September 16, 2011, the Company sold its entire interest in its AutoData Systems Division to Auto Data Inc. (ADI). The purchase price will be paid as an earn-out based on three percent of the software, hardware, and maintenance contracts that ADI sells over the next five years (four percent while ADI continues to occupy our building). The transaction was intended to allow us to focus on our core markets.

For the three-month period ended March 31, 2011, the AutoData Systems Division had an operating loss, net of income taxes, of $34,000. There was no activity related to the discontinued operations during the three months ended March 31, 2012.

LIQUIDITY AND CAPITAL RESOURCES

Cash and cash equivalents were $5,581,000 at March 31, 2012, $5,476,000 at December 31, 2011, and $548,000 at March 31, 2011. The increase was mainly from investing activities. During the first three months of 2011, the Company owned $5,199,000 in Treasury Bills with a maturity of more than three months from the date of purchase. The Company did not own any Treasury Bills as of March 31, 2012 and December 31, 2011.

Cash provided by operating activities was $257,000 and $96,000 for the three months ended March 31, 2012 and 2011, respectively. Cash from operating activities decreased $161,000 for the three months ended March 31, 2012 when compared to the same period in 2011 mainly due to the net change in trade receivables. The net change in trade receivables was due to a decrease in the balance of $24,000 at March 31, 2012 compared to the prior year increase in the balance of $110,000 at March 31, 2011 when compared to the prior year.

Cash used in investing activities was $21,000 and $2,000 for the three months ended March 31, 2012 and 2011, respectively. The cash used by investing activities was for the purchase of property and equipment.

Cash used in financing activities was $131,000 and $129,000 for the three months ended March 31, 2012 and March 31, 2011, respectively. During the quarters ended March 31, 2012 and 2011, we had $4,000 and $6,000, respectively, in stock purchases under the Employee Stock Purchase Plan. We paid dividends of $135,000 in each quarter.

Our ongoing cash requirements will be primarily for capital expenditures, research and development, and working capital. Management believes that cash on hand and any cash provided by operations will be sufficient to meet our cash requirements through at least the next 12 months.

Our primary investment is 343,267 shares of Rudolph Technologies, Inc., listed on the Nasdaq Stock Market, accounted for using the available-for-sale method. The investment is subject to fluctuations in market price and could have a negative effect on our liquidity.

13


Table of Contents

Off-balance Sheet Arrangements

As of March 31, 2012, the Company had no off-balance sheet arrangements or transactions.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements include, but are not limited to, statements relating to our marketing efforts or our efforts to accelerate growth; management’s intention that we not become an investment company; our expected use of cash on hand; our cash requirements; and the sufficiency of our cash flows. Any statement that is not based solely upon historical facts, including strategies for the future and the outcome of events that have not yet occurred, is considered a forward-looking statement.

All forward-looking statements in this document are based on information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements, other than as required by law. It is important to note that our actual results could differ materially from those in such forward-looking statements. The forward-looking statements we make in this Quarterly Report are subject to certain risks and uncertainties that could cause future results to differ materially from our recent results or those projected in the forward-looking statements, including the accuracy of management’s assumptions with respect to industry trends, fluctuations in industry conditions, the accuracy of management’s assumptions regarding expenses and our cash needs and those listed under the heading “Cautionary Statements” under “Item 1—Business,” in our Annual Report on Form 10-K for the year ended December 31, 2011.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not Applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) were effective as of March 31, 2012 to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the first quarter of 2012, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

14


Table of Contents


 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings – None

Item 1A. Risk Factors – Not Applicable

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds – None

Item 3. Defaults Upon Senior Securities – None

Item 4. Mine Safety Disclosures – Not Applicable

Item 5. Other Information – None

Item 6. Exhibits

          (a)     Exhibits - See Exhibit Index following signature page.

15


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Electro-Sensors, Inc.

 

 

May 11, 2012

/s/ Bradley D. Slye

 

Bradley D. Slye

 

Chief Executive Officer and Chief Financial Officer

16


Table of Contents

EXHIBIT INDEX

ELECTRO-SENSORS, INC.

FORM 10-Q FOR QUARTER ENDED MARCH 31, 2012

 

 

 

Exhibit

 

Description

 

 

 

31.1

 

Certification of CEO and CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

32.1

 

Certification of CEO and CFO Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

101

 

The following financial information from Electro-Sensors, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheet as of March 31, 2012 and December 31, 2011, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2012 and March 31, 2011, (iii) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and March 31, 2011, and (iv) Notes to Condensed Consolidated Financial Statements.*

 

 

 

*Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files in Exhibit 101 to this Quarterly Report on Form 10-Q shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filings.

17


EX-31.1 2 electro121528_ex31-1.htm CERTIFICATION OF CEO/CFO PURSUANT TO SECTION 302

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES OXLEY-ACT OF 2002

 

 

 

 

I, Bradley D. Slye, certify that:

 

 

 

 

1.

