April 30, 2013
For Further Information contact: Dean Danner, President
Boni Danner, VP Eng. & Treasurer
(262) 542-5600 * http://www.etcia.com
ETC ANNOUNCES FIRST QUARTER 2013 RESULTS
WAUKESHA, WISCONSIN, April 30, 2013 OTC – Pink Sheets
ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its first quarter 2013 results. Sales for the quarter were $435,864 compared to $481,049 for the 2012 first quarter. The net earnings for the quarter were $133 or $0.00 per Class A common share, compared to net earnings of $46,645 or $0.02 per Class A common share for the first quarter of 2012.
Commenting on the results, ETC President Dean Danner said, “Sales were down 10% during the first quarter of 2013 compared to 2012, but we anticipate improvement in the second quarter. Operating expenses increased during the quarter as we work to obtain additional certifications on our products to re-open market segments we have not participated in for a few years. Even with lower sales and higher product testing expenses we were able to break even for the quarter.”
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)
Three Months Ended
March 31
2013 2012
Net sales 435,864 481,049
Cost of products sold 226,881 239,454
Gross profit 208,983 241,595
Operating expenses:
General and administrative 76,637 73,709
Marketing and selling 53,433 57,527
Research and development 71,822 56,213
201,892 187,449
Earnings (loss) from operations 7,091 54,146
Other income (expense) (6,958) (7,501)
Earnings (loss) before
income taxes 133 46,645
Income taxes 0 0
Net earnings (loss) 133 46,645
Basic and diluted earnings (loss) per share:
Class A common 0.00 0.02
Class B common 0.00 0.02
Weighted average shares outstanding
for basic and diluted 2,509,147 2,509,147
Selected Balance Sheet Data: (unaudited)
Mar 31 Dec 31
2013 2012
Current assets 653,221 695,876
Total assets 667,415 704,447
Current liabilities 1,024,733 1,061,235
Total liabilities 1,102,228 1,149,802
Stockholders' deficit (434,813) (445,355)
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