October 12, 2012
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES THIRD QUARTER 2012 RESULTS WAUKESHA, WISCONSIN, October 12, 2012 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its third quarter 2012 results. Sales for the quarter were $575,299 compared to $485,633 for the 2011 third quarter. The net earnings for the quarter were $81,783 or $0.03 per Class A common share, compared to net earnings of $62,157 or $0.02 per Class A common share for the third quarter of 2011.
Sales for the first nine months of 2012 were $1,379,276 compared to sales of $1,170,563 in the first nine months of 2011. Earnings for the first nine months of 2012 were $100,606 or $0.04 per Class A common share, compared to earnings of $24,654 or $0.01 per Class A common share for the first nine months of 2011.
Commenting on the results, ETC President Dean Danner said, “Although we experienced weak sales of systems in the latter part of the second quarter, orders have steadily improved during the third quarter and are now ahead of last year. We remain cautiously encouraged by the market activity and when coupled with current orders we anticipate positive earnings for the year. Our markets are still unpredictable but we are currently projecting our best year in sales since 2007 and a second consecutive year of positive earnings.”
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 Nine Months Ended September 30 September 30 2012 2011 2012 2011 Net sales 575,299 485,633 1,379,276 1,170,563 Cost of products sold 277,858 246,622 683,559 606,535 Gross profit 297,441 239,011 695,717 564,028 Operating expenses: General and administrative 75,823 62,795 228,079 190,997 Marketing and selling 59,115 54,861 166,012 156,552 Research and development 73,255 51,485 178,630 169,612 208,193 169,141 572,721 517,161 Earnings from operations 89,248 69,870 122,996 46,867 Other income (expense) (7,465) (7,713) (22,390) (22,213) Earnings before income taxes 81,783 62,157 100,606 24,654 Income taxes 0 0 0 0 Net earnings 81,783 62,157 100,606 24,654 Basic and diluted earnings per share: Class A common 0.03 0.02 0.04 0.01 Class B common 0.03 0.02 0.04 0.01 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 2012 2011 Current assets 584,664 529,731 Total assets 591,191 534,751 Current liabilities 1,022,389 1,040,062 Total liabilities 1,122,026 1,172,913 Stockholders' equity (530,835) (638,162) # # #
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