I have reviewed this report on Form 10-Q of Electro-Sensors Inc.;

 

 

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

 

 

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

 

 

 

 

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

 

 

 

 

 

 

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

 

 

 

 

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 

 

 

 

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

 

 

5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

 

 

 

 

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

 

 

 

 

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


 

 

May 11, 2012

/s/ Bradley D. Slye

 

Bradley D. Slye

 

Chief Executive Officer and Chief Financial Officer

18


EX-32.1 3 electro121528_ex32-1.htm CERTIFICATION OF CEO/CFO PURSUANT TO SECTION 906

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Electro-Sensors, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2012 as filed with the Securities and Exchange Commission (the “Report”), I, Bradley D. Slye, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

May 11, 2012

/s/ Bradley D. Slye

 

Bradley D. Slye

 

Chief Executive Officer and Chief Financial Officer

19


EX-101.INS 4 else-20120331.xml XBRL INSTANCE FILE 0000351789 2011-03-31 0000351789 2010-12-31 0000351789 2012-03-31 0000351789 2011-12-31 0000351789 2011-01-01 2011-03-31 0000351789 2012-05-09 0000351789 2012-01-01 2012-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --12-31 Q1 2012 2012-03-31 10-Q 0000351789 3390785 Smaller Reporting Company ELECTRO SENSORS INC 2000 0 110000 174000 731000 699000 0 18000 214000 257000 1909000 2302000 1561000 1565000 9000 17000 11928000 12638000 10749000 11454000 642000 393000 3181000 3816000 583000 548000 5476000 5581000 -35000 105000 0.04 0.04 0.10 0.10 10000000 10000000 3389577 3390785 3389577 3390785 339000 339000 736000 471000 625000 706000 6000 3000 1225000 1470000 13000 16000 <div> <p><font class="_mt" size="2"><b>Note 2. Stock-Based Compensation </b></font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton ("BSM") model. The Company uses historical data among other factors to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At March 31, 2012, the Company had one stock-based employee compensation plan. During the three-month periods ended March 31, 2012 and 2011, there were no stock options granted or exercised.</font></p> </div> <div> <p><font class="_mt" size="2"><b>Note 7. Discontinued Operations </b></font></p> <p><font class="_mt" size="2">On September 16, 2011, the Company sold its entire interest in its AutoData Systems Division to Auto Data Inc. (ADI). The purchase price will be paid as an earn-out based on three percent of the software, hardware, and maintenance contracts that ADI sells over the next five years (four percent while ADI continues to occupy our building). As of March 31, 2012, ADI owed the Company approximately $5,000 under the earn-out. The amount is included in other assets on the balance sheet. </font></p> <p><font class="_mt" size="2">The division, a separate operating segment as described in Note 8, designed and marketed desktop software based systems that read hand printed characters, checkmarks and bar code information from scanned or faxed forms, in addition to collecting and reporting data from web forms. </font></p> <p><font class="_mt" size="2">The financial results of the discontinued operation are as follows: </font></p> <table border="0" cellspacing="0" cellpadding="0" width="75%" align="center"> <tr style="font-size: 1px;"><td valign="bottom" width="74%"> <p>&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="12%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" nowrap="nowrap"> <p align="center"><font class="_mt" size="1"><b>Three Months<br />Ended March 31,<br />2011</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net sales</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">70,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Expenses</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right"><font class="_mt" size="2">(111,000</font></p></td> <td style="padding-bottom: 1px;" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net loss before income taxes</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">(41,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Income tax benefit</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right"><font class="_mt" size="2">7,000</font></p></td> <td style="padding-bottom: 1px;" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net loss of discontinued operations</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">(34,000</font></p></td> <td style="padding-bottom: 3px;" bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td></tr></table> <p><font class="_mt" size="2">The effect of the discontinued operation on the financial position of the Company, as of December 31, 2011, is as follows: </font></p> <table border="0" cellspacing="0" cellpadding="0" width="60%"> <tr style="font-size: 1px;"><td valign="bottom" width="72%"> <p>&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="17%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Property and equipment</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">2,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Inventories</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">17,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Accounts receivable</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">35,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net assets disposed</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">54,000</font></p></td> <td style="padding-bottom: 1px;" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Accrued expenses</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">10,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Deferred revenue</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right"><font class="_mt" size="2">58,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net liabilities disposed</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">68,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Net cash paid to ADI</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">14,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td></tr></table> </div> 0.03 0.02 0.03 0.02 <div> <p><font class="_mt" size="2"><b>Note 3. Net Income Per Share </b></font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period.