|
ETC Announces Fourth Quarter 2007 ResultsWaukesha, WI -- March 10, 2008 For Further Information contact: Dean Danner, President
Boni Danner, Vice President
(262) 542-5600 * http://www.etcia.com
WAUKESHA, WISCONSIN, March 10, 2008 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol - ETCIA Electronic Tele-Communications, Inc. (ETC) today reported its fourth
quarter and year end 2007 results. Sales for the quarter were $692,223
compared to $516,611 for the 2006 fourth quarter. The net earnings for the
quarter were $110,320 or $0.04 per Class A common share, compared to a net
loss of $53,664 or $0.02 per Class A common share for the fourth quarter
of 2006. Sales for the 2007 year were $2,309,206, compared to 2006 sales
of $2,323,017. The loss for 2007 was $125,272 or $0.05 per Class A Share,
compared to a loss of $364,693 or $0.15 per Class A share for 2006.
Included in both the fourth quarter and year end numbers for 2007 is an
income tax adjustment of $52,000 or $0.02 per class A common share. - MORE -
Electronic Tele-Communications, Inc.
Statements of Operations:
(unreviewed) (unreviewed)
Three Months Ended Twelve Months Ended
December 31 December 31
2007 2006 2007 2006
Net sales 692,223 516,611 2,309,206 2,323,017
Cost of products sold 363,061 336,921 1,308,881 1,416,178
Gross profit 329,162 179,690 1,000,325 906,839
Operating expenses:
General and administrative 83,974 125,141 361,489 512,049
Marketing and selling 116,544 114,261 439,176 474,310
Research and development 63,534 4,172 253,691 264,183
Relocation Costs (78) 0 95,194 0
263,974 243,574 1,149,550 1,250,542
Earnings (loss) from operations 65,188 (63,884) (149,225) (343,703)
Other income (expense) (6,868) 10,240 (28,047) (20,990)
Earnings (loss) before
income taxes 58,320 (53,644) (177,272) (364,693)
Income taxes (52,000) 0 (52,000) 0
Net earnings (loss) 110,320 (53,644) (125,272) (364,693)
Basic and diluted earnings (loss) per share:
Class A common 0.04 (0.02) (0.05) (0.15)
Class B common 0.04 (0.02) (0.05) (0.15)
Weighted average shares outstanding
for basic and diluted 2,509,147 2,509,147 2,509,147 2,509,147
Selected Balance Sheet Data:
Dec 31 Dec 31
2007 2006
Current assets 693,445 742,452
Total assets 802,348 893,529
Current liabilities 970,830 911,406
Total liabilities 1,072,155 1,038,063
Stockholders' equity (deficit) (269,807) (144,534)
# # #
|