April 28, 2014
For Further Information contact: Dean Danner, President
Boni Danner, VP Eng. & Treasurer
(262) 542-5600 * http://www.etcia.com
ETC ANNOUNCES FIRST QUARTER 2014 RESULTS
WAUKESHA, WISCONSIN, April 28,2014 OTC – Pink Sheets
ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its first quarter 2014 results. Sales for the quarter were $492,735 compared to $435,864 for the 2013 first quarter. The net earnings for the quarter were $16,084 or $0.01 per Class A common share, compared to net earnings of $133 or $0.00 per Class A common share for the first quarter of 2013.
Commenting on the results, ETC President Dean Danner said, “Sales were up 13% during the first quarter of 2014 compared to 2013, and we anticipate this improvement to continue into the second quarter. Operating expenses increased only slightly during the quarter but additional expenses are expected as the year progresses for more product certification testing.”
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
2014 2013
Net sales 492,735 435,864
Cost of products sold 267,658 226,881
Gross profit 225,077 208,983
Operating expenses:
General and administrative 80,983 76,637
Marketing and selling 60,770 53,433
Research and development 61,406 71,822
203,159 201,892
Earnings from operations 21,918 7,091
Other income (expense) (5,834) (6,958)
Earnings before
income taxes 16,084 133
Income taxes 0 0
Net earnings 16,084 133
Basic and diluted earnings per share:
Class A common 0.01 0.00
Class B common 0.01 0.00
Weighted average shares outstanding
for basic and diluted 2,509,147 2,509,147
Selected Balance Sheet Data: (unaudited)
Mar 31 Dec 31
2014 2013
Current assets 500,266 508,656
Total assets 544,333 551,948
Current liabilities 860,374 873,003
Total liabilities 893,587 917,286
Stockholders' deficit (349,254) (365,338)
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