</font></p> </div> <div> <p><font class="_mt" size="2"><b>Note 5. Fair Value Measurements </b></font></p> <p><font class="_mt" size="2">The following table provides information on those assets measured at fair value on a recurring basis. </font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="bottom" width="25%"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom" width="2%"> <p>&nbsp;</p></td> <td valign="bottom" width="2%"> <p>&nbsp;</p></td> <td valign="bottom" width="11%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="13%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="9%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" rowspan="4" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Carrying amount<br />in condensed<br />consolidated<br />balance sheet<br />March 31, 2012</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" rowspan="4" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Fair Value<br />March 31, 2012</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="8"> <p align="center"><font class="_mt" size="1"><b>Fair Value Measurement Using</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 1</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 2</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 3</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Assets:</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Cash and cash equivalents</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Commercial Paper</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Available-for-sale:</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Equity Securities</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,816,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,816,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,816,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr></table><br /> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="bottom" width="25%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="13%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="13%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="9%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" rowspan="4" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Carrying amount<br />in consolidated<br />balance sheet<br />December 31, 2011</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" rowspan="4" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Fair Value<br />December 31, 2011</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="8"> <p align="center"><font class="_mt" size="1"><b>Fair Value Measurement Using</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 1</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 2</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Level 3</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Assets:</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Cash and cash equivalents:</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Commercial Paper</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Available-for-sale:</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Equity Securities</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,181,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,181,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,181,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">&#8212;</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">The fair value of the commercial paper and equity securities are based on quoted market prices in an active market. Closing stock prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1.</font></p> </div> 253000 277000 892000 936000 128000 78000 197000 126000 0.04 0.02 0.04 0.02 -34000 0 -0.01 0.00 -0.01 0.00 0 11000 17000 0 69000 48000 48000 64000 110000 -24000 55000 35000 65000 43000 -6000 0 32000 -5000 35000 19000 <div> <p><font class="_mt" size="2"><b>Note 6. Inventories </b></font></p> <p><font class="_mt" size="2">Inventories used in the determination of cost of goods sold are as follows: </font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="bottom" width="70%"> <p>&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="center">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>March 31,<br />2012</b></font></p></td> <td valign="bottom"> <p align="center">&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>December 31,<br />2011</b></font></p></td> <td valign="bottom"> <p align="center">&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Raw Materials</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2"><b>$</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>752,000</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">791,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Work In Process</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2"><b>264,000</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">247,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Finished Goods</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>207,000</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">190,000</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>Total Inventories</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2"><b>$</b></font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>1,223,000</b></font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">1,228,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td></tr></table> </div> 1228000 1223000 3000 1000 <div> <p><font class="_mt" size="2"><b>Note 4. Investments </b></font></p> <p><font class="_mt" size="2">The cost and estimated fair value of the Company's investments are as follows: </font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="bottom" width="34%"> <p>&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="12%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="12%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="12%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td> <td valign="bottom" width="12%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Cost</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Gross<br />unrealized<br />gain</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Gross<br />unrealized<br />loss</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>Fair<br />value</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>March 31, 2012</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Commercial Paper</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Equity Securities</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">101,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,770,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">(55,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,816,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,547,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">3,770,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">(55,000</font></p></td> <td valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">9,262,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Less Cash Equivalents</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,446,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>Total Investments, March 31, 2012</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">101,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">3,770,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">(55,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">3,816,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>December 31, 2011</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Commercial Paper</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Equity Securities</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">101,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,134,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">(54,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">3,181,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">5,474,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">3,134,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">(54,000</font></p></td> <td valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">8,554,000</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2">Less Cash Equivalents</font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">5,373,000</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 8.65pt;"><font class="_mt" size="2"><b>Total Investments, December 31, 2011</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">101,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">3,134,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">(54,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p><font class="_mt" size="2">)</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">3,181,000</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td></tr></table> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">At March 31, 2012 and December 31, 2011, the Company's significant investment in equity securities was 343,267 shares of Rudolph Technologies, Inc. ("Rudolph"), which is accounted for under the available-for-sale method. As of March 31, 2012 and December 31, 2011, the aggregate value of the Company's Rudolph shares as reported on the Nasdaq Stock Market was approximately $3,814,000 and $3,134,000, respectively, with an approximate cost of $45,000.