August 14, 2015
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES SECOND QUARTER 2015 RESULTS WAUKESHA, WISCONSIN, August 14,2015 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its second quarter 2015 results. Sales for the quarter were $239,072 compared to $451,262 for the second quarter of 2014. The net loss for the quarter was $47,103 or $0.02 per Class A common share, compared to net earnings of $6,163 or $0.00 per Class A common share for the second quarter of 2014.
Sales for the first six months of 2015 were $422,182, compared to $943,997 for the first six months of 2014. The net loss for the first six months of 2015 was $217,650 or $0.09 per Class A common share, compared to net earnings for the first six months of 2014 of $22,247 or $0.01 per Class A common share.
Commenting on the results, ETC President Elizabeth Danner said, "The Company saw a slight improvement in sales the second quarter compared to the first quarter of 2015 but our results continue to lag below historical levels. While we continue to work on product certifications and improvements, we project sales to continue to be erratic throughout the rest of the year."
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 systems 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 2015 2014 2015 2014 Net sales 239,072 451,262 422,182 943,997 Cost of products sold 128,285 247,678 249,501 515,336 Gross profit 110,787 203,584 172,681 428,661 Operating expenses: General and administrative 54,942 80,309 133,466 161,292 Marketing and selling 41,467 56,811 88,622 117,581 Research and development 54,428 54,432 154,806 115,838 150,837 191,552 376,894 394,711 Earnings (loss) from operations (40,050) 12,032 (204,213) 33,950 Other income (expense) (7,053) (5,869) (13,437) (11,703) Earnings (loss) before income taxes (47,103) 6,163 (217,650) 22,247 Income taxes 0 0 0 0 Net earnings (loss) (47,103) 6,163 (217,650) 22,247 Basic and diluted earnings (loss) per share: Class A common (0.02) 0.00 (0.09) 0.01 Class B common (0.02) 0.00 (0.09) 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)(unreviewed) Jun 30 Dec 31 2015 2014 Current assets 227,739 334,351 Total assets 260,890 372,235 Current liabilities 941,013 834,708 Total liabilities 941,013 834,708 Stockholders' equity (680,123) (462,473) # # #
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