April 28, 2010
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FIRST QUARTER 2010 RESULTS WAUKESHA, WISCONSIN, April 28, 2010 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its first quarter 2010 results. Sales for the quarter were $470,031 compared to $383,473 for the 2009 first quarter. The net loss for the quarter was $52,394 or $0.02 per Class A common share, compared to a net loss of $126,045 or $0.05 per Class A common share for the first quarter of 2009.
Commenting on the results, ETC President Dean Danner said, “Sales began to improve in the first quarter, resulting in higher first quarter net sales than we reported in the last two years which helped reduce the net operating loss for the quarter. As we previously reported, we also took a number of steps in the 2010 first quarter to reduce our fixed operating costs, including but not limited to a reduction in our workforce. The first quarter loss and restructuring charges include separation and other costs associated with the workforce reductions. When the full effect of the reductions is combined with projected improvements in the marketplace, we anticipate the Company will return to positive earnings as the year progresses.”
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 adverse effects of the recent 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, which may cause the Company’s actual future results to be materially different than those expected in its forward-looking statements. ETC does not undertake to update its forward-looking statements.
- MORE -
Electronic Tele-Communications, Inc. Statements of Operations: (unaudited) Three Months Ended March 31 2010 2009 Net sales 470,031 383,473 Cost of products sold 269,016 251,317 Gross profit 201,015 132,156 Operating expenses: General and administrative 77,219 82,167 Marketing and selling 65,404 94,829 Research and development 67,531 77,260 Restructuring Charge 35,151 0 245,305 254,256 Earnings (loss) from operations (44,290) (122,100) Other income (expense) (8,104) (3,945) Earnings (loss) before income taxes (52,394) (126,045) Income taxes 0 0 Net earnings (loss) (52,394) (126,045) Basic and diluted earnings (loss) per share: Class A common (0.02) (0.05) Class B common (0.02) (0.05) Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 Selected Balance Sheet Data: Mar 31 Dec 31 2010 2009 Current assets 493,818 512,673 Total assets 509,459 533,655 Current liabilities 1,183,832 1,112,312 Total liabilities 1,228,160 1,162,973 Stockholders' equity (718,701) (629,318) # # #
Back to Press Releases