</font></p> </div> 11928000 12638000 324000 449000 -129000 -131000 -2000 -21000 96000 257000 94000 78000 5000 4000 700000 814000 192000 122000 <div> <p><font class="_mt" size="2"><b>Note 1. Basis of Presentation </b></font></p> <p><font class="_mt" size="2">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. </font></p> <p><font class="_mt" size="2">This report should be read together with the Company's annual report on Form 10-K for the year ended December 31, 2011, including the audited financial statements and footnotes therein. </font></p> <p><font class="_mt" size="2">It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of March 31, 2012 and for the three-month period then ended. The results of interim periods may not be indicative of results to be expected for the year. </font></p> <p><font class="_mt" size="2"><b>Nature of Business </b></font></p> <p><font class="_mt" size="2">The accompanying condensed consolidated financial statements include the accounts of Electro-Sensors, Inc. and its wholly-owned subsidiaries, ESI Investment Company and Senstar Corporation. Senstar has no operations. Intercompany accounts, transactions and earnings have been eliminated in consolidation. The consolidated entity is referred to as "the Company". </font></p> <p><font class="_mt" size="2">Electro-Sensors, Inc. manufactures and markets a complete line of speed monitoring and motor control systems for industrial machinery. The Company utilizes leading-edge technology to continuously improve its products and make them easier to use with the ultimate goal of manufacturing the industry-preferred product for every market served. These products are sold through an internal sales staff, manufacturer's representatives, and distributors to a wide variety of manufacturers, original equipment manufacturers and processors who use the products to monitor process machinery operations. The Company markets its products to a number of different industries located throughout the United States, Asia, Central America, Canada, and Europe. </font></p> <p><font class="_mt" size="2">In addition, through its subsidiary ESI Investment Company, the Company periodically makes strategic investments in other businesses and companies, primarily when the Company believes that such investments will facilitate development of technology complementary to the Company's products. Although the Company, through ESI Investment Company, invests in other businesses or companies, the Company does not intend to become an investment company and intends to remain primarily an operating company. The Company's primary investment is 343,267 shares of Rudolph Technologies, Inc. which is accounted for using the available-for-sale method. See Note 4 for additional information regarding the Company's investments. The Company's investments in securities are subject to normal market risks. </font></p> <p><font class="_mt" size="2"><b>Revenue recognition </b></font></p> <p><font class="_mt" size="2">The Company recognizes revenue from the sale of its production monitoring equipment when persuasive evidence of an arrangement exists, the product has been delivered, the fee is fixed and determinable and collection of the resulting receivable is reasonably assured. The Company may offer discounts to its distributors or quantity discounts that are recorded at the time of sale. The Company recognizes revenue on products sold to customers and distributors upon shipment because the contracts do not include post-shipment obligations. In addition to exchanges and warranties, customers have refund rights. Our standard products are used in a wide variety of industries, returns are minimal and insignificant to the consolidated financial statements and are recognized when the returned product is received by the Company. In some situations, the Company receives advance payments from its customers. Revenue associated with these advance payments is deferred until the product is shipped or services performed. </font></p> <p><font class="_mt" size="2"><b>Available for Sale Securities </b></font></p> <p><font class="_mt" size="2">ESI Investment Company's portfolio consists of equity securities, primarily common stocks, money market funds, commercial paper, and may include government debt securities. The estimated fair value of publicly traded equity securities is based on quoted market prices, and therefore subject to the inherent risk of market fluctuations. Management determines the appropriate classification of securities at the date individual investments are acquired, and evaluates the appropriateness of such classification at each balance sheet date. </font></p> <p><font class="_mt" size="2">Since the Company generally does not make investments in anticipation of short-term fluctuations in market prices, investments in equity securities are classified as available-for-sale. Available-for-sale securities with readily determinable values are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as separate component of stockholders' equity. </font></p> <p><font class="_mt" size="2">Realized gains and losses on securities, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the period realized. </font></p> <p><font class="_mt" size="2"><b>Fair Value Measurements </b></font></p> <p><font class="_mt" size="2">The Company's policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company's policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the consolidated financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: </font></p> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="top" width="5%"> <p>&nbsp;</p></td> <td valign="top" width="5%"> <p>&nbsp;</p></td> <td valign="top" width="90%"> <p>&nbsp;</p></td></tr> <tr><td valign="top"> <p>&nbsp;</p></td> <td valign="top"> <p><font class="_mt" size="2">&#149;</font></p></td> <td valign="top"> <p><font class="_mt" size="2">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. </font></p></td></tr> <tr><td valign="top"> <p>&nbsp;</p></td> <td valign="top"> <p><font class="_mt" size="2">&#149;</font></p></td> <td valign="top"> <p><font class="_mt" size="2">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. </font></p></td></tr> <tr><td valign="top"> <p>&nbsp;</p></td> <td valign="top"> <p><font class="_mt" size="2">&#149;</font></p></td> <td valign="top"> <p><font class="_mt" size="2">Level 3 inputs are unobservable inputs for the asset or liability. </font></p></td></tr></table> <p><font class="_mt" size="2">The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. </font></p> <p><font class="_mt" size="2">The carrying value of cash and cash equivalents, investments, trade receivables, accounts payable, and other working capital items approximate fair value at March 31, 2012 and December 31, 2011 due to the short maturity nature of these instruments. </font></p> <p><font class="_mt" size="2"><b>Income taxes </b></font></p> <p><font class="_mt" size="2">Deferred income taxes are presented as assets or liabilities based on timing differences between financial reporting and tax reporting methods. