Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. ELECTRO SENSORS INC (351789) 10-Q published on Aug 12, 2019 at 2:20 pm
Net sales for the second quarter of 2019 were $2,260, an increase of $480, or 27.0%, from $1,780 during the same period in 2018. Net sales for the six months ended June 30, 2019 were $4,268, an increase of $772, or 22.1%, over the same period in 2018. During the quarter, we experienced increases in both our traditional monitoring products and HazardPRO wireless systems. The increase was partially due to increases in sales into the grain, feed, and milling markets. International sales during the second quarter of 2019 increased significantly to 13.8% of sales from 7.4% of sales in 2018, primarily driven by stronger sales in Brazil.
Total operating expenses increased $100, or 9.6%, for the second quarter of 2019 compared to the same period in 2018, but decreased as a percentage of net sales to 50.7% from 58.8%. Total operating expenses increased $56, or 2.5%, for the six months ended June 30, 2019 compared to the same period in 2018, but decreased as a percentage of net sales to 53.9% from 64.1%.
Net non-operating income increased by $16, or 59.3%, for the second quarter of 2019 compared to the same period in 2018. Net non-operating income increased by $37, or 71.2%, for the six months ended of June 30, 2019 compared to the same period in 2018. The increase was primarily due to higher interest income primarily the result of higher interest rates on Treasury Bills.
Income before income tax expense was $131 for the second quarter of 2019, representing an increase in the second quarter income of $179, or 372.9%, compared to a loss before income tax benefit of $48 for the same period in 2018. Income before income tax expense was $91 for the six months ended June 30, 2019, representing an increase in income of $395, or 129.9%, compared to a loss before income tax benefit of $304 for the same period in 2018. The increase in the income was primarily the result of higher net sales as discussed above.
The Company's income tax expense percentage increased to 21.4% for the second quarter of 2019 from 10.4% of income tax benefit in the second quarter of 2018. The Company's income tax expense percentage increased to 20.9% for the six months ended June 30, 2019 from 19.4% of income tax benefit in the six months ended June 30, 2018.