December 7, 2015
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES THIRD QUARTER 2015 RESULTS WAUKESHA, WISCONSIN, December 7,2015 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its third quarter 2015 results. Sales for the quarter were $202,136 compared to $276,586 for the third quarter of 2014. The net loss for the quarter was $114,266 or $0.05 per Class A common share, compared to a net loss of $67,704 or $0.03 per Class A common share for the third quarter of 2014.
Sales for the first nine months of 2015 were $624,318, compared to $1,220,583 for the first nine months of 2014. The net loss for the first nine months of 2015 was $331,916 or $0.13 per Class A common share, compared to net loss for the first nine months of 2014 of $45,547 or $0.02 per Class A common share.
Commenting on the results, ETC President Elizabeth Danner said, "Our results continue to lag below historical levels. During the third quarter, we further reduced our employment and the third quarter loss reflects separation and other costs associated with this reduction. While we continue to work on product certifications and improvements, we project sales to continue to be weak through the balance 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 Nine Months Ended September 30 September 30 2015 2014 2015 2014 Net sales 202,136 276,586 624,318 1,220,583 Cost of products sold 107,670 139,257 357,171 654,593 Gross profit 94,466 137,329 267,147 565,990 Operating expenses: General and administrative 102,958 79,759 236,424 241,051 Marketing and selling 51,926 52,637 140,548 170,218 Research and development 46,240 66,759 201,046 182,597 201,124 199,155 578,018 593,866 Earnings (loss) from operations (106,658) (61,826) (310,871) (27,876) Other income (expense) (7,608) (5,878) (21,045) (17,581) Earnings (loss) before income taxes (114,266) (67,704) (331,916) (45,457) Income taxes 0 0 0 0 Net earnings (loss) (114,266) (67,704) (331,916) (45,457) Basic and diluted earnings (loss) per share: Class A common (0.05) (0.03) (0.13) (0.02) Class B common (0.05) (0.03) (0.13) (0.02) 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 2015 2014 Current assets 220,710 334,351 Total assets 247,795 372,235 Current liabilities 1,042,184 834,708 Total liabilities 1,042,184 834,708 Stockholders' equity (794,389) (462,473) # # #
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