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred liability allocated to other comprehensive income. Deferred tax assets are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not assured. </font></p> <p><font class="_mt" size="2"><b>Use of Estimates </b></font></p> <p><font class="_mt" size="2">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of economic lives of property and equipment, realizability of accounts receivable, valuation of deferred tax assets/liabilities, valuation of inventory and valuation of investments. It is at least reasonably possible that these estimates may change in the near term. </font></p> <p><font class="_mt" size="2"><b>Reclassifications </b></font></p> <p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt" size="2">Certain items related to discontinued operations in the 2011 financial statements have been reclassified. These reclassifications had no effect on stockholders' equity, net income or cash flows.</font></p> </div> 642000 393000 2000 3000 135000 135000 2000 21000 116000 135000 6000 4000 1179000 1184000 0 8000 101000 127000 6570000 6513000 1517000 1642000 <div> <p><font class="_mt" size="2"><b>Note 8. Segment Information </b></font></p> <p><font class="_mt" size="2">Prior to September 16, 2011, the Company had three reportable operating segments based on the nature of its product lines: Production Monitoring, AutoData Systems, and Investments. The AutoData Systems segment was sold on September 16, 2011 as described in Note 7. The operations of that segment are presented as discontinued operations in the accompanying financial statements and are excluded from the presentation of segment information from continuing operations in this note. The reclassification of AutoData Systems to discontinued operations had no impact on the results of operations presented for the Production Monitoring or Investments segments. </font></p> <p><font class="_mt" size="2">As of March 31, 2012, the Company has two reportable operating segments: Production Monitoring and Investments. The Production Monitoring Division manufactures and markets a complete line of production monitoring equipment, in particular speed monitoring and motor control systems for industrial machinery. ESI Investment Company holds investments in marketable and non-marketable securities. </font></p> <p><font class="_mt" size="2">The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in the Company's annual report on Form 10-K for the year ended December 31, 2011. In evaluating segment performance, management focuses on sales and income before taxes. The Company has no inter-segment sales. </font></p> <p><font class="_mt" size="2">The following is financial information relating to the continuing operating segments (in thousands): </font></p> <table border="0" cellspacing="0" cellpadding="0" width="75%"> <tr style="font-size: 1px;"><td valign="bottom" width="67%"> <p>&nbsp;</p></td> <td valign="bottom" width="2%"> <p>&nbsp;</p></td> <td valign="bottom" width="2%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="3%"> <p>&nbsp;</p></td> <td valign="bottom" width="2%"> <p>&nbsp;</p></td> <td valign="bottom" width="10%"> <p align="right">&nbsp;</p></td> <td valign="bottom" width="1%"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="5"> <p align="center"><font class="_mt" size="1"><b>Three Months Ended <br />March 31,</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>2012</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom" colspan="2"> <p align="center"><font class="_mt" size="1"><b>2011</b> </font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2"><b>External sales</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Production monitoring</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2"><b>$</b> </font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2"><b>1,642</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">1,517</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Investments</font></p> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>0</b></font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">0</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" valign="bottom"> <p><font class="_mt" size="2"><b>Total</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p><font class="_mt" size="2"><b>$</b> </font></p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>1,642</b></font></p></td> <td style="padding-bottom: 1px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 1px solid;" valign="bottom"> <p align="right"><font class="_mt" size="2">1,517</font></p></td> <td style="padding-bottom: 1px;" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p align="right">&nbsp;</p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td bgcolor="#d6f3e8" valign="bottom"> <p><font class="_mt" size="2"><b>Net income before taxes</b></font></p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p align="right">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Production monitoring</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2"><b>$</b> </font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2"><b>125</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td valign="bottom"> <p align="right"><font class="_mt" size="2">195</font></p></td> <td valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;"><font class="_mt" size="2">Investments</font></p> <p style="text-indent: -8.65pt; margin-left: 17.3pt; margin-right: 0in;">&nbsp;</p></td> <td bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>1</b></font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 1px solid;" bgcolor="#d6f3e8" valign="bottom"> <p align="right"><font class="_mt" size="2">2</font></p></td> <td style="padding-bottom: 1px;" bgcolor="#d6f3e8" valign="bottom"> <p>&nbsp;</p></td></tr> <tr><td style="padding-bottom: 3px;" valign="bottom"> <p><font class="_mt" size="2"><b>Total</b></font></p></td> <td valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2"><b>$</b> </font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2"><b>126</b></font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p><font class="_mt" size="2">$</font></p></td> <td style="border-bottom: black 3px double;" valign="bottom"> <p align="right"><font class="_mt" size="2">197</font></p></td> <td style="padding-bottom: 3px;" valign="bottom"> <p>&nbsp;</p></td></tr></table> </div> 346000 410000 10379000 10719000 3405247 3407699 3383767 3390719 EX-101.SCH 5 else-20120331.xsd XBRL SCHEMA FILE 00100 - Statement - Condensed Consolidated Balance Sheet link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Statements Of Operations And Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Condensed Consolidated Balance Sheet (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Basis Of Presentation link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Stock-Based Compensation link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Net Income Per Share link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Investments link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Discontinued Operations link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Segment Information link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 else-20120331_cal.xml XBRL CALCULATION FILE EX-101.LAB 7 else-20120331_lab.xml XBRL LABEL FILE EX-101.PRE 8 else-20120331_pre.xml XBRL PRESENTATION FILE XML 9 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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Investments
3 Months Ended
Mar. 31, 2012
Investments [Abstract]  
Investments

