October 16, 2009
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES THIRD QUARTER 2009 RESULTS WAUKESHA, WISCONSIN, October 16, 2009 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its third quarter 2009 results. Sales for the quarter were $383,102 compared to $320,712 for the 2008 third quarter. The net loss for the quarter was $77,274 or $0.03 per Class A common share, compared to a net loss of $126,604 or $0.05 per Class A common share for the third quarter of 2008.
Sales for the first nine months of 2009 were $1,229,538 compared to sales of $1,295,783 in the first nine months of 2008. The loss for the first nine months of 2009 was $262,749 or $0.10 per Class A common share, compared to a loss of $168,187 or $0.07 per Class A common share for the first nine months of 2008.
Commenting on the results, ETC President Dean Danner said, “Quarterly sales improved slightly from 2008, while nine month sales continue to lag 2008. Although it is disappointing that neither the economy nor our telecommunications equipment market have improved significantly, we are encouraged by recent system sales in an area of telecommunications with which we previously were not heavily involved.”
Electronic Tele-Communications supplies voice announcers and Voice Application Platforms to domestic and foreign telephone utilities under the Audichron® and Digicept® brand names. ETC also supports a network of Time Weather and Temperature systems installed throughout the United States. ETC's equipment provides a wide range of audio information and call handling services via telephone networks, computer networks, and the Internet.
From time to time, information provided by ETC, statements made by its employees, and information included in its press releases and other public statements which are not historical facts are forward-looking in nature and relate to trends and events that may affect our future financial position and operating results. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties including, but not limited to: business conditions in the telecommunications industry, the length and severity of the current worldwide recession and the timing and strength of a subsequent recovery, the Company’s ability to achieve adequate sales levels or sufficient cash flow or cash reserves to support operations, technology changes, backlog, status of the economy, government regulations, sources of supply, expense structure, product mix, major customers, competition, litigation, and other risk factors. Investors are encouraged to consider these risks and uncertainties.
- MORE - Electronic Tele-Communications, Inc. Statements of Operations: (unreviewed) (unreviewed) Three Months Ended Nine Months Ended September 30 September 30 2009 2008 2009 2008 Net sales 383,102 320,712 1,229,538 1,295,783 Cost of products sold 230,482 211,917 769,291 774,900 Gross profit 152,620 108,795 460,247 520,883 Operating expenses: General and administrative 71,231 75,512 222,684 166,892 Marketing and selling 85,082 79,868 269,873 282,948 Research and development 66,421 77,365 212,566 225,290 222,734 232,745 705,123 675,130 Earnings (loss) from operations (70,114) (123,950) (244,876) (154,247) Other income (expense) (7,160) (2,654) (17,873) (13,940) Earnings (loss) before income taxes (77,274) (126,604) (262,749) (168,187) Income taxes 0 0 0 0 Net earnings (loss) (77,274) (126,604) (262,749) (168,187) Basic and diluted earnings (loss) per share: Class A common (0.03) (0.05) (0.10) (0.07) Class B common (0.03) (0.05) (0.10) (0.07) Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 2,509,147 2,509,147 Selected Balance Sheet Data: (unreviewed) Sep 30 Dec 31 2009 2008 Current assets 576,937 568,878 Total assets 604,957 759,167 Current liabilities 1,085,649 968,570 Total liabilities 1,142,643 1,044,563 Stockholders' equity (537,686) (285,396) # # #
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