March 3, 2011
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FOURTH QUARTER AND YEAR END 2010 RESULTS WAUKESHA, WISCONSIN, March 3, 2011 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its fourth quarter 2010 results. Sales for the quarter were $364,918 compared to $331,185 for the 2009 fourth quarter. The net earnings for the quarter were $4,570 or $0.00 per Class A common share, compared to a net loss of $84,492 or $0.03 per Class A common share for the fourth quarter of 2009.
Sales for the 2010 year were $1,658,605 compared to 2009 sales of $1,560,723. The net loss for 2010 was $36,941 or $0.01 per Class A common share, compared to a loss of $347,241 or $0.14 per Class A common share for 2009.
Commenting on the results, ETC President Dean Danner said, “ETC had positive earnings in both the third and fourth quarter of 2010 as we have begun to see some improvement in our market segments, although limited by customer budgets at the end of the year. These results are encouraging, but we remain cautious of continued weakness in both the telecommunications equipment market and the time / temperature announcement services market. Sales of our Emcee systems have continued to improve into the first quarter of 2011, while the cost reduction steps taken in 2010 help control our operating expenses.”
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.
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Electronic Tele-Communications, Inc. Statements of Operations: (unaudited) (unaudited) Three Months Ended Twelve Months Ended December 31 December 31 2010 2009 2010 2009 Net sales 364,918 331,185 1,658,605 1,560,723 Cost of products sold 193,012 193,679 904,697 962,970 Gross profit 171,906 137,506 753,908 597,753 Operating expenses: General and administrative 62,043 69,488 283,997 292,172 Marketing and selling 49,086 79,805 217,019 349,678 Research and development 50,637 67,069 224,442 279,635 Restructuring Charge 0 0 35,151 0 161,766 216,362 760,609 921,485 Earnings (loss) from operations 10,140 (78,856) (6,701) (323,732) Other income (expense) (5,570) (5,636) (30,240) (23,509) Earnings (loss) before income taxes 4,570 (84,492) (36,941) (347,241) Income taxes 0 0 0 0 Net earnings (loss) 4,570 (84,492) (36,941) (347,241) Basic and diluted earnings (loss) per share: Class A common 0.00 (0.03) (0.01) (0.14) Class B common 0.00 (0.03) (0.01) (0.14) Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 2,509,147 2,509,147 Selected Balance Sheet Data: (unaudited) (unaudited) Dec 31 Dec 31 2010 2009 Current assets 480,788 512,673 Total assets 487,542 533,655 Current liabilities 1,142,714 1,112,312 Total liabilities 1,187,922 1,162,973 Stockholders' equity (deficit) (700,380) (629,318) # # #
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