August 10, 2011
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES SECOND QUARTER 2011 RESULTS WAUKESHA, WISCONSIN, Aug 10, 2011 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its second quarter 2011 results. Sales for the quarter were $304,281 compared to $313,191 for the 2010 second quarter. The net loss for the quarter was $12,132 or less than $0.01 per Class A common share, compared to a net loss of $69,428 or $0.03 per Class A common share for the second quarter of 2010.
Sales for the first six months of 2011 were $684,930 compared to sales of $783,222 in the first six months of 2010. The loss for the first six months of 2011 was $37,503 or $0.03 per Class A common share, compared to a loss of $121,822 or $0.05 per Class A common share for the first six months of 2010.
Commenting on the results, ETC President Dean Danner said, “In spite of continued weakness and uncertainty in the telecommunications market, ETC was able to nearly break even for the second quarter on slightly less sales than a year ago. Looking forward into the 2011 third quarter, ETC has already booked more equipment sales than we did during the entire second quarter of 2011. This increase in bookings along with ongoing cost containment programs, leads us to believe that the financial performance of the Company will continue to improve. However, uncertainty remains in the telecommunications market due to the continued instability in the financial markets and the national economy.”
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: (unreviewed) (unreviewed) Three Months Ended Six Months Ended June 30 June 30 2011 2010 2011 2010 Net sales 304,281 313,191 684,930 783,222 Cost of products sold 150,318 194,973 359,913 463,989 Gross profit 153,963 118,218 325,017 319,233 Operating expenses: General and administrative 56,476 71,381 128,202 148,600 Marketing and selling 47,553 47,712 101,691 113,116 Research and development 54,672 59,843 118,127 127,374 Restructuring Charge 0 0 0 35,151 158,701 178,936 348,020 424,241 Earnings (loss) from operations (4,738) (60,718) (23,003) (105,008) Other income (expense) (7,394) (8,710) (14,500) (16,814) Earnings (loss) before income taxes (12,132) (69,428) (37,503) (121,822) Income taxes 0 0 0 0 Net earnings (loss) (12,132) (69,428) (37,503) (121,822) Basic and diluted earnings (loss) per share: Class A common 0.00 (0.03) (0.01) (0.05) Class B common 0.00 (0.03) (0.01) (0.05) 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) Jun 30 Dec 31 2011 2010 Current assets 401,641 480,789 Total assets 407,023 487,542 Current liabilities 991,696 1,010,789 Total liabilities 1,146,688 1,187,922 Stockholders' equity (739,665) (700,380) # # #
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