Note 4. Investments

The cost and estimated fair value of the Company's investments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost

 

Gross
unrealized
gain

 

Gross
unrealized
loss

 

Fair
value

 

March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,446,000

 

$

0

 

$

0

 

$

5,446,000

 

Equity Securities

 

 

101,000

 

 

3,770,000

 

 

(55,000

)

 

3,816,000

 

 

 

 

5,547,000

 

 

3,770,000

 

 

(55,000

)

 

9,262,000

 

Less Cash Equivalents

 

 

5,446,000

 

 

0

 

 

0

 

 

5,446,000

 

Total Investments, March 31, 2012

 

$

101,000

 

$

3,770,000

 

$

(55,000

)

$

3,816,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,373,000

 

$

0

 

$

0

 

$

5,373,000

 

Equity Securities

 

 

101,000

 

 

3,134,000

 

 

(54,000

)

 

3,181,000

 

 

 

 

5,474,000

 

 

3,134,000

 

 

(54,000

)

 

8,554,000

 

Less Cash Equivalents

 

 

5,373,000

 

 

0

 

 

0

 

 

5,373,000

 

Total Investments, December 31, 2011

 

$

101,000

 

$

3,134,000

 

$

(54,000

)

$

3,181,000

 

At March 31, 2012 and December 31, 2011, the Company's significant investment in equity securities was 343,267 shares of Rudolph Technologies, Inc. ("Rudolph"), which is accounted for under the available-for-sale method. As of March 31, 2012 and December 31, 2011, the aggregate value of the Company's Rudolph shares as reported on the Nasdaq Stock Market was approximately $3,814,000 and $3,134,000, respectively, with an approximate cost of $45,000.

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Net Income Per Share
3 Months Ended
Mar. 31, 2012
Net Income Per Share [Abstract]  
Net Income Per Share

Note 3. Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period.

XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheet (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 5,581 $ 5,476
Available for sale securities 3,816 3,181
Trade receivables, less allowance for doubtful accounts of $17 and $9, respectively 699 731
Inventories 1,223 1,228
Income tax receivable 0 17
Other current assets 135 116
Total current assets 11,454 10,749
Property and equipment, net 1,184 1,179
Total assets 12,638 11,928
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 174 110
Accrued expenses 257 214
Accrued income tax 18 0
Total current liabilities 449 324
Deferred income tax liability 1,470 1,225
Commitments and contingencies      
Stockholders' equity    
Common stock par value $0.10 per share; authorized 10,000,000 shares; issued and outstanding: 3,390,785 and 3,389,577 shares, respectively 339 339
Additional paid-in capital 1,565 1,561
Retained earnings 6,513 6,570
Accumulated other comprehensive income (unrealized gain on available for sale securities, net of income tax) 2,302 1,909
Total stockholders' equity 10,719 10,379
Total liabilities and stockholders' equity $ 12,638 $ 11,928
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis Of Presentation
3 Months Ended
Mar. 31, 2012
Basis Of Presentation [Abstract]  
Basis Of Presentation

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions and regulations of the Securities and Exchange Commission to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

This report should be read together with the Company's annual report on Form 10-K for the year ended December 31, 2011, including the audited financial statements and footnotes therein.

It is the opinion of management that the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring accruals, necessary to fairly state the financial position and results of operations as of March 31, 2012 and for the three-month period then ended. The results of interim periods may not be indicative of results to be expected for the year.

Nature of Business

The accompanying condensed consolidated financial statements include the accounts of Electro-Sensors, Inc. and its wholly-owned subsidiaries, ESI Investment Company and Senstar Corporation. Senstar has no operations. Intercompany accounts, transactions and earnings have been eliminated in consolidation. The consolidated entity is referred to as "the Company".

Electro-Sensors, Inc. manufactures and markets a complete line of speed monitoring and motor control systems for industrial machinery. The Company utilizes leading-edge technology to continuously improve its products and make them easier to use with the ultimate goal of manufacturing the industry-preferred product for every market served. These products are sold through an internal sales staff, manufacturer's representatives, and distributors to a wide variety of manufacturers, original equipment manufacturers and processors who use the products to monitor process machinery operations. The Company markets its products to a number of different industries located throughout the United States, Asia, Central America, Canada, and Europe.

In addition, through its subsidiary ESI Investment Company, the Company periodically makes strategic investments in other businesses and companies, primarily when the Company believes that such investments will facilitate development of technology complementary to the Company's products. Although the Company, through ESI Investment Company, invests in other businesses or companies, the Company does not intend to become an investment company and intends to remain primarily an operating company. The Company's primary investment is 343,267 shares of Rudolph Technologies, Inc. which is accounted for using the available-for-sale method. See Note 4 for additional information regarding the Company's investments. The Company's investments in securities are subject to normal market risks.

Revenue recognition

The Company recognizes revenue from the sale of its production monitoring equipment when persuasive evidence of an arrangement exists, the product has been delivered, the fee is fixed and determinable and collection of the resulting receivable is reasonably assured. The Company may offer discounts to its distributors or quantity discounts that are recorded at the time of sale. The Company recognizes revenue on products sold to customers and distributors upon shipment because the contracts do not include post-shipment obligations. In addition to exchanges and warranties, customers have refund rights. Our standard products are used in a wide variety of industries, returns are minimal and insignificant to the consolidated financial statements and are recognized when the returned product is received by the Company. In some situations, the Company receives advance payments from its customers. Revenue associated with these advance payments is deferred until the product is shipped or services performed.

Available for Sale Securities

ESI Investment Company's portfolio consists of equity securities, primarily common stocks, money market funds, commercial paper, and may include government debt securities. The estimated fair value of publicly traded equity securities is based on quoted market prices, and therefore subject to the inherent risk of market fluctuations. Management determines the appropriate classification of securities at the date individual investments are acquired, and evaluates the appropriateness of such classification at each balance sheet date.

