February 28, 2014
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 2013 RESULTS WAUKESHA, WISCONSIN, February 28,2014 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its fourth quarter 2013 results. Sales for the quarter were $431,846 compared to $615,667 for the 2012 fourth quarter. The net earnings for the quarter were $35,696 or $0.01 per Class A common share, compared to net earnings of $85,481 or $0.04 per Class A common share for the fourth quarter of 2012.
Sales for the 2013 year were $1,715,142 compared to 2012 sales of $1,994,943. The net earnings for 2013 were $147,511 or $0.06 per Class A common share, compared to earnings of $189,201 or $0.08 per Class A common share for 2012.
Commenting on the results, ETC President Dean Danner said, “2013 sales were adversely impacted by the government sequester resulting the delay of some customer projects. In spite of this impact we generated positive earnings for both the quarter and the year. The first quarter 2014 has already started stronger than the end of last year based on current and projected bookings. We are cautiously encouraged by the market activity and anticipate our market remaining positive in 2014.”
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 and Comprehensive Income (Loss): (unreviewed) (unreviewed) Three Months Ended Twelve Months Ended December 31 December 31 2013 2012 2013 2012 Net sales 431,846 615,667 1,715,142 1,994,943 Cost of products sold 209,389 277,308 864,910 960,867 Gross profit 222,457 338,359 850,232 1,034,076 Operating expenses: General and administrative 65,430 92,203 293,562 320,282 Marketing and selling 53,879 69,796 220,482 235,808 Research and development 61,412 81,937 253,864 260,567 180,721 243,936 767,908 816,657 Earnings from operations 41,736 94,423 82,324 217,419 Other income (expense) (6,040) (5,828) 65,187 (28,218) Earnings before income taxes 35,696 88,595 147,511 189,201 Income taxes 0 0 0 0 Net earnings 35,696 88,595 147,511 189,201 Other comprehensive income (loss), net of tax 0 (3,114) 0 3,606 Total comprehensive income 35,696 85,481 147,511 192,807 Basic and diluted earnings per share: Class A common 0.01 0.04 0.06 0.08 Class B common 0.01 0.04 0.06 0.08 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)(unreviewed) Dec 31 Dec 31 2013 2012 Current assets 508,656 695,876 Total assets 551,948 704,447 Current liabilities 873,003 1,061,235 Total liabilities 917,286 1,149,802 Stockholders' deficit (365,338) (445,355) # # #
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