Since the Company generally does not make investments in anticipation of short-term fluctuations in market prices, investments in equity securities are classified as available-for-sale. Available-for-sale securities with readily determinable values are stated at fair value, and unrealized holding gains and losses, net of the related deferred tax effect, are reported as separate component of stockholders' equity.

Realized gains and losses on securities, including losses from declines in value of specific securities determined by management to be other-than-temporary, are included in the period realized.

Fair Value Measurements

The Company's policies incorporate the guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company's policies also incorporate the guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the consolidated financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

 

 

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The carrying value of cash and cash equivalents, investments, trade receivables, accounts payable, and other working capital items approximate fair value at March 31, 2012 and December 31, 2011 due to the short maturity nature of these instruments.

Income taxes

Deferred income taxes are presented as assets or liabilities based on timing differences between financial reporting and tax reporting methods. Deferred income tax assets and liabilities are computed for those differences that have future tax consequences using the currently enacted tax laws and rates that apply to the periods in which they are expected to affect taxable income. Income tax expense is the current tax payable or refundable for the period plus or minus the net change in the deferred tax assets and liabilities, excluding the portion of the deferred liability allocated to other comprehensive income. Deferred tax assets are reduced by a valuation allowance to the extent that realization of the related deferred tax asset is not assured.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, including the underlying assumptions, consist of economic lives of property and equipment, realizability of accounts receivable, valuation of deferred tax assets/liabilities, valuation of inventory and valuation of investments. It is at least reasonably possible that these estimates may change in the near term.

Reclassifications

Certain items related to discontinued operations in the 2011 financial statements have been reclassified. These reclassifications had no effect on stockholders' equity, net income or cash flows.

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XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock-Based Compensation
3 Months Ended
Mar. 31, 2012
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

Note 2. Stock-Based Compensation

The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton ("BSM") model. The Company uses historical data among other factors to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option. At March 31, 2012, the Company had one stock-based employee compensation plan. During the three-month periods ended March 31, 2012 and 2011, there were no stock options granted or exercised.

XML 17 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheet (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Condensed Consolidated Balance Sheet [Abstract]    
Trade receivables, allowance for doubtful accounts $ 17 $ 9
Common stock, par value $ 0.10 $ 0.10
Common stock, shares authorized 10,000,000 10,000,000
Common stock, shares issued 3,390,785 3,389,577
Common stock, shares outstanding 3,390,785 3,389,577
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Document And Entity Information
3 Months Ended
Mar. 31, 2012
May 09, 2012
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Entity Filer Category Smaller Reporting Company  
Entity Registrant Name ELECTRO SENSORS INC  
Entity Central Index Key 0000351789  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   3,390,785
XML 20 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Operations And Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Condensed Consolidated Statements Of Operations And Comprehensive Income [Abstract]    
Net sales $ 1,642 $ 1,517
Cost of goods sold 706 625
Gross profit 936 892
Operating expenses:    
Selling and marketing 410 346
General and administrative 277 253
Research and development 127 101
Total operating expenses 814 700
Operating income 122 192
Non-operating income:    
Interest income 1 3
Other income 3 2
Total non-operating income 4 5
Income from continuing operations before income taxes 126 197
Income taxes 48 69
Income before discontinued operations 78 128
Loss from discontinued operations, net of income tax 0 (34)
Net income 78 94
Other comprehensive income:    
Change in unrealized value of investments, net of income tax 393 642
Total comprehensive income $ 471 $ 736
Net income per share data:    
Net income per share continuing operations $ 0.02 $ 0.04
Net loss per share discontinued operations $ 0.00 $ (0.01)
Net income per share $ 0.02 $ 0.03
Weighted average shares 3,390,719 3,383,767
Diluted    
Net income per share continuing operations $ 0.02 $ 0.04
Net loss per share discontinued operations $ 0.00 $ (0.01)
Net income per share $ 0.02 $ 0.03
Weighted average shares 3,407,699 3,405,247
Dividends paid per share $ 0.04 $ 0.04
XML 21 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Discontinued Operations
3 Months Ended
Mar. 31, 2012
Discontinued Operations [Abstract]  
Discontinued Operations

Note 7. Discontinued Operations

On September 16, 2011, the Company sold its entire interest in its AutoData Systems Division to Auto Data Inc. (ADI). The purchase price will be paid as an earn-out based on three percent of the software, hardware, and maintenance contracts that ADI sells over the next five years (four percent while ADI continues to occupy our building). As of March 31, 2012, ADI owed the Company approximately $5,000 under the earn-out. The amount is included in other assets on the balance sheet.

The division, a separate operating segment as described in Note 8, designed and marketed desktop software based systems that read hand printed characters, checkmarks and bar code information from scanned or faxed forms, in addition to collecting and reporting data from web forms.

The financial results of the discontinued operation are as follows:

 

 

 

 

 

 

 

Three Months
Ended March 31,
2011

 

 

 

 

 

 

Net sales

 

$

70,000

 

Expenses

 

 

(111,000

)

Net loss before income taxes

 

 

(41,000

)

Income tax benefit

 

 

7,000

 

Net loss of discontinued operations

 

$

(34,000

)

The effect of the discontinued operation on the financial position of the Company, as of December 31, 2011, is as follows:

 

 

 

 

 

Property and equipment

 

$

2,000

 

Inventories

 

 

17,000

 

Accounts receivable

 

 

35,000

 

Net assets disposed

 

$

54,000

 

 

 

 

 

 

Accrued expenses

 

$

10,000

 

Deferred revenue

 

 

58,000

 

Net liabilities disposed

 

$

68,000

 

 

 

 

 

 

Net cash paid to ADI

 

$

14,000

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
3 Months Ended
Mar. 31, 2012
Inventories [Abstract]  
Inventories

Note 6. Inventories

Inventories used in the determination of cost of goods sold are as follows:

 

 

 

 

 

 

 

 

 

 

March 31,
2012

 

December 31,
2011

 

Raw Materials

 

$

752,000

 

$

791,000

 

Work In Process

 

 

264,000

 

 

247,000

 

Finished Goods

 

 

207,000

 

 

190,000

 

Total Inventories

 

$

1,223,000

 

$

1,228,000

 

XML 23 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
3 Months Ended
Mar. 31, 2012
Segment Information [Abstract]  
Segment Information

Note 8. Segment Information

Prior to September 16, 2011, the Company had three reportable operating segments based on the nature of its product lines: Production Monitoring, AutoData Systems, and Investments. The AutoData Systems segment was sold on September 16, 2011 as described in Note 7. The operations of that segment are presented as discontinued operations in the accompanying financial statements and are excluded from the presentation of segment information from continuing operations in this note. The reclassification of AutoData Systems to discontinued operations had no impact on the results of operations presented for the Production Monitoring or Investments segments.

As of March 31, 2012, the Company has two reportable operating segments: Production Monitoring and Investments. The Production Monitoring Division manufactures and markets a complete line of production monitoring equipment, in particular speed monitoring and motor control systems for industrial machinery. ESI Investment Company holds investments in marketable and non-marketable securities.

The accounting policies of the segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements included in the Company's annual report on Form 10-K for the year ended December 31, 2011. In evaluating segment performance, management focuses on sales and income before taxes. The Company has no inter-segment sales.

The following is financial information relating to the continuing operating segments (in thousands):

 

 

 

 

 

 

 

 

 

 

Three Months Ended
March 31,

 

 

 

2012

 

2011

 

External sales

 

 

 

 

 

 

 

Production monitoring

 

$

1,642

 

$

1,517

 

Investments

 

 

 

0

 

 

0

 

Total

 

$

1,642

 

$

1,517

 

 

 

 

 

 

 

 

 

Net income before taxes

 

 

 

 

 

 

 

Production monitoring

 

$

125

 

$

195

 

Investments

 

 

 

1

 

 

2

 

Total

 

$

126

 

$

197

 

XML 24 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from (used in) operating activities    
Net income $ 78 $ 94
Adjustments to reconcile net income to net cash from (used in) operating activities:    
Depreciation 16 13
Change in allowance for doubtful accounts 8 0
Deferred income taxes 3 6
Interest accrued on investments 0 (2)
Change in assets and liabilities:    
Trade receivables 24 (110)
Inventories 5 (32)
Other current assets (19) (35)
Accounts payable 64 48
Accrued expenses 43 65
Deferred revenue 0 (6)
Accrued income taxes 35 55
Net cash from operating activities 257 96
Cash flows used in investing activities    
Purchase of property and equipment (21) (2)
Net cash used in investing activities (21) (2)
Cash flows from (used in) financing activities    
Proceeds from issuance of common stock 4 6
Dividends paid (135) (135)
Net cash used in financing activities (131) (129)
Net increase (decrease) in cash and cash equivalents 105 (35)
Cash and cash equivalents, beginning 5,476 583
Cash and cash equivalents, ending 5,581 548
Supplemental schedule of non-cash investing and financing activities    
Net change in unrealized gain on investments 393 642
Supplemental cash flow information    
Cash paid for income taxes $ 11 $ 0
XML 25 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value Measurements
3 Months Ended
Mar. 31, 2012
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note 5. Fair Value Measurements

The following table provides information on those assets measured at fair value on a recurring basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount
in condensed
consolidated
balance sheet
March 31, 2012

 

Fair Value
March 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,446,000

 

$

5,446,000

 

$

5,446,000

 

$

 

$

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3,816,000

 

$

3,816,000

 

$

3,816,000

 

$

 

$

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrying amount
in consolidated
balance sheet
December 31, 2011

 

Fair Value
December 31, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurement Using

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Paper

 

$

5,373,000

 

$

5,373,000

 

$

5,373,000

 

$

 

$

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

$

3,181,000

 

$

3,181,000

 

$

3,181,000

 

$

 

$

 

The fair value of the commercial paper and equity securities are based on quoted market prices in an active market. Closing stock prices are readily available from active markets and are used as being representative of fair value. The Company classifies these securities as